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Here’s how to prepare payroll funding for fiscal year-end
Fiscal year-end is quickly approaching. Walk through ways to prepare below.
Avoid last-minute Payroll Expense Transfers
Continue clearing suspense SpeedTypes and reviewing payroll budgets for year-end to avoid completing last minute Payroll Expense Transfers (PETs) in June and July. Remember, only sponsored projects require end dates.
Remove funding end dates from SpeedTypes not funded by a project. Review current funding with 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.
- Choose the Resources tab and click Funding Distribution.
Apply funding to next fiscal year
Starting May 1, the Apply to Next Fiscal Year functionality, which allows the funding created in one fiscal year to continue into the next fiscal year, will be available on the CU Funding Entry page (shown below).
This functionality is with your current fiscal year transaction to create an FY20 7/1/2019 effective date row when the following scenarios apply:
- This transaction’s new effective date is earlier than July 1
- The same funding continues beyond July 1
If a new position effective date equals the effective date of the first row of the Department Budget Table Row (DBT), and the position is created in the current fiscal year, the Apply to Next Fiscal Year continues the funding into the next fiscal year. This allows new incumbents to be hired in the next fiscal year into positions created in a current fiscal year without a separate funding entry.
For example, if a position is created in June for a hire date in July, create the position and funding for the new position row in June. Apply to the Next Fiscal Year will create funding for the position for the next fiscal year (beginning/effective July 1).
This feature will be disabled on July 19. Do not use the Apply to Next Fiscal Year feature for funding entries effective dated July 1 or later.