The Chart of Accounts (COA2) initiative within the Cornerstone project passed a milestone in July with the closing of more than 300 Fund Type (FT) 100 unrestricted operating fund projects.
By closing the projects, the activities in the FT100 projects now transition to general ledger (GL)-only accounting. As noted in last month’s Cornerstone News article, the FT100 closings began the day after the June 2024 Accounts Payable close date of July 17.
Going forward, all FT100 transactions will be General Ledger-only, rather than a hybrid of project/subledger accounting and GL accounting, which should make it clearer for units to understand their true balances in the FT100 funds. The Accounting team will manually offset any debit or credit balance of individual projects, with the effect on the GL being zero.
With the FT100 projects now closed, the COA2 project team is turning its attention to what’s next, including the fiscal year 2025 closing of all FT150 unrestricted operating funds projects. The project team will be developing FT150 project-related communications directed at stakeholder groups.
If you have any questions specific to this update, please send them to coa_phase_2@finance.rutgers.edu.