Payroll Expense Transfers
Once a pay cycle has closed, transactions for salaries and benefits to charge the departmental SpeedType/FOPPS are posted to the financial statements. Those charges will be directed to the SpeedType/FOPPS on the position's funding distribution pages in the "Manage Positions" module when the pay cycle closed (unless an override SpeedType/FOPPS was used in Time Collection).
If the funding distributions were incorrect for a particular pay cycle, and salary and benefit charges did not post to the correct SpeedType/FOPPS, the department must process a payroll expense transfer (PET) to move those charges to the correct SpeedType/FOPPS. The PET process automatically moves the benefits associated with the earnings that are being corrected.
PETs are processed by submitting a PET journal entry. The two types of PET’s in the HRMS:
- PET Retroactive Funding Change (PETR)The PETR is designed to transfer incorrect funding for multiple pay periods with a single PET.
- Correction PET (PETC)The PETC (correction transfer) is designed to correct funding for a single pay period only
Use the appropriate PET Step-by-Step Guide to assist you. Departments should contact their campus controller’s office for specific information. Employee Services does not manage or assist with PET decisions, or input into the HRMS; contact your area accountant or your campus controller’s office for help.
To modify the pay end date, you must use the PET/Retroactive Change (PETR) or the Correction PET (PETC).
Any PET for Work-Study earnings must be entered by the campus financial aid offices. Departments may not process this type of payroll expense transfer themselves, because these transactions require a special FAM/PET process. Contact your campus financial aid office for assistance.