www.wesleyan.edu/finance/financeDept
Important Reminders
1. Year End
2. Budget Transfers in WFS
3. Earnings Redistributions
4. Cash Receipts
5. WFS Tips and Tricks – Inquiry to Excel download
Other News
6. Foreign Payments – Honorarium Payments to J-1 Exchange Visitors
7. Accounts Payable – Payment Terms
8. Purchasing News – WB Mason and Employee Discounts
9. Purchasing Card – Expiring Cards
10. Who to Contact?
It is not too early to begin thinking about year end. The year end schedule will be distributed in a few weeks. The following items are things you can begin thinking about now:
- Budget Status – Request that any old PO’s, vouchers and/or journals be closed or deleted.
- Necessary expenditures through June
- Travel Expense Reports
- Prepaid Expenses
- Workflow backlog – All documents will need to by processed by year end.
2. BUDGET TRANSFERS IN WFS
The deadline for original budget transfers is March 31. It is important that we freeze the 2010 original budgets in preparation for 2011 budget planning and implementation. Adjustment budget transfers will still be allowed in the last quarter of the fiscal year, but we generally anticipate very little budget transfer activity from this point forward.
As a reminder, budget transfer training materials can be found on online at http://www.wesleyan.edu/finance/financeDept/budget/PoliciesandProcedures.html#1._Budget_Transfer_Template. Offline budget transfer requests must be submitted to fiscal managers for approval. Academic Affairs departments should also send a copy to financialplanning@wesleyan.edu.
If you have any questions, please email financialplanning@wesleyan.edu.
3. EARNINGS REDISTRIBUTIONS
All earnings redistribution requests that have been submitted to Financial Planning have now been processed. Please review and report any discrepancies to financialplanning@wesleyan.edu by April 1.
Beginning on April 1, only earnings from the last 90 days will be eligible for redistribution. If you need to submit earnings redistributions prior to December 31, the request must be submitted by March 31.
As a reminder, the Earnings Redistribution Request Form can be found in your Employee Portfolio under “Forms.”
If you have any questions, please email financialplanning@wesleyan.edu.
4. CASH RECEIPTS
The Cash Receipt Policy has been updated to reflect WFS procedures. Please remember to properly band the currency and roll the coins in the applicable amounts. In addition, please detach the stubs from checks and identify the department on the back of the checks. If you have a “Deposit Only to Account of Wesleyan University” stamp please be sure it is used on the back of the checks. Please contact Noreen Angeletti at nangeletti@wesleyan.edu for any questions related to deposits.
5. WFS TIPS AND TRICKS
Welcome to a new standard section of the Finance Monthly where you will be able to find tips and tricks on using the WFS Financial System. If you have any tips and tricks you would like to share please email finance@wesleyan.edu.
Did you know that the Wesleyan Inquiry reports contain multiple tabs with lots of useful information? For example, Vendor Name for vouchers can be found on the tab “Document Specific Info”. It is important to note that only the information that is on the active tab will download into Excel. If you want all the columns in every tab to download to Excel you must expand the tabs by using the “Show all columns” button to the right of the tabs.
6. FOREIGN PAYMENTS – Honorarium Payments to J-1 Exchange Visitors
Please review this Month’s Navigate newsletter for information on honorarium payments to J-1 Exchange Visitors
7. ACCOUNTS PAYABLE – Payment terms
Wesleyan’s net 30 payment terms determines when a payment is made. This is 30 days from the invoice date that you put in the voucher. If a payment needs to be made prior to the 30 days, please follow these instructions when completing a voucher.
In the Instruction for AP field type DD (For Due Date) followed by the six digit date that the check is needed by.
**Important-Please make sure that this is typed before any other information in this field since our AP inbox only picks up the first 15 characters of this field.
Please keep in mind that Wesleyan’s payment terms (Net 30 days) determines when a payment is made.
Thank you in advance for your cooperation in adhering to our processing schedule. Please contact Tamara Harley at extension #2843 or Janet Gyurits at extension #2842 with any questions.
WB Mason
As many of you are aware, Henry McGill has been the WB Mason delivery person for several years. Henry has always done a great job for us here at Wesleyan. Henry has decided to leave WB Mason and we all wish him well. I have been reassured that a new dedicate delivery person will be assigned to our account of the same quality and integrity that Wesleyan has come to expect from WB Mason. The delivery will stay the same at three days per week.
Furniture Orders: Please use account number 87217 for all future furniture orders.
See the attached for information on employee discounts available at Sprint/Nextel, Verizon, Valvoline and Sanditz.
Please note the expiration date on your JPMorgan Pcard. Cardholders will be contacted once the Finance Office receives new cards the month prior to your expiration date.
IMPORTANT PCARD REMINDERS:
- Splitting transactions to avoid the single transaction limit is prohibited per Pcard Policy. Email pcard@wesleyan.edu to request changes in your monthly and/or single transaction limit. Cc your credit card supervisor and Fiscal Manager. Permanent credit limit changes require an active email request from your Fiscal Manager.
- If applicable, cardholders should use the cash advance feature on their card for minimal out of pocket travel expenses. Travelers must include an itemized summary of expenses, including supporting documentation, for the full amount of all cash advances taken. Any unused funds must be deposited back to the cardholder’s default SmartKey/Account 82450.
- All charges on Pcard vouchers require an itemized receipt, unless otherwise indicated by the University’s Travel and Other Expense Policy. For audit purposes, if missing a receipt, please indicate “NR” in the description field of your PCard voucher and provide a detailed business description for the charge. Per PCard policy, “Any charge not supported by a receipt is subject to personal reimbursement by the cardholder. Consistent missing receipts will result in the suspension of cardholder privileges or permanent cancellation of the card.”
Pcard voucher(s) are created in WFS for those cardholders with transaction activity within a given billing cycle. To access your Pcard voucher in WFS, users can search on Invoice ID that begins with the cardholder’s email username. All Pcard vouchers require review, reconciliation, and timely submission. Absent Pcard activity during a billing cycle, WFS will not create a voucher and a submission is not required.
A reconciled voucher must include:
1) Supporting documentation attached (receipts, invoices, travel itineraries, etc)
2) A brief description of business purpose (either on the receipt or in the description field of the voucher)
3) Documentation of cardholder and supervisor review/approval (please ad hoc cardholder and/or supervisor, if necessary)
Please note the following dates PCard vouchers will be created and available to users for the billing cycle months indicated. Vouchers are due 30 days after each billing period end date.
Billing Month Voucher Available Voucher Due
March 3/23/10 4/20/10
April 4/22/10 5/20/10
May 5/24/10 6/20/10
All Pcard vouchers for the billing cycle ending February 20th must be submitted to workflow by March 19th.
For immediate assistance with your JPMorgan Purchasing Card, call the 24 hour Customer Service number on the back of your card (800)316-6056 or (847)488-3748 outside the U.S.
Contact pcard@wesleyan.edu for all card maintenance requests (i.e., credit limit increases/decreases, name change, address change).
9. WHO TO CONTACT
Please save these sites as favorites for quick answers to questions you might have.
Finance Office Website http://www.wesleyan.edu/finance/financeDept/
Finance Monthly Blog http://financemonthly.blogs.wesleyn.edu
New Financial System Blog http://wfs.blogs.wesleyan.edu/
Contact Information http://www.wesleyan.edu/finance/misc/contactInformation/
Email Addresses:
General Finance finance@wesleyan.edu
WFS Help wfshelp@wesleyan.edu
PCard pcard@wesleyan.edu
Accounts Payable ap@wesleyan.edu
Purchasing obookas@wesleyan.edu
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. Items for inclusion are due five business days before the end of each month and can be submitted to finance@wesleyan.edu