Revised: 02/16/2021

Determining Last Receipt Date

Proper coding of the Last Receipt Date field in OAKS FIN enables the Office of Budget and Management (OBM) to obtain accurate payable data critical to developing the State's annual financial statements.

• Enter the date on which the goods or services were received from the Supplier in the Last Receipt Date field.
• The date entered must lie within the Fiscal Year when the good or service was received.
• The Last Receipt Date should not exceed the date the voucher is being processed.
• It's best to obtain this date from receiving reports, bills of lading, invoices, or other available documentation. If there are circumstances that prevent the actual received date from being determined:
  • Use the invoice date if there is one listed on the invoice.
  • If the invoice date is not available, use the date that the invoice is received.
• The budget fiscal year against which the voucher is posted should not be the basis for assigning the last receipt date.

Exceptions

• Spans both fiscal yearsSpans both fiscal years

  A number of goods or services received over a period of time that spans both fiscal years:

  • If the invoice amount is LESS THAN $5,000, then the most recent last receipt date should be coded.
  •  If the invoice amount is $5,000 or greater and 50 PERCENT OR MORE of the total dollar amount applies to goods and services received after June 30, then the most recent last receipt date should be coded.
  • If the invoice amount is $5,000 or greater and 50 PERCENT OR MORE of the total dollar amount applies to goods and services received on or before June 30, then the Last Receipt Date field should be coded with a date falling prior or equal to June 30.

  
  

  Examples:

  
  

  • Your agency receives an invoice for less than $5,000 for goods delivered on June 7 and July 11.  The best date to use for theLast Receipt Date field is 07/11/YYYY (the most recent date), since the invoice amount is less than $5,000.
  • Your agency receives a $5,000 invoice for goods delivered on June 7 and July 11. The goods received on June 7 cost $2,400 while the goods received on July 11 cost $2,600.  The best date for the Last Receipt Date field is 07/11/YYYY (the most recent date), since 50 percent or more of the invoice amount applies to goods received on July 11.
  • Your agency receives a $5,000 invoice for goods delivered on June 7 and July 11. The goods received on June 7 cost $2,600 while the goods received on July 11 cost $2,400. The best date for the Last Receipt Date field is 6/07/YYYY, since 50 percent or more of the invoice amount applies to goods received on June 7.
  • Your agency receives a $5,000 invoice for goods delivered on June 7 and July 11. The goods received on June 7 cost $2,500 while the goods received on July 11 cost $2,500. The best date for the Last Receipt Date field is 06/07/YYYY, since 50 percent or more of the invoice amount applies to goods received on June 7.
    

• Over a period of time, but within the same fiscal yearOver a period of time, but within the same fiscal year

  The best date to use on the voucher is the most recent date during the stated service period.

  
  

  For example, if an invoice covers goods or services received from June 7 to June 14 (a period falling within the same fiscal year), then the best date for the Last Receipt Date field is 06/14/YYYY, the most recent date.
  

• Subsidy VouchersSubsidy Vouchers

  For subsidies paid on an advance basis - that is, a recipient is advanced funds to pay expenses not incurred as of the date of the voucher - the best date to use for the Last Receipt Date field is the current voucher date (accounting date-the date the voucher is created in the system).

  
  

  For subsidies paid on a reimbursement basis - that is, a recipient is reimbursed for actual expenses incurred as of the date of the voucher - follow the standard guidelines above
  

• Partial payments for a Construction ContractPartial payments for a Construction Contract

  If the entire construction period falls within the same fiscal year, then the best date for the Last Receipt Date field is the last date falling within the construction period.

  For example, if the construction period is stated as June 7 to June 14 then the best date for the Last Receipt Date field is 06/14/YYYY.

  If the stated construction period spans both fiscal years, then the guidelines previously set forth (above) for "goods or services received over a period of time that spans both fiscal years" should be applied.

• Partial payments of architect or engineer fees related to a construction projectPartial payments of architect or engineer fees related to a construction project

  The last receipt date should be based on the period when the architect or engineer has provided services on a construction project, as evidenced by invoices and other documentation.

  If the entire service period falls within the same fiscal year, then the guideline previously set forth (

  above) for "goods received or services provided over a period of time, but within the same fiscal years" should be applied.

  If the service period spans both fiscal years, then the guidelines previously set forth (above) for "goods or services received over a period of time that spans both fiscal years" should be applied.

• Employee travel reimbursementsEmployee travel reimbursements

  The best date for the Last Receipt Date is the last date of travel reflected on the expense report in OAKS, regardless of whether the travel spans two periods (i.e., if travel commences on June 25 and ends on July 5, the last receipt date would be July 5).

• Vouchers for judgement or claimVouchers for judgement or claim

  The best date for the Last Receipt Date field is the date when the court or other legal authority issued its order that the judgment or claim be paid.

• State-sponsored loansState-sponsored loans

  State-sponsored loans to a local jurisdiction, organization, individual, etc., that has been approved for payment.
  

  • The best date for the Last Receipt Date field is the date when the State officially approved the loan for payment (i.e., the date when the Controlling Board or some other body acting in an official and legal capacity approved the loan).

• Petty cash reimbursement requestPetty cash reimbursement request

  The best date for the Last Receipt Date field is the current voucher date (accounting date) - the date when the voucher is prepared for payment.

• Prepaid expensePrepaid expense

  A payment for goods or services that are to be provided in the future (e.g., subscriptions, advance registrations, rent paid in advance, maintenance, etc.)
  

  • The best date for the Last Receipt Date field is the current voucher date (accounting date-date the voucher was prepared).

• Billing for goods and services that have been provided through the date of payment and for prepaid expensesBilling for goods and services that have been provided through the date of payment and for prepaid expenses

  If the invoice amount is LESS THAN $5,000, then the best date for the Last Receipt Date field is the current voucher date (accounting date-date voucher is prepared).

  
  

  If the invoice amount is $5,000 or greater and MORE THAN 50 PERCENT of the total dollar amount applies to future goods and services to be received after June 30, then the current voucher date (accounting date-date voucher is prepared) is the best date for the Last Receipt Date field.

  
  

  If the invoice amount is $5,000 or greater and 50 PERCENT OR MORE of the total dollar amount applies to goods and services received on or before June 30, then the best date for the Last Receipt Date field is a date falling prior or equal to June 30.

  
  

  Example:

  
  

  • Your agency receives a telephone utility bill for less than $5,000 for the service period June 17 through July 16, and a voucher is processed for payment of the invoice on July 11. The best date to use for the Last Receipt Date field is 07/11/YYYY (the current voucher date), since the invoice amount is less than $5,000.
  • Your agency receives a $5,000 telephone utility bill for the service period June 17 through July 16, and a voucher is processed for payment of the invoice on July 11. The best date for the Last Receipt Date field is 07/11/YYYY (the current voucher date), since more than 50 percent of the invoice amount applies to telephone services utilized after June 30 (i.e., the 14 days in the first fiscal year constitute about 47 percent of the 30-day period during which telephone services prorated at $2,350 were provided, while the 16 days in the second fiscal year constitute about 53 percent of the 30-day period during which services prorated at $2,650 are to be received).
  • Your agency receives a $5,000 telephone utility bill for the service period June 15 through July 14, and a voucher is processed for payment of the invoice on July 11. The best date for the Last Receipt Date field is 06/30/YYYY (or a date falling prior to June 30), since 50 percent or more of the invoice amount applies to telephone services utilized on or before June 30 (i.e., the 16 days in first fiscal year constitute about 53 percent of the 30-day period during which services prorated at $2,650 were provided while the 14 days in the second fiscal year constitute about 47 percent of the 30-day period during which services prorated at $2,350 are to be received).
  • Your agency receives a $5,000 telephone utility bill for the service period June 16 through July 15, and a voucher is processed for payment of the invoice on July 11. The best date for the Last Receipt Date field is 06/30/YYYY (or a date falling prior to June 30), since 50 percent or more of the invoice amount applies to telephone services utilized on or before June 30 (i.e., the 15 days in the first fiscal year constitute 50 percent of the 30-day period during which services prorated at $2,500 were provided).  

• Payment of interest and late payment penalty chargesPayment of interest and late payment penalty charges

  If the charges were incurred within the first fiscal year, then the best date to use for the Last Receipt Date field is 06/30/YYYY. If the charges were incurred within the second fiscal year, then the best date for the Last Receipt Date field is the current voucher date (accounting date-date voucher is prepared), a date falling after June 30.

  
  

  If the charges were incurred over a period that spans both fiscal years, then the guidelines previously set forth (above) for "goods or services received over a period of time that spans both fiscal years" should be applied.

• Payment of a refundPayment of a refund

  The best date for the Last Receipt Date field is the current voucher date (accounting date-date voucher is prepared).

• Replace a voided warrantReplace a voided warrant

  The best date for the Last Receipt Date field is the same date that appeared in the Last Receipt Date field on the original voucher prepared for the payment.