YEAR END
1. Year End
2. Interdepartmental Chargebacks
3. Payroll
4. OneSource
OTHER
5. Workforce Time
6. Bank Transition
7. Purchasing News
1. YEAR END – It’s almost here! Some important reminders.
- Workflow – Check your approval inbox daily and act on all documents. Be sure to set a proxy if you are out of the office. Monitor the status of unprocessed documents. All budget errors (red lines) need to be fixed by June 30.
- Payroll Redistributions – The last day for June or prior payroll redistributions is July 12th at 12:00 noon.
- Prepaid Expenses – Please remember to use account code 13705 for prepaid expenses and include the additional lines on the voucher as detailed in the year end memo.
- PCard – The next download is scheduled for June 22 for activity through June 19 and the final fiscal 2021 Pcard download is scheduled for July 2 for activity through June 30. See attached memo for additional information.
- Purchase Orders (PO) – Please review open purchase orders. Any unused or remaining encumbrances must be closed out by June 30, 2021 (except for grant funds 501 and 502 and project funds 710 and 730). Keep this deadline in mind when creating new PO’s as they will not be available in the next fiscal year. Please contact finance@wesleyan.edu to close a PO.
- Accruals – If work is being performed or goods are received prior to June 30 and you have not yet been billed, please request accelerated billing from the vendor so that you can process the payment in the current fiscal year. The more billing and invoice processing we do now, the less accruals we will need (more to come on accruals after June 30).
- Deposits – To ensure that there is time for processing, please submit cash deposit transmittals by Wednesday, June 23rd at 10:00 am. The final date for submitting check deposit transmittals for fiscal 2021 is Friday, June 25th, at 10:00 am. This is the date and time that checks and final paperwork must be received in the Cashier’s Office in North College.
The year-end schedule is available here as well as on the Finance website. Thank you for all of your efforts in getting expenses in the appropriate fiscal year.
2. INTERDEPARTMENTAL CHARGEBACKS
All interdepartmental chargebacks (including transactions processed via a WFS Interface) need to be processed, and budget errors cleared, by June 30. If you are experiencing a budget error please contact the department and ask them to either provide a new smartkey or add budget to the existing smartkey. The following are exceptions to this timeline and will be processed by July 15 so please plan budgets accordingly:
- Payroll for 6/28 – 6/30
- Pcard charges for 6/20 – 6/30
- June FEDEX CHARGES.
Please let Melanie Messier (mmessier@wesleyan.edu) know if you have interdepartmental chargebacks that will not meet this deadline. Unless there is a specific exception, departments cannot be charged in fiscal 2022 for an activity or service that happened in fiscal 2021.
3. PAYROLL
Please see attached for additional payroll related deadlines.
4. ONESOURCE
Please make sure all items that have been received are marked “received” as such. As of June 21, if a new purchase will not be received until after June 30, you can mark it in the next fiscal year by choosing F22 from the financial year drop down menu on the requisition.
5. WORKFORCE TIME
All employees eligible to for summer hours should use Workforce Time to record time off for summer hours through the Time Off Request feature in Workforce Time or by entering summer hours used directly on ‘My Timesheet’ in Workforce Time. Summer Hours have been added to each eligible employee’s Summer Hours bank in Workforce Time effective June 21st.
6. BANK TRANSITION
Over the next couple of months the University will be transitioning its primary operating bank from Bank of America to JP Morgan Chase. It is anticipated that University Payments will begin being drawn on the new accounts at the end of June and cash receipts will transition throughout July and August. The Bank of America accounts will remain open for a period of time for legacy transactions.
Important Note: In order to ensure that all payments are processed against the correct bank account, all existing voucher templates will be deleted on June 24. The voucher smartdoc will not be available on that date. Please take a screen capture if needed to recreate the template after the transition, which is expected to be Friday, June 25. More information will be provided as the date draws near.
If you have a deposit stamp for checks please email Valerie Nye at vnye@wesleyan.edu to request a new one with the new banking information.
If you have any cash receipts that are directly deposited into the current Bank of America account, please email Tami Sabo at tsabo@wesleyan.edu to request a bank letter than can be provided to the payer with the new instructions.
Stay tuned to future newsletters that will provide additional updates as this transition progresses.
7. PURCHASING NEWS
Please see attached Purchasing News.