News Archives | Page 3 of 5 | Financial Services

Accounts Payable Guidelines for Holiday Processing

As the Holiday season fast approaches, Accounts Payable (AP) would like to ensure we are able to process as many requests as possible prior to the December break. In order to ensure prompt processing before the break, we have developed some guidelines for submission of requests to AP.

Reimbursement Requests
AP has a 10 business day processing time for reimbursement requests. This means we have 10 business days to review for proper documentation and process the request in our financial system. To assist us in being able to promptly process your requests:

  • Provide a complete business purpose—this should answer who, what, where, when, and why/how the purchase benefited the University
  • Ensure all required receipts are attached
  • Provide appropriate approval signature, including those for restricted and grant funds

In order for AP to have adequate time for review and processing, please send complete documentation by noon on December 10, 2014.

Invoice Submission
AP has a 5 business day processing time for invoices. This means that AP will review and process invoices in our financial system within 5 business days. Please keep in mind that we set the payment date according to the terms negotiated by contract or terms stated on the invoice. Therefore, to ensure posting to your December COGNOS reports or payment of immediate pay suppliers before the December break, invoices should be submitted to AP by noon on December 15, 2014.

If you have any questions regarding documentation requirements or this communication, please contact AP at ap@nullwfu.edu.

Sincerely,

Your AP Team

Mid-Year Close Information

It’s that time of year again! No, not turkeys and Christmas trees…it’s time to start thinking about our Mid-Year Close!!

We’ve had such great success over the past couple of years with our Mid-Year Close that in lieu of physically presenting the calendar at the Business Administrator Forum in November, we have simply added the calendar to our website.

Many of you have experienced Mid-Year Close several times and probably feel like you have a handle on the way things work. To those we say, enjoy the calendar at your leisure and plan accordingly.

Some of you may be new to the University and have more questions. We are here to answer any questions you may have. Please contact us should you need assistance. Additionally, use the following contact information for assistance with questions related to these specific topics:

  • Center Grants – x4189
  • Deposits/Accts Receivable – x5234
  • Encumbrances – Purchasing – x5138
  • Encumbrances – Salary & Fringe – x4010
  • General Questions/Journal Entries – x5186 or x5977
  • Invoices/Reimbursements/Check Payments – x5690
  • Operating Budget – budget@nulllists.wfu.edu
  • Payroll – x4861
  • Projects – x6408
  • Grants & Designated Funds – x5187
  • Restricted Contributions & Endowment Funds – x1954
  • Start-Up Funds – x3977

Business Administrators Forum: Save the Dates!

Financial Services is busy planning the agendas for the coming Business Administrators Forums. We have set the schedule, and we want you to come so, be sure to save the dates below!!

Our first meeting will be Friday, November 21, 2014, from 9:00 – 10:30 AM in A110 Tribble Hall, DeTamble Auditorium. We have packed the agenda for this forum; here are its highlights:

  • New Faces in Financial Services
  • Portfolio of Financial Services, and our key activities of interest this year
  • What You Need to Know Before You Accept Credit/Debit Cards
  • Procurement Services’ Updates
  • Accounts Payable’s Travel and Entertainment Policy Update
  • SRI Update: Business Process Improvement Initiative
  • Business Administrator Orientation

 

Remaining dates for FY15:

  • December 16, 2014 (Tuesday) 10:00 – 11:30 AM 302 Wingate Hall
  • January 26, 2015 (Monday) 1:00 – 2:30 PM 410 Benson University Center
  • February 24, 2015 (Tuesday) 9:00 – 10:30 AM 401D Benson University Center
  • March 25, 2015 (Wednesday) 2:00 – 3:30 PM 410 Benson University Center
  • April 23, 2015 (Thursday) 10:30 – 12:00 PM 401D Benson University Center
  • May 20, 2015 (Wednesday) 1:30 – 3:00 PM 401D Benson University Center

Your input is essential as we continue to collaborate and discuss items of interest so that we can improve how we do business at Wake. So, please continue to send along suggestions; questions; and topics you want to hear about, know about, or discuss with others.

Until then, we’ll see you in November!!

Deacon Depot Enhancements

In response to user feedback and with the goal of enriching user experience, Procurement Services is pleased to announce the following enhancements to Deacon Depot:

Receiving
Effective November 3rd  all Purchase Orders placed in Deacon Depot that have a total value equal to or less than $250 will not require a Deacon Depot receipt to be generated.  Invoices will still be processed as normal.

Apple Computer Catalog
Effective November 7th we will have an Apple Computer catalog enabled in Deacon Depot.  Our campus customers will be able to order all Apple Computer hardware and software through this punch-out catalog at the Wake Forest University contracted price.

Internal Service Providers
In past Business Administrator Forums (BAFs), Procurement Services presented a plan where Internal Service Providers (ISP) were scheduled to be setup in Deacon Depot.  An Internal Service Provider is a department that provides goods\services that fulfill business needs of other departments.

Effective November 4th the following entities will be setup in Deacon Depot as Internal Service Providers:

  • Reynolda House Museum of American Art Gift Shop
  • Benson University Center Van Rentals
  • Parking and Transportation Shuttle Rental

Our campus customers will have the ability to order products and services from these Internal Service Providers (ISPs) in Deacon Depot and journal entries (JEs) will be automated through the procure to pay process.

If you have any specific questions or suggestions for future enhancements, please feel free to contact us at UBUY (x8289). Thank you for your partnership and continued support of Deacon Depot.

Join Us for Deacon Depot Day 2014!

Please join us Wednesday, October 22nd from 10:00am – 2:00pm in Benson 401 for a day of discovery surrounding Deacon Depot, designed to make your experience more effective and efficient! Staff from Procurement Services, Accounts Payable, and Finance Systems will be on hand to answer your questions. You’ll also have the opportunity to get to know key suppliers, learn about new procurement opportunities within Deacon Depot and participate in mini-training sessions. This year, we will have some new internal service provider catalogs such as Campus Life Van Rentals, Parking and Transportation and the Reynolda House Museum of American Art.

This is a floating event – come as your time allows! And yes, there will be refreshments and fabulous prizes up for grabs! There’s really no need to register, just come on down! We are looking forward to seeing you and sharing new enhancements for Deacon Depot users.

View a list of participating suppliers (prize giveaways!) and the mini training schedule for the day. You don’t want to miss this fun!

More Updates to Cognos Financial End User Reports

Financial & Accounting Services is pleased to announce the rollout of a brand new ‘Detail – Transaction’ report within Cognos!

Please read our “What’s New – August 2014”  document to learn more about all of the changes, including:

  • Inclusion of enhanced PCard data for statements starting with the 08/01/2014 cycle end date, including merchant names, full Works transaction description, etc.
  • Page breaking by Activity Code and Location Code

You can download an updated instruction manual, quick reference guide and macros on the Cognos page of this site. The updated macros are for Excel 2010 and earlier.

If you have any feedback regarding this report or suggestions for future enhancements, please email us at cfri-feedback@nulllists.wfu.edu.

Updated Cognos Financial End User Reports

In response to feedback from the Campus Financial Reporting Initiative (CFRI) team, Finance Systems released enhancements to the Cognos financial end user reports on Thursday, June 26, 2014. This is a first round of enhancements, with more enhancements to come later this summer for the Detail – Transaction report.

To support these enhancements, the instruction manual and quick reference guide have been updated & can be found on the Cognos page in the Toolbox, or in the Financial Reporting theme on the ‘How To’ tab.  

Xerox Telemarketing Scam: Beware of Toner Phoners!

Recently, calls have been received by campus employees from telemarketers misrepresenting themselves as Xerox sales representatives. These are called Toner Phoners and they are trying to sell Xerox supplies fraudulently.

Because all supplies through the Xerox MFD program are contracted, no one should try to sell you additional supplies for your Xerox machine. These Toner Phoners often try to tell the person that they reach on the phone that prices are increasing or they forgot to give a 30-day notice of a price increase.

Xerox will never call and ask for serial number information. They have everything on file so consider it a huge red flag if someone calls and asks for information about your device. Again, all toner supplies are included in the WFU contract, so never engage with anyone trying to sell anything regarding your Xerox device. 

For more information on Toner Phoners, please review the following documents:

Toner Phoner Facts

New University Policy and Procedure: Gifts, Prizes, Donations, and Awards

This new policy and procedure documents current practices and provides guidance for the proper accounting of gifts, prizes, and awards by University funding sources. The accompanying procedure outlines the tax implications as well as the process for documenting such gifts. It includes substantiation requirements, the recipient’s potential taxability, expenditure thresholds, and examples.

The complete Policy and Procedure documents can be found in the Policies and Procedures section of the Financial Services site by clicking the Faculty & Staff tab and navigating to the Payroll Services section. If you have questions regarding this new policy, please contact one of the following:

Director of Accounts Payable: 336.758.5183
Director of Payroll: 336.758.4861
Director of Tax: 336.758.3760

University Selects BB&T as New Banking Partner

We are pleased to announce that the University has selected BB&T as its new banking partner for operational bank accounts. As the 12th largest bank in the U.S. and a trusted community partner, we look forward to working with BB&T to deliver high-quality banking services to the campus community. The transition from our current banking partner, Wells Fargo, to BB&T is scheduled for March 11, 2014. Until that time, there will be no interruption or change in the services provided by Wells Fargo. Wells Fargo will continue to serve the campus community by providing other services, including their branch location in the Benson Center and an ATM located next to Subway. BB&T’s branch, located at 2815 Reynolda Road, will serve the Wake Forest community along with an ATM located in the Benson Center.

This banking change will be seamless to the campus community, except for those individuals who have collection and deposit responsibilities. To assist you further in understanding the impact of this change, please refer to the frequently asked questions (FAQs). Deposit procedures will be provided in the coming weeks and a training session on those procedures will be presented at the Business Administrators Forum meeting on January 27, 2014 from 2:00-3:30 p.m. in Benson 401D. You do not have to be a member of this group to attend. Also, as provided in the transition FAQs, any individual with deposit responsibilities is required to attend the Workplace Safety While Transporting Deposits training, offered by University Police through the Professional Development Center on January 29, 2014 from 2:00-3:00 p.m., or February 3, 2014 from 11:00-12:00 p.m.

Thank you in advance for your assistance with this transition. Should you have further questions, please feel free to contact Carol Burns, Associate Controller, at burnsce@nullwfu.edu, or Jennifer Killingsworth, Assistant Director of General Accounting, at killinjl@nullwfu.edu.