1. Month End Closings
2. Travel Policy
3. Workday Reminder – fund and program codes
4. Minimum Wage
5. Finance Website
6. Purchasing News
The University will begin phasing in a formal month-end close process. This is an important step in strengthening our financial management practices and aligning with higher education and accounting best practices. Ultimately, having a structured month-end process that provides clear timelines and standard checklists will minimize the year-end rush and reduce the burden on administrative staff.
Why are we implementing a month-end close?
A structured month-end close will provide several key benefits:
• Accurate, “point in time” financial reporting – Once a month is closed, financial reports can be run for that period with confidence that the underlying data will not change.
• Improved budget management and planning – Regular review of transactions and balances helps identify errors, omissions, or unexpected activity earlier, making it easier to manage budgets proactively and reduces year end surprises.
• Better support for grants and projects – For grants, capital projects, and other designated funds, timely and accurate monthly data improves oversight, enhances compliance, and supports accurate reporting to sponsors and stakeholders.
• Enhanced transparency and communication – Clear, consistent financial information supports better decision-making at all levels.
What is expected of you?
In advance of each closing, departments will be expected to review their financial activity for completeness and accuracy. The numbers shown in parentheses indicate the number of business days after the month-end by which each task should be completed. While this will formally begin in December with a November month end, please use the next few weeks as a “practice” and ensure you are caught up with July – October.
1. Confirm all deposits are recorded (3)
o Ensure that all deposits received have been entered in Workday.
o Confirm that related documentation has been sent to Student Accounts, where applicable.
2. Review outstanding requisitions in Workday (5)
o Verify that items that have been received are properly receipted in Workday.
o Follow up on older or inactive requisitions to determine whether they should be closed or updated. To close a PO, Submit an AP ticket with the PO number/supplier name/amount.
3. Review budgets and actuals (10)
o Confirm that all expected transactions for the month have been recorded.
o Ensure nothing appears to be missing or misclassified and work to clear any deficits.
o Process any required supplier invoice accounting adjustments so that charges are reflected in the correct accounts and periods.
4. Reconcile procurement/expense card transactions and process expense reimbursements(10)
o Make sure all procurement card and expense card transactions have been reconciled and submitted.
o Note that the timeliness requirements for these reconciliations have been updated in the new travel policy (see item #2 of that policy for details).
5. Review Payroll charges (15)
o Requests for payroll accounting adjustments must be submitted by the 15th business day of the month following the accounting date of the original transaction. Adjustment requests received after this deadline will not be accepted.
Thank you in advance for your cooperation and partnership as we implement this enhanced month-end close process. This process will continue to evolve over time as we refine the process and respond to feedback. We will provide additional guidance tailored to specific roles (e.g., budget managers, administrative assistants, chargeback centers, grant managers) over the next few weeks.
This summer, the finance team has restructured the University’s policies governing travel and business expenses reimbursements. This new policy incorporates feedback from Cabinet, Academic Affairs and other areas who travel frequently. This new policy can be found here (be sure that you are logged into Wes Portal for access).
In addition to reorganizing the policy for clarity, notable updates include:
o Airfare Purchases: clarification of allowable costs when purchasing tickets, including guidance on refundable fares, seat selection, and related expenses.
o Meal and Gathering Reimbursements: Updated daily reimbursement limits and per-attendee thresholds.
o Receipt Requirements: For Travel Expense Card transactions, receipts are generally required only for expenses over $50 (with exceptions for lodging and certain federally funded expenses).
o Timeliness – Reimbursements: In compliance with IRS regulations, all requests for reimbursements for expenses must be submitted within 60 days of the date the expense was incurred to be considered a non-taxable payment. Beginning January 1st, requests for reimbursement older than 60 days will be denied and HR/Academic Affairs will need to be contacted by the employee to request taxable compensation through Payroll.
o Timeliness – Card Transactions: All card transactions must be reconciled within 30 days of the transaction date by submitting a completed Expense Report or Procurement Card Verification in Workday. Failure to do so will result in the suspension or permanent cancellation of your card.
3. WORKDAY REMINDER
Reminder that you should not change the Fund and Program codes on Workday transactions. These codes default in from either the cost center, gift, grant or project that is entered and should not be manually changed.
Effective January 1, 2026, Connecticut’s state minimum wage will increase from $16.35 to $16.94 per hour. For unrestricted operating funds (excluding true cost centers), budgets for student help will be adjusted by December month-end to reflect this increase. The adjustment will be based on actual student wages incurred in fiscal year 2025. For restricted funds, the increase must be covered using their own resources.
The finance office is in the process of moving internal material off of its public website to a new Sharepoint site that requires sign in with Wesleyan credentials. You can access it via WesPortal, the Finance “bucket” and the link “Finance Office Resources”. This is where you will find the new travel policy. More resources will be added over time, including these newsletters.
Please see the Purchasing Newsletter for information on the Inn at Middletown, Enterprise and more.