The Procurement and Accounts Payable Offices will be hosting 30 minute Office Hours on Wednesdays at 11:00am throughout the month of June 2024.
PO Statuses
As we approach fiscal year end in June, it may become necessary for departments to begin closing encumbrances and committed costs in iO.
There are a few scenarios that your department should be aware of during this review:
- Open – A PO has a remaining amount that has not yet been invoiced or received. This results from an order not being fully received and invoiced, which can be viewed in the requisition/PO lifecycle. It is each department’s responsibility to determine if these orders should remain open, or if further action should be taken (see Change Order Process below).
- Closed for Receiving – A PO has a receipt has been created, but the PO has not been fully invoiced. If the department believes an invoice should be applied to the PO, please email paymentinquiries@rice.edu.
- Closed for Invoicing – A PO has an invoice that has been posted against the PO, but has not been received partially or in full. The Entered by or Requester will need to create a receipt for the open amount or quantity. **NOTE** Non-Standard Disbursements do not need a receipt, but will be left in the “Closed for Invoicing” status. If you wish to close NSD POs, you can create a receipt without it causing duplicate or delayed payment.
- Closed – No action is needed – the PO has been fully received and invoiced.
- Canceled – No action is needed – the PO has been canceled.
How to Resolve
Three Way Match
Purchase orders (with the exception of NSD) must have a three way match to close.
Create a Receipt
If the PO is “Closed for Invoicing”, the Entered by or Requester will need to create a receipt to release the invoice for payment.
Correct a Receipt
If a PO is fully received (or over-received), the department will need to Correct the Receipt before proceeding to create the change order.
Change Order Process
There may be situations in which the Entered by will need to do a change order to adjust the quantity or cost.
If there is a discrepancy between the amount/quantity ordered and the amount/quantity received and invoiced, and the department does not anticipate that these items will be delivered, departments would need to close the Purchase Order by reducing the amount on the requisition.
These changes can only be completed by the Entered by, unless the requisition is assigned to another user. First, review the Requisition Life Cycle, and record the amount to which the PO should be reduced. Then, the Requester can open the requisition and initiate the change order.
Once the change order has been approved, the remaining funds will be returned to the encumbered fund. Please note, this could take up to 24-48 hours to reflect in the iO Dashboards.
Important Dates for Year End Close
Purchase Orders – Encumbrances
- June 21– Non-standard disbursements requests submitted and approved by 5 p.m. on June 21, dated on or before June 21, will post to your FY 2024 budget/cost center.
- June 27 – All requisitions must be entered and approved by 5 p.m. for FY 2024
Accounts Payable – P Card
- June 21 – All invoices must be submitted to payment@rice.edu by 5p.m. to ensure it is processed in FY 2024.
- June 28 – P card charges posted to FY 2024 by approved expense report
Queries on Dashboard with Final Data for FY 2024
- July 11 – For first close, available after 8 a.m.
- July 17 – Final deadline for any Finance adjustment
- July 28 – For second close, available after 8 a.m.