Reimbursement at year end

[carterlow]

If we reimburse someone via check before the end of the year. If they cash it after the end of the year will that come out of the next years budget or will it be from last years budget since it was written before the end of the year? Or do we need to have these people deposit their checks before the end of the year?

[eblood66]

I believe it is based on the date when the expense was entered into LCR although it's possible it could be based on the date it was approved or printed. But it definitely doesn't depend on when the check clears.

[russellhltn]

I think it's based on when the check was cut. But I agree it's not when it clears.

Still, you don't want to be waiting until nearly midnight on Dec 31st to be doing it. I'd be telling everyone that any receipts not turned in this Sunday is going to come out of next year's budget.

[joetrogdon]

We had this recently, the expense is recorded when the check is issued. We had expense submitted and approved in Dec 2023, but we couldn't print the checks until after the new year and those expenses therefore are reflected in our 2024 budget.