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December 2020

1. Mid Year Financial Review
2. Payroll Updates
3. AP – Holiday Deadlines

1. MID YEAR FINANCIAL REVIEW
Providing Wesleyan’s leadership with accurate and timely financial information to assist in the decision-making process has always been a goal of the Finance Office. To improve on our abilities, this year, we are implementing a mid-year close. Financial statements summarizing the financial results of the University for the first six-months of the fiscal year will be prepared in a consistent manner with our annual year-end financial statements. In addition, a robust reforecast of fiscal year 2021 budgets will be completed. While we will not be asking you to submit accruals and prepaids, we still need your help in certain areas.

Actual Results Through December 2020

  • Please ensure all of your financial transactions through December have been reflected in WFS.
  • All invoices should be processed as vouchers and be fully approved in workflow. This includes reimbursements. Any employee needing reimbursement for University expenses incurred should prepare the voucher for approval by the end of December.
  • All journal entries should be entered and fully approved in workflow.
  • Deposits – be sure any cash/checks are deposited and sent to Cashier’s Office for processing. Please be sure to have deposits transmit to the Cashier’s Office by December 14 for processing.
  • OneSource – look for any items Pending Receiving and be sure they are marked as received if applicable.
  • P-Cards – All PCard vouchers should be reconciled and submitted through November.
  • Payroll Redistributions – any redistributions for Payroll through November should be processed by noon on December 22. Those related to December should be processed before January 15th.

Unlike the annual close each summer, we will not be recording accruals or prepaids surrounding the December cut-off date.

Analyze the financial information and ensure the financial results “make sense” and are complete. All routine chargebacks should be processed through December.

Forecasted Results Through June 2021

For all operating smartkeys (excluding those in funds 102 and 103), the Finance office will be asking officers to forecast financial results through the remainder of the fiscal year and will be providing reports to assist in this endeavor.

 

Please email finance@wesleyan.edu with any additional questions or concerns.

 

2. PAYROLL UPDATES

CT Paid Family Medical Leave Tax
Effective January 1st, all paid employees will have .5% withheld from their paycheck per CT Law.

Payroll Deadlines During Holiday Break:
Weekly Paid Employees
• In the past, during the winter break, employees were asked to submit an estimation of hours worked. Workforce Time has the required features we need to ensure employees report “real time” and no longer have to guess future worked hours.
Weekly paid employees taking time off during break can plan accordingly and report their time off directly onto their timesheets (or through the preferred Time Off Request Process).

Weekly paid employees that work during break should report time worked in Workforce Time on a daily basis, based on actual time worked.

Please note important deadlines below:
Pay Date – 12/24 (timesheet must be submitted and approved by noon on Tuesday 12/22)
Pay Date – 12/31 (timesheet must be submitted and approved by noon on Tuesday, 12/29)
Pay Date – 1/8 (timesheet must be submitted and approved by noon on Tuesday, 1/5)

Salaried Employees
• Salaried employees can submit a “Time Off Request” in advance of the winter break to report time off in Workforce Time.

Recording Time off During Break:
• The University observes December 24th, 25th, 31st, and January 1st as holidays. Employees do not need to take any action in Workforce Time with respect to time off on these days.
• At this time, the University plans to continue to close most offices the week of December 28th. If you are not required to work, you may use vacation, personal days, or floating holidays on December 28th, 29th, and 30th.
• All hourly and salaried paid employees (excluding students, temporary employees and faculty) will receive additional floating holiday hours added to their floating holiday bank as of January 1st, based on the employee’s work schedule for the week ended January 10th. These extra floating holiday hours should be used to record time off in Workforce Time for January 4th – 10th. Consider submitting a “Time Off Request” in advance of the winter break. Any staff who are required to work that week are able to take the floating holidays at a later date in 2021 with supervisor approval.

Year End
• W-2’s will be mailed directly to employee’s home address, unless you opted to receive your W-2 electronically which can be done by accessing iPay. Any employees who opted to receive the W-2 electronically last year, will continue to get it electronically.

3. AP HOLIDAY DEADLINES
Due to the Holiday break, Thursday, December 24, 2020 through Friday, January 8, 2021, our final AP check run for 2020 will be dated Wednesday, December 23.

All vouchers required to be processed by December 23 must be in the Accounts Payable inbox by Friday, December 18 at 4:00pm. Vouchers received by AP after this deadline will be paid in January 2021.

There will be no Accounts Payable check runs on January 1, 2021 or January 8, 2021.

The first AP check run for 2021 will be on Friday, January 15 for vouchers received in the Accounts Payable inbox by Monday, January 11 at 4:00pm.

**Please keep in mind that Wesleyan’s payment terms determine when a payment is made.

Thank you in advance for your cooperation in adhering to our processing schedule.

Please contact Tamara Harley at tharley@wesleyan.edu with any questions.

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