Year-End Accruals

Year-End Accruals

At fiscal year-end, we apply additional accrual procedures to ensure expenses are recorded in the correct fiscal period:

• Invoices for work performed in the prior year may be submitted through January 31 of the following year.

• These invoices are back-dated to 12/31 of the prior year.

• As a result, they reduce the prior year’s project fund balance, even though they are processed and paid in the subsequent year.

• Invoices for work performed in the prior fiscal year that are submitted after 01/31 will be recorded using the invoice submission date and will not be accrued back to the prior year.