Attention: Year-End Close – Important Reminders for JET Users - Multiple Periods Will be Open

As we move through the year-end close process, please keep in mind that June 2025-25 & July 2025-26 will both be open periods in JET from late June through the end of July. This overlap provides flexibility, but also increases the risk of misposting, so extra attention is required when entering journals.

When you're staging journal entries, it's critical to double-check that you're selecting the correct General Ledger (GL) Period—this ensures your transactions are recorded in the appropriate fiscal year.

Special Note for PTA (Project Task Award) Entries:

For transactions processed through the Grants Module, the system will automatically post to the earliest open period based on the Expenditure Item Date you enter. This means that:

• PTA journals should never cross multiple fiscal years or GL periods.
• A mismatch between your selected GL Period and the Expenditure Item Date can result in your transaction posting in the wrong year.
• Examples for Correct Posting:
• Posting to June 2025-25?
  Use an Expenditure Item Date in June or earlier to ensure the transaction books to June.
• Posting to July 2025-26?
  Use a July Expenditure Item Date to ensure the transaction posts to the new fiscal year.

Careful date selection will help keep the year-end process running smoothly and ensure financial transactions are recorded in the proper fiscal year. Why does it matter?

• Accurate Financial Reporting - Public universities are required to produce financial statements that accurately reflect revenues and expenses by fiscal year. Posting to the wrong year can:
  • Overstate or understate expenses or revenues in one year
  • Misrepresent the institution's financial position
  • Complicate audits and reporting to external agencies
• Compliance with Accounting Standards and Regulations - For entities that receive public funds, federal grants, or manage sponsored projects, compliance with GAAP (Generally Accepted Accounting Principles) and Uniform Guidance (2 CFR 200) is mandatory. Incorrect posting may:
  • Lead to findings in audits
  • Jeopardize future funding eligibility
  • Require restatements or corrective actions
• Budget Integrity and Decision-Making - Accurate year-end entries ensure that:
  • Departmental budgets reflect the correct balances
  • Decision-makers can rely on financial data for planning
  • Future year budgets and/or analytics aren’t impacted by prior year activity that was misclassified
• Clean Year-End Close and Carryforward - If expenses or revenues are booked to the wrong period:
  • It may delay closing the books for the fiscal year
  • It can create confusion during carryforward processes
  • Corrections often require reclassification, increasing administrative burden
• Grant and Award Restrictions - For sponsored research and grants:
  • Expenses must align with the active period of the award
  • Postings in the incorrect period can trigger cost disallowances or reimbursement issues

Questions? If you have questions or need assistance, please reach out to financecustomercare@ohio.edu or your planning unit CFAO.