If you’d like to begin 2021 with a fresh start, take note of these two key payroll processes worth wrapping up before the year’s end.  

Overpayments

• Your department will receive full credit for all overpayments it fully recovers and can verify by Dec. 31.
• Your department will receive prorated credit for overpayments partially recovered by Dec. 31.
• Remaining amounts will be credited when paid, or during the next year-end cycle – calendar or fiscal – whichever comes first.
• For instructions, visit the Correct Pay page [3].

Payroll Expense Transfers (PET)

• If you’d like to process a PET with paychecks posted on or before Dec. 31, 2020, the Finance system (FIN) end close for December and PET deadline has been extended to 6 p.m. Jan. 7, 2021.
• PETs created or approved on or after 6 p.m. Jan. 7 will post to calendar year 2021.
• For instructions, review the PET step-by-step guide [4].

Questions or concerns? Reach out to hcm_community@cu.edu [5].