Finance/Procurement

Finance-Pro

Updates

The Month End Close process officially begins on January 1, 2023. The first six months of the monthly close (July 2022– December 2022) were considered a soft close. The soft close relaxed a portion of the financial close yet still ensures the integrity of the data. This allowed RBS departments to become accustomed to the close process, requirements, and deadlines.

What is a Month End Close? • The month end close is a process performed at the end of the period to ensure all transactions are accurately reported for the monthly or yearly period. • The month end close involves reviewing, reconciling, and recording all business transactions • The month end close ensures all accounting data is organized, accurate and complete.

What are the benefits of a month end close to Leadership? • Decisions, decisions, decisions • Operational Spending • Investing • Strategic Planning

What are the benefits of a month end close to Departments? • Timely error correction • Better reporting for decision making • Less time invested and analyzing trends during quarter and year-end close • Better internal controls over financial reporting

Please sign up for Financial Reporting System training. To enroll in the financial management system virtual training, navigate to the Cornerstone registration website.

If you have any questions or would like additional information, please contact Nicole McCray at nmccray@ business.rutgers.edu.