FAQs - Project Overview

What is the Financial Management project?

The new system supports the business needs of all schools, departments, and units as they relate to the General Ledger, project accounting, grants management, cash management, accounts receivable, and reports. Real-time access to consolidated, universitywide data enables better analysis of financial performance and identification of cost-saving opportunities.

Rutgers University has redesigned its Chart of Accounts to provide a more comprehensive, yet streamlined, financial management and reporting infrastructure for the entire University. In addition, standardized monthly financial close and reporting processes have been established to ensure consistency in process and quality of results universitywide.

Why is this change occurring?

This initiative will enable Rutgers to transform its business operations, becoming more effective and responsive to the needs of internal customers and external partners. Designing an integrated system with robust analytics capabilities will provide a solid framework for more strategic decision-making and improved reporting functionality.

How much historical data will be moved to the new General Ledger?

For the old General Ledger:

  • Two years of monthly summary data will be migrated to the new general ledger for FY15 and FY16
  • Sub-ledger journals (i.e. payroll, payables and all other interfaces) and individual manual journals will be converted for the first three months of FY17 to the new general ledger.  You will not be able to drill down to purchasing/payables sub-ledger details for these three months. 
  • Details for the first three months of FY17 and the full fiscal years of 2016, 2015 and prior will remain in the legacy systems and will be accessible with legacy reporting tools 

For active sponsored projects (grants/contracts):

  • Inception to date total expense broken out by natural account
  • Inception to date total amount billed
  • Inception to date total cash received

For non-sponsored projects (non-grants/contracts):

  • The net revenue and net cost balance on the non-sponsored projects as of September 30th 2016 is being converted
  • Details for that project for July 2016 through September 2016 would be available in legacy systems, including the RBHS Controller’s Reporting Library and the financial data warehouse for legacy Rutgers 

Can we do forecasting in the financial management system?

Forecasting will be done in Hyperion which will feed the General Ledger.  Forecasting functionality similar to what was available in REX will be implemented for the General Ledger and Projects, and amounts will be displayed in a column entitled “Planned Financial Activates” on a report.

Financial Management Modules

What is the grants module?

The grants module is a way to track grants and funded projects from inception to final reporting, with ability to create a control budget automatically. Benefits of this module include functionality to:

  • Streamline award set-up using configured templates
  • Automatically create a contract upon award finalization
  • Set up multiple projects under an award such as for cost share or program income
  • Integrate cost collection and revenue recognition using project costing
  • Deliver a letter of credit summary report

What is the projects module?

The projects module, is a way to trace cost-related activities at a detailed level for gifts; endowment operating; capital projects; loans; and discretionary, designated, and internally sponsored research accounts. Benefits of this module include functionality to:

  • Detail cost collection, including encumbrances beyond the natural account segments
  • Drill down capabilities to purchase orders and requisitions
  • Manage revenue recognition via cash system for external funding
  • Allocate internal funding for projects
  • Perform cost-specific set-up in projects
  • Create projects by type through set-up templates
  • Run Oracle Transactional Business Intelligence reports

The Projects module, which will be implemented in October 2016, gives a complete picture and timely access to project information and all accounting details.

What is the cash management module?

The cash management module will maintain all bank account information to conduct automated and manual bank reconciliations. Benefits of this module include functionality to:

  • Create and update account information
  • Upload transactions by account
  • Auto-match and manually apply receipts to transactions
  • Secure bank accounts and tasks by user and role
  • Post check payment dates to the Account Payable module for account reconciliation
  • Process journal entries, such as posting from cash management to general ledger and generating and transferring to the general ledger

What is the accounts receivable module?

The accounts receivable module fully integrates grants and federal appropriations to maintain and manage sponsor information, to recognize receipt of funds, and to perform account transactions to the general ledger. Benefits of this module include functionality to:

  • Manage sponsor information, including unique attributes, billing, and receipt history
  • Track and report sponsors by type or classification
  • Perform invoice adjustments, reconcile invoices to receipts
  • Create refund check or credit memo should the need arise
  • Generate and transfer all accounting transactions to the general ledger