With the new Peoplesoft HR system now live, Financial Services would like to make you aware of a couple of changes to the data on your statement of operations:
The date payroll journals are recorded in the finance system is changing. Under the HR PeopleSoft system, the date of payroll journal entries will correspond with the pay date of the pay period. Currently, journal entries are dated on the payroll compute date, which occurs prior to the pay date. As a result of this change only one Bi-Weekly journal will be posted to February 2012. March 2012 will include three bi-weekly pay periods, as there are three bi-weekly pay dates.
Monthly pays will continue to be posted on a monthly basis, but at the end of each month.
Under the new PeopleSoft HR system, payroll journals will record centrally funded benefits in the same Fund /Department /Program /Class /Project as regular earnings. This will be effective with the first payroll journal generated from the new system.
That means any department with employees who receive centrally funded benefits will see a charge in their departmental statements.
These charges will be cleared on a monthly basis using an automated journal. This automated process will be run during the month-end process.
If you run your statement of operations prior to month-end, you may see these charges as the automated process would have not yet run and removed them.
The listing of accounts and benefits affected and to be cleared is as follows:
|Centrally Funded Benefit Accounts||Account|
|Child Care Benefits - General Staff||550016|
|Tuition Benefits - General Staff||550017|
|Maternity Leave Top Up - General Staff||550019|
|Parental Leave Top Up - General Staff||550021|
|Other Centrally Managed Items||Account|
|Early Retirement Payout||550035|
|Self Funded Leave Payout||550036|
After payroll is posted, the above mentioned benefits, if applicable, will be coded to their respective department. In this case, this example department has employees with maternity leave top up benefits and also offset earnings. If you run your statement of operations prior to month-end, you will see these expenses as highlighted below:
These charges are included in the benefits totals and are included in total expenses for the entire department.
During month end, the automated journal will allocate the applicable charges from their initial chartfields and move them centrally. As a result, running your statement of operations after month-end, these charges will be removed:
The accounts will still appear on your statement of operations because of the activity within these accounts during the period but the expenses will be cleared out.
The automated journal will clear related expenses for both bi-weekly and monthly payrolls during the month-end process.
Queen's Financial Services