Labor Encumbrances During July
All FY24 current-year labor encumbrances have been fully liquidated in Banner; however, not all FY24 payroll charges have been posted to Banner. Units should be aware that the following pay events have not been posted to Banner yet in FY24
50% of the 2024 BW15 pay event relates to FY24 and should be posted to Banner on Thursday, July 11, 2024.
Approximately 47.62% of the 2024 MN7 pay event relates to FY24 and should be posted to Banner on Wednesday, July 10, 2024.
Note that future year labor encumbrances created from multi-year encumbering will not be liquidated for the FY24 close (involving Grant and Contract funds and Federal Appropriations).
Units should be aware of this situation when examining departmental budget balances available (BBAs) during the FY24 closing process.
Labor Redistributions During July
As a reminder, all FY24 labor redistributions must be approved (the labor redistribution should be at disposition 60) in Banner by 5 p.m. on Thursday, July 11, 2024, to appear on the June Period 12 statements. Labor redistributions, excluding 2024 MN7 and 2024 BW15, must use a June transaction date to post in FY24.
Labor redistributions involving accrued payrolls 2024 MN7 and 2024 BW15 must follow special instructions to enter the transaction date correctly and post in the appropriate fiscal years.
Redistributions processed after the deadline will be posted in FY24.
For further assistance on labor redistributions, refer to the Year-End Labor Redistribution Job Aid and Year-End Deadlines for Labor Redistributions on the Business and Finance website.
SPECIAL NOTE FOR FY24 CLOSE
BW15 and MN7 will be processed one after the other on 7/9/2024 and 7/10/2024. Any labor redistributions not completed and approved to disposition 60 by 5 p.m. on Monday, July 08, 2024, will not show up in Banner or on period 12 reports until after period 12 has closed. Please process all redistributions promptly and ensure job distribution records are accurate before accrual payrolls are posted.
Contact
For questions, please contact David Andersen at danderse@uillinois.edu or (217) 333-7460.
