Attention: Year-End Close – Important Reminders for JET Users Multiple Periods Will Be Open

As we approach year-end close, please note that June 2026–26 and July 2026–27 will both remain open in JET from late June through the end of July. While this overlap provides flexibility, it also increases the risk of posting transactions to the wrong period. Extra care is required when entering journal entries.

Key Reminder: Select the Correct GL Period

When staging journal entries, always verify that you are selecting the correct General Ledger (GL) period to ensure transactions are recorded in the proper fiscal year.

Special Note for PTA (Project Task Award) Entries

For transactions processed through the Grants Module, posting is driven by the Expenditure Item Date. The system will automatically post to the earliest open period based on that date.

As a result:

• PTA journals must not cross fiscal years or GL periods
• A mismatch between the GL period selected and the Expenditure Item Date can result in posting to the incorrect fiscal year

Examples for Correct Posting

• Posting to June 2026–26
  Use an Expenditure Item Date in June or earlier
• Posting to July 2026–27
  Use an Expenditure Item Date in July

Careful date selection is essential to ensure transactions are recorded in the correct fiscal year and to support a smooth year-end close process.

Why This Matters

Accurate Financial Reporting

Public universities must report revenues and expenses in the correct fiscal year. Incorrect postings can:

• Overstate or understate financial results
• Misrepresent the institution’s financial position
• Complicate audits and external reporting

Compliance with Accounting Standards and Regulations

Adherence to GAAP and Uniform Guidance (2 CFR 200) is required. Errors may:

• Result in audit findings
• Put future funding at risk
• Require restatements or corrective actions

Budget Integrity and Decision-Making

Accurate postings ensure:

• Department budgets reflect correct balances
• Leadership can rely on financial data for planning
• Future budgets and analytics are not distorted by prior-year errors

Efficient Year-End Close and Carryforward
Posting to the wrong period can:

• Delay closing the fiscal year
• Create confusion during carryforward processes
• Increase administrative effort through reclassifications

Grant and Award Compliance
For sponsored projects:

• Expenses must align with the award period
• Incorrect timing may lead to disallowed costs or reimbursement issues

Questions?

If you need assistance, contact financecustomercare@ohio.edu or your planning unit CFAO.