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Other sales related documentation | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/making-317 Aug 2015: Pro-forma invoices must not be issued by the University. Latest version 17 April 2024. -
Duplicate/deactivated suppliers | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/supplier-database-15 Aug 2015: Suppliers that have been entered more than once onto the Supplier database are identified and deactivated by the Accounts Payable (AP) Team. Suppliers that the University does not wish to trade with in the future, for example, companies that have -
Tag numbers | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-16-fixed-assets/updating-fixed-assets-module/tag31 Mar 2015: Departments have the responsibility to ensure all new asset purchases are uniquely tagged by a numbered security tag. This should contain a unique number to allow the asset to be tied up to the details on the asset register. It will allow for a -
Credit control | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/invoicing-and-income/credit12 Aug 2015: Each month the prior month’s provision is reversed, the latest month’s is calculated and posted into:. -
The importance of matching income to expenditure | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/monitoring-and-6-123 Jul 2015: It is always important to have a clear picture of financial plans, both income and expenditure. The Financial Regulations state that “Heads of Institutions are authorised to incur expenditure not exceeding the limits of funds available to the -
Month-end procedures for invoicing | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/making-517 Aug 2015: Latest version 17 April 2024. -
CUEF Unit Purchases and Sales | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-income/cuef-unit1 Apr 2015: Spendable capital units can be bought and/or sold as required at the end of the following quarters: September December March June Requests must be received by the Trust Funds Assistant at least two weeks before the last working day of the month. -
Interest from Money on Deposit | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-income/interest-money1 Apr 2015: As part of the month end procedures, the Finance Division will credit the interest due to any trust fund accounts holding money on deposit. This credit will appear in the trust fund account against the transaction code NBAA, and will be available to -
Monthly accounting arrangements | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/credit-card-procedures-55 Aug 2015: Departments are responsible for the coding and authorisation of University credit card expenditure in Concur. Additionally, the spend should have the relevant VAT classification selected. This includes VAT and Services Tax in a similar manner to AP -
Specific Endowments | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-14-accounting-donations-and-grants/types-32 Apr 2015: A specific endowment is a donation where the donor has specified that the funds are to be invested and the investment income is to be used for specific purposes, which may be as wide as a department or academic area. The funds may be required to be -
Departmental responsibilities | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-16-fixed-assets/recommended-monthly-procedures-031 Mar 2015: Ensure that the "Track as Asset" box in the AP module is ticked for all fixed assets purchases in excess of £5,000. This is essential. Notify the Fixed Asset Helpdesk of any assets not tracked. Notify the Fixed Assets Helpdesk of any fixed asse -
Why do we set budgets? | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/introduction/why-do20 Mar 2015: The prime reason why the University sets budgets is to ensure that it is operating sustainably. -
Agreeing proposed payment plans | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/debt-018 Aug 2015: Latest version 17 April 2024. -
Trust Funds belonging to more than one department | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-set/trust-funds1 Apr 2015: Some trust funds have managers in more than one department. These funds are therefore mapped to Central Administration and are listed under "General" when the Annual Accounts are published in the University Reporter. -
Decision to accept restricted donations | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-14-accounting-donations-and-grants/principles-22 Apr 2015: The University will seek to avoid the situation where it becomes committed to expenditure for which it has insufficient funds. Accordingly, the terms of any specific donations and endowments must be carefully considered before a gift is accepted. -
Aims of credit card procedures | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/credit-card-procedures/aims5 Aug 2015: The University’s credit card procedures aim to ensure: • Departments accurately account for their expenditure on credit cards. • Control is maintained over the nature and level of expenditure. • Adherence to the University’s purchasing -
Debt collection approaches | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/debt-217 Aug 2015: Latest version 29 April 2024. -
The central process for fixed assets | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-16-fixed-assets/recommended-monthly-procedures-131 Mar 2015: Monthly 'Mass Additions' process The main central process revolves around creating 'mass additions' - this sweeps all invoice data re ticked 'track as asset' items into a holding area called mass additions within the fixed asset module. -
F Sources of Funds: Specific reserves | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-3-chart-accounts/section-2-source-funds-34 Sep 2015: Latest version 01 May 2024. -
How to budget for Trust Funds | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/monitoring/how23 Jul 2015: All trust funds are legally created and have their own deed that details the rules and regulations for the specific fund. -
What is a variance? | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/monitoring-and/what23 Jul 2015: A variance is the difference between actual and budgeted income and expenditure. Therefore, at the University, we only get variances in GL (General Ledger) on Chest funded activities. For all other sources of funds budgetary control will be -
Accounts Receivable (including Internal Trading and Banking) |…
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-10-month-end-guidance/accounts-receivable7 Apr 2015: Accounts Receivable concerns income generated from sales for services rendered with the following steps being involved. Invoice - Raise sales invoice. Send to Customer - Invoice sent to Customer. Receipts - Income collected and receipted. Debt -
Un-receipted cash and cheques | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-14-accounting-donations-and-grants/procedures-5-02 Apr 2015: Where departments receive donations directly in the form of cash and/or cheque then these should be forwarded to CUDAR for processing. CUDAR will then take responsibility for the banking of monies and receipting on UFS. If appropriate they will -
Trust Fund Overheads | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-expenditure/trust-fund1 Apr 2015: Overheads are charged on trust funds that have been set up since 1995 where the fund is paying for a specific post or posts if the regulations of the fund permit. Trust funds set up from May 2007 onwards, are charged 30% overheads on staff costs. -
Charging expenditure to a grant | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/managing-your-grant/charging12 Aug 2015: Departments charge expenditure (excluding Staff costs, Pooled labour, Overheads and Non-direct costs) using UFS iProcurement and Accounts Payables (AP) modules. When charging expenditure in these modules you need to enter the award, project and task -
Monthly credit card transactions | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/credit-card-procedures-45 Aug 2015: Cardholders are responsible for ensuring all transactions are processed in Concur by 15th of the month following the transaction. The transactions must be supported by receipts/invoices. HM Revenue & Customs may consider un-receipted transactions to -
Customer refunds | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/making-217 Aug 2015: Latest version 29 April 2024. -
Foreign Currency Cash Advances | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/foreign-currency/foreign-05 Aug 2015: Where a University employee is required to incur expenditure on University business, a cash advance may be made to assist in covering this expenditure. Standard forms (which must be used), are available for this purpose. A request for a cash advance -
Research Grant sources of funds | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/reflection-grants-general-112 Aug 2015: Research Grant expenditure will always be mapped across to a source of funds code MA**. The MA indicates research, the next letter indicating the sponsor type, and the last letter indicates the VAT Status. The sponsor type “letter” is used for -
Permanent Capital | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-set/permanent-capital1 Apr 2015: Most trust funds will have some permanent capital - the original endowment that cannot be spent by the Managers. A number of funds do not have permanent capital as, under the terms of the bequest, both the original donation and any income generated, -
General Donations - source of funds EF** to EX** | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-14-accounting-donations-and-grants/types-12 Apr 2015: A General Donation is one in respect of which the donor has either: not placed any restrictions; or has placed restrictions which are met by expenditure already committed or planned as part of the department's existing operations. -
Prize Funds | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-expenditure/prize-funds1 Apr 2015: A significant number of the University's Trust Funds are prize funds. The detail of each prize is listed annually in November each year, in a special edition of the Reporter. Many prize funds have the annual income as the value of the prize. -
Stamps/franking machine charges | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/typical-purchases-uk-56 Aug 2015: No VAT is charged on stamps or franking machine charges. See goods and services charged without VAT in the UK. -
The Award budget | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/ufs-grants-module/award-budget12 Aug 2015: The budget is divided into project(s), task and then into expenditure categories. -
Clearing the suspense grant | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/managing-your-grant/clearing12 Aug 2015: Each department has a suspense project and award with the format RG00000 (dept cost centre) for the award code and dept cost centre/000 for the project code. Eg. RG00000 (EWAG) EWAG/000 The suspense account is used for posting expenditures which -
Introduction | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-3-chart-accounts/section-1-overview/introduction4 Sep 2015: Latest version 01 May 2024. -
Non-University commercial activity | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control-0/non17 Aug 2015: 2. Financial Regulations 2012, Commercial Activity, section 28.1. Latest version 16 April 2024. -
General Ledger (GL) | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-10-month-end-guidance/general-ledger-gl7 Apr 2015: The GL is at the heart of CUFS, collating information from the sub-ledgers of all of the University's financial transactions. The GL is used for processing journals, account enquiries and running reports. -
Equipment Purchase | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/managing-your-grant/equipment12 Aug 2015: The University Procurement Procedures must be followed for the purchase of all items of equipment and the ‘Track as Asset’ box in AP checked for all purchases over £5,000 (including non-recoverable VAT). -
K Sources of Funds: Trust Funds | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-3-chart-accounts/section-2-source-funds-84 Sep 2015: Latest version 01 May 2024. -
CUTS (Cambridge University Technical Services) | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/brief-guide-corporation-06 Aug 2015: Cambridge University Technical Service (CUTS) is a wholly owned subsidiary of a Cambridge Enterprise Limited. By using CUTS, the University is able to avail of charitable tax reliefs to ensure that full economic benefit of profitable consultancy -
Schedule 2 - Definition, Advice and Guidance | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-regulations/schedules/schedule-2-definition-advice-and-guidance2 Jun 2015: Bribery As defined in the University's Policy against Bribery and Corruption. Certifying Completion of Procurement Services' on-line dispensation form. -
Institution Head/Administrator monthly checklist | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/credit-card-procedures-85 Aug 2015: Completed Action Check each transaction has supporting documentation. -
Notification to the department | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-14-accounting-donations-and-grants/procedures-12 Apr 2015: The CUDAR will notify the department for which the donation is intended (via email), passing on the following information: name of the donor amount of donation (including gift aid where appropriate) purpose of the donation CUDAR will ask the -
What is the difference between budgeting and forecasting? | Finance…
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/monitoring/what-223 Jul 2015: A budget is the financial representation of a planning process, usually annual. It is finalised before the beginning of a financial year and actual income and expenditure are measured against it as a means of reviewing performance and controlling -
Debt Monitoring | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/debt/debt17 Aug 2015: Latest version 17 April 2024. -
Travel tickets | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/typical-purchases-uk/travel6 Aug 2015: Passenger transport e.g. rail fares, air tickets are zero-rated and no VAT is charged on the purchase. See Goods and services charged without VAT in the UK. -
The role of Finance Business Partners and Institution Heads of…
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/introduction/role20 Mar 2015: The role of Finance Business Partners and Institution Heads of Finance in budgetary planning and control The University operates an annual Planning Round, one aspect of which is to collate financial forecasts from institutions (usually around -
Spendable Capital | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-set/spendable-capital1 Apr 2015: Most trust funds will have some spendable capital as well as permanent capital. This is also known as accumulated unspent income. The regulations for most Trust Funds explicitly provide for unspent income to be carried forward and used as income in -
Inventory (INV) | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-11-year-end-instructions/detailed-instructions-410 Aug 2015: Module closes at 5pm on Wednesday 7 August Essential Tasks Final date for completion Physical stock take (all institutions with stores) Wed 31 Jul Update Inventory balances with the results of stock take Wed 7 Aug Process all receipts and issues
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