Finance

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.

Paper W-2’s

1. W-2 statements were mailed on Tuesday, January 31^st to employees who did not opt-in for the electronic version of the W-2 or who are no longer active employees.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 13^th.
3. If you do not receive your W-2 by February 13^th, 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 31^st.
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

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.

• Change of Address Form ( Via Employee Self Service. Must be connected to Loyola’s network to access)
•  Change of Name

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.

• Federal W-4 Form
• Illinois W-4 Form

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

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.

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:

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

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.

Loyola Faculty and Staff,

 The purpose of this message is to notify you of a change regarding the processing of Expense Reimbursements.  All Expense Reimbursements submitted more than 90 days following the date of the expense or the last date of travel will now be considered taxable income to the employee and subject to income and withholding taxes.  The effective date of this change is April 1, 2016.

BACKGROUND ON THE CHANGE:

During a recent internal audit at the University, it was noted that the IRS requires an employer to require its employees to submit business and travel expenses for reimbursement by the employer within a reasonable period of time following the incurrence of the expenses. Otherwise, the reimbursement is taxable to the employee.

The IRS has indicated that requiring an employee to submit an expense for reimbursement within 60 – 90 days of the incurrence of the expense meets the reasonable period of time test.

After considering relevant factors, including benchmarking of peer institutions, IRS related information and the frequency of faculty and staff travel, Loyola University Chicago has determined that, to comply with IRS requirements, it would be appropriate and within IRS requirements to require employees to submit business and travel expenses for reimbursement by the University within 90 days of the incurring the expense or completing the travel. As a result, any request for reimbursement of an expense submitted more than 90 days following the date the expense was incurred or the travel was completed will be treated as taxable to the employee and subject to income and withholding taxes.

ADDITIONAL GUIDANCE:

It is recommended that all expenses be submitted for reimbursement within 30 days after the travel is completed or the expense is incurred to allow time for processing and approvals.

Please note that the date used to determine whether or not a report is submitted after 90 days is the date the documentation is submitted to Accounts Payable. 

For questions regarding this policy, please contact the Accounts Payable department.

 Thank you,

Loyola Accounts Payable Team
Accounts-Payables@luc.edu
312-915-8760

2015 W-2 Update

Paper W-2’s

1. Paper W-2’s were mailed out on Wednesday, January 27, 2016 to those 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 February 15, 2016.
3. If you do not receive your W-2 by February 15^th, you may fill out, sign, and email back a completed W-2 request form available here: http://www.luc.edu/media/lucedu/finance/pdfs/W-2_request_form.pdf.  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 on the Loyola network using Internet Explorer as your browser.  All you need to do is give your consent to receive the W-2 electronically by following the steps found here: http://www.luc.edu/media/lucedu/finance/pdfs/electronic_W-2_instructions_opting-in.pdf
2.  Opting in will give you access to your 2015 W-2 immediately, as well as recent year W-2’s.  Additional information regarding electronic W-2’s may be found here: http://www.luc.edu/finance/w-2consent/#d.en.296649.
3. If you opted in to have your W-2 submitted electronically to Turbo Tax, your W-2 was sent to Turbo Tax on Thursday, January 28^th.
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