Fiscal Year 2017 Year-End Guidance and Deadlines

The implementation of RU Marketplace, our new procurement system, has created a need for different business processes to support our new ways of working. Please carefully review the information and deadlines below to navigate the year-end process and to ensure your financial transactions are processed in a timely manner.

Open Purchase Orders

  • Encumbrances that were initiated through a purchase order (PO) in RU Marketplace will automatically carry over to fiscal year 2018. No action is required by schools, departments or units.
     
  • Encumbrances that were initiated through a purchase order in Banner or RIAS POs, and converted to RU Marketplace, must be replaced by a successor POs by June 30, 2017 (see purchase order conversion strategy).

    Successor POs will carry over to fiscal year 2018. Schools, departments and units do not need to wait until the start of the new fiscal year to replace Banner or RIAS POs.
     

  • If you need to create a new PO to replace one that was converted from Banner or RIAS, please include the converted PO number within the requisition request form. This will help us quickly confirm procurement authority and reduce the time needed to create the new PO.
     
  • University Procurement Services reserves the right to reject invoices received after July 1, 2017 that reference Banner or RIAS POs. This includes converted POs with available funds on the PO.

Check Printing

  • Fiscal year 2018 begins on Saturday, July 1, 2017. We do not anticipate any disruption to the check printing and distribution process. We plan to print checks from Monday, June 26 through Friday, June 30, and to resume printing on Monday, July 3.

Invoice Processing

  • Please contact the Procurement Help Desk at procurement_helpcenter@finance.rutgers.edu or (848) 932-4375 for assistance obtaining additional information or supporting documentation related to vendor payments appearing on financial reports.

Processing and Submission Deadlines

Please adhere to the following timelines to ensure we have adequate time to process your transactions prior to year-end close. All transactions must be completed by 4:30 PM on the date specified.

Date

Area

School/Unit Action

Friday, June 2

Purchasing

  • Complete all approvals for requisitions that are greater than $50,000.

Thursday, June 15

Travel and Expense

  • Complete Project Approver and Financial Approver review and approval.

  • Submit travel and expense reports. Reports that are submitted by this date and do not have audit violations will be processed for fiscal year 2017 close.

Friday, June 16

Accounts Payable

  • Submit suppliers invoices to Accounts Payable. This includes invoices that have been sent directly to your school or unit.
  • Invoices submitted after this date will be processed, but Accounts Payable cannot guarantee the processing will be completed before fiscal year-end close.

Purchasing

  • Submit purchase order line close/cancel requests.
  • Complete approvals of purchase order modifications.

Friday, June 23

Purchasing

  • Complete approvals of all requisitions of any dollar amount.

Wednesday, June 28

Interdepartmental Purchasing

  • Complete approvals of requisitions for Internal Purchase Orders (IPOs).
  • IPOs approved in RU Marketplace by this date will be processed for fiscal year 2017.

Accounts Payables

  • Complete processing and approvals of IPO-related invoices.