You can find lots of information in the year end memo attached here or located on the Finance website. Reminder that, for the third year in a row, we are utilizing a shared Outlook calendar to post various Finance related deadlines. You can add this to your “Shared Calendars” using the attached procedures.
Year End Seminar
Still have questions about year end? Or just need a refresher? Please plan on attending one of three year end seminars being offered to review the year end process and highlight differences from normal financial processing.
Monday, May 14, 10:00 in Usdan 108
Tuesday, June 5, 11:00 in Usdan 110
Thursday, June 21, 2:00 in Usdan 110
In addition, staff in academic departments have an additional opportunity to attend an End of Year workshop, which will include a Finance segment on year end, on Wednesday, May 16th, 11:30 in Woodhead Lounge.
- If you have a voucher that needs to be paid now but pertains to the next fiscal year, please include the prepaid account code on the voucher (13705) as well as the correct expense account code as a positive and negative amount on the voucher. Refer to page 6 of the attached year end memo for an example.
- Remember to set an approval proxy if you are going to be out of the office. It is very important, especially at our fiscal year end, that all SmartDocs make their way through workflow in a timely manner. Please remind others in your department to set a proxy if they are out of the office.
- If you are a chargeback center or you have outstanding transactions that may hit a budget outside of your area, please be sure to process the transaction as soon as possible as departments are actively trying to predict year end balances.
- See attached form here instructions on year end PCard procedures.
- Come to the year end seminar to learn more.
2. TRAVEL AND OTHER EXPENSE REMINDERS
As year end events and business travel are being planned, please keep in mind the following highlights (nothing new) from the Travel and Other Expense Policy:
The University does not pay for:
- Travel insurance (including flight and baggage)
- First Class or Business Class airfare
- Charitable and Political contributions
- Parking fines and any other vehicle fines
- Alcohol outside of reasonable dinner hour
- Wesleyan faculty/staff attendees only business meals – In cases where only Wesleyan faculty/staff meet over a meal, and are not travelling, the cost of the meal is not reimbursable unless the primary purpose is to conduct a meeting in accordance with a specified agenda and there was no other time to meet during normal working hours.
In addition, IRS regulations require that travel expense reimbursements to employees be made in a timely manner. University policy states that reimbursement requests be made within 30 days from the date of travel return. While the Finance Office may make exceptions to this timeframe during the fiscal year, when the expense crosses fiscal years and did not have a previous accrual request, reimbursement will be denied. For example, if receipts are presented in September for a trip that took place the previous February, the University will not be able to reimbursement the traveler. If you are aware of travel that has occurred but receipts are not available for year end processing you should follow the accrual procedures outlined in the Year End Memo.
Employees should bear in mind that government agencies and other observers such as parents and students may perceive certain expenditures as being either excessive or inappropriate in the context of a regulatory audit, an IRS audit, or other similar review of University activities. Thus, moderation and discretion should guide all decisions to incur expenses on the University’s behalf.
3. PAYMENTS TO STUDENTS
An updated policy regarding payments to students has been posted online. This policy specifies how payments to students should be made (payroll vs. accounts payable vs. student accounts). If you handle payments to students, we have provided a new flowchart to help you determine the proper form of payment. Payments made through accounts payable will require the attached document to the voucher as part of the payment substantiation. For questions, contact Christine Rodrigue, Sr. Acccountant/Tax Specialist at x3502.
All Accounts Payable Vouchers that must be processed for Friday, June 1st, must be received in the Accounts Payable Inbox no later than Friday, May 25th, 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.. COPY CHARGEBACKS
Note that copy chargebacks for January through March will be processed by next week. Starting June 1st, Sherri Condon will need weekly reading. If you have any questions, contact Sherri Condon at x 2437.
6. PURCHASING NEWS
Please see attached Purchasing News for information on W.B. Mason, our preferred supplier list and employee discounts and services.