Division of Finance Monthly Update |
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Happy new fiscal year and welcome to FY27!
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Closeout of FY26
Throughout July and August, Accounting will examine FY27 payments that may require an accrual entry moving the expense back to FY26. In the meantime, Grant Thornton, the university’s external auditors, have begun their FY26 audit preparation field work in close collaboration with the Controller’s Office.
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FY27
The Office of Budget & Financial Systems continues to input and reconcile FY27 unrestricted operating budgets approved by the various Vice Presidents. Restricted gift budgets, capital project budgets and sponsored research budgets have all been established. Detailed budget management reports are being finalized and will be available within the next few weeks.
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Unimarket
As we begin year two in Unimarket, please be reminded that proper planning makes the procure-to-pay process much easier. We are encouraged by the expanded use of blanket purchase orders by end users, which encumbers the expected fiscal year value at the onset of the year. Further, please note that suppliers have been reminded not to accept phone or email requests for goods/services, rather, only accept an official Seton Hall Purchase Order generated through Unimarket.
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With proper planning accompanied by timely use of Unimarket, all procuring and subsequent payments to suppliers / vendors is to be conducted with the establishment of a ‘standard’ and/or ‘blanket’ PO in Unimarket before the business need is fulfilled.
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The Unimarket Contracts module is in the final development phase with a staged rollout expected to begin in August. Until further notice, contracts are still to be processed through ESM.
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Ed Bishof
Vice President for Finance and Chief Financial Officer
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If the supplier/vendor is not found in Unimarket, the end user submits a New Supplier Request in Unimarket. End users are to provide as much information as possible in the New Supplier Request, especially the specific business purpose, which is important to clarify. Note that the purpose needs to withstand an auditor, or third-party reviewer.
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If the business need requires the execution of a contract, end users are to process the contract (currently through ESM). Examples of contracts include but are not limited to Guest Speaker Agreement, Honorarium Acceptance Form, Independent Contractor Agreement, Off-Campus Agreement, etc.
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Once a supplier/vendor is a Registered Supplier in Unimarket and once the contract is executed (if applicable), the end user proceeds with entering a purchase requisition in Unimarket (with executed contract uploaded as applicable).
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