1. Minimum Wage
2. What’s New With Workday – Financial Reporting Dashboard, Multi Year Prepaids, Month End Closing
3. Accounts Payable – PaymentWorks Tokenized Banking Information
4. Purchasing News
Effective January 1, 2026, Connecticut’s state minimum wage will increase from $16.35 to $16.94 per hour. For unrestricted operating funds (excluding true cost centers), budgets for student help will be adjusted by December month-end to reflect this increase. The adjustment will be based on actual student wages incurred in fiscal year 2025. For restricted funds, the increase must be covered using their own resources.
Financial Reporting Dashboard
We have improved the Financial Reporting Dashboard to make it clearer where budget checking occurs for the unrestricted operating budget (fund 100).
Simplification: Other ledger account summaries have been removed to reduce confusion.
Benefit: Fewer clicks, simpler navigation.
Report Path: Cost Center → Designation → Designee → WU Parent 4: Department Budget Expense → Ledger Account Budget Checking Process in Workday (Fund 100 Unrestricted Operating Budgets)
There are two levels of budget checking for Requisitions, Expense Reports, and Supplier Invoices:
1. First Check: Cost Center / Designation / Designee / WU Parent 4: Department Budget Expense
If it fails, you will get a budget error (a hard stop) and cannot submit. Review your balance at this level to identify the issue. A budget error may mean you need to process a budget amendment or change the worktags being charged.
2. Second Check: Ledger Account
If the first check passes, Workday will then check the Ledger Account level. If it fails, you will receive a budget warning (soft stop). You can still submit with budget warnings. Budget warnings indicate that you may need to reallocate budgets.
If both budget checks pass, your expense is automatically submitted.
Important Reminder: Budget checking in Workday runs as a mini-batch process, so always check your Workday Task Inbox for warnings or errors after submission. For questions, please email financialplanning@wesleyan.edu
Multi Year Prepaids
Workday can handle Multi-Year Prepaids on Supplier Invoices. The process is nearly identical to entering a regular prepaid, with a few additional steps:
Steps to Enter a Multi-Year Prepaid
1. Invoice Lines Tab
Check the Prepaid box for the portion of the invoice that should be deferred to future fiscal years.
2. Invoice Lines Tab (Comments)
Enter a comment noting that this is a multi-year prepaid so Accounts Payable can set up the expense schedule.
3. Prepaid Details Tab
Under Prepaid Amortization Type, select Schedule.
Important Notes
• If a portion of the invoice should be charged to the current fiscal year, enter that amount as a separate line under the Invoice Lines tab and do not check the Prepaid box for that line.
• This ensures only the correct amount is deferred, while the current-year expense is charged appropriately.
If you have questions about this process, please contact aphelp@wesleyan.edu for assistance.
Month End Closings
Beginning in November, the Finance Office will start implementing a formalized month end “close”. The main benefit to closing a month will be the ability to have monthly reports that do not change, something that was a pain point in the old system where transactions would take time to get through workflow and post back to the month in which they were originally initiated. Closing the months will solve this problem. Any transaction not posted by the “close date” will post to the next open month.
We currently anticipate the close date to be the 5th business day following the month end. This will allow time to get any transactions that you wish to post in that month posted.
Additional information regarding specific business processes and dates will be forthcoming towards the end of October.
3. ACCOUNTS PAYABLE
For any supplier/vendor that receives an electronic payment, please note that the remittance notifications now include a “tokenized” bank account number which looks different from their regular bank account number. This has been implemented for security purposes.
Please see attached Purchasing News for information on Inn at Middletown, Enterprise Mobility and more.