1. YEAR END
Questions about year end? Or just need a refresher? Please plan on attending one of two year end seminars being offered to review the year end process and highlight differences from normal financial processing.
Thursday, May 16, 2:00 in Usdan 110
Tuesday, June 11, 10:00 in Usdan 110
You can also find lots of information in the year end memo attached here or located on the Finance website.
As a reminder, if you have a voucher that needs to be paid now but pertains to the next fiscal year please ad hoc Susan Pavis into Workflow after Accounts Payable. It will be processed as a prepaid voucher. Come to the year end seminar to learn more.
Also, if you are a chargeback center or you have outstanding transactions that may hit a budget outside of your area, please be sure to process the transaction as soon as possible as departments are actively trying to predict year end balances.
2. ACCOUNT CODE CHANGES ARE COMING – ….especially in the Travel Subgroup.
As University reporting requirements change, the use of account codes must change with it to better inform users. New IRS regulations require the University to report the cost of Foreign Travel on our annual tax return. In addition, recent sustainability initiatives would be better facilitated by breaking out Student Airfare.
As of July 1, 2013, the following accounts will be inactivated:
84540 Foreign Travel
84550 Recruitment Travel
84565 Student Travel
84570 Professional Development Travel
The descriptions above do not fit the intended use of account codes and the activity formerly charged to the above codes should, going forward, be charged to the applicable code that describes it (airfare, meals, conference fees etc). To accommodate these changes we are expanding on existing codes as follows:
84505 – AIRFARE
84506 – AIRFARE II
84507 – AIRFARE – STUDENT TRAVEL
84520 – LODGING
84521 – LODGING II
84522 – LODGING – FOREIGN TRAVEL
84530 – MEALS
84531 – MEALS II
84533 – MEALS – FOREIGN TRAVEL
A second code with the same description allows department specific use while still maintaining a generic category. For example, a department may choose to use 84520 for lodging related to conference presentations versus 84521 for lodging related to research. If the additional codes still do not meet your specific reporting needs please contact Valerie Nye in the Finance Office at x3192 to discuss.
We are also looking to break out major activity from 84509/84510 Other Transportation. This may entail adding a new code for Rental Cars, Gas, or Rail. Let us know what you usually use Other Transportation accounts for and if you would benefit from a more specific code (email email@example.com).
Finally, the use of 82450 Miscellaneous should be minimal. Beginning July 1, 2013 all PCard charges that do not automatically map to a specific account code based on the Merchant Category Code (MCC) will be charged to a generic – PCARD REALLOCATE code (80000) and must be reallocated to a more appropriate code.
3. WFS AND POP UP BLOCKERS
If you are experiencing links in WFS that do not appear to be working, please check your browser pop-up blocker setting or call ITS Desktop Support to help you do that. Browser updates or new hardware can change these settings unbeknownst to the user.
Due to the timing of the Proshred invoicing and payments, you will notice two invoicing charges to your Budget in the April reports. We will process the last charge of the year in May to be sure there are twelve months worth of expense.
5. ACCOUNTS PAYABLE – Memorial Day Deadlines
On Monday May 27th, the University will observe the Memorial Day Holiday. All Accounts Payable Vouchers that must be processed for Friday, May 31st, must be received in the Accounts Payable Inbox no later than Friday, May 24th, at 4:00pm.
Keep in mind that Wesleyan’s net terms determine the payment date.
Please contact Tamara Harley at extension #2843 or Crystal Flores at extension #2842 with any questions.
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 firstname.lastname@example.org