Begin preparing for fiscal year-end: Review fiscal year funding best practices, reminders and resources
Fiscal year-end is around the corner. Prepare by reviewing best practices, reminders and resources.
Ongoing monthly funding
Update funding and job data for monthly payroll by the 10th of every month to ensure accuracy, including this year’s April payroll funding.
Review important reminders as best practice for payroll success:
- Look out for end dates that are subject to the grants optimization process.
- Projects in pre-spending and open status may be used for new funding entries, but projects in ended and reporting status are not available. Projects in reporting status affecting a pay period will go to suspense.
- Projects in pre-spending, open and ended status are available for Payroll Expense Transfers (PETs). Projects in reporting status are not allowed.
- Only projects require end dates. As the fiscal year rollover nears, you may want to consider removing end dates from non-sponsored funding before the fiscal year.
Start planning for fiscal year-end
Be sure to continue clearing suspense SpeedTypes and reviewing the payroll budget for year-end to avoid last minute PETs in June and July. A useful tool to identify current funding is the HCM Funding Distribution query (CUES_HCM_FUNDING_DISTRIBUTION).
Use the following steps to access the query:
- Log into the employee portal.
- Open the CU Resources Home dropdown menu and click Business Tools.
- Select the HCM tile and choose HCM Community Users from the drop-down menu.
- Click the HCM WorkCenter tile.
- Select the Resources tab and click Funding Distribution.
Register for structured labs
Interactive structured labs will be coming to campuses soon and will cover best practices when creating a PET. Attendees will be able to view the approval workflow of a PET, describe when and why PETs are needed and review how PETs impact Grants.