End of financial year close 2023 – what do you need to do?

The end of the financial year is nearly here.

We need your help to ensure that all expenditure incurred, and income received, up to 30 June 2023 is recorded in the 2022/23 financial year.

How to determine when expenditure is incurred and revenue/income is received

Expenditure

Expenditure is incurred when you have received, consumed or benefited from the goods, services or equipment, not merely ordered it.

Income/revenue

Revenue is recognised when goods are transferred or services rendered, no matter when the cash is received.

Cut-off dates

To assist us in achieving an accurate financial close for 2023, please note the following cut-off dates and guidelines:

1. Accounts Payable (Invoice Processing) – Cut off Friday 23 June 2023

Please forward ALL invoices dated 30 June 2023 or prior to Accounts Payable Scoresby by 5pm on Friday 23 June 2023. Invoices sent by email after this date will be processed in the next financial year.

2. Accounts Payable (Pharmacy, Invoice Processing) – Cut off Monday 26 June 2023

Please forward ALL invoices dated 30 June 2023 or prior to Accounts Payable Scoresby by 5pm on Monday 26 June 2023.

3. Accounts Receivable (Patient billings/Sundry Billing) Invoice Processing – Cut off Tuesday 27 June 2023

Please forward all invoices and credit notes dated 30 June 2023 or prior to Accounts Receivable at Scoresby by 5pm on Tuesday 27 June 2023.

4. Stock – (warehouse items) purchased through IPROC

All stock items requisitioned via IPROC and delivered to your department by 1 July 2022 will be automatically accrued in Oracle to your cost centre in the current financial year.

5. Non-stock purchased through IPROC

All non-stock items ordered via IPROC after Monday 12 June 2023 are not guaranteed to be receipted due to the differing lead times of items sourced. As such we encourage departments to restrict non-stock purchases where possible after this date. Please note that the date the item is receipted is the date it will appear as an expense in your cost centre.

6. Non-catalogue requests

Non-catalogue requests requisitioned after Monday 12 June 2023 cannot be processed until the new financial year due to the large demand for these items. Any non-catalogue requisitions approved after 1 June 2023 may not be processed if the required documents are not included, such as a contract or an exemption form.

7. Accruals – Tuesday 4 July 2023

For expenditure, revenue, credit notes and delivery dockets that cannot reach Accounts Payable/Accounts Receivable by the cut-off date that are dated 30 June 2023, please ensure these expenditures and revenue are accrued respectively as part of month-end close.

We thank you for your assistance in helping us meet the cut-off dates to ensure the completeness of our financials as at 30 June 2023.

Adhering to cut-off dates will also allow sufficient processing time for our heavily-affected departments during this time – Accounts Payable, Accounts Receivable, and Procurement.

If you have any questions, please reach out to paul.obrien@monashhealth.org.

Approved by Rachelle Anstey, Executive Director, Financial Services