Rectify overpayments, payroll expense transfers before new fiscal year
On July 1, CU says goodbye to fiscal year 2014-15 and welcomes the 2015-16 fiscal calendar. If you'd like to start off the new fiscal year with a clean slate, take note of these two key processes worth wrapping up by June 30.
- Your department will receive full credit for all overpayments it fully recovers and can verify by June 30.
- Your department will receive prorated credit for overpayments partially recovered by June 30. Remaining amounts will be credited when paid, or during the next year-end cycle (calendar or fiscal)—whichever comes first.
Payroll Expense Transfers (PET)
- If you'd like to process a PET charge that was incurred before June 30, 2015, as part of the 2014-15 fiscal year, you must file it and have it approved by 5 p.m. on Monday, July 13. Note that the journal date must be June 30, 2015 (or earlier).
- For processing questions, please contact your campus accounting office.
- If you're experiencing technical difficulties when creating a PET, contact Shelley Brown at firstname.lastname@example.org.