1. YEAR END
The year end schedule is available here. Additional year end seminars will be held on Tuesday, June 6th at 10am in Usdan 110 and Friday, June 23rd at 11am 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 Melanie Messier at x2859 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 Crystal Flores (CFLORES900) 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 Crystal Flores at x 2842.
•Accruals: You have until July 14 to request accruals for work performed or goods received in Fiscal 17 that have not yet been invoiced. This means that you can use the first couple weeks of July to collect actual invoices for Fiscal 17 activity. If you have a Fiscal 17 invoice prior to July 14, ad-hoc Crystal Flores (CFLORES900) 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 17.
•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, 2017. 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 18 on June 26. Please contact email@example.com 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 Crystal Flores at x2842.
•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 17 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 FY17 P-Card vouchers must be fully reconciled and approved by departments no later than July 12. Please plan accordingly. Contact Tami Sabo at firstname.lastname@example.org if you have any questions.
INVOICE DATE 6/9/17
DOWNLOAD DATE 6/13/17
VOUCHERS DUE 6/30/17
INVOICE DATE 6/20/17
DOWNLOAD DATE 6/22/17
VOUCHERS DUE 6/30/17
INVOICE DATE 6/30/17
DOWNLOAD DATE 7/5/17
VOUCHERS DUE 7/12/17
2. PHYSICAL PLANT BILLABLE RATES
Beginning July 1, 2017, 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. PURCHASING NEWS
Please see attached Purchasing News for information on Grounds to Grow On, MHEC Contracts, Discount at XL Center and Enterprise: 50 Million Tree Pledge.
4. NEW SMARTKEY REQUEST FORM
Going forward all operating budget smartkey creations or modifications will need to be submitted through the Smartkey Request Form and emailed to financial planning. The form is located under WesPortal -> Finance -> Finance Forms -> Budget & Financial Planning Section.
5. FINANCE PERSONNEL
We are pleased to announce that Robert Mirabal will be joining the Wesleyan Finance team as Director of Student Accounts on Monday, June 19. Robert is currently the Director of Student Accounts at Iona College and has extensive experience in managing the billing process, loans and cash collections.
In addition, as of July 1, Christine Rodrigue will have Tax Specialist added to her role as Senior Accountant. This consolidation will provide a valuable resource in the office for tax topics such as payments to individuals (including students and Non Resident Aliens), sales and use taxes, state and local taxes as well as the University’s tax return. Please feel free to reach out with any questions.
The Finance Office will have some temporary staff changes to accommodate year-end processing. Maggie McDonnell, who spent the past year as an Administrative Assistant in the Department of Earth and Environmental Sciences, has joined the Finance team temporarily as a Financial Accounting Specialist, reviewing vouchers and assisting Accounts Payable. Crystal Flores will be handling all of the year-end prepaid and accrual entries. Please note the change in the year-end memo and add Crystal (CFLORES900) to the end of a workflow for prepaids and accruals. Requests to record receivables or deferred revenue should be emailed to Crystal Flores at email@example.com.
6. 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 17 budgets during the first couple weeks of July so please plan ahead.
7. JULY 4TH
On Monday, July 3rd and Tuesday, July 4th the University will observe the Independence Day Holiday. Vouchers that need to be processed for Friday, July 7th, must be received in the Accounts Payable inbox no later than Thursday, June 29th, at 4:00pm.
Keep in mind that Wesleyan’s net terms determine the payment date. Please contact Tamara Harley at extension #2843 with any questions. Your cooperation is appreciated. Thank you.