Reporting Requirements
The fiscal year runs from April 1 to March 31 and is used for accounting and budgeting. The Finance Department aligns financial statements and reporting with the fiscal year to meet Canadian Generally Accepted Accounting Standards and Public Sector Accounting Standards (PSAS).
Meeting these reporting requirements is essential for ensuring accountability and transparency to taxpayers and government funders.
Find out how to:
Fiscal Year-End Requirements
All Employees
Mileage, Expense Reimbursements, Professional Development and Travel Claims
Enter all business expense claims incurred before February 28 into Unit4 by March 6.
Submit all professional development (PD) expense claims incurred before February 28 by March 6.
Submit any claims incurred between March 1–31 by April 3.
Claims submitted after these dates will be posted to FY27 and applied against your FY27 budget. The timing of posting will be delayed as we work through year-end processing.
Bi-Weekly Payroll & TEC Timesheets
April 17, 2026, is the last payday that includes wages earned in the 2025/26 fiscal year.
Only the wages earned on March 31 will be charged to fiscal year 2025/26.
Wages related to April 2026 will be broken out and will impact the 2026/27 fiscal year.
Submit all TEC and work-study payroll time sheets in Unit4 for time worked up to and including March 31, 2026, by April 6. Supervisors must approve these by April 9.
For support, reach out to Payroll.
Budget Officers, Supervisors and Employees Involved in Purchasing and Invoicing
Prepaid Expenses and Unearned or Deferred Revenue
Note all expenses and revenues that take place before March 31, 2026, but relate to fiscal year 2026/27 and send this information to the Finance Department. We will make the necessary adjustments at the year’s end.
Mastercard Reconciliations
All MasterCard reconciliations must be reconciled in Unit4 by April 3. Supervisors must approve all transactions in Unit4 by April 6.
Purchasing
Under the current fiscal year 2026, the college will pay for goods and services received and rendered by March 31, 2026.
Submit requisitions for goods and services from current fiscal year 2026 funds to the Purchasing Department in Unit4 by March 6. Requisitions arriving after March 6, 2026, may result in orders being requested to arrive after March 31, 2026, and charged against the new fiscal year budget.
For all orders of larger value (e.g., greater than $10,000), provide requisitions by February 27 to allow the necessary time to obtain competitive pricing. Please submit these via Unit4.
A note to those with expiring standing/blanket orders: Purchasing will follow up with budget holders on the renewal of POs into the next fiscal year. This only applies to standing and blanket POs.
Accounts Payable
Accounts Payable will accept approved invoices for payment for goods and services received on or before March 31 until April 2. These may be submitted to Crystal Ferreira.
Please let the Finance Department know if there are items you ordered in the 2025/26 fiscal year that have been received but have not invoiced by the April 3 deadline so that the proper accruals may be made through a journal entry.
Accounts Receivable
Submit invoice billing requests for the fiscal year 2025/26 to the Accounts Receivable office by April 3. Any RTIs received after this date will have revenue recorded in the next fiscal year.
Please forward billing requests to Selena LePage.
Cashiers and Petty Cash Holders
Cash Receipts
All cashiers must ring off at the end of the day on March 31 (or the last business day of the fiscal year). This includes closing SLED batches, debit machines and taking deposits to the bank.
Please forward revenue reports up to and including March 31, 2026, to the Finance Department by April 3.
Petty Cash
Petty cash will no longer be issued or available after March 31, and all funds need to be returned.
Submit all petty cash reconciliations by April 3 to Lisa-ann Parker. Ensure you deposit or return remaining funds to Finance by April 3.