You can find lots of information in the year end memo attached here or located on the Finance website.
Year End Seminar
Still have questions about year end? Or just need a refresher? Please plan on attending one of three year end seminars being offered to review the year end process and highlight differences from normal financial processing.
Monday, May 13, 10:00 in Usdan 110
Tuesday, June 4, 11:00 in Usdan 108
Thursday, June 20, 2:00 in Usdan 110
- If you have a voucher that needs to be paid now but pertains to the next fiscal year, please include the prepaid account code on the voucher (13705) as well as the correct expense account code as a positive and negative amount on the voucher. Refer to page 6 of the attached year end memo for an example.
- Remember to set an approval proxy if you are going to be out of the office. It is very important, especially at our fiscal year end, that all SmartDocs make their way through workflow in a timely manner. Please remind others in your department to set a proxy if they are out of the office.
- 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.
- Come to the year end seminar to learn more.
2. CTW ONESOURCE PURCHASING PORTAL
As previously mentioned earlier in the fiscal year, the University Finance and Purchasing Offices have partnered with Connecticut College and Trinity College to implement Unimarket’s Purchasing Portal. “CTW OneSource” is a one stop shopping experience that will allow end users to shop Wesleyan’s preferred vendors and take advantage of previously negotiated prices. In addition, the integration with WFS will realize significant operational efficiencies through a complete redesign of our procurement practices to include:
• Approval prior to the purchase being made, in contrast to our current system which approves a payment after the purchase.
• Elimination of duplicate approvals under our current system where the same person may approve a purchase order and a payment voucher.
• Elimination of vouchers, voucher approvals and attachments as all of the information is contained in a closed system.
We are looking for a pilot group of users to participate in training on May 30 and 31. If you are around during the summer to participate in this training and ultimately begin using the new system in the summer please contact Valerie Nye at firstname.lastname@example.org. A full rollout is expected to take place in early fall
3. TRAVEL AND OTHER EXPENSE REMINDERS
As year end events and business travel are being planned, please keep in mind the following highlights (nothing new) from the Travel and Other Expense Policy:
The University does not pay for:
- Travel insurance (including flight and baggage)
- First Class or Business Class airfare
- Charitable and Political contributions
- Parking fines and any other vehicle fines
- Alcohol outside of reasonable dinner hour
- Wesleyan faculty/staff attendees only business meals – In cases where only Wesleyan faculty/staff meet over a meal, and are not travelling, the cost of the meal is not reimbursable unless the primary purpose is to conduct a meeting in accordance with a specified agenda and there was no other time to meet during normal working hours.
In addition, IRS regulations require that travel expense reimbursements to employees be made in a timely manner. University policy states that reimbursement requests be made within 30 days from the date of travel return. While the Finance Office may make exceptions to this timeframe during the fiscal year, when the expense crosses fiscal years and did not have a previous accrual request, reimbursement will be denied. For example, if receipts are presented in September for a trip that took place the previous February, the University will not be able to reimbursement the traveler. If you are aware of travel that has occurred but receipts are not available for year end processing you should follow the accrual procedures outlined in the Year End Memo.
Employees should bear in mind that government agencies and other observers such as parents and students may perceive certain expenditures as being either excessive or inappropriate in the context of a regulatory audit, an IRS audit, or other similar review of University activities. Thus, moderation and discretion should guide all decisions to incur expenses on the University’s behalf.
4. 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.
5. EXPIRING P-CARDS
New P-Cards expiring May 31, 2019 will be distributed to cardholders and departments through the month of May. If you need your card before your department distribution is scheduled, contact email@example.com to schedule a time to pick up your card at the Finance Office.
6. PURCHASING NEWS
Please see attached Purchasing News for information on W.B. Mason, our preferred supplier list and employee discounts and services.
7. SUSTAINABILITY NEWS
Throughout the month of May, Wesleyan is participating in the statewide Drive Less Connecticut competition. The competition’s goal? To reduce the number of cars on the road and improve air quality by taking greener trips using choice commuting modes like transit, car/vanpools, biking or walking. Participants have the chance to win weekly and grand prizes, as well as recognition for top employers who get the most employees to participate. To join, log into your CTrides account (or create one if you do not have one), check to make sure you’ve included Wesleyan’s name in your profile, and enter your greener trips as you take them. Happy travels!
Congratulations to our newest Green Offices!
- North College 4th Floor earned Silver certification in March.
- Butterfield A Res Life Office earned Platinum certification in April.
To learn more about the Green Office Certification program or to get your office/department certified, visit www.wesleyan.edu/sustainability/involved/engagement/green-office.html.