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FAQ: Can I expense invoices for the end of fiscal year at the time I am entering them?

Yes.  Accounts Payable invoices can be expensed at the time of entry by completing the End of Fiscal Year Options section when creating the invoice batch.  When creating an invoice batch to expense, do the following:

  • Be sure to enter a month in the current fiscal year (i.e. 06/2024) as the Processing Month.
  • Select the Expense Invoices field within the End of Fiscal Year Options section.
  • Enter the date to use for expensing the invoices within the batch in the Expense Entry Date field.
  • For Iowa school districts who reverse GAAP expense only, select the Reversing GAAP field to reverse GAAP expense the invoices, if applicable.

By completing the End of Fiscal Year Options section, the entries to expense the invoices will be posted to General Ledger when the invoice batch is posted.

Note:  To expense invoices that have already been posted but not yet paid, along with purchase orders if desired, use the Expense Outstanding Payables option.  For detailed instructions to complete either method, refer to Step 1 on the Accounts Payable End of Fiscal Year Checklist topic in the Help File, or click here to request the recording of the Accounts Payable End of Fiscal Year Checklist Webinar.