HAPPY NEW YEAR!!
NEW YEAR –NEW LOOK
The newsletter is now being published through a webpage. This will provide the benefits of archiving and searching on topics.
New Financial System
1. UPDATED MILEAGE RATE
The new mileage rate for Fiscal 2009 is $0.585 (Fifty-eight and 1/2 cents), the IRS updated rate for the 2008 calendar year. This has been revised from the previously communicated rate of $0.505.
Alcohol – The revised policy provides circumstances in which alcohol is allowable and how it is accounted for.
Travel Meals – The new policy recognizes inflationary pressures and increases the maximum reimbursement amount to $75 for domestic travel and $100 for international travel requiring receipts.
Business Meals and Entertainment – Expanded language and examples which include limitations on when lunch meetings with co-workers is a reimbursable expense. The primary purpose must be to conduct business according to a clearly defined agenda and it is not possible to meet during working hours.
Documentation – Original, detailed receipts are required for all travel expenses greater than $20 for both PCard and Travel Expense Reimbursements.
Documentation II – There is an increased focus on business purpose due to IRS requirements and transparency. A business purpose explanation is now required for all expenses although grouping of expenses is allowed.
Mileage – A five mile minimum distance is required to be eligible for reimbursement.
The Finance office plans on scheduling meetings in early September to review these new provisions in more detail and will be happy to attend any department staff meetings upon request. If this timeline poses a problem please let us know at firstname.lastname@example.org.
Budget Status: Note that the following Fiscal 2008 activity will not be reflected until the second close reports tentatively scheduled for July 15:
- Weekly payroll for the period ending June 29 and June 30
- Commercial and PCard transactions for the period June 20-30
- Inn at Middletown charges for the period June 15-30
- June international phone charges
- Wes Station charges for the period June 25-30
- FEDEX charges June 24-30
- June bank merchant fees
Please use Inquiry to access the most current reporting on Fiscal 2008 balances.
ELF: There is a one day delay between the time an entry is approved and the time it is posted. This delay ensures that entries are posted in the correct fiscal year.
Accruals: All accruals have been posted to the financial system as of June 30. Departments should review their accounts and verify that the requested accrual has been properly recorded.
When the invoice/backup documentation is ready, prepare the Accounts Payable voucher as usual with the following modifications:
Leave the account number field(s) blank
Note Fiscal 2009 in the upper right hand corner of the form
Note in the comment section the Fiscal 2008 account(s) that was/were accrued
Submit all the paperwork to Susan Pavis – 4th Floor North College
If this process is not followed it could result in duplicate charges to your account(s). All vouchers and documentation are due to Susan Pavis by Wednesday July 9. If there will be a delay beyond July 9, please notify Susan (email@example.com, x2839) of the anticipated date.
Redistributions: Redistributions of June payroll activity must be requested by July 11. These deadlines are applicable for all accounts, including grants.
Thank you all for your continued help and cooperation with these year end guidelines.
4. FISCAL 2009 BUDGETS
Fiscal 2009 operating budgets are now available. If you have any questions on new-year operating budgets, please contact Sun Chyung (firstname.lastname@example.org x2249). The fiscal year default on BMAPS budget transfer panels is now Fiscal 2009.
Fiscal 2009 endowment budgets have been loaded. Please note that the budget reflected in Fiscal 2009 is only the new income available for the account and the carry-forward of remaining Fiscal 2008 funds will not be loaded until the old fiscal year is closed out (late August). The same holds true for Fiscal 2009 gift and grant account carry-forwards. For questions regarding endowment, gift or grant budgets, please contact Kimberly Savinelli (email@example.com x3683).
5. FINANCE UPDATES MEETING
The Finance Office will host a meeting on Monday, July 21 from 11-12 in Usdan 108. At this meeting, updates will be provided on the status of the new financial system, travel policy, PCard, Year End, and any other questions or concerns proposed.
6. ELF ETIQUETTE
If any journal entry affects an account that is outside of the creators department, it is important that the department that manages the account is copied so that they receive notification of the entry.
Members of the Wesleyan financial community will be called upon during the implementation process to provide input into system and business processes.
The goal is to complete the implementation by July 2009. The Finance Monthly will be used as one way to inform the Wesleyan community about the WFS implementation. Please be sure to check occasionally for updates.
8. PURCHASING CARD
Over the next several months, we will be implementing a new Purchasing Card (P Card) sponsored by JPMorgan Chase and MasterCard. The card replaces the BoA Visa credit card and there are enhancements and updates to the program policies and procedures.
The PCard program has many benefits to both the cardholder and Wesleyan including eliminating the need to write out vouchers. Other benefits are listed in the Purchasing Card Program Policy .
Cardholders are required to document a business purpose for all transactions or group of transactions. However, users are not required to provide a receipt for travel and entertainment charges less than $20.
Cash Advance Option – If you have a cash advance option on your card there are PCard cash advance procedures that must be followed to create a PIN and access the cash advance.
For new JPMorgan PCard holders, statements still require cardholder and supervisor signatures, per the policy. Currently, the statements do not have a designated line for these signatures. We are working with JPMorgan for a solution. In the meantime, please indicate the approvals on the front page of the statement.
Tami Sabo (x2958), is the P Card Program Administrator. Questions can also be addressed to the general P Card email firstname.lastname@example.org
9. PURCHASING NEWS
See the attached Purchasing News for information on
- Inn at Middletown
- Advanced Printing
- Procurement Sustainability Efforts
- Ikon Office Solutions
Vouchers received by 4pm on Thursdays will be processed for payment in the following week’s Friday check run.
For accounts payable questions please contact Tammy Harley at x2843 or Janet Gyurits at x2842 or email email@example.com
Please save this site as a favorite for quick answers to questions you might have.
11. MONTH END REPORTS – Eprint Reports
The June month end jobs have successfully run and the reports are currently available on Eprint. Users can access Eprint through the Administrative Applications area in their employee portfolio and by using their FRS operator number as the UserID and FRS Password as the Eprint password.
12. WHO TO CONTACT
General Finance firstname.lastname@example.org.
Accounts Payable email@example.com
SUBMISSIONS FOR FINANCE MONTHLY
What topics would you like to see included in this monthly communication? Do you have a system tip you’d like to share? Finance Monthly will be e-mailed on a monthly basis, corresponding with the availability of month end financial reports. Items for inclusion are due five business days before the end of each month and can be submitted to firstname.lastname@example.org