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Procurement Services

Year-End Closing

Please review the information and deadlines below to help navigate the fiscal year 2026 year-end process and ensure your financial transactions are processed in a timely manner.

Join a special year-end open lab session on Friday, June 5, 2026, from 11:00 a.m. to 12:00 p.m. Representatives from Procurement Services and other departments will be available to answer questions. You can use this link to join the meeting.

  • Adhering to the deadlines outlined below is essential to ensure adequate time for processing transactions prior to the year-end close. All transactions must be completed by the school/unit no later than 4:30 PM on the date specified. 

    Date School/Unit Action

    May 4            		 Purchasing
    Submit requisitions that require a signature (e.g., quotes, agreements, and contracts) to ensure purchase orders can be issued by year-end. 
      Approval date of the requisition is dependent on supplier responsiveness.
    June 1 

    Travel & Expense
    Ensure all employees have reviewed their Concur accounts and completed the following:

    • Included all available expenses (Air Card, University Card, etc.) for individual travel on an expense report. Air bookings for travel that has already occurred and appear in the "Your Available Expenses" section of Concur MUST be cleared by year-end.
    • Reconciled transactions related to travel booked on behalf of guests or students using a non-travel expense report.
    • Submitted all pending expense reports containing Air Card or University Card charges for travel that has already occurred.
    June 5 

    Purchasing
    Submit requisitions for the following:

    • amounts of $50,000 and over
    • Purchase Order (PO) line modification requests
    • Purchase Order (PO) line close/cancel requests

    Accounts Payable

    Note: Invoices submitted after this date will not be completed before the fiscal year-end close 2026.

    June 10 

    Purchasing
    Complete approvals for requisitions under $50,000, excluding contracts. 

    Note: This does not apply to Internal Purchase Orders (IPOs)

    June 12 

    Travel & Expense
    Confirm that expense reports are both submitted AND approved by Project Approver and/or Finance Approver. 

    Note: Reports without audit violations will be processed by fiscal year-end close 2026.

    June 17 

    Purchasing
    Complete approvals for requisitions for Internal Purchase Orders (IPOs).

    Note: IPOs approved in RU Marketplace by this date will be processed in fiscal year-end close 2026.

    July 20 Accounts Payable
    Accounts Payable application closes for fiscal year 2026.
    • Open Purchase Orders: Open purchase orders in RU Marketplace will automatically carry over to fiscal year 2027. No action is required by end users.
       
    • Payment Processing: Fiscal year 2027 begins on Wednesday, July 1, 2026. No disruption to the payment and distribution process is anticipated. Additional payment runs may be scheduled if needed.
       
    • Invoice Processing: If additional information or supporting documentation is required to process vendor payments, please contact the Procurement Help Desk. Ensure all purchase orders are sufficiently 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 reporting@finance.rutgers.edu.