FY21 Year-end Guidance and Schedule
Category: Purchasing
Dear Rutgers Colleagues,
Please review the information and deadlines below to navigate the fiscal year 2021 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 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 4 |
Purchasing |
|
Friday, June 11 | Travel and Expense |
|
Friday, June 11 | Accounts Payable |
|
Purchasing |
|
|
Friday, June 18 | Purchasing |
|
Wednesday, June 23 | Interdepartmental Purchasing |
|
Accounts Payables |
|
Additional Information:
- Open Purchase Orders. Encumbrances that were initiated through a purchase order in RU Marketplace will automatically carry over to fiscal year 2022. No action is required by schools, departments or units.
- Check Printing. Fiscal year 2022 begins on Thursday, July 1, 2021. We do not anticipate any disruption to the check printing and distribution process. Accounts Payable may add additional payment runs if necessary.
- Invoice Processing. If you need additional information or supporting documentation related to supplier payments, please contact the Procurement Help Desk.
- Oracle Financial Reporting. If you have questions related to Oracle financial reporting and budgeting, please contact the Financial Management Help Desk.
- Purchase Order Changes and Cancellations: ALL requests for closing or canceling a PO in Marketplace must be submitted on a PO Line Close/Cancel form in order for the request to be processed.
- Department Responsibilities for PO Close/Cancel:
- Prior to submitting a Close/Cancel PO request, confirm that there are no Invoices or Credits that are “In Process”
- Check PO’s Invoice Status using the "Is this INVOICE Paid" Job Aid
- Requests with “In Process” invoices will be rejected and will need to be resubmitted
- Questions regarding POs with Invoices/Credits “In Process”, reach out to the Procurement Help Desk
- Submit a PO Line Close/Cancel Request, using an Active/Valid Accounting String, in RU Marketplace
- One PO per request
- Use the Change Orders Job Aid
- Advise Supplier of the PO that is being Closed/Canceled; Closing/Canceling a PO in Marketplace DOES NOT notify the Supplier of this change
- If canceling, also advise supplier that products/services are no longer needed
- If the PO status in Marketplace is “Closed”, but it is still showing a balance on Oracle’s Commitment Report, send an email to the Procurement Help Desk to assist with removing the opened encumbrance.
- Department Responsibilities for PO Close/Cancel:
Thank you for your partnership as we prepare for a successful fiscal year-end close.