2021 Year-End (Q4) financial timelines – Reminder

January 17, 2022

Hi everyone, hope you are doing well.

Finance staff are currently working on closing the 2021 year end and would like to remind staff of the 2021 Financial Timelines – Q4 Year-End (PDF) linked on the staff hub.  Please take a moment to review the dates and plan accordingly for the remainder of this month.

Please review your accounts to ensure that all revenues and expenses for the period up to December 31 are reflected. For staff who have picked up existing agreements from other staff due to staffing changes, please ensure agreements have been reviewed in detail, along with a detailed review of project account financial information (revenues & expenses) posted to Business World (TRCA’s financial reporting system) to date.  Please ensure that partner/customer billings have been completed and all expenses reported.

To ensure accurate reporting of financial activities for the 2021 year:

Please do:

• Follow up with suppliers and vendors to ensure they are aware of our year-end reporting deadlines for the period up to December 31
• Ensure invoices prepared for work completed by TRCA cover relevant expenses and services provided up to December 31 – receipt of goods or services must be prior to December 31 in order to process expense in 2021
• Ensure purchase orders with expiry dates up to December 31 where receipt of goods or service is complete are closed by the profile owner
• Ensure funding requests from the Foundation to TRCA are accurate and complete, true to December 31
• Review your accounts to ensure that any adjusting journal entries are completed as soon as possible for the period up to December 31

VISA

Finance is waiting to receive all Visa expense reports and receipts for December visa expense allocations to be posted to Business World. Please submit any outstanding visa information asap.

Payment Requisitions

Finance is creating payment requisitions (PRs) for coding and authorization to 2021 based on supplier/partner invoices that continue to be received to TRCA’s accounts payable email.  Please assist us in processing these transactions by coding and/or authorizing appropriate item when you receive an email notification. In order for a partner/supplier invoice to be expensed in 2021, the goods or services must have been delivered or received by December 31, 2021.  If goods or services were received in 2022, please ensure your PR’s are recorded in the Payment Requisition 2022 database.

You can locate links to the financial databases for processing payments, invoices and journal entries on the Staff Hub Finance Space.

If there are any questions, please reach out to the appropriate Finance team contact identified on the Hub space. Staff Hub Finance Space

Thank you in advance for your assistance in meeting our year-end financial deadlines,  your continued support will ensure we are well prepared for our annual audit.

John Arcella

Controller, Finance