Sponsored awards, Internal awards and Cost Share awards are maintained in the Grants Accounting module and are not permitted to have overspent balances. It is also critical to close accounts in a timely manner to prevent over expenditures and ensure timely financial reporting to external parties.
Internal Awards are a method to award funds to employees, or sometimes departments, for a specific purpose and time frame.
As you are working to complete your year-end closing tasks, please be aware multiple periods will be open in JET from the end of June to the end of July. June 2023-23 & July 2023-24 will both be open periods in JET.
We know that many people are taking advantage of the summer to enjoy some vacation time and the FY23 bonus PTO
During the period of time when both FY23 and FY24 are open, the balances appearing for FY24 results are inaccurate. This is because FY23 year end must be complete before we rollforward the FY23 ending balances as FY24 beginning balances. These new balances will be available in OBI on August 8th.
The University ends its fiscal year as of June 30 each year. The fiscal year end close process is required to prepare the external financial statements presentation and prepare for the start of the next accounting year.
Now is the time to focus on on preparations for year end. The more work that everyone gets accomplished now, the more you can enjoy the holidays, and PTO and summer.
Coming Soon! A new Suppliers dashboard will roll out on June 1st. Its located on the Purchasing tab on the Finance dashboard in OBI.