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UR Financials
Administration and Finance

UR Financials Newsletter Vol. 17 05.16.2024

In this issue:
  • Workday Expenses (University only, excluding affiliates)
    • FY2024 Deadline for Expenses
    • New Student Expense Report Role
    • Expenses user group meetings: May 21st 3pm-4pm
      • May topics
        • Review of reports for expenses.  URF1112/URF1145 Summary and URF1116/URF1141 Detailed
        • Review of dates: expense report date, expense item date, and item detail dates.
        • Year-end deadline/review: Advanced Airfare, Amex Corporate Card, Business expenses
    • Helpful links
  • Accounts Payable (University only, excluding affiliates)
    • FY2024 Year-End Close Schedule
    • Training Session via Zoom on May 23rd from 9:00am-10:00am
      • Create Supplier Invoice from Receipt
    • Tips and Tricks

Workday Expenses

  • FY2024 Deadline for ExpensesThe Expense Report must have an expense report date before 6/30/24 and fully approved by the department by 5pm on Wednesday, July 3, 2024, in order to post in FY24.This includes credit card transactions for advanced airfare and Amex corporate cards.  Employees and their Expense Report creators should check the My Expense Transactions report and submit an Expense Report for  advanced airfare and Amex corporate card transactions before the year end deadline.
  • New Student Expense Report Role
    Staff members who create Student Expense Reports should request the new Workday Role called Student Data Entry Specialist.  The Role, available on June 3rd, allows users to create, save, submit, find, edit, view expense report status and payment details. Email the Reimbursement team at Business_Expense_Reimbursement@finance.rochester.edu to request the role (include your URID number) by 5pm on Thursday May 23rd, 2024.  After May 23rd, Staff members will submit a security form to request the Role.

Accounts Payable

  • FY2024 Year-End Close Schedule
    The schedule has been posted in the UR Financial website (link requires login). Please review the schedule for all deadlines as well as appropriate contacts if you have any questions.
    An important  deadline pertaining to keep in mind for AP:
    Supplier Invoice Requests must be fully approved in Workday, supplier Invoices for Workday Purchase Orders must have all match exceptions resolved, and all other Supplier Invoices, F4 Payment Requests, and Journal Entry requests related to AP errors must be received in Accounts Payable no later than 5pm on Friday June 21st via email to AccountsPayable@finance.rochester.edu.
  • Create Supplier Invoice from Receipt Zoom Training Session – May 23rd from 9:00am-10:00am.
    Accounts Payable will be holding another training session on Create Invoice from Receipt functionality on May 23rd from 9:00-10:00am.  If you would like to join this training session, please utilize the Zoom details below.  We encourage all users who utilize this functionality to attend, as well as anyone who is not familiar with the process currently but would like to take advantage.  Users can feel free to review the training material posted on the P2P website ahead of this meeting by utilizing the links below.  Please email Kristina Mano in Accounts Payable if you have any questions.

Links to PDF guide: https://rochester.app.box.com/s/plly7bntmmqoj3va4grae7n9k6euywr3
Link to video: https://rochester.app.box.com/s/kc1topz91wxdvpqkz52abb3mgghwvra2

Link to join meeting, https://rochester.zoom.us/j/98994967850

    • Thursday, May 23rd from 9:00am-10:00am
  • Tips and Tricks: Accounting Date versus Budget Date in Workday
    • Invoice Date – Entered at the time of invoice entry.  Date comes from the supplier as indicated on their invoice to us.  An invoice does NOT post to a ledger until it is fully Approved (Status updates to Approved) – see Accounting Date.
    • Due Date – Determined at the time of invoice entry.  Date is derived by Workday when the Supplier and Invoice Date is entered for an invoice: Workday looks up the Payment Term for the Supplier, applies that to the Invoice Date, to determine the Due Date.  AP staff can enter a Due Date Override as needed such as if supplier normally paid Net 30 but down payment must be paid immediately.
    • Accounting Date – Determined when the invoice is fully Approved (Status updates to Approved).  At that time, Workday first looks at the Invoice Date to determine if the Month of the Invoice Date is an Accounting Period that is Open, if so the Accounting Date will be the date of the invoice.  If the Month of the Invoice Date is an Accounting Period that is Closed, Workday will then look sequentially for the first Open Accounting Period:  If an invoice dated May 2023 is not fully Approved until today, Workday looks at May 2023 which is Closed, then June which is Closed, etc until it gets to October 2023 which is Open – the invoice will have an Accounting Date of 10/1/2023.Note that future Accounting Periods are opened on the 15th of each month.  For example, November 2023 was opened on 10/15.  If an invoice dated 12/2 is fully approved on 11/15, the Accounting Date will be 12/2 even though it was approved earlier.
    • Budget Date – For supplier invoices, Budget Date is derived from the Invoice Date.  I expect Invoice Dates and Budget Dates to almost always match.  Budget Date can be edited via Journal Entry as appropriate (such as when the wrong date was entered for a SIR payment which are sometimes honoraria that are not processed right away and don’t have actual invoices with dates) and is most likely to happen when Grant FAO is involved.  Budget Dates are especially important for GRs and PRs.
    • Payment Date – Not associated with postings on ledgers.  Settlement run filters look at the Due Dates of invoices to determine which invoices are picked up in that settlement run.  The Payment Date is the date of the Settlement Run in Workday.  Ad Hoc Payments are different in that Payment Date is the Date entered/integrated for the AHP (examples: EPIC file date = Payment Date, manually entered AHP Date = Payment Date) which is not linked/derived when settlement run is created.