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DRs for the Fiscal Year-End Crossover (09/08/14)
December 8, 2014 | By Costing & Compliance and Financial Systems
(This message was originally posted to the myUM Portal > eUMB News pagelet on 09/19/14. It was converted to the new campus web format on 12/08//14.)
DRs for the fiscal year-end crossover Pay Period (15-01)
The salary expense distribution for a pay period that crosses two fiscal years, such as pay period 15-01, is split between pay period 14- 27 and 15-01 on the Payroll Charges Detail (PCD) report. The expense is also split by fiscal year in RAVEN – June 29 and 30 in FY 14 and July 1- 12 in FY 15. If a Direct Retro was processed for June 29-30 this year, the system accurately calculates the amount of expense and makes the adjustment to the appropriate chartstrings. However, the salary expenses are redistributed as pay period 15-01 in both RAVEN and PCD thereby requiring you to combine both PP 14-27 and 15-01 to see the effect of the DR.
It remains important to distinguish clearly on the DR form which period you seek to redistribute, as DRs processed for June 29-30, 2014 will affect the June 2014 Effort form and DRs processed for July 1 through July 12, 2014 will affect the September 2014 Effort form.
Users should be proactive and make sure you correct your EFPs prior to the end of the fiscal year to avoid and/or minimize this from occurring in the future.
Also, you are reminded that once you process a DR for pay period 14-27, you will not be able to process an EFP with an effective date of 7/1.