June 2014

1. Year End – It’s June!
2. Fiscal 2015 Mileage Rate
3. 4th of July Deadlines
4. New Account Codes
5. WFS Reboot

The year end schedule is available here. The final year end seminar will be held Tuesday, June 10, 10:00 in Usdan 110 to go through the schedule in more detail and answer questions. The presentation given at the seminar can be found here. Some important points regarding year end:

Determining the fiscal year: Actual expenses must be charged in the year in which they occur (i.e. travel takes place or goods and services are received). This may not be the same year as the budget.  Please feel free to contact Val Nye at x3192 with specific questions or scenarios.

Prepaids: If you have a voucher that pertains to the next fiscal year, but needs to be paid now, please ad hoc Susan Pavis into Workflow after AP.  If the prepaid is in a pcard voucher, specify the line number(s) of the prepaid in the Instruction to AP section of the voucher.  If you encounter a budget error on a prepaid voucher, contact Susan Pavis at x 2839.

Accruals: You have until July 16 to request accruals for work performed or goods received in Fiscal 14 that have not yet been invoiced. This means that you can use the first couple weeks of July to collect actual invoices for Fiscal 14 activity. If you have a Fiscal 14 invoice prior to July 16 ad-hoc Susan Pavis as an Approver (not Reviewer) at the end of the workflow path on the voucher so that she can be sure the charge gets into Fiscal 14.

Purchase Orders: Please begin reviewing purchase orders (PO) in funds 100, 101, 140, 601, 602, 651, 652, and 720. Any unused or remaining encumbrances must be closed out by June 30, 2014. Also, please keep this deadline in mind when creating new PO’s as they will not be available in the next fiscal year. The Purchase Order Smartdoc will default to Fiscal 15 on June 27. Please contact finance@wesleyan.edu to close a PO.

Budget Errors: Budget errors (red lines) received on documents need to be fixed. If you receive a budget error on a Prepaid voucher please contact Susan Pavis at x2839.

Chargebacks: If you charge other departments for services performed by your department please do these more often during June so departments have the most up to date information in Inquiry as they monitor their budgets. Be sure to ad hoc the requester of the service on chargeback journals.

Smartdocs Approvals: All Fiscal 14 Smartdocs must be fully processed. Remind your department approvers to set a proxy if they are going to be out of the office. Denied smartdocs must be either deleted or corrected and resubmittted.

The mileage rate will change to 0.56 cents as of July 1, 2014. This new rate will be reflected in the Fiscal 2015 Travel Expense Report and should be used for travel that takes place after June 30, 2014.

On Friday, July 4th the University will observe the Independence Day Holiday. All Accounts Payable Vouchers which must be processed for Thursday, July 3rd, must be received in the Accounts Payable Inbox no later than Friday, June 27th at 12 noon. 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.

Based on user requests, we have added the following additional accounts codes in the Travel Subgroup. These are duplicates of existing codes that will allow departments to maintain more specific detail if desired. For example, these codes would allow a department to track Professional Development travel separate from Research travel.

84536 – ALCOHOL II
84541 – MILEAGE II
84542 – GAS II
84543 – TOLLS II
84544 – PARKING II
84546 – RAIL II

The first Tuesday of every month WFS will be rebooted. You may notice a slight slowdown in the system during this time.

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