Prepare payroll funding for fiscal year-end
With fiscal year-end quickly approaching, now is the time to prepare. Complete the following tasks to ensure accuracy.
Avoid last-minute payroll expense transfers
To avoid completing last-minute Payroll Expense Transfers (PETs) in June and July, continue clearing suspense SpeedTypes and reviewing payroll budgets for year-end. Only sponsored projects require funding end dates.
The HCM Funding Distribution query (CUES_HCM_FUNDING_DISTRIBUTION) can help review current funding to identify and remove funding end dates from SpeedTypes not funded by a project.
Here’s how 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 will create an FY21 7/1/2020 effective date row when:
- 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 will continue 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 17. Do not use the Apply to Next Fiscal Year feature for funding entries effective dated July 1 or later.