AFM News

Over the years, a program that aims to help students reduce the cost of commercially published materials has been in the works. This program is called Longhorn Textbook Access (LTA) and is currently in its pilot phase for the spring semester.

In This Issue:

• 2020 Tax Forms Available Starting Late January
• AFM Hires Tax Director 
• In Case You Missed It: Payroll Services Preparing for Issuance of 2020 W-2
• Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu

2020 Tax Forms Available Starting Late January

On January 19, 2021, Lori Peterson, Executive Director of AFM, announced Kyle Zumberge will be UT Austin’s tax director within AFM effective February 1, 2021. Zumberge previously served as assistant general counsel specializing in taxation in the Office of General Counsel at UT System for over 14 years. As the tax director, Zumberge will be responsible for identification, analysis, communication, coordination and resolution of all federal, state and international tax issues for all UT Austin tax filings. 

Various tax forms for 2020, including the W-2 and 1099-MISC, will be available starting late January. W-2 forms report wages paid to an employee and the taxes withheld for the year. 1099-MISC forms report miscellaneous payments to non-employee individuals and independent contractors.

In This Issue:

• Pay Date for December Monthly Payroll
• Guidance for Workers Outside the U.S. Extended Through Spring 2021
• Routing Changes to Relocation One-Time Payments
• Payroll Services Preparing for Issuance of 2020 W-2 
• Allocation Details Enhancements Now Available
• New REIMB Field Added to VP2 and VPE
• Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu

Pay Date for December Monthly Payroll

In This Issue:

• Costing Improvements for Retro Periods in Workday
• The Annual Financial Report Process Explained
• In Case You Missed It: Financial Systems Training for October
• Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu

Costing Improvements for Retro Periods in Workday

Accounting and Financial Management (AFM) is responsible for the preparation of the Annual Financial Report (AFR) every year as mandated by the State of Texas. UT Austin’s AFR is consolidated into UT System’s report along with the other UT institutions. It is prepared in according with GAAP (Generally Accepted Accounting Principles) and GASB (Governmental Accounting Standards Board).

In September 2020, Workday, Inc. released improvements to how costing is handled for retroactive HCM transactions. This functionality was moved into production on Wednesday, October 28. Now, when an HCM transaction is processed for a prior period in Workday, Workday will use the costing allocation that is in place at the time of the prior period. A cost transfer integration is no longer needed for retroactive HCM transactions, so there will no longer be a delay in charges being accurately reflected in *DEFINE. 

In This Issue:

• Upcoming Financial Systems Training for October
• In Case You Missed It: Changes to Centrally Funded Pooled Fringe and Longevity Posting
• Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu

Upcoming Financial Systems Training for October

A new series of Financial Systems Training has been scheduled for October. All sessions will be held virtually. The class schedule is as follows: