Accounting Procedures: Webinar Registration Is Now Open

Dear Rutgers Colleagues,

During the chart of accounts initiative open forum, we indicated that three accounting procedures will become effective on July 1, 2018 – expense recoveries, funding transfers, and faculty funds. These are the first of several topics that the University Controller’s Office will document in an effort to ensure adherence to generally accepted accounting principles (GAAP), and to standardize and promote the consistent accounting treatment for completing transactions across the University.

The following accounting procedures will be effective beginning July 1, 2018. A brief description of each are outlined below. The complete procedures will be posted on the Controller’s website by Friday, June 22nd. Additional procedures will be developed and made available to the University community, based on priority and risk.

  • Expense Recoveries: When one Rutgers unit bills another Rutgers unit for goods and/or services, this procedure will ensure that expenses are recorded accurately, and do not increase University income or expenses. The same expense recovery natural account(s) must be used for the debit and credit transactions to ensure that the accounts will net to zero for accurate financial reporting. The specific natural accounts that must be used are included in the procedures.

  • Funding Transfers: This procedure ensures that transfers between projects, or transfers between projects and the general ledger, are recorded properly using either a general ledger journal or project cost journal. Moving resources between different chart segment values must always net to zero to ensure income nor expense are overstated. Specific accounts must be used when making transfers between certain fund types. A guide on when to use which accounts is included in the procedures.

  • Faculty Funds: This procedure will provide consistency in accounting for the use of funds by an individual faculty member or an academic unit. The process outlined will allow for the tracking of expenses, and balances by faculty member, and tracking funds by funding source and/or purpose (start-up, incentive, or internal research award), as needed. Rules for carrying fund balances forward over multiple fiscal years will be determined by funding source.

Webinars

We have scheduled a series of Webinars to help you understand the new procedures, and the resources that are available to support you. Each Webinar will be hosted by representatives from the Controller’s Office, and subject matter experts from the Chart of Accounts Advisory Group. The sessions will be 90 minutes each, including time for Q&A, and will cover the topics listed above.

You are strongly encouraged to register for a Webinar via the course registration system (search under the Financial Management tab).

Date

Time

Topic

Course
Code

Tuesday, June 26, 2018

2:00-3:30 p.m.

Accounting Policies and Procedures Webinar - Transfers/Expense Recoveries/Faculty Funds

APOL100

Thursday, June 28, 2018 1:00-2:30 p.m. Accounting Policies and Procedures Webinar - Transfers/Expense Recoveries/Faculty Funds APOL100
Tuesday, July 3, 2018 10:00-11:30 a.m. Accounting Policies and Procedures Webinar - Transfers/Expense Recoveries/Faculty Funds APOL100
Wednesday, July 11 , 2018 3:00-4:30 p.m. Accounting Policies and Procedures Webinar - Transfers/Expense Recoveries/Faculty Funds APOL100

If you have questions, please contact the financial management help desk at (848) 445-2100 or finance_helpcenter@finance.rutgers.edu.

Regards,

 

Kathy Dettloff, Vice President of Finance and Budget

Ernie DiSandro, Interim University Controller