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31 Jan 2019: The VAT implications of research income will differ depending on the nature of the arrangements and the parties involved. It is essential that the appropriate VAT rate is selected for each grant as the VAT status impacts both the research budget and

6 Feb 2015: Practical Experience Requirements (PER) Becoming an ACCA-qualified accountant does not just involve passing your exams and the professional ethics module, you also need to complete our Practical Experience Requirement (PER). PER provides a structure

7 Apr 2015: The Grants Module records expenditure and income for the University's research grants and contracts. Research grants are governed primarily by the length of the grant rather than accounting periods (months), and therefore departments will need to be

25 Nov 2014: 6 Authority to Sign Contracts 6.1 Subject to Regulations 6.2, 6.3 and 18.4 Heads of Departments have authority to sign contracts in the course of the ordinary business of their Department in respect only of available funds for which they are

5 Aug 2015: Detailed reference materials on how to process suppliers’ invoices in the Accounts Payable (AP) module of UFS is available on the Finance Training webpage. Some other common scenarios are given below.

23 Dec 2022: Requests for a petty cash float and any permanent, or temporary, increases to an existing float must be made in writing by either the Head of Institution or Administrator to the Head Accounting Services, clearly stating the amount of petty cash

2 Mar 2021: Search site. Finance Division. Import FAQs: Marketplace orders. Q. I have an import order that is Medically Exempt for VAT purposes - do I need to send any additional information? Yes, for the time being until we have another mechasim available.

23 Jul 2015: All institutions are required to regularly monitor actual activity to planned activity and control their expenditure to ensure that it is in line with available funds. If required, appropriate corrective action should be taken to resolve significant

9 Apr 2015: The Supplier database enables staff to search for suppliers, request new ones or request amendments to suppliers on the database. Searches can be made for suppliers by name or by using key words or commodity descriptions to find suppliers who can

31 Mar 2015: What are Fixed Assets? University fixed assets are items of physical substance that are to be used in the supply/production of goods and services (e.g. education, research, trading). Examples of Fixed Assets: Scientific equipment Machinery Land and

9 Mar 2016: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Code Commodity LA ANIMAL SUPPORT EQUIPMENT, ACCOMMODATION, ACCESSORIES LB LABORATORY ANIMALS LBA CATS (FELINE) LBB DOGS (CANINE) LBC HORSES (EQUINE) LBD CATTLE (BOVINE) LBDA CALVES LBE SHEEP (OVINE

27 Jan 2020: The new Criminal Finances Act (CFA) 2017 will make companies and organisations including universities criminally liable if they fail to prevent tax evasion by either a member of their staff or an external agent, even where the organisation was not

16 Dec 2020: The supporting information and documentation needed for a new supplier request or reactivation is as follows Document required Link to guidance or form Invoice or quote addressed to the University of Cambridge Screen print of supplier website

22 Mar 2017: Click on the titles below to display the full communication.

6 Aug 2015: 10. Financial Regulations 2012, Income and Expenditure, 12.2. Latest version 17 April 2024.

4 Sep 2015: Latest version 01 May 2024.

2 Apr 2015: The principal purpose of this chapter of the Financial Procedures Manual is to set out and explain the procedures to be followed by staff in Departments in respect of income received by means of donation and expenditure against such funds.

7 Apr 2015: These procedures only apply to departments using the CUFS Inventory module. It will be important for the departments with stores to ensure an accurate record of stock is maintained and that stock is allocated accurately within the department. Month

2 Apr 2015: Regardless of the method of donation the steps that the Department must follow are the same. Click the image to enlarge

24 Apr 2019: Human volunteer studies and clinical trials It is a requirement that the organisations carrying out or collaborating in research studies involving humans provide either an indemnity or insurance cover to provide compensation to any volunteer if they

20 Mar 2015: What is the Deposit Account The deposit account is a University wide facility that allows departments with surpluses (on a variety of eligible sources of funds) to invest those funds.

19 Mar 2015: Obtaining clearance from the Tax Team The engagement and payment for services where the engaging department does not propose to make payment through payroll must be cleared by the Tax Team.

31 Mar 2015: Topics covered in this section are: Departmental responsibilities The central process for fixed assets

31 Mar 2015: Compliance with the Financial Regulations is a mandatory requirement for: All institutions and University subsidiary companies but not Cambridge University Press or Cambridge Assessment. All University activities.

6 Feb 2015: In order to become a Chartered Global Management Accountant (ACMA, CGMA) you need a minimum of 36 months' verified work-based practical experience across four areas: Technical skills; Business skills; People skills and Leadership skills.

7 Apr 2015: An overview of the purchasing cycle is given as follows: Requisition - Raising an internal purchase requisition Supplier Selection - Quotations, Contracts, Pre-Suppliers Purchase Order - Raise purchase order Receipt Goods/Services - Receive Goods

23 Dec 2022: Heads of Institution are responsible for the security of the float and for ensuring that all expenditure is properly supported and authorised. There must be regular independent checks of petty cash balances and use and Departments are required to

25 Nov 2014: Following the end of the Brexit Transition Period sales to customers in the EC are treated in a similar manner to those to customers in the rest of the world. Please see the Import Export Hub for current information.

16 Apr 2024: Latest version 16 April 2024.

31 Mar 2015: After the month end process departmental users will be able to access the new assets that have been uploaded in to the fixed asset module. They will also be able to: Update certain details, e.g. serial numbers. Change an asset's location. Change the

6 Aug 2015: These year end instructions include: Payroll and University Payment System (PAY) Purchasing (PO) Accounts Receivable (AR) Accounts Payable (AP) Inventory (INV) Research Grants (GMS) Fixed Assets (FA) General Ledger (GL) Certification by Head of

2 Apr 2015: Topics covered in this section are: Specific Endowments Specific Donations Overheads charged to donation accounts Activities funded from more than one source

9 Mar 2021: VAT on construction services – the new domestic reverse charge With effect from the 1 March 2021 the new Domestic Reverse VAT Charge for Building and Construction Services came into force. This requires the customer rather than the supplier to

7 Apr 2015: Accounts Payable Module Module within UFS specifically for processing payments of all suppliers, both internally and externally, as well as payments to staff for expenses.

19 Mar 2015: Payments to students for grants and field trip expenses may be entered onto UFS without obtaining clearance from the Tax Team. Bursaries and studentships should ideally be paid through payroll using a UPS3 form though in practice they are unlikely

31 Mar 2015: Terms of sale If obliged to purchase from abroad on a supplier's terms of contract, it is important to determine what is included in the purchase price, and when risk and ownership pass to the purchaser.

25 Nov 2014: Search site. Finance Division. Appendices. Search. Some items on this website are restricted. University members are encouraged to log in using Raven to make the best use of the site:. 2024 University of Cambridge.

12 Aug 2015: One of the purposes of the General Ledger (GL) is to reflect all of the University’s financial expenditure. Therefore, summary information from the Grants module is transferred on a daily basis into the GL.

25 Nov 2014: For something to be potentially liable for VAT it has to be a supply of goods or services. The word supply is defined as providing something (goods or services) in return for payment. If there is a supply of goods or services it would normally be

2 Apr 2015: Topics covered in this section are: Sources of funds for donations General Donations - source of funds EF** to EX** Specific Donations - source of funds H*** Specific Endowments

7 Apr 2015: Defining a University internal customer Internal customers are those that are part of the legal entity of the University e.g. the Schools, faculties and departments.

7 Apr 2015: Search site. Finance Division. Appendices. Search. Some items on this website are restricted. University members are encouraged to log in using Raven to make the best use of the site:. 2024 University of Cambridge.

28 Jan 2020: The Head of Institution (HOI) is the Head of Department, the Chair of a Faculty not organised in departments, Directors of Non-School Institutions and UAS Divisions. It is their responsibility to ensure that University policies are implemented and

27 Jan 2020: Money laundering is the process of taking profits from crime and corruption and transforming them into legitimate assets. It takes criminally-derived ‘dirty funds’ and converts them into other assets so they can be reintroduced into legitimate

23 Dec 2022: Petty Cash must be used exclusively for expenditure directly relating to University business. These shall be limited to items of expenditure below the cost of £25 unless the Director of Finance has given written dispensation to increase the limit.

27 Jan 2020: Specific process Reference To sign contracts in the course of ordinary business (for those funds they are responsible for) Fin Regs 6.1 Provide prior written consent for non-University commercial activities to be carried out Fin Regs 25.1 Approve

11 Aug 2015: The Head of Department/Institution may delegate their responsibility to a suitably nominated individual within the department. This is done on a template letter provided by the Research Operations Office which lists the areas of delegation as well

23 Dec 2022: Actions required Completed Action Ensure petty cash is stored in a suitable safe or locked drawer and never left unattended Ensure the Imprest Form is completed and posted to the ledger, prior to replenishing the float Check each payment from petty

27 Jan 2020: All staff have a responsibility to ensure that neither their conduct, nor the conduct of any person or organisation entering into any contract or arrangement with the University contravenes the Bribery Act 2010.

4 Sep 2015: Latest version 01 May 2024.