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Five steps for fiscal year end

Ready for the close of Fiscal Year 2016? Review this checklist of important tasks and reminders.

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 Fiscal Year 2015-2016 : Important Dates and Deadlines

Monthly Pay Cycle

Pay period: June 1-30, 2016
Pay ID 06/30/16, charged 100 percent to fiscal year 2015-16
Time collection closes: 2 p.m. Monday, June 20*
Run payroll register report: Thursday, June 23
Check stops and advice pulls due: 10 a.m. Wednesday, June 29
Pay date: Friday, July 1

*Please note we've changed MON Time collection close from Friday, June 17 to Monday, June 20. Review the revised calendar

Biweekly Pay Cycle 1

Pay period: May 22-June 4, 2016
Pay ID 06/04/16, charged 100 percent to fiscal year 2015-16
Time collection closes: 5 p.m. Thursday, June 9
Run payroll register report: Monday, June 13
Check stops and advice pulls due: 10 a.m. Wednesday, June 15
Pay date: Friday, June 17

Biweekly Pay Cycle 2

Pay period: June 5-18, 2016
Pay ID 06/18/16, charged 100 percent to fiscal year 2015-16
Time collection closes: 5 p.m. Thursday, June 23
Run payroll register report: Monday, June 27
Check stops and advice pulls due: 10 a.m. Wednesday, June 29
Pay date: Friday, July 1

Other Deadlines

Noon Tuesday, June 28

  • Time collection deadline for final off-cycle payroll for fiscal year 2015-16
  • Termination for cause handdrawn warrant request deadline
    Please note: Handdrawn check requests received after this deadline cannot be guaranteed to be included in fiscal year 2015-16 accounting

Thursday, June 30

This the last day employees can schedule or donate vacation or sick leave balances that exceed CU’s allowed maximum. We will run sweeps after we confirm July 2016 payroll.​

Sick leave:

  • University staff employees will maintain all sick leave as there is no maximum for this group.
  • Classified staff who have accrued sick time above the maximum allowance will have those excess hours converted to vacation hours, using a 5-to-1 ratio (e.g., 5 sick hours = 1 vacation hour).

Friday, July 1
To comply with State of Colorado rules, CU will issue June pay for monthly and biweekly employees on July 1. Please remind employees to review their financial obligations; the university is not responsible for overdraft charges or fees incurred by employees as a result of this change in pay date.

Monday, July 4
Employee Services will be closed for Independence Day.


Five steps for year-end payroll

1. Upload My Leave and CU Time files

  • Upload time collection files early to avoid last-minute problems.
  • Confirm a backup staff member is trained and available to assist you.
  • Be accurate and timely to ensure correct fiscal year charges.

2. Correct overpayments

If you overpay an employee during one fiscal year and the employee pays back the money in another, Employee Services can only give your department a prorated, partial credit for the funds recovered through the fiscal year in which the money was paid.

3. Request handdrawn warrants

  • Submit requests early to avoid last-minute problems. 
  • Requests received with complete information by noon Tuesday, June 28 will be included in the fiscal year 2015-2016 payroll

4. Run reports to ensure accurate pay 

  • Use your payroll reports to confirm payments are accurate.
  • Correct salary charges as soon as possible to ensure an accurate fiscal year close.

5. Run leave sweeps query and notify employees

  • Run the new leave sweeps query, which identifies employees who have exceeded leave accrual maximums.
  • Encourage affected employees to use or donate their time.
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