Financial Services

Welcome to Financial Services

Financial Services is responsible for managing financial affairs, including management of banking functions, ledgers, financial systems, payroll, accounts payable, accounts receivable, research accounting, endowment accounting, and all internal and external financial reporting.

Finance News

New Expense Management System

Financial Services is excited to announce that we are going live with Chrome River, UFV’s new expense management system (EMS) that will streamline the expense claim process and enhance efficiency across the organization.  

Why the change?

• Paperless Transactions: say goodbye to cumbersome outdated paper-based expense reports. Chrome River will allow you to submit, approve, and track expenses entirely online.
• Real-Time Tracking: ability to keep track of your claims in real-time; automated workflows will ensure it is sent for the appropriate approvals.
• Mobile-Ready: Chrome River allows for the capture of receipts and submission of claims through their responsive mobile apps.

Benefits of an expense management system?

• Efficiency: reduce the time and effort spent on manual data entry, compilation of claims and tracking.
• Accuracy: minimize errors and discrepancies with automated processes.
• Convenience: access Chrome River anytime, anywhere, from any device, including your mobile device.
• Sustainability: contribute to a greener environment by eliminating paper waste.
• Consistency: Chrome River will be used by employees to compile and submit all their expense claims entirely online, including claims for Development and Training allowance and Professional Development.  
• User-Friendly: Chrome River is intuitive and easy to navigate allowing you to quickly learn and use the software.

What’s Next?

• Training: training sessions are being planned to assist with a smooth transition and information will be communicated in the upcoming weeks.
• Resources: training materials are prepared and will be distributed in a timely manner.
• Launch: targeting a mid-July, university-wide launch.

Mileage Rate

Effective April 1, 2024, the reimbursement rate for mileage driven on university business will increase to $0.59 per kilometre for travel occurring on or after April 1, 2024.  Mileage reimbursement claims for travel incurred up to March 31, 2024 will remain at the existing rate of $0.54 per kilometre.

Fiscal Year-End Timelines

Important deadlines for the year ending March 31, 2024 are now available:  2023/24 Year-End Timelines

T4's

2023 T4's are now available on MyUFV through your employee dashboard.  Click on Taxes and then Slips for Income Tax Return.

All prior year T4's can also be viewed online through through MyUFV.