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Fiscal Year 2021 Year-End Closing Schedule and Guidance

To finalize the annual financial report, the University Controller's Office (UCO) is providing the following year-end closing schedule and guidance. Open labs are also available if you have any questions about reconciling your accounts for year-end.

Please review this memo in conjunction with the April 30 year-end email from Procurement and any pertinent communications issued from Payroll or Research Financial Services (RFS) regarding sponsored projects.    

Year-End Closing Schedule 

Your Chancellor’s Office or central business office may ask you to adhere to earlier deadlines to support internal reviews prior to the deadlines below. Consult with your office for clarity. 

DATE*

TOPIC

ACTION

JULY 2021    

Monday, July 12

Cash Receipt Journals 

Cash journals prepared and submitted to Cashier’s Office for approval in the June FY21 period. 

Monday, July 19

Cash Receipt Journals 

Cashier’s Office to have all FY21 Cash Journals approved. 

Tuesday, July 20 

Accounts Payable 

Accounts Payable application will close for FY21. 

Wednesday, July 28
5:00pm 

Final Day for Units to Enter Project Ledger Transactions 

Final day to prepare Project entries for the June FY21 period. Unit/school deficits must be cleared by this date in the Projects Ledger. Any project entry journal entered after this date must be reviewed and approved/released by the UCO.

Friday, July 31 5:00pm 

Final Day for Units to Enter General Ledger Transactions. 

Final day to prepare General Ledger entries for the June FY21 period. Only the Chancellor's Offices and UCO can prepare a GL journal after this date in the JUN-21 period.

AUGUST 2021    

Monday, August 2 through Wednesday, August 11  

12:00 noon 

Controller’s Office and Chancellor Office Accounting Entries 

Controller’s Office to work on final closeout entries in the Project sub-ledger and general ledger in the June FY21 period. Chancellor’s Offices may also have entries to record in the June FY21 period. 

Thursday, August 12 

Reports 

Schools/units can run reports on final FY21 activity/balances. 

Thursday, August 12 until the end of the financial statement audit 

JUN-ADJ Period Opens 

University Controller’s Office will record adjusting entries for financial statement purposes to the June Adjusted 2021 period. During this period, entries may be recorded to your unit’s U-D-O (as appropriate) when recording entries such as invoice accruals as we continue the search for unrecorded liabilities through the end of the audit. 

*Dates are subject to change. 

Other Year-End Guidance

  • All units should ensure that all non-sponsored projects including designated gifts, endowment operating, and capital have positive balances and all deficits are cleared. 

  • Cash journals, to be reflected in the June FY21 period, should be prepared and submitted by July 10, 2020. This will permit time for the Cashier’s Office to review and approve these journals by July 17, 2020.  

  • The last salary payroll of the year will be on June 26, 2019. Accordingly, there will be a salary payroll accrual at the fiscal year end for the two remaining business days in the month, June 29-30. Central Accounting will prepare a manual journal entry to accrue hourly payroll through June 30. Please refer to Payroll for important dates related to Employee Charging Instructions (ECI).   

  • The Controller’s Office will record Accounts Payable invoice accruals in the June FY20 period after the Accounts Payable ledger is closed (on approximately July 20). Departments, do not record invoice accruals without contacting the Controller’s Office and providing supporting documentation (emailed to the Financial Management Help Desk). We will ensure that the invoice has not been accrued and will record the entry on the unit’s/school’s behalf for any invoice of $25,000 and greater.  Departments will be responsible for recording invoice accruals less than $25,000.   

  • Any revenue related to FY20 but not received in FY20 should be accrued for with the recording of a receivable and revenue, as Rutgers reports its financials on an accrual basis of accounting as opposed to a cash basis. The Controller’s Office should review all supporting documentation attached to the general ledger journal entry for any revenue accruals booked. Therefore, revenue accruals will need to have a secondary approval from the Controller’s Office.   

    Units should use the general ledger journal entry “categories”—“RU Accrual/Deferral” and “RU PGM Revenue Accrual”—to create year-end (JUN-20) journal accruals and/or deferrals that will automatically reverse in the JUL-21 period. The “RU Accrual/Deferral” category is used when creating an accrual journal for departmental general ledger accounts. The “RU PGM Revenue Accrual” category is used for non-sponsored projects.   

    These categories, when used with a date of June 30, 2020, will require two levels of approval. The first level will be the preparer’s finance approver; the second level of approval, only required during the year-end close, will be the University Controller’s Office. Please attach appropriate backup to these journals so the first and second level approvers can evaluate the appropriateness of the entries and their implications. 

  • For year-end (JUN-20) project cost accruals, follow the job aid for Project cost transactions with the following exceptions: 

    • In the header section of the journal, select “Yes” in the Accrual Batch field. The Non-Labor Costs spreadsheet does not have a category field; therefore, by selecting “Yes” in the Accrual Batch field, the system recognizes the journal as a cost accrual. 
    • In the Expenditure Batch and in the journal line section of the journal, in the Expenditure Item Date use June 30, 2020.  

    For year-end (JUN-20) revenue accruals, follow the job aid for Project to GL revenue transactions with the following exceptions: 

    • Change the journal category to “RU PGM Revenue Accrual.”
    • Use June 30, 2020 in the Accounting Date.
    • Ensure the contract number, project number, and task number are entered in the Account Details region.
  • If you are accruing a receivable or a payable, please use your U-D-O-L with the same fund type as the revenue or expense, as well as a business line of 9999. When accruing a receivable, please use A/R Miscellaneous #12845. When accruing a payable, please use Accounts Payable Year End #20306, unless you find a more appropriate value to use. Additional guidance on accruals/deferrals can be obtained from the following job aid in our Resource Library.  

  • Central Accounting will be recording invoice accruals manually for invoices dated after July 1 that are related to FY2020 goods/services of $25,000 and greater. For sponsored projects, the accrual will be recorded in the general ledger, but not to the project. All other non-sponsored invoice accruals will be to the project, if applicable. If you have an invoice related to FY2020 that should be accrued but was not, please contact finance_helpcenter@finance.rutgers.edu.  

  • To help users run the appropriate financial reports, the Controller’s Office has compiled a list of the most frequently used reports. The reports in this list are grouped by subject areas, such as GL, Sponsored Projects, Procure-to-Pay, etc., along with a brief description and associated job aids (e.g., user guides and step-by-step instructions) as applicable.  

    To assist users with year-end activities, the Financial Information Systems team has created the following resources:  

    1. Video: Account Analysis Report (RU GL 089) – This report provides detailed GL transactions, including relevant subledger information such as the project number, task, PO number, revenue source, etc., for reconciling subledger transactions to the GL. 
    1. Video: Scheduling a BI Publisher report (e.g., Project cost detail report – RU PJ 073) – This video outlines the reasons why scheduling a report would be beneficial and also walks the user through the process of scheduling a sample BI publisher report and emailing the report. 
    1. If a department has tracked any expenses for COVID-19 using the new Activity Code 9105, there are communications for tracking these expenses and information about running P&L reports using this new Activity Code. 
  • As of July 1, 2020, departments will be required to use the new capital natural accounts added to the chart of accounts segment listing for moveable equipment and software purchases. Please refer to Fixed Assets.  

    It is important to communicate the dates and information in this memo to the appropriate members of your staff.  Please ensure that your staff is closely reviewing their Financial Reporting Studio and project queries to support timely and correct entry recording during the closing process.