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Take action on overpayments and Payroll Expense Transfers before new fiscal year [1]

On July 1, CU welcomes the 2020-2021 fiscal year. If you'd like to start off with a clean slate, take note of these two key processes worth wrapping up by June 30.

Overpayments

  • 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 with paychecks posted on or before June 30, 2020 as part of the 2019-20 fiscal year, you must submit it and have it approved by 6 p.m. Monday, July 13.
  • PETs created or approved on or after July 13 @ 6 pm will post to fiscal year 2021.
  • For instructions, review the PET step-by-step guide [3].
  • Questions or concerns?  Reach out to hcm_community@cu.edu [4].
fiscal year [5], HRGL [6], payroll expense transfer [7]
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Take action on overpayments and Payroll Expense Transfers before new fiscal year
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Source URL:https://www.cu.edu/blog/hcm-community/take-action-overpayments-and-payroll-expense-transfers-new-fiscal-year

Links
[1] https://www.cu.edu/blog/hcm-community/take-action-overpayments-and-payroll-expense-transfers-new-fiscal-year [2] https://www.cu.edu/blog/hcm-community/author/9230 [3] https://www.cu.edu/docs/sbs-payroll-expense-transfers [4] mailto:hcm_community@cu.edu [5] https://www.cu.edu/blog/hcm-community/tag/fiscal-year [6] https://www.cu.edu/blog/hcm-community/tag/hrgl [7] https://www.cu.edu/blog/hcm-community/tag/payroll-expense-transfer