Systems
        1. Month End Reports
        2. ELF Delay
Deadlines
        3. Year End:  Calendar
        4. Payroll Redistribution
        5. Accounts Payable Deadlines
        6. Year end Accruals
        7. Payroll:  July 7 Split Fiscal Year Payroll
Other News
        8. Fiscal Year 2007 Budgets
         9. Accounts Payable Website
        10. Inn at Middletown 2007 Room Rate
        11. Finance Personnel Changes
        12. Who to Contact?
       

1. MONTH END REPORTS
The June month end jobs (1st close) have successfully run and the reports are currently available on Eprint.  Users can access Eprint through the Administrative Applications area in their employee portfolio and by using their FRS operator number as the UserID and FRS Password as the Eprint password.


2.  ELF DELAY
All fiscal year 2006 ELF journals approved by June 29th were processed in Fiscal Year 2006.  On June 30th the ELF default year became 2007.  However, due to the fact that there are still 2 fiscal years open, there is now a one day delay between the time an entry is approved and the time it is posted to the account.  For example, if an entry is approved before 8:00 pm on a Tuesday, the entry will not be posted until the Wednesday nightly processing job and appear in the account on Thursday morning.  This delay allows us to ensure that entries are posted in the correct fiscal year. 


3.  YEAR END: Calendar
Please review our year end document for important policies and dates pertaining to Fiscal Year End at http://www.wesleyan.edu/finance/financeDept/Dept%20year%20end%20schedule%2006.doc


4.  PAYROLL REDISTRIBUTION
Any redistributions of June payroll activity must be requested by July 10th in order to be reflected in second close reports.  Please note that this deadline is applicable for all accounts, including grants.
 

5. ACCOUNTS PAYABLE DEADLINES
At this point in time, Fiscal Year 2006 expenses should be either invoiced or accrued.  Please see #6 below for information on accrual follow-up. 

All vouchers received by 4:00 pm on Thursday will be processed for payment for the following week's Friday check run.

Please see the Finance and Administration website for additional policies and procedures related to Accounts Payable.
 
Contact Tammy Harley, x 2843 or Regina Sipples, x2842 with any questions.


6. YEAR END ACCRUALS
Special follow up procedures are required for anyone who has requested an expense accrual.  In an accrual was requested to Susan Pavis for a fiscal year 2006 expense that was not yet invoiced, the invoice to support that expense is due by July 10th.  When the department receives the invoice, an A/P voucher should be completed and approved as normal with the following exception: leave the ACCOUNT NUMBER and FISCAL YEAR BLANK, and SEND TO SUSAN PAVIS, who will ensure that the voucher is paid in a timely manner.  It is very important that this be followed in order to avoid the potential that your account is charged twice for the same expense.  Please contact Susan if it is proving difficult to meet the July 10th deadline.

It should also be noted that in order to qualify as a Fiscal Year 2006 expense, the goods or services must have been RECEIVED or PERFORMED (not just ordered) by June 30th.  If, based on the invoices we receive, it is determined that this is not the case for any material accrued expense, the accrual will need to be reversed.  An annual audit is conducted in August by an outside accounting firm and this is a rule that they test.  Thank you for your cooperation.


7.  PAYROLL: JULY 7 SPLIT FISCAL YEAR PAYROLL
The payroll paid on July 7th will include hourly payrolls for the week of June 26 through July 2.  These payroll charges will be split between the two fiscal years whereby any payroll expense incurred from June 26-30 will be charged to fiscal year 2006 and the July 1-2 charges will hit fiscal year 2007.  Please keep this in mind when reviewing the fiscal year 2006 account status as these June payroll charges have not been reflected in the first close numbers. 


8.  FISCAL YEAR 2007 BUDGETS
Fiscal year 2007 operating budgets are now available.  If you have any questions on new year operating budgets, please contact Sun Chyung.  The fiscal year default on BMAPS budget transfer panels is now 2007.

In addition, fiscal year 2007 endowment budgets have been loaded.  Please note that the budget you will see in fiscal year 2007 is only the new income available for the account and the carry-forward of remaining 2006 funds will not be loaded until the old fiscal year is closed out (late August).  The same holds true for fiscal year 2007 gift and grant account carry-forwards.  If you have any questions regarding endowment, gift or grant budgets, please contact Kimberly Savinelli. 


9.  ACCOUNTS PAYABLE WEBSITE
The Accounts Payable department has been updating their web pages with helpful information.  Please look the pages over and save the site as a favorite for quick answers to questions you might have.
http://www.wesleyan.edu/finance/financeDept/accounts/

Also, if you know anyone that needs to be added or deleted from the AP mailing list, please click on the link below and read the second paragraph.
http://www.wesleyan.edu/finance/financeDept/accounts/apPolicy.html



10.  INN AT MIDDLETOWN 2007 ROOM RATE
For the 2006-2007 academic year, the discounted university room rate will be $109.  This rate will be available to all business booked directly by the university.


11. FINANCE PERSONNEL CHANGES
Promotions:
Sun Chyung is the new Director of Financial Planning.
Olga Bookas is now Purchasing Manager.
 
Organization:
The WesCard Office, Cathy Rizza, Office Coordinator, and Noreen Angeletti, WesCard Project Manager, report to Finance under the supervision of René Rinaldi, Director of Student Accounts.

Sherri Condon also joins the Finance Office and will continue in her current role monitoring all Auxiliary activity budgets and expenses.  She will now be located in North College on the 4th floor.

Currently, we have two recruitments underway for the Staff Accountant and Fiscal Analyst positions.  Additional information will be provided when the positions are filled.


12. WHO TO CONTACT
Do you need assistance on an issue or problem and don't know who to contact? Find your contact by clicking on the following link:
http://www.wesleyan.edu/finance/misc/contactInformation/


SUBMISSIONS FOR FINANCE MONTHLY
What topics would you like to see included in this monthly communication?  Do you have a system tip you'd like to share?  Finance Monthly will be e-mailed on a monthly basis, corresponding with the availability of month end financial reports.  Items for inclusion are due five business days before the end of each month and can be submitted to Valerie Nye, vnye@wesleyan.edu.