1. Revenue vs. Expense Accounts
2. Journal Due to/Due from lines
3. Travel Per Diems
4. Grant Indirect Cost Generation
5. Accounts Payable – Payment Terms
6. Purchasing News – Olga Bookas back
7. Purchasing Card
8. Who to Contact?
1. REVENUE VS EXPENSE ACCOUNT CODES
The conversion of FRS object codes to WFS account codes was done with minimal changes to the existing table of codes. FRS object codes beginning with a zero were used for revenues and converted to WFS account codes by adding a seven in front of the existing four digits. FRS object codes beginning with one through nine were expense object codes and were converted to WFS account codes by adding an eight in front of the existing four digits.
It may be necessary to make a deposit into an expense account for a reimbursement. Please do not attempt to change the eight to a seven. Account codes are hard coded.
A list of commonly used expense account codes is now available on the WFS Blog under Inquiry Help.
2. JOURNAL DUE TO/DUE FROM LINES
If a journal entry contains lines with two different fund codes it will automatically create additional lines using account codes 44900 DUE TO/FR CURRENT upon Save and Journal Edit. These are necessary in order to keep the University funds in balance. While the amounts are factored into the total debits and total credits, they do not affect the department smarkey or budget in any way.
3. TRAVEL PER DIEMS
According to the University Travel and Other Expense Policy only actual costs for meals are reimbursed up to a maximum of $75 per day domestic and $100 per day international. This is not a per diem. Receipts are required for any meal greater than $20. Business purpose is always required.
4. GRANT INDIRECT COST GENERATION
Please remember to check your approval in-box and smart doc status frequently. If you have pending items that pertain to grant accounts, please note that encumbered amounts do not generate indirect costs. Only transactions that have made it completely through workflow approval will generate the indirect cost charge. Therefore, the balance remaining that you see may be less if there are still transactions in workflow.
5. ACCOUNTS PAYABLE – Payment terms
Wesleyan’s net 30 payment terms determines when a payment is made. This is 30 days from the invoice date that you put in the voucher. If a payment needs to be made prior to the 30 days, please follow these instructions when completing a voucher.
In the Instruction for AP field type DD (For Due Date) followed by the six digit date that the check is needed by.
**Important-Please make sure that this is typed before any other information in this field since our AP inbox only picks up the first 15 characters of this field.
Please keep in mind that Wesleyan’s payment terms (Net 30 days) determines when a payment is made.
Thank you in advance for your cooperation in adhering to our processing schedule. Please contact Tamara Harley at extension #2843 or Janet Gyurits at extension #2842 with any questions.
6. PURCHASING NEWS
We are pleased to announce that Olga Bookas has returned from medical leave.
7. PURCHASING CARD
All cardholders with Pcard activity are required to review their Pcard statement vouchers in WFS. Even though another user may prepare the submission of the voucher, cardholders are still required to be included in the workflow. Cardholders may pull up their Pcard voucher after it is processed and review their charges and “save and submit” their Pcard voucher. Or, the cardholder may be ad hoc’d into workflow. If a cardholder is ad hoc’d into workflow, please indicate in message to AP “cardholder ad hoc’d”.
Vouchers are created and are available to cardholders by searching on invoice id that begins with their email username. You will not have a voucher if you did not have any activity on the card during that billing cycle.
All Pcard vouchers for the billing cycle ending December 20th must be submitted to workflow and approved by January 20th.
For immediate assistance with your JPMorgan Purchasing Card, call the 24 hour Customer Service number on the back of your card (800)316-6056 or (847)488-3748 outside the U.S.
Contact firstname.lastname@example.org for all card maintenance requests (i.e., credit limit increases/decreases, name change, address change).
8. WHO TO CONTACT
Please save these sites as favorites for quick answers to questions you might have.
Finance Office Website http://www.wesleyan.edu/finance/financeDept/
Finance Monthly Blog http://financemonthly.blogs.wesleyn.edu
New Financial System Blog http://wfs.blogs.wesleyan.edu/
Contact Information http://www.wesleyan.edu/finance/misc/contactInformation/
General Finance email@example.com
WFS Help firstname.lastname@example.org
Accounts Payable email@example.com
SUBMISSIONS FOR FINANCE MONTHLY
What topics would you like to see included in this monthly communication? Do you have a system tip you’d like to share? Finance Monthly will be e-mailed on a monthly basis. Items for inclusion are due five business days before the end of each month and can be submitted to firstname.lastname@example.org