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Northwestern University

Fiscal Year Cleanup Checklist

  1. Verify that all transactions are recognizable, right, reasonable, and reviewed.
  2. Verify that all financial commitments owed to individuals, vendors, and other units have been fulfilled.
  3. Verify that all commitments owed to your unit have been received.
  4. All chart strings must have a balance of $0.00 or higher by the end of the fiscal year. Any deficits should be cleared by correction journal in cases where expenses have been charged incorrectly.
  5. Identify chart strings that are no longer being used and contact Darryl Robinson (darryl.robinson@northwestern.edu) by August 1 indicating which chart strings should be deactivated and why they should be closed (e.g. Faculty has left, Conference is over). Chart strings must have a balance of exactly $0.00 to be classified inactive.
  6. Account code 75695 (Procurement Card) should have exactly $0.00 in expenses. Charges to this account code result from incorrect, late, or missing entries in Paymentnet. Any debits or credits on this account code should be moved via correction journals that describe the details of the transaction and the vendor used.
  7. Review open encumbrance report (SC016) to identify and address encumbrances associated with purchase orders that remain open.
  8. Review expenses by workflow report (SC026) for expense report statuses to ensure that all expense reports are fully approved.
  9. Review match exception report (SC027) to identify vouchers that are in error status related to invoiced amount not correctly matching what is listed in NUFinancials.
  10. Verify that work studies and temps who are no longer actively employed in your area are terminated in FASIS and are not under your supervision in Kronos.
  11. Verify that all payroll suspense charges have been corrected.
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