The year end schedule and seminar dates are posted on the Finance website.
• 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 20 for activity through June 19 and the final fiscal 2022 Pcard download is scheduled for July 1 for activity through June 30.
• Purchase Orders (PO) – Please review open purchase orders. Any unused or remaining encumbrances must be closed out by June 30, 2022 (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 email@example.com 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). The deadline to record an accrual for fiscal year 2022 is 10am on Monday, July 11th.
• Deposits – To ensure that there is time for processing, please submit cash deposit transmittals by Wednesday, June 22nd at 10:00 am. The final date for submitting check deposit transmittals for fiscal 2022 is Friday, June 24th, 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.
Thank you for all of your efforts in getting expenses in the appropriate fiscal year.
The deadline to submit additional pay requests/adjustments to Payroll for the June 30th pay date is Noon on Thursday, June 16th. Submissions must be made through Human Resources (for staff) and Academic Affairs (for Faculty). It is important that all Payroll charges, including Student and Temp time, be reflected in the year in which the work was performed. Please be sure that all time worked prior to June 30th is reported in Workforce Time according to the year- end deadline.
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 6/27 – 6/30
• Pcard charges for 6/20 – 6/30
• June FEDEX charges
Please let Melanie Messier (firstname.lastname@example.org) know if you have interdepartmental chargebacks that will not meet this deadline. Unless there is a specific exception, departments cannot be charged in fiscal 2023 for an activity or service that happened in fiscal 2022.
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.
2. SUMMER HOURS – Workforce Time
All employees eligible 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 6th. You can find a quick, three minute video on how to report summer hours in Workforce Time using the Time Off Request Function in WesPortal.
3. MINIMUM WAGE
The Connecticut state minimum wage will increase from $13.00 per hour to $14.00 per hour on July 1, 2022. We recommend hiring summer student workers in the Student Employment System at a minimum of $14.00 per hour on June 1st to avoid having to do an additional hire in the Student Employment System effective July 1st.
- If you are new to University travel, please be familiar with this travel policy document before you leave.
- If you are an approver in Workforce Time, OneSource or WFS and will not be available to approve while travelling please be sure to set a proxy before you leave. Otherwise invoices, vouchers and timesheets will be delayed
- Trip insurance – the University does not allow the purchase of travel insurance. We consider ourselves self-insured in this realm. The cost of every traveler purchasing travel insurance would far exceed the cost of a missed trip here and there.
- Expense reports should be submitted within 30 business days from the dates of travel. The travel expenses must be charged in the fiscal year in which travel occurs. If travel crosses fiscal years it should be charged in the year in which the majority of the travel takes place. Please see the year end memo for additional information regarding prepaids and accruals. Prepaids happen when travel occurs after July 1st but needs to be paid before July 1st, (ex: Airfare, conference deposits). Accruals happen when payment reimbursement occurs after July 1st for travel prior to July 1st (ex: travel occurs in June but not processing reimbursement until early July).
Please find June Purchasing News attached for information on WB Mason year end purchases, McMaster-Carr and MSC.