FY24 Year-End and Fund Type 100 Schedule

Posted: Thursday, April 18, 2024
Category: Accounts Payable, Discretionary Spending Policies, For Suppliers, Travel and Expense, Alert, Featured, Purchasing

Dear Rutgers Colleagues,

Please review the information and deadlines below to navigate the fiscal year 2024 year-end process, and to ensure your financial transactions are processed in a timely manner.

Processing and Submission Deadlines
Please adhere to the following timelines to ensure we have adequate time to process your transactions before the year-end close. All transactions must be completed by the School/Unit by 4:30 PM on the date specified.

Date Area School/Unit Action

Friday
June 7, 2024

 Purchasing
  • Complete approvals for requisitions that are greater than $50,000.
  • Complete approvals of purchase order Line Modification requests.
  • Submit purchase order Line Close/Cancel requests.
Accounts Payable
  • Submit check requests and Non-PO Upload files.
  • Suppliers submit all invoices directly to accountspayable@finance.rutgers.edu
  • Note: Invoices submitted after this date will be processed, but Accounts Payable cannot guarantee the processing will be completed before the fiscal year-end close.
Thursday
June 13, 2024

Purchasing
  • Complete approvals for requisitions of any dollar amount.
Friday
June 14, 2024		 Travel and Expense
  • Complete Project Approver and Financial Approver review and approvals.
  • Submit and approve Expense reports without audit violations to be processed.
  • Submit outstanding cash advance expense reports.
  • Complete approvals for all cash advance requests for travel scheduled prior to July 31st.
Wednesday
June 19, 2024		 Purchasing (IPOs)
  • Complete approvals for requisitions that are for Internal Purchase Orders (IPOs).
  • Note: IPOs approved in RU Marketplace by this date will be processed for fiscal year 2024.
Wednesday
July 17, 2024		 Accounts Payable
  • Accounts Payable application closing for FY24.

Fund Type 100 Project Strings
Per instructions from the University Controller’s Office, Fund Type 100 project strings will be disabled in RU Marketplace effective May 1, 2024.

Date Business Manager (Unit) / Procurement Action
Wednesday
May 1, 2024
  • Fund Type 100 project strings will be disabled in RU Marketplace. No new purchase orders can be created.
Wednesday
May 15, 2024
  • Procurement Services will distribute a report to Business Managers/Units for open purchase orders (POs) using Fund Type 100 project strings, along with recommendations to either close or modify the POs.
Thursday
May 30, 2024
  • Business Managers/Units must submit PO Modification, supplying new GL strings with updated Activity segment values for POs recommended for modification, and reply to UPS confirming/disputing PO closure recommendations.
Sunday
June 30, 2024
  • Accounts Payable will process invoices for POs with Fund Type 100 project strings.
  • Procurement Services will complete processing of PO modifications utilizing GL strings with updated Activity segment values for Fund Type 100 project string POs that were recommended for modification.
  • Note: Business Managers/Units will need to collaborate with suppliers to ensure that all invoicing is completed and sent to Accounts Payable for processing.
Additional Information:
  • Open Purchase Orders: Encumbrances that were initiated through a purchase order in RU Marketplace will automatically carry over to fiscal year 2025. No action is required by end users.
  • Payment Processing: Fiscal year 2025 begins on Monday, July 1, 2024. We do not anticipate any disruption to the payment and distribution process. Accounts Payable may add additional payment runs if necessary.
  • Invoice Processing: If additional information or supporting documentation related to vendor payments is needed, please contact the Procurement Help Desk.  Be sure all purchase orders are adequately funded so invoices can be processed prior to year-end close.
  • Oracle Financial Reporting: For questions related to Oracle financial reporting and budgeting, please contact the Financial Management Help Desk.

Thank you for your partnership as we prepare for a successful fiscal year 2024 year-end close.