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Invoice Processing by Accounts Payable

As fiscal year-end approaches, it is important to clarify the procedures we follow when processing invoices at the end of the year. The invoice date is used to determine which fiscal year that invoice is charged against regardless of when the purchase order was created. The invoice date is the date presented on the first page of an invoice submitted by the supplier.

All invoices received by Accounts Payable with an invoice date of June 30 or before and fully approved by end of business Monday, July 10 will be included in the year-end liability accrual on departmental accounts. To allow adequate time for Accounts Payable (AP) to process prior year invoices, invoices should be submitted to AP by the end of day Tuesday, July 4. All invoices dated July 1 or later will be processed in Fiscal Year 2024. See below for more information about the year-end AP accrual.

Accounts Payable staff cannot change the invoice date in BUY.IU. This date is driven by the information provided by the supplier on the invoice document.

If you order equipment or supplies in the month of June and ask for delivery July 1 or later, the supplier may ship and invoice for the products earlier than requested. These invoices will be processed in Fiscal Year 2023. Keep this in mind when placing orders for products that you do not wish to have invoiced until Fiscal Year 2024.

Subscriptions and Memberships

A couple reminders about subscription and membership payments:

  • Subscriptions should be paid using a P-Card or processed via check request unless they require a contract signature or are software subscriptions. The billing notice is typically generated through a renewal reminder rather than through an invoice; therefore, a procurement card or check request is the appropriate method of payment.
  • Memberships should be paid using a P-Card or processed via check request if the membership does not require an agreement or ongoing services/data access, such as Cloud services, which require security review.

    Additional information on P-Card Usage can be found on the General Card Information page.

    Questions? Use the Support Form to contact the Accounts Payable team.

Automated Accounts Payable Accrual

On the night of Wednesday, July 5th, the Office of the University Controller (UCO) will reverse July Buy.IU invoice transactions posted to the GL in Fiscal Year 2023, if the invoice was dated June 30 or prior. Those entries, which include actual expenses, liabilities, and the associated dis-encumbrances, will then be posted back to June (period 12) of Fiscal Year 2023 and appear on the First Closing Reports.

This process will be repeated a second time on the night of Tuesday, July 11 to capture additional Buy.IU invoice transactions posted to the GL in Fiscal Year 2024, where the invoice was dated June 30 or prior. These transactions will be posted back to June (period 13) of Fiscal Year 2023 and appear on the Final Closing Reports. Units will have until second close, July 12th, to review entries to their accounts.

To ensure that invoices are not accrued by both the automated process and manually by departments, no manual AP accruals for external payables should be accrued using an AV unless material to the campus or RC. Please contact University Accounting & Reporting Services at if there is a material Accounts Payable liability that was not automatically recorded in the General Ledger on July 5 or July 11. The Office of the University Controller (UCO) will continue to monitor and record Accounts Payable invoices dated June 30 or prior through the end of the annual financial audit (approximately October 31). Any additional AP accruals will be consolidated and posted to campus level accounts by UCO.

To help you identify which invoices have been accrued, we have created a Buy.IU Year-End AP Accrual Detail Report. This report is located in the Controller’s Office Reporting Tools. Please review instructions for further information on how to run the report.