PCards –all departments should be up-to-date on PCard reconciliations through the billing cycle ending February 2021. If you have not fully reconciled, please access your PCard vouchers in WFS and complete as soon as possible to allow sufficient time for approvals.
Budget Status – Request that any old PO’s, vouchers and/or journals be closed or deleted. Note that grant PO’s carry forward to the next fiscal year so no action is necessary.
Travel Expense Reports – get them in as soon as possible for completed trips.
Workflow backlog – All documents will need to be processed by year end.
OneSource – Please review any outstanding receiving in the “Tasks” menu and be sure to mark any items that have been received as such. If an item was cancelled and will not be received you should still go into the receiving menu and choose “Manual Close”.
Prepaids – 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 7 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.
YEAR END SEMINARS
Year end is fast approaching! Smartkeys that spend evenly throughout the year should be about 75% expended to date. You can find lots of information in the year end memo attached here or located on the Finance website. 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 – registration is through Success at Wes:
Tuesday, May 11th at 10am via Zoom
Thursday, June 3rd at 2pm via Zoom
Monday, June 21st at 9am via Zoom
Unrestricted operating and restricted gift and endowment smartkeys will be charged the percentages above. Grant and agency smartkeys will be charged actual medical, dental and other charges rather than the budgeted rate of 24.8%. Please note that the percentages above represent budgeted amounts only. Actual amounts contributed to retirement will vary based on eligibility and participation in the retirement matching program and actual amounts contributed to FICA will vary based on salary. Any variances between budgeted rates and actual rates will be managed centrally.
3. CONTRACT UPDATES
Wesleyan has made modest revisions to forms posted here, primarily to reflect updated insurance requirements for contractors, renters, facility users, etc. Please be sure to note one change – contractors and users must have liability insurance that does not exclude sexual assault and molestation coverage. If you work in a department that regularly uses these forms, please begin using the revised forms at this time.
4. PURCHASING NEWS
Please see attached Purchasing News.