1. Mid Year Financial Review
2. Payroll Updates
3. AP – Holiday Deadlines
1. MID YEAR FINANCIAL REVIEW
Providing Wesleyan’s leadership with accurate and timely financial information to assist in the decision-making process has always been a goal of the Finance Office. This year, we are continuing with our mid-year close process. Financial statements summarizing the financial results of the University for the first six-months of the fiscal year will be prepared in a consistent manner with our annual year-end financial statements. In addition, a robust reforecast of fiscal year 2022 budgets will be completed.
Actual Results Through December 2021
Please ensure all of your financial transactions through December have been reflected in WFS.
• All invoices should be processed as vouchers and be fully approved in workflow. This includes reimbursements. Any employee needing reimbursement for University expenses incurred should prepare the voucher for approval by the end of December.
• All journal entries should be entered and fully approved in workflow.
• Deposits – be sure any cash or checks are deposited and sent to Cashier’s Office for processing. Deposits provided to the Cashier’s Office by Monday, December 14th will be included in December’s results.
• OneSource – look for any items Pending Receiving and be sure they are marked as received, if applicable.
• P-Cards – All PCard vouchers should be reconciled and submitted through November. The due date for November PCard reconciliations in December 20th.
• Payroll Redistributions – any redistributions related to December must be processed before January 15th.
• Unlike the annual close each summer, we will not be recording accruals or prepaids surrounding the December cut-off date.
Analyze the financial information and ensure the financial results “make sense” and are complete. Groups of transactions that can be compared to third-party information should be reconciled.
Forecasted Results Through June 2022
For all operating smartkeys (excluding those in funds 102 and 103), the Finance office will be asking officers to forecast financial results through the remainder of the fiscal year and will be providing reports to assist in this endeavor.
Please email firstname.lastname@example.org with any additional questions or concerns.
Hourly paid employees that work during break should report time worked in Workforce Time on a daily basis, based on actual time worked. During the holiday break, timesheets continue to have a deadline on Noon on Tuesday to be submitted and approved.
Employees can submit a “Time Off Request” in advance of the winter break to report time off in Workforce Time.
Recording Time off During Break
• The University observes December 23rd, 24th, 30th and 31st as holidays. Employees do not need to take any action in Workforce Time with respect to time off on these days.
• The University will close most offices starting on December 23rd through January 2nd. If you are not required to work, you may use vacation, personal days, or floating holidays on December 27th, 28th and 29th.
• W-2’s will be mailed directly to employee’s home address, unless you opted to receive your W-2 electronically which can be done by accessing iPay. Any employees who opted to receive the W-2 electronically last year, will continue to get it electronically.
Welcome Tamara Sanders – Payroll Manager.
Tamara Sanders joined the Controller’s Office as Payroll Manager in October. Tamara brings extensive expertise managing and administering all facets of payroll and will be working with us from the 3rd floor at 291 Main Street and from her home in Connecticut. We are thrilled to have her join our team!
3. AP – HOLIDAY DEADLINES
Due to the Holiday break, Thursday, December 23, 2021 through Friday, December, 31, 2021, our final AP check run for 2021 will be Wednesday, December 22.
All vouchers required to be processed by December 22 must be in the Accounts Payable inbox by Friday, December 17 at 4:00pm. Vouchers received by AP after this deadline will be paid in January 2022.
There will be no Accounts Payable check runs on December 29, 2021 or January 5, 2022.
The first AP check run for 2022 will be on Wednesday, January 12 for vouchers received in the Accounts Payable inbox by Friday, January 7 at 4:00pm.
**Please keep in mind that Wesleyan’s payment terms determine when a payment is made.
Thank you in advance for your cooperation in adhering to our processing schedule.
Please contact Tamara Harley at email@example.com with any questions.