1. Month End Closings
2. Smartkey to Worktag Crossmap Tool
3. Card Program – PCards vs. Expense Cards
4. Purchasing News
Thank you for everyone’s efforts as we continue to implement official month end closings. November is now closed. We will officially close December on January 30. However, beginning in February we will begin a schedule of closing the previous month on the 15th business day of the following month. This means that January will close on February 20. It is important that as much activity be posted as possible – expense reports submitted, invoices approved, budget activity reviewed, journal entries and payroll accounting adjustments requested, internal chargebacks processed, etc.
We have discussed internal chargebacks being done in a timely manner. The only exception, at this time, are Physical Plant labor charges. Due to the fact that there is additional processing related to time entry, these labor charges have until the end of the following month to be charged. For example, if an event occurs in January it is quite possible it will be charged prior to the February 20 deadline. However, if the event is large, requires lots of staff, occurs during high-volume periods like student arrival, or if there is a delay in obtaining worktags and budget, it’s possible it will not be charged until the last week of February, in which case it will show up in the February reports.
2. SMARTKEY TO WORKTAG CROSSMAP TOOL
We will be taking down the Smartkey to Worktag Crossmap Tool in the next couple of weeks. As we are now over a year and a half with Workday, there is the risk that the data is outdated. If anyone has a need to reference old data please email finance@wesleyan.edu with the specific request.
3. CARD PROGRAM PCard vs Expense Card
This is a reminder that Wesleyan has two card programs that have different features and functionality:
Expense Card – Most common type of credit card primarily used for travel expenses. It is reconciled via the Workday expense report using “Expense Items” which are much more limited than Spend Categories. The primary benefit of this card is the use of the Workday App while traveling to record a “Quick Expense” as well as additional reporting features for each expense item. This card is imprinted with the words “One Card” in the upper right corner.
Procurement Card – This is a card given for the purchase of goods. It is reconciled via the Procurement Card Verification (task = “Verify Procurement Card Transactions”). The primary benefit of this card is that the verification process allows the use of requisitions to encumber funds and reconciliation can be done using all available spend categories. This card is imprinted with the word “Purchasing” in the upper right corner.
If you are unsure of which card you should have, one way to determine would be to view the list of expense items on the expense reports. If your purchasing habits primarily align with this list of expense items then the Expense Card is the right one to have.
4. PURCHASING NEWS
Please see attached Purchasing News for results from the recent Purchasing survey as well as important information on Workday and WB Mason.