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. For the third year in a row, 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 2023 budgets will be completed.
Actual Results Through December 2022
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 12th 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 2023
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 email@example.com with any additional questions or concerns.
The 2022 Holiday’s observed is December 23rd, 26th, 30th. Employees do not need to take any action in Workforce Time with respect to time off on these days. If you are not required to work, you may use vacation, personal days, or floating holidays on December 27th, 28th and 29th.
Recording Time off During Break
Hourly paid employees that work during break should report time worked in Workforce Time daily, based on actual time worked. During the holiday break, timesheets will continue to have a deadline of 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.
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 via WesPortal. Any employees who opted to receive the W-2 electronically last year, will continue to get it electronically.
Please note that all employees can access an electronic copy of their W-2 via employee self-service in WesPortal by navigating to My Information > Pay/Tax Statement – IPAY. Online delivery provides access to your W-2 statement earlier and eliminates the chance that the W-2 will get lost, delayed or misplaced by the US Postal Service or by the employee once received.
Payroll Schedule Calendar
To download and save the 2023 Payroll Processing Schedule, visit https://www.wesleyan.edu/payroll/proc_%20schedule.pdf
Please feel free to contact payroll with any questions or concerns at firstname.lastname@example.org.
3. AP – HOLIDAY DEADLINES
Due to the Holiday break, Friday, December 23, 2022, through Monday, January 2, 2023, our final AP payment cycle will be on Tuesday, December 20. All vouchers required to be processed by December 20 must be in the Accounts Payable inbox by Thursday, December 15 at 4:00pm. Vouchers received by AP after this deadline will be processed in January 2023.
There will be no Accounts Payable payment cycle on December 28, 2022, or on January 4, 2023.
The first AP payment cycle for 2023 will be on Wednesday, January 11 for vouchers received in the Accounts Payable inbox by Friday, January 6, 2023, at 4:00pm.
**Please keep in mind that Wesleyan’s payment terms determines when a payment is made.
Thank you in advance for your cooperation in adhering to our processing schedule.
4. PURCHASING NEWS
Please see attached Purchasing News for information on Carolina Biological, Global Industrial and more.