Happy Spring!
This month's short and sweet issue of the newsletter includes information
about the following:
* OWLS Timekeeping
* Biennium Close 2005-2007 Webpage Available
* New Descriptive Codes in PAS
* Foreign Account Reporting
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OWLS Timekeeping
With the University's preparation of the annual financial statements right
around the corner, please update all OWLS information (vacation and sick
leave) through at least the end of May, by June 30, 2007 for all your staff.
In the prior year, the University received a written comment from our external
financial statement auditors regarding balances not being updated timely. We
will need to demonstrate improvement this year and your help is much
appreciated.
Please contact Erin Fay erinc1@u.washington.edu with any questions.
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Biennium Close 2005-2007 Webpage Available
Departments are reminded that it is time to start planning for the June 30
State budget Biennium Close. Information regarding the Biennium Close
process, updated document processing cut off dates and contact information
is available on the UW Administrative Gateway at:
http://www.washington.edu/admin/payables/bienniumclose.html
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New Descriptive Codes in PAS
Last fall, Accounts Payable heard from campus customers that they needed
more accessible information to explain why a payment may be delayed. In
mid April, programming was completed to provide more accurate, descriptive
information on the PAS requisition inquiry screens. The blanket term
"invoice in process in Accounts Payable" has been replaced with "invoice
in discrepancy in Purchasing" or for those invoices over $10,000 that are
pending department approval, "NonRIP Department Approval Required".
If you have any questions or need assistance, please email:
aphelp@u.washington.edu
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Foreign Account Reporting
Faculty and staff who have UW funds on deposit in foreign financial
accounts for conducting University business may be required to personally
report them to the U.S. Department of the Treasury/IRS.
If you're a citizen or resident of the United States and have signature
authority, a financial interest in, or any other type of authority over
foreign financial accounts (including bank, securities, or other types of
financial accounts) that in total exceeded $10,000 at any point during
calendar year 2006, you must complete and file Department of the Treasury
Form TD F 90-22.1 by June 30, 2007. Refer to the following Internal
Revenue Service press release for more information:
http://www.irs.gov/newsroom/article/0,,id=168194,00.html
If you would like a copy of a sample filing, send a request
to: frgnacct@u.washington.edu
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