Frequently Asked Questions

Click on the following links for the answers:
1. I need to have a new Smartkey created or I need to change a Smartkey attribute. Whom should I contact?
2. What is the benefit rate?
3. When should I use a journal entry and when should I use a budget transfer?
4. What are the different types of budget?
5. How do I look up position number?

1. I need to have a new Smartkey created or I need to change a Smartkey attribute. Whom should I contact?

Please contact the fiscal manager for your area to discuss the need for a new Smartkey or an attribute change.

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2. What is the benefit rate?

For fiscal year 2009-10, the full benefit rate is 31.1% and partial benefit rate is 7.65%.  The full benefit rate incorporates the cost of FICA, retirement contributions, and the projected cost of medical, life, dental and tuition benefits.  By distributing these budgets and the costs out to the departments, we can track and report on expenditures where they are incurred and budget adequately for new staff positions.  The partial benefit rate represents the cost of FICA.  

The benefit rate is determined by Account Code.  See the complete list of object codes for more information.

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3. When should I use a journal entry and when should I use a budget transfer?

Journal entries should be used to correct an error to an expense that posted to the wrong Smartkey, transfer cash between Smartkeys, accrue expenses, and record prepaid or deferred expenses. It should not be used to transfer funds from one account to another.  Journal Vouchers should be used to correct the Smartkey or Account on a voucher.

Budget transfers should be used to move funds within a Smartkey or between Smartkeys.  Designated users on campus have the ability to transfer budget.  If you do not have access to transfer budget, please contact your fiscal manager. 

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4. What are the different types of budget?

The Wesleyan Financial System classifies budget into 3 main groupings: Total Original Budget, Total Adjustment Budget, and Total Budget.  The definitions of each are below.

• Total Orig Budget: The sum of the Orig Budget and Transfer Orig Budget.  This budget is recurring.

• Total Adj Budget: The sum of Adj Budget, Transfer Adj Budget, and Roll Rwd Budget.  This budget is available for spending in the current fiscal year only.

• Total Budget: The sum of Total Orig Budget and Total Adj Budget.  This budget is the total budget available for spending in the current fiscal year.

The details of the above budgets are below.

• Orig Budget: budget (base budget) that is loaded using the budget planning system or entered using the Budget Journal page.

• Transfer Orig Budget: permanent budget (base budget) that is entered using the Budget Transfer page.

• Adj Budget: a one-time budget that is entered using the Budget Journal page.

• Transfer Adj Budget: a one-time budget that is entered using the Budget Transfer page.

• Roll Fwd Budget: a one-time budget that is uploaded centrally to carry forward the prior fiscal year's available balance.

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5. How do I look up position number?

There are two ways.  In HRMS, use View Position Cross Reference. In Portfolio, use Position Lookup under Supervisor/Manager Resources.

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