Financial Statement Close Process Project

To support the Responsibility Center Management (RCM) project, the University Controller is developing a Financial Statement Close Process across Rutgers to provide standardization of accounting procedures between Legacy Rutgers and RBHS and future state reporting requirements.

As part of this financial statement close process, departments will be required to create a monthly budget in addition to their yearly budget. The initial forecast, will be pre-populated with an even spread of the final budget across the 12 months. At the close of each month, as actuals are posted on a monthly basis from the general ledger, the actuals will replace the forecast for that month, providing a month-to-month Budget vs. Forecast comparison.

Since each unit has a diverse organizational structure, your approach to creating your monthly budget will vary according to your organization’s needs. You will have the opportunity to adjust your forecast in the remaining months of the current year and to explain significant variances between projected results and the original budget figures as well as explanations for differences between projected results and last year’s actual. To learn more about the Rutgers University Financial Statement Close Process Project, please view the attached PowerPoint presentation.