1. SINGLE USE ACCOUNT (SUA)
Wesleyan is pleased to announce that we have partnered with JPMorgan to implement a Single Use Account (SUA) virtual card payment program which provides the ease, security and the financial benefits of paying a vendor with a credit card while providing processing and reporting efficiencies for the end user (you!). This method of payment will be at the vendor level in WFS similar to the current options of Check and ACH.
The Finance Office encourages departments to pay invoices with a PCard to the extent the vendors accept this form of payment. However, we recognize that this can be a cumbersome process for those vendors that send invoices for payment (calling the vendor with card number, holding the invoice until the PCard download occurs etc.). With the SUA program, the PCard acceptance is at the vendor level so when the department receives an invoice for payment they can create a voucher just like any other invoice and the vendor will be paid via SUA. This method realizes all of the benefits of paying with a credit card (security, quick payment, no lost checks) with all the reporting benefits of creating a regular voucher (duplicate invoice checking, “find an existing value” for vendors etc.).
A supplier recruitment campaign is underway as JPMorgan reaches out to certain suppliers who accept credit card to convert payment terms to SUA. To review suppliers who have been converted to SUA, review the SUA supplier list on the Finance Website by clicking here. If any of these suppliers are ones for which you normally receive an invoice that you then put on your Wesleyan pcard, please note that you no longer need to do that. You can process the invoice as normal with all the benefits and security of the card payment. Therefore, it is important to check back to this website often to see who has been added.
Additional information on the program can be found here.
If you, or any of the vendors that you have relationships with, have any questions regarding the SUA program, email email@example.com. Or contact Tami Sabo at x2958.
2. ASSET TRADE-IN
Account 80999 has been created to account for the value of any trade-in of assets that are being disposed. If the value of the trade-in is being used to offset the cost of a new item, please record the gross cost of the item on the appropriate expense account code and the value of the trade-in as a separate, credit line, on the voucher using account 80999. The following contacts should be notified when disposing of equipment:
• Grant funded asset – Kim Savinelli
• Scientific equipment – Bill Nelligan
• Hazardous material – Bill Nelligan
• All other – Christine Rodrigue
3. PURCHASING NEWS
Please see attached Purchasing News with an update on the implementation of a new Purchasing Portal.
*****The following are reminders of existing policies***
4. TIMELY PCARD RECONCILIATIONS
Please review the status of your FY19 P-Card vouchers to ensure all charges between July 2019 through December 2019 have been fully reconciled and submitted to workflow for approvals. P-Card charges are required to be settled within 30 days after each bill cycle ending on the 20th of the month. Failure to timely reconcile your charges will result in card suspension and possible reimbursement of unsettled charges. Repeated non-compliance will result in permanent suspension of the card.
5. INCOMING WIRES/ELECTRONIC PAYMENTS
Please notify Christine Rodrigue at firstname.lastname@example.org when you anticipate a wire, or other electronic payment, to credit the University’s bank account. Please let Christine know the expected date of arrival, as well as the smartkey/s and account/s to credit.
6. PAYMENTS TO FOREIGN VISITORS
Understanding that international cultural engagement fuels creativity, supports diplomacy, and enriches artistic offerings, it is crucial for both foreign visitors and Wesleyan to comply with US immigration work restrictions and federal tax law. Payments for the services of foreign individuals are highly regulated and non-compliance could jeopardize a visitor’s visa status and/or future visits to the US. The University will only make payments for the services of individuals upon receiving proof of immigration eligibility, which must be presented prior to an activity. To that end, it is extremely important to notify the Tax Specialist, Christine Rodrigue at email@example.com or x3502, prior to accepting the services of a foreign person or business. Please see NRA Visitor Payment Checklist.
In addition to government restrictions and rules for visitors coming into the US, there are income tax withholding rules on some types of payments to foreign entities, such as the purchase of rights or royalties. Please contact Christine with any questions.
Employees who file exempt on their federal w-4’s are required to file a new form each year no later than Feb 15, 2019. If you don’t file an updated form, we will automatically use your last form in which you did not file exempt to update your withholding allowance. Otherwise, we will default to single with zero allowances. If you need to submit a new form, please see attached.
• The best method to use when contacting Payroll is via email at firstname.lastname@example.org. This ensures all the payroll staff receives your email and that your request is handled as promptly as possible by the payroll staff.
• Please do not submit any Payroll forms which include your social security number or banking information such as w-4 forms and direct deposit forms via email. The best method to get your forms to us would be to fax (860)- 685-3929, interoffice mail or drop off at our office located at 212 College Street.