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Monthly Archive for October, 2015

October 2015

1. WFS Upgrade
2. Payments to Agents
3. Budget Reminders

1.WFS Upgrade
As previously communicated, the Wesleyan Financial System (WFS) is anticipated to be upgraded in January 2016. The upgraded system will not change functionality, but will look different. It will look and feel more like other Peoplesoft systems on campus (ex: Payroll).  User training will be provided.

As part of that process, all smartdocs (journals, vouchers, PCard vouchers etc.) will need to be completely through workflow by January 2016. This is similar to what is required at year end. There will be more communication as the “go live” date approaches.

Immigration and income tax procedures must be followed even if a payment is being made to an agent, a different person, or entity other than the one conducting the activity. The person conducting the activity is the beneficial owner of the income.  These procedures are regulated and monitored by two branches of the US government. Please see http://www.wesleyan.edu/finance/foreignpayments/nrachecklist.pdf. During negotiations/prior to an offer is the time to ask questions and collect Wesleyan’s FNIF. Payments include reimbursements as well as compensation for services (honorarium).

It is not too early to be looking at financial reports and reviewing the status of your budget. Assuming consistent spending throughout the year, budgets should be about 25% expended.