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Paying a factoring company | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/processing-suppliers/paying5 Aug 2015: If there is no factor site then an amendment request should be made on the Supplier database to add a new Factor site, (refer section 1.8 above). -
Monitoring and maintenance of equipment | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-16-fixed-assets/equipment/monitoring-and31 Mar 2015: Security of equipment Heads of Departments should establish procedures to ensure that all items of equipment are adequately protected against loss and misuse. Maintenance or improvements to equipment When spending money on an existing asset it -
Module close dates | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-11-year-end-instructions/module-close-dates6 Aug 2015: All modules will be closed at 5 pm on the following dates. -
Specific Donations | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-14-accounting-donations-and-grants/spending-12 Apr 2015: Expenditure charged to a specific donation must meet the conditions specified by the donor. Responsibility for ensuring that the terms of specific donations are available for reference and are adhered to rests with the Head of Department. -
Research grants reports/queries | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/monitoring-and-523 Jul 2015: Cognos reports for monitoring grant expenditure at institutional level are available, including a summary report which provides an overview of grants expenditure and remaining budget on active awards. Furthermore, once-off, bespoke Cognos reports -
Successful applications | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/ufs-grants-module/successful29 Jul 2015: Where applications are successful the sponsor will send an ‘Award Letter’ notifying the Research Operations Office and the applying Principal Investigator (PI). If the department of the PI receive a copy directly from the sponsor they should -
Fixed Asset Categories | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-16-fixed-assets/introduction-fixed-assets/fixed31 Mar 2015: Fixed assets within the University are split into three specific categories and presented differently in the financial statements. Equipment Purchased by departments in the normal course of business, including from research grants. -
Department segment | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-3-chart-accounts/section-1-overview/department4 Sep 2015: This is used to define the department or institution processing the transaction, e.g. AG for the Finance Division. The first letter can help to indicate the group to which the department belongs. -
Internal trading | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/processing-suppliers-15 Aug 2015: AR Invoices are automatically transferred overnight (via an interface) into the receiving department’s AP module. PDF invoice copies are automatically emailed nightly to the receiving department. Departments should be emailing any backup -
Processing goods and services charged without VAT in the UK | Finance …
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/processing-goods-and6 Aug 2015: The tax code for entering all purchases charged without VAT (within the UK) on CUFS is 'No UK VAT'. This is irrespective of whether the supply is zero-rated, exempt or outside the scope. -
Foreign currency grants | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/ufs-grants-module/foreign12 Aug 2015: Grants that are awarded in a foreign currency will be converted to sterling at activation stage, using the University’s foreign exchange policy. The preferred currency for research grants is sterling. For US Dollar and Euro denominated grants the -
Estimate income required for the coming year | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/management-trust-funds/estimate1 Apr 2015: Calculate the cost of the activities of the trust over the forthcoming year. For salaries, do not forget to include on costs such as employer's NI and pension contributions, as well as the overhead charge. -
Quotations | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/pre-517 Aug 2015: Where a prospective customer has requested a quotation (or it is considered appropriate to issue one), use the template from the Finance Division web page. The issue of a quote and its subsequent acceptance by the customer guarantees the application -
E Sources of Funds: General reserves | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-3-chart-accounts/section-2-source-funds-24 Sep 2015: The E Sources of Funds are used where funding is provided to the University and no restrictions on expenditure have been placed on the funds. EBBA: Unpaid Leave of Absence For duration of leave a budget transfer is made from ABAA to fund the -
Transfer codes | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/monitoring-and-123 Jul 2015: When transferring costs between sources of funds, it is recommended that the transfer should use the original transaction code wherever possible. However should this not be practical then the generic transfer code of EZXX can be used, but must be -
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: What is the chart of accounts? The chart of accounts is the collective name that we give to all our General Ledger account codes. It includes the way the account codes are structured as well as the individual codes themselves. Why is it important? -
X5 costing tool | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/research-funding-0/x5-costing11 Aug 2015: All new proposals must be costed using X5; awards or contracts which include a financial value will not be accepted unless an X5 costing is completed. -
University Policy | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-16-fixed-assets/introduction-fixed-assets-031 Mar 2015: New buildings have been included at their purchase price/cost. No depreciation is provided on land as it is not considered to have a limited life (i.e. -
Monitoring and further guidance | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8b-internal-trading/monitoring-and-further7 Apr 2015: Reports on UFS It is the responsibility of Heads of Departments and Department Administrators to monitor outstanding / unpaid Internal Trading invoices. As part of month-end procedures for the Accounts Payable module, users are advised to : Run the -
Availability of funds | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-14-accounting-donations-and-grants/principles-42 Apr 2015: Donations are not available for investment or spending until they have been received and credited to an income account in the relevant Department. -
The Financial Summary Report (Cognos) | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/monitoring-and-023 Jul 2015: The primary purpose when monitoring expenditure against a budget is to ensure that expenditure does not exceed either the budget, or its planned or received income. The first problem is how to spot where expenditure has, or will, exceed the budget. -
Pre-sales procedures | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/pre-sales6 Aug 2015: Introduction and overview Heads of Institutions that receive income from the sale of goods or services, including Research, must establish procedures to ensure that all sales are authorised and supplied as agreed. -
Purchasing goods from the EC | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/purchasing-goods-ec6 Aug 2015: From 1 Jan 2021 Following the end of the Brexit Transition Period purchases from suppliers in the EC are treated in a similar manner to those from the rest of the world. -
What do we mean by budgetary control? | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/introduction/what-do20 Mar 2015: Budgetary control is financial jargon for managing income and expenditure. In practice it means regularly comparing actual income or expenditure to planned income or expenditure to identify whether corrective action is required. -
Activating a grant | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/ufs-grants-module/activating12 Aug 2015: The Departmental Administrator and the Principal Investigator will be notified by email once the grant has been activated by the School Team in the Research Operations Office The activation notice will include a link to the sponsor’s terms and -
Specific Endowments | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-14-accounting-donations-and-grants/spending-02 Apr 2015: The procedures for authorisation of Trust Funds and Special Funds expenditure involve explicit approval by a Manager of the Fund and are set out in a separate chapter of the Financial Procedures Manual (Chapter 13 - Trust Funds). -
Scientific reports | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/invoicing-and-income-012 Aug 2015: Some research sponsors, eg. Research Councils and the EC, may require a Principal Investigator to submit an interim or final scientific report. These are also known as Individual Grant Reviews (IGR). -
Payment methods | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/payments/payment-methods5 Aug 2015: BACS payments All Sterling University Suppliers are paid via BACS (Bankers Automated Clearing System). This is an electronic payment system whereby money can be paid directly into a supplier's UK bank account on a specified day, without the need to -
The active period of research | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/managing-your-grant/active12 Aug 2015: Costs can only be incurred during the active period of research, i.e. after the start date and before the end date of the grant. After the end date, purchases can be charged if the goods were physically received before the end date. The start date -
Non-VAT Registered Suppliers | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/typical-purchases-uk/non6 Aug 2015: If we purchase something from a supplier in the UK who is not registered for VAT (normally because their turnover is too low), then they will not be able to charge the University VAT and hence the expenditure is entered as 'No UK VAT' on CUFS. -
Human Blood and Organs | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/typical-purchases-uk/human6 Aug 2015: Human blood and products for therapeutic purposes made of human blood, human (including foetal) organs or tissue for diagnostic or therapeutic purposes or medical research are exempt. Therefore no VAT is charge on the purchase and these purchases -
Setting up of the Fund | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-set/setting-fund1 Apr 2015: The Notice would usually be accompanied by a grace, or grace and report, to set up regulations for the management of the new trust fund. ... They will then organise a journal to be done to transfer the funds to the new trust fund account. -
Monitoring Grants | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/managing-your-grant/monitoring12 Aug 2015: All departments have access to Cognos, as well as reports within the UFS Grants Module, enabling them to view the latest financial position on their grants. -
Additional tools that can be used | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/monitoring-and-323 Jul 2015: Where finances can be managed using UFS this is the most efficient way. However, there may be times when off-line systems can add further detail/clarity. For example, trust fund managers may choose to record a simple budget for the fund on an Excel -
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 -
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. -
Donation release | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-14-accounting-donations-and-grants/procedures-42 Apr 2015: When funds are released they will be credited to the specified department / cost centre / source of funds combination with a transaction code: LFDO "Donations transferred from Development Office" It will also include any interest that has been e -
Departmental funding of EM work | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-16-fixed-assets/land-and-buildings/departmental31 Mar 2015: Where Departments are providing funding for land and buildings an internal invoice will not be raised. The recovery of funds will be by journal entry. This is true of both minor works and major projects. The process is as follows: 1. -
Responsibility for donation policy | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-14-accounting-donations-and-grants/scope-02 Apr 2015: The Finance Division is responsible for the University's financial policies and accounting procedures: whereas, the Development and Alumni Relations (CUDAR) is responsible for the policy on the solicitation, acceptance and stewardship of -
Determining if funding is a research grant or not | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/research-funding-0/determining29 Jul 2015: When funds are received from a body external to the university, the following criteria are used to determine if those funds can be classed as a research grant or should be recorded as something else eg. a donation. -
Full Economic Costing (fEC) | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/research-funding-0/full11 Aug 2015: The full economic costing methodology was adopted for costing all research grant proposals in September 2005. -
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: Search site. Finance Division. Tag numbers. Departments have the responsibility to ensure all new asset purchases are uniquely tagged by a numbered security tag. -
Importance of Fixed Assets | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-16-fixed-assets/introduction-fixed-assets-131 Mar 2015: Fixed or tangible assets are the physical structures that support the University and are therefore of significant value and are required to be accurately recorded and reported on within the University's financial statements. -
Commitment accounting | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/monitoring-and-223 Jul 2015: A commitment is an agreement or a pledge to assume a financial obligation at a future date e.g. the funds that we are committing to spend with a supplier when we send them a purchase order. UFS is a commitment accounting system. -
Departmental credit cards | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/credit-card-procedures-15 Aug 2015: Some departments operate a single card for online and overseas purchases. -
Sponsor Audits | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/managing-your-grant/sponsor12 Aug 2015: Any external audit requirements will be included in the terms and conditions of each award. External audits will be arranged by ROO and auditors may need to visit departments to check invoices and payroll information. ROO will contact departments to -
Monthly credit card statements | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/credit-card-procedures-35 Aug 2015: The Accounts Payable Team, Finance Division arranges payment. Statements are sent directly to the cardholders’ home address, as provided on the application form, from the credit card service provider. -
Transfer codes | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-3-chart-accounts/section-3-transaction-code-34 Sep 2015: Principally EZXX for transfer of expenditure and LXBB for transfer of income. Transfer codes Use with caution Refer to Best Practice Guide 3 or your Finance Adviser Latest version 01 May 2024 -
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: the Asset Additions (UFS) report to check new additions during that time. -
Consultation with CUDAR re solicitation of donors | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-14-accounting-donations-and-grants/principles-02 Apr 2015: CUDAR's 'Procedures for Handling Donations' document explains the detailed University procedures for accepting donations. Departments should use these procedures before approaching any potential donors.
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