Plan ahead for funding updates that extend to the next fiscal year
Fiscal year-end will be here soon. To manage position funding between now and fiscal year end, the CU Funding Entry Apply to Next Fiscal Year feature will be enabled beginning May 1.
Remember, a new department budget table (DBT) is required:
- For each new position
- Each time a position changes department
- And each time the fiscal year changes
The new fiscal-year DBT for each active position will be created by the DBT roll forward mass update on June 29 or by a new CU Funding entry effective July 1.
Beginning May 1, the CU Funding Entry - Apply to Next Fiscal Year feature will be enabled in the CU Funding Entry page.
Why use this feature?
The CU Funding Entry - Apply to Next Fiscal Year checkbox, available from May 1 through July 14, can be used to create funding in one fiscal year (before or after the DBT roll forward) and copied to create a new row in the next fiscal year.
It works like this:
- The entry will create a funding row effective before July 1.
- The Apply to Next Fiscal Year checkbox will trigger a second row effective starting on July 1 so the same funding may continue into the new fiscal year.
Tips and tricks:
The final biweekly pay period for the 2021-22 fiscal year runs from June 26 to July 9, crossing into fiscal year 2022-23. To update funding for this pay period, use the Apply To Next Fiscal Year checkbox (required for all entries after June 29) to add two funding rows — one effective June 26 and a second one effective July 1. Now the entire pay period will be funded correctly.
If the July 1 row is missing, the payroll for nine days of that final pay period will go to suspense (9 days/14 days = 64.29% of the paycheck).
The Apply to Next Fiscal Year checkbox will be disabled on July 15. If you need to add a cross-fiscal year entry after that date, create two separate CU Funding Entries — one in the previous fiscal year (FY22) and one in the new fiscal year (FY23).
Don’t forget that an existing DBT must have a July 1 row in the new fiscal year before subsequent rows may be added for the new fiscal year.
Are you adding a CU Funding Entry for a position beginning July 1 or later? Do not use Apply To Next Fiscal Year for funding entries with an effective date of July 1, 2022 or later. It will create a new entry starting July 1, 2023.
Need extra help?
Find contract resources in the Funding Entry section of the HCM website. You can also email: email@example.com or System.HRGL.Team@cu.edu.
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