Mid-August Appointment documents are due. Last week of August Deposits, petty cash, inventory transfers, and vouchers to be included on final check run for the year. The month of August is closed. August statements of accounts are mailed. All documents for prior fiscal year are due and are recorded in the 13th month.
Fiscal year is closed.
13th month statements of accounts are mailed. Documents entered in the first week of September, with current fiscal year service dates, will be recorded in the 13th month. Documents entered in August, with service dates for the next fiscal year, will be reversed out of the current year in the 13th month. resulting in the expenditure actually being recorded in September. Prepaid Expenditure Expenditures invoiced and paid in the current fiscal year that relate to the next fiscal year.