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5 Aug 2015: Purpose of credit cards The University issues company credit cards to its employees where it is deemed the only effective method of payment in the proper performance of duties. Heads of Institution are responsible for ensuring that the cards are

20 Mar 2015: A budget is a financial representation of planned activity for a given period. The basic principle is to compare the cost of the planned activity to the expected income the activity will generate and establish whether there will be a surplus (income

12 Aug 2015: Invoicing of sponsors and collection of funds due is the responsibility of the Research Operations Office in conjunction with the Credit Control Team within the Finance Division.

1 Apr 2015: Payment Procedures In general, payments from trust funds will be made by the departmental accounts team unless the trust fund is held centrally, in which case the payment requests should be sent to the Trust Funds Assistant in the Finance Division

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

6 Aug 2015: any procedural requirements for making sales.

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

31 Mar 2015: Staff must take into consideration all legislative requirements before undertaking any disposal. ... Inform the Fixed Asset Helpdesk of the disposal and consider the following potential accounting requirements.

2 Jun 2015: the aggregated value of separate contracts meeting a single requirement. University.

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.

2 Apr 2015: Topics covered in this section are: Balances to be maintained in credit Investing balances Surpluses on specific donations/endowments Year-end Reporting to donors Transferring donations

31 Mar 2015: The University has a legal requirement to record its fixed assets and write them off over their useful life.

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

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.

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

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.

4 Sep 2015: Within any fund, as defined by a combination of Cost Centre and Source of Funds, the Transaction element distinguishes between items of different kinds. Any account can have income and expenditure transactions. Many also have investments and other

6 Aug 2015: The collection of income (and any subsequent debts) is the responsibility of the institution raising the sales invoice. The Financial Regulations state, “With the exception of research grant claims, institutions are responsible for debt collection

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: 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.

11 Aug 2015: Search site. Finance Division. X5 costing tool. X5 is the software used to prepare proposal costings in line with fEC requirements.

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

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.

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

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.

2 Apr 2015: In order to meet these requirements the accounting records must distinguish between distinct types of donation income:.

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

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

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.

20 Mar 2015: This is a formal requirement placed on the University by the Office for Students (OfS). ... This requirement explicitly allows the University to run deficits (i.e., expenditure is more than income) on some activities or in some years, provided these

20 Mar 2015: Your Finance Business Partners or institution head of finance can advise, assist, and provide templates having discussed requirements.

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

31 Mar 2015: Definition It is essential that effective internal controls exist throughout departments, faculties, institutions and the University to: safeguard University assets prevent and detect errors and fraud protect the interests of the staff help to

2 Apr 2015: Note that the funds created by specific donations are dealt with in the University's financial statements under the heading of "endowments" in accordance with the requirements of the 2015 Statement

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

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.

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

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: 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.

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

20 Mar 2015: What is the CUEF? The Cambridge University Endowment Fund (CUEF) is a unitised fund consisting of a variety of assets including equities and investment property. Investors (departments) buy a number of units in the fund - the number purchased

4 Sep 2015: A reference guide for Source of Funds codes This section gives a fuller description of what each Source of Funds code represents, how it can be used and why. Use the menu on the left hand side to view the contents of this section. Latest version 01

2 Apr 2015: Donations are credited to a source of funds code in the ranges indicated in the below table and with an appropriate transaction code beginning LF**. The decision tree at Appendix A should be referred to for further guidance.

6 Aug 2015: The Accounts Receivable (AR) module of UFS is used for customer record creation and maintenance, raising sales invoices, credit memos and debit memos to external and internal customers. These memos are commonly referred to as a credit or debit notes,

17 Aug 2015: If your customer has specified that they have specific requirements and you have accepted these, it is important to conform to those requirements.

7 Apr 2015: Departments will wish to monitor their fixed assets using the Fixed Assets module from time to time. In order to maintain the university's Fixed Asset Register, departments must ensure that when processing AP invoices for Fixed Asset purchases, they

31 Mar 2015: Though longer retention periods may be necessary due to the specific contractual requirements of a research project funder). ... The security requirements for card and customer data are mandatory and there is certain information that must NOT be stored

5 Aug 2015: If you are aware of a new supplier with outsourced accounts i.e. using a factoring company, it is essential that the Site Name is entered as Factor when setting up the supplier.

12 Aug 2015: Once the project has ended departments may wish to compare the actual costs incurred against the original application. This will identify any deficiencies in the costing or planning of the research and improve future applications for that sponsor.

23 Jul 2015: To meet the OfS requirement that the University operates sustainably, the Budget Report is not just a consolidation of Schools’ and other Institutions’ financial forecast submissions.