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What happens if an item received at the end of the fiscal year is not invoiced until August of that year?

April 26, 2017happens invoiced received year

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What happens if an item received at the end of the fiscal year is not invoiced until August of that year?

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• If an invoice is delayed until after closing of the fiscal year end, it will be paid from the new fiscal year. The negative consequence of this is that the expense was not planned and will decrease funds available for the new year’s budget expenses.