Feed on
Posts
Comments

Monthly Archive for June, 2016

June 2016

1. Year End
2. Physical Plant Billable Rates
3. Fiscal 2017 Mileage Rate
4. July 4th deadlines
5. WFS Changes – Voucher Attachments
6. Purchasing News
7. Budget Reminders

1. YEAR END
The year end schedule is available here. A second year end seminar will be held Tuesday, June 7, 10:00 in Usdan 108 to go through the schedule in more detail and answer questions. The presentation given at the seminar can be found here. Some important points regarding year end:

Determining the fiscal year: Actual expenses must be charged in the year in which they occur (i.e. travel takes place or goods and services are received). This may not be the same year as the budget. Please feel free to contact Val Nye at x3192 with specific questions or scenarios.

Prepaids: If you have a voucher that pertains to the next fiscal year, but needs to be paid now, please ad hoc Susan Pavis into Workflow after AP. If the prepaid is on a pcard voucher, specify the line number(s) of the prepaid in the Instruction to AP section of the voucher. If you encounter a budget error on a prepaid voucher, contact Susan Pavis at x 2839.

Accruals: You have until July 15 to request accruals for work performed or goods received in Fiscal 16 that have not yet been invoiced. This means that you can use the first couple weeks of July to collect actual invoices for Fiscal 16 activity. If you have a Fiscal 16 invoice prior to July 15 ad-hoc Susan Pavis as an Approver (not Reviewer) at the end of the workflow path on the voucher so that she can be sure the charge gets into Fiscal 16.

Purchase Orders: Other than funds 501, 502, 710 and 730, Purchase Orders will not carryforward to the new fiscal year.  Please begin reviewing purchase orders (PO). Any unused or remaining encumbrances must be closed out by June 30, 2016. Also, please keep this deadline in mind when creating new PO’s as they will not be available in the next fiscal year. The Purchase Order Smartdoc will default to Fiscal 17 on June 27. Please contact finance@wesleyan.edu to close a PO.

Budget Errors: Budget errors (red lines) received on documents need to be fixed. If you receive a budget error on a Prepaid voucher please contact Susan Pavis at x2839.

Chargebacks: If you charge other departments for services performed by your department please do these more often during June so departments have the most up to date information in Inquiry as they monitor their budgets. Be sure to ad hoc the requester of the service on chargeback journals.

Smartdoc Approvals: All Fiscal 16 Smartdocs must be fully processed. Remind your department approvers to set a proxy if they are going to be out of the office. Denied smartdocs must be either deleted or corrected and resubmittted.

PCard Additional Download Dates: Additional P-Card download dates are scheduled in June to aid in year-end budget balancing. All FY16 P-Card vouchers must be fully reconciled and approved by departments no later than July 13. Please plan accordingly. Contact Tami Sabo at tsabo@wesleyan.edu if you have any questions.

*MID_JUN16
INVOICE DATE 6/8/16
DOWNLOAD DATE 6/10/16
VOUCHERS DUE 6/30/16

*JUN16
INVOICE DATE 6/20/16
DOWNLOAD DATE 6/22/16
VOUCHERS DUE 6/30/16

*END_JUN16
INVOICE DATE 6/30/16
DOWNLOAD DATE 7/6/16
VOUCHERS DUE 7/13/16

2. PHYSICAL PLANT BILLABLE RATES
Beginning July 1, 2016 new billing rates will be in effect for all billable services from Physical Plant. These new rates are more closely aligned with actual physical plant labor costs. There are no anticipated changes in policy regarding what is a billable service vs. what is not. Hourly charges are per person. Please see attached for details.

3. FISCAL 2017 MILEAGE RATE
The mileage rate will change to 0.54 cents as of July 1, 2016. This new rate will be reflected in the Fiscal 17 Travel Expense Report and should be used for travel that takes place after June 30, 2016.

4. JULY 4 DEADLINES
On Friday, July 1st and Monday, July 4th the University will observe the Independence Day Holiday. Vouchers which must be processed for Thursday, June 30th, must be received in the Accounts Payable Inbox no later than Friday, June 24th at 4:00pm. Vouchers which must be processed for Friday, July 8th, must be received in the Accounts Payable inbox no later than Thursday, June 30th, at 4:00pm. Keep in mind that Wesleyan’s net terms determine the payment date.

Please contact Tamara Harley at extension #2843 or Crystal Flores at extension #2842 with any questions.

5. WFS CHANGES
Based on user request, as of July 1, 2016 users will get a pop up message if a voucher is attempting to be submitted without an attachment. The voucher will not be able to be submitted until there is an attachment.

6. PURCHASING NEWS
Please see attached Purchasing News for information on WB Mason, National Car Rental and Z Airport Parking.

7. BUDGET REMINDERS
Be sure to check your financial reports so that you are on track in your budgets. Assuming consistent spending throughout the year, budgets should be 92% expended. Keep in mind that some charges, such as payroll, will hit the Fiscal 16 budgets during the first couple weeks of July so please plan ahead.

« Prev