2017 W-2’s

January 31st, 2018

Paper W-2’s

  1. W-2 statements were mailed on Wednesday, January 31st to employees who did not opt-in for the electronic version of the W-2 or who are no longer active employees.  Please allow 1-2 weeks for delivery via the USPS.
  2.  We will not be processing any W-2 reprints until Monday, February 12th.
  3. If you do not receive your W-2 by February 12th, you may fill out, sign, and email back a completed W-2 request form, which is available on our webpage.  Once we have the form, we will work on processing a W-2 reprint within 5-7 business days.

Electronic W-2 Option

  1. Electronic W-2’s were published online on Tuesday, January 30th. If you are still an active employee, you can view and print a copy of your W-2 electronically while connected to the Loyola network.  All you need to do is give your consent to receive the W-2 electronically by following the steps found here.
  2. Opting in will give you access to your 2017 W-2 electronically.  It will also give you access to other recent year W-2’s.  Additional information regarding electronic W-2’s may be found here.
  3. If you opted in to have your W-2 submitted electronically to Turbo Tax, your W-2 will be sent to Turbo Tax by Wednesday, February 1st.
  4. PLEASE NOTE: If you are no longer an active Loyola employee and you previously signed up for electronic delivery, a paper copy of your W-2 has been mailed to the address on file with Human Resources.

For help understanding your W-2, please visit https://www.luc.edu/finance/understandingyourw-2/

For further information, please visit our main Payroll website at http://www.luc.edu/finance/payroll.shtml

Best Wishes,

Kronos Help Desk / Payroll Services

Tax Reform Legislation Will Affect Payroll

January 12th, 2018

On December 22, President Trump signed H.R. 1, also known as the Tax Cuts and Jobs Act, into law. The legislation, which marks the most sweeping tax changes in 30 years, will affect payroll professionals by changing the taxability of two fringe benefits and affecting income tax withholding in 2018 and beyond.

The IRS recently released the new tax withholding tables that reflect the new tax rates for individuals. Lawson has been updated to include these new tax tables. As a result, you may see a change in your paycheck beginning on February 9 for bi-weekly employees and February 15 for monthly employees.

No action is required by employees as a result of this change. We will use the W-4 forms already on file to adjust your withholding to reflect the tax changes. However, employees may update their withholding elections at any time by submitting a new Federal W-4 form to Human Resources.

In addition to the income tax withholding changes, there are some fringe benefit changes related to qualified moving expenses. Through 2017, the Internal Revenue Code provides an exclusion from employees’ income for qualified moving expense payments and reimbursements made by employers. This fringe benefit will be suspended, except for military-related moving expenses, for tax years 2018 through 2025.

Please visit the IRS FAQ site for additional information.

2017 Year End Reminders

January 5th, 2018

As the 2017 calendar year ends, please keep in mind the following important reminders.

Personal Information Review

Don’t forget to double check your personal information for your W-2! Using your most recent pay stub in Employee Self Service, please review your name, address and last 4 digits of your SSN.  If anything needs to be updated, please use the following forms.

Tax Withholding Review

Now is also a good time to do a personal review of your Federal and State tax withholdings. You can view your current elections using Payment Modeling in Employee Self Service.

To make any changes in your elections, use the following W-4 forms and submit to Human Resources.

W-2 Information

If you haven’t already done so, you can sign up to receive your W-2 electronically. Read about the benefits of receiving your W-2 electronically and find step-by-step instructions for how to sign-up by following the link below:

http://www.luc.edu/finance/w-2consent/#d.en.296649

2017 W-2’s will be issued by the IRS deadline of January 31, 2018. If you do not elect to receive your W-2 electronically, or you are no longer an active employees, your W-2 will be mailed to the address on file with Human Resources.  Please allow 1-2 weeks for delivery via the USPS.

We will not be processing any W-2 reprints until Monday, February 12th. If you do not receive your W-2 by February 12th, you may fill out, sign, and email back a completed W-2 request form, which is available on our webpage.  Once we have the form, we will work on processing a W-2 reprint within 5-7 business days.

 

FY 2017 Year End Information

April 27th, 2017

On April 24, 2017 the Financial Services Division held an information session for University employees to review year-end deadlines and processes. If you were unable to attend, please review the PDF of the presentation provided below to familiarize yourself with these key year-end highlights.

Year End Information Session Presentation

The presenters from the General Accounting and Accounts Payable department have provided some additional notes to accompany the presentation materials. Please review these notes as they may provide some helpful tips for year end.

Accounts Payable FY17 Year End Notes

General Accounting FY17 Year End Notes

The Year End Accrual Form instructions and examples can be found under “General Accounting Forms” at the Financial Services Online Forms webpage.

2016 W-2s

January 17th, 2017

Money

Paper W-2’s

  1. W-2 statements were mailed on Tuesday, January 31st to employees who did not opt-in for the electronic version of the W-2 or who are no longer active employees.  Please allow 1-2 weeks for delivery via the USPS.
  2.  We will not be processing any W-2 reprints until Monday, February 13th.
  3. If you do not receive your W-2 by February 13th, you may fill out, sign, and email back a completed W-2 request form, which is available on our webpage.  Once we have the form, we will work on processing a W-2 reprint within 5-7 business days.

Electronic W-2 Option

  1. If you are still an active employee, you can view and print a copy of your W-2 electronically while connected to the Loyola network.  All you need to do is give your consent to receive the W-2 electronically by following the steps found here.
  2. Opting in will give you access to your 2016 W-2 as soon as it becomes available.  It will also give you access to other recent year W-2’s.  Additional information regarding electronic W-2’s may be found here.
  3. If you opted in to have your W-2 submitted electronically to Turbo Tax, your W-2 will be sent to Turbo Tax by Tuesday, January 31st.
  4. PLEASE NOTE: If you are no longer an active Loyola employee and you previously signed up for electronic delivery, a paper copy of your W-2 has been mailed to the address on file with Human Resources.

For further information, please visit our website at http://www.luc.edu/finance/payroll.shtml

Best Wishes,

Kronos Help Desk / Payroll Services

2016 Payroll Year End Reminders

December 15th, 2016

As the 2016 year end approaches, please keep in mind the following important reminders.

Floating Holidays / Personal Days:

Remember that you have until Thursday, December 22nd to use your Floating Holiday and Personal days for 2016.  If you are unsure if you have used your days in 2016, please follow the steps below to view leave balance information:

  • Log into Employee Self Service (Must be connected to Loyola’s network to access)
  • Click Personal Information->Leave Balances
  • Click on the tabs to view your available hours.
  • Under Balance Details, click on the available time link to view the dates that you have accrued and used time.

Click here to view the 2016 & 2017 Payroll & Holiday Calendars.

Personal Information Review

Don’t forget to double check your personal information for your W-2! Using your most recent pay stub in Employee Self Service, please review your name, address and last 4 digits of your SSN.  If anything needs to be updated, please use the following forms.

Tax Withholding Review

Now is also a good time to do a personal review of your Federal and State tax withholdings for 2016. You can view your current elections using Payment Modeling in Employee Self Service.

To make any changes in your elections, use the following W-4 forms and submit to Human Resources.

Electronic W-2

If you haven’t already done so, you can sign up to receive your W-2 electronically. Read about the benefits of receiving your W-2 electronically and find step-by-step instructions for how to sign-up by following the link below:

http://www.luc.edu/finance/w-2consent/#d.en.296649

 

Kronos Upgrade & Downtime

December 1st, 2016

On Tuesday, December 6, 2016, Financial Services and ITS will begin upgrading the KRONOS Time Card System. The upgrade will take place between 7:00 pm Tuesday, December 6, 2016 and 7:00 pm Wednesday, December 7, 2016. During this time, users will not be able to login to or access the Kronos application.

Financial Services and ITS requests all departmental users logoff KRONOS by 6:00 pm Tuesday, December 6, 2016.

For those employees who swipe at KRONOS Time Clocks, they should continue to use the clocks during the downtime. The punches will be stored in the clocks and will be sent to the time cards once the system is back online.

For employees who time stamp or enter their in and out time via the web application, they should keep detailed track of all hours worked during the downtime. Managers may need to enter this time once the application is available.

Also, we are excited to announce that the new version of Kronos is Java free and compatible with all web browsers (Internet Explorer, Chrome, Firefox, etc.)!

All of the current functionality will remain the same, such as recording your start and stop times, as well as entering your exception hours, such as Sick, Vacation, Personal or Holiday time.

Documentation and manuals are available on-line at http://www.luc.edu/finance/payroll.shtml

If there are any questions, please contact the Kronos Help Desk at ext. 5-7444 (kronoshelpdesk@luc.edu) or the ITS Help Desk at ext 8-4487  (8-4ITS) or 773 508 4487.

Fiscal Year 2016 Financial Services Announcement

June 1st, 2016

Loyola’s fiscal year-end of June 30, 2016 is rapidly approaching! To close out FY16 please review the following deadlines.

Fiscal Year-End Expenses

Departments should ensure that all invoices for goods received or services rendered during FY16 are reflected in the FY16 financials.

Check Requisitions and Expense Reimbursements

  1. Must be received electronically by Accounts Payable (accounts-payables@luc.edu) by no later than Monday, June 27, 2016 for all expenses needing Sponsored Program Accounting approval (Gift/Grant AUs).
  2. All other requests must be received by Thursday June 30, 2016. Requests received after June 30, 2016 will be paid against the FY 2017

Expenses not received in Accounts Payable by June 30, 2016:

  1. Expenses incurred prior to June 30th must be accrued and charged to your FY 2016 budget with supporting documentation from an external party.
  2. Requests to accrue must be received by AP in writing by Wednesday, July 6, 2016.
  3. Every effort should be made to notify Accounts Payable or General Accounting in a timely manner regarding FY16 invoices received after June 30th so that all expenses are appropriately accrued for.
  4. If there is a significant invoice greater than $25,000 that you are aware of after July 6 that pertains to FY16, contact Maria Araque (maraque@luc.edu) or Accounts Payable (accounts-payables@luc.edu).
  5. Appropriate and valid accounting unit-account code pairs must be on the requests.

Purchase Orders: Invoices received by departments for items ordered using a purchase order should be sent immediately to Accounts Payable for payment processing.

  1. Purchase orders that have not been paid but have a receipt processed against the order in the Lawson system (“received, not invoiced”) by June 30 will be accrued as an expense in FY 2016.
  2. To ensure accuracy please make sure that all items that have been physically received are also recorded as “received” in the purchasing system by June 30.

Procurement Card transactions should be made no later than Thursday, June 30, 2016 to be applied to the FY16 budget.

Payroll adjustments

  1. Sponsored Program Accounting payroll adjustments: Personnel Action Forms (PAF’s) or Employee Information Forms (EIF’s) that include corrections to grant accounting units for salary line items must be received by Friday, June 10, 2016. Requests received after Friday, June 10, 2016 will be processed for FY 2017
  2. General Accounting payroll adjustments: (corrections between accounting units for salary line items) must be received by General Accounting (send to cfraczkowski@luc.edu) by Wednesday, June 22, 2016

Treasury: 

Repetitive EFT’s/ACH’s

  1. If you have any repetitive EFT’s/ACH’s that need to be processed in Fiscal Year 2016, the Repetitive EFT forms need to be sent electronically to the Treasurer’s Office at Cashmgmt@luc.edu by 12 pm on June 29, 2016. These transactions will be processed on June 29th and clear Loyola’s bank account on June 30, 2016.
  2. Any repetitive EFT’s/ACH’s that come in after 12 pm on June 29, 2016 will be processed on June 30th and clear Loyola’s bank account on July 1, 2016 and these transactions will be recorded in Fiscal Year 2017.

Non-Repetitive Wire Transfers

  1. If you have any Non-Repetitive Wire Transfers that need to be processed in Fiscal Year 2016, the Non-Repetitive form with all supporting documentation must be sent to the Treasurer’s Office at Cashmgmt@luc.edu by 12 pm June 27, 2016. If any documentation is missing or has incomplete banking information, it will not be processed and it will be returned to you for additional information and will then be processed in Fiscal Year 2017.

Fiscal Year-End Revenue

  1. Revenue Deferral: Revenue received prior to June 30 for programs being held in FY 2017 must be deferred to the new fiscal year.
  2. Revenue Receivable: Any revenues not received by June 30th that relate to services provided by the University in Fiscal Year 2016 should have a proper receivable set up.
  3. All University deposits for FY16 should be taken to the Bursar’s office by no later than June 29th, 2016 by 2pm.
  4. Contact Maria Araque at maraque@luc.edu or Andrea Sabitsana at asabits@luc.edu by Wednesday, July 6, 2016 to ensure the proper accounting for revenue deferrals or receivables.

Budget Transfers

  1. The last day to submit budget transfers for FY2016 is Wednesday July 6, 2016.

If you have questions regarding these procedures, please feel free to contact Maria Araque at maraque@luc.edu or Andrea Sabitsana at asabits@luc.edu.

The entire Financial Services team appreciates your efforts and we look forward to a successful and efficient year-end close!

The Fiscal Year 2016 Financial Services Deadlines can be found at: http://blogs.luc.edu/finance/2016/06/01/fiscal-year-2016-financial-services-deadlines/

Fiscal Year 2016 Financial Services Deadlines

June 1st, 2016

Loyola’s Fiscal Year-end of June 30, 2016 is rapidly approaching. In order to ensure a timely and efficient year end close, please adhere to the following deadlines:

Year-End Task Due Date Department Responsible Departmental Contact for Questions
Payroll Adjustments for SPA: PAFs or EIFs that include Grant and/or Gift Accounting Units Friday, June 10, 2016 Sponsored Program Accounting mscalero@luc.edu rthomas16@luc.edu
All Other Payroll Adjustments Wednesday, June 22, 2016 General Accounting cfraczkowski@luc.edu
Check Requisitions/ Expense Reimbursements that include Grant and/or Gift Accounting Units Monday, June 27, 2016 Accounts Payable Accounts-payables@luc.edu
All Other Check Requisitions/Expense Reimbursements Thursday, June 30, 2016 Accounts Payable Accounts-payables@luc.edu
Non-Repetitive Wire Transfer Request (one time payments) Monday, June 27, 2016 by 12pm Treasury Cashmgmt@luc.edu
Repetitive Wire Transfer Request Thursday, June 30, 2016 by 12pm Treasury Cashmgmt@luc.edu
Procurement Card Transaction Date to be included in FY2016 Thursday, June 30, 2016 Procurement Card ProCard-Admin@luc.edu
Notify Purchasing of Purchase Orders Received Thursday, June 30, 2016 Purchasing Purchlsc@luc.edu
Expense Accruals for goods received or services rendered by June 30, 2016* Wednesday, July 6, 2016 Accounts Payable/General Accounting Accounts-payables@luc.edu
Journal Entry/Expense Transfer Requests (including deferrals & receivables) Wednesday, July 6, 2016 General Accounting Accounting@luc.edu mfriedberg@luc.edu

*Please inform Accounts Payable of any invoices >$25,000 received after July 6th that would need to be accrued for FY16

 

Important Announcement: Lawson Upgrade

May 3rd, 2016

Lawson, the University’s human resources and financial system, will be unavailable Friday, May 6, beginning at 5 p.m. through 8 a.m. on Monday, May 9, for a planned application upgrade. During this time, users will not be able to access Lawson to view paycheck stubs, make benefit elections, view general ledger account balances, or enter requisitions.

The upgraded version of Lawson will feature an updated user interface and will be compatible with all browsers, including Internet Explorer, Chrome, Firefox, and Safari. In order to access the system, users will need to be connected to Loyola’s network, either on campus or via Loyola Secure Access (LSA). Updated documentation and manuals are available here.