New inventory spend categories have been created to improve visibility into inventory write offs and adjustments. These include: Inventory - Shrinkage (SC10744), Inventory - Cost Adjustment (SC11040), Inventory - Obsolete (SC11039), and Inventory - Spoilage (SC11041). See the full post for details.
During the week of May 26, a new financial trending report will be made available. The new "Sources and Uses - Monthly Trending" report allows the user to select the Period, as well as worktag information and then will show Actuals broken out by each period in the respective "Fiscal Year," along with Year to Date Encumbrances, Beginning and Ending Equity numbers. See the full post for more details and where to send questions.
Please continue to refer to the Unit Year-end Checklist (see download link in full post) for important year-end dates, timeline information and tasks that need to be performed. Procurement and expenses close will occur at Noon on Monday, June 30 . Similar to last year, to avoid potential accounting issues, we are asking that no transaction approvals, changes, or cancellations occur after that time until the roll forward is complete the following day.
New custom validations have been implemented for accounting journals for The Ohio State University ONLY. The following journal sources are excluded: Central Correction No ACP, Conversion, Supplier Discount, and Capital Expense Reclass. See the full post for a list of validation rules.
As part of year end procedures and to help ensure a successful procurement roll forward, it is recommended that units review and close out old items with remaining balances if they will no longer be invoiced. Two helpful reports are available to assist with year-end business document clean up.
The " UNIV Remaining Encumbrances - Requisitions, POs, Spend Authorizations" report helps end users identify transactions and their encumbrances that will roll forward at the end of the fiscal year. The " Purchase Orders with Documents Awaiting Action " report helps end users identify in progress and draft documents which require action before a PO can be closed. It is suggested to run this report with the "Purchase Order Has Lines with Encumbrances" box checked. Since only POs with remaining balances roll forward, cleanup efforts should be focused on draft/in progress documents associated with POs that have balances but are no longer in use. This report will only return purchase orders if one or more of the criteria listed in the full article are met.
Effective April 1, 2025 , the Deposit of Funds policy and Petty Cash Funds, Change Funds, and Cash Advance Payments policy (formerly named the Cash and Cash Alternatives Payment Methods policy) have been revised by the Office of Business and Finance. These polices provide updated guidance on how units should manage their cash activity.
Sources and Uses by Cost Center will be updated the week of Monday, March 24 . Pre-encumbrance activity will be added to the Encumbrance column so both are captued within the same column. The column name will change from Encumbrance to Pre-Encumbrance/Encumbrance.
A downloadable year-end checklist for Finance and Supply Chain activities" is available under the "I want to..." heading found on the Business and Finance website's Controller page . The checklist includes important dates and action items for FY25 year-end.
Effective the week of Monday, February 24 , the "Payroll Accounting Adjustment Status" report will have some enhancements made to its prompt functionality. First, this report will include "Initiated By" as a prompt. Secondly, the prompt functionality for Current Expense Worktags and Proposed Expense Worktags will change to look at what is entered in either prompt.
Below is a brief example using two PAAs.
Current worktags are in CC12345 and the proposed worktags are in CC45678. Current worktags are in CC45678 and the proposed worktags are in CC12345.
In the "Payroll Accounting Adjustment Status" report prompts, you can now enter CC12345 in the Current Expense Worktags and CC12345 in the Proposed Expense Worktags and BOTH of the PAAs listed above return. Prior to this change, you would have needed to run two separate reports to get the intended data--one report run where CC12345 was in the Current Expense Worktags and a second report run where CC12345 was in the Proposed Expense Worktags.
Effective the week of Monday, February 24 , a prompt for "Prior Worktags" will be added to the "Accounting Adjustment Status - OSU" report. This particular prompt will use the "or" logic so that if a value is entered in another prompt, such as Proposed Organization, the results will return adjustments that have the proposed organization OR the prior worktags entered in the prompt. This is similar to the change being implemented for Current Expense Worktags and Proposed Expense Worktags on the Payroll Accounting Adjustment Status report.
