Having successfully passed a series of necessary milestones, including preparations required for closing Fund Type (FT) 100 projects in coordination with University Procurement Services, the Chart of Accounts (COA2) initiative has set its sights on the June 2024 Accounts Payable close on July 17 as the target to begin all FT100 project closings.
“It’s a manageable milestone and we don’t anticipate any problem with getting started on July 17,” says Mike Zeto, the project manager overseeing the COA2 work, which is part of the overall Cornerstone project to update systems and processes across the university.
“Project closings” relates to the elimination of the activity in the six-digit subledger accounting system in FT100 projects and transition to general ledger (GL)-only accounting. Going forward, FT100 projects will be GL-only and will no longer be a hybrid of project/subledger accounting and GL accounting.
Prior to the milestone, the project team and its partners completed the work for:
- Submission of new purchase orders (POs) with GL strings
- Changing employee charging instructions (ECIs) from project strings to GL strings with new Activity segment values
- Approval of expense reports in the current expense management system
- Sharing of PO modifications for FT100 project strings on multi-year POs
By Friday, June 28, individuals responsible for Fund Type 100 projects were required to have:
- Confirmed there were no active POs
- Submitted all outstanding invoices for POs
- Verified that all goods had been shipped
- Ensured that all outstanding services had been performed
If you have any questions specific to this update, please send them to coa_phase_2@finance.rutgers.edu.