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6 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.

4 Sep 2015: Sometimes departments and trust managers may wish to appropriate (transfer) funds from a trust, for example: where funds need to be appropriated to another department; or where the fund expenditure is large or spread across a number of activities

1 Apr 2015: Trust funds are classified as 'specific endowments' as the benefactor has specified that the funds are to be invested and the investment income is to be used for specific purposes. The funds may be required to be invested in perpetuity or for a

2 Apr 2015: Financial Regulation 14.2 Heads of Department must ensure that: donation accounts and trust funds are maintained in credit; funds are applied for the public benefit for charitable, educational or research purposes only; and any Ordinances or

1 Apr 2015: Benefactions and gifts to establish new Trust Funds are always reported to Council and a Notice announcing acceptance by the University is published in the Reporter. The Notice would usually be accompanied by a grace, or grace and report, to set up

6 Aug 2015: As a rule of thumb for costing purposes calculating a rate of 5% is usually reasonably accurate.

5 Aug 2015: Credit cards must be used exclusively for expenditure directly relating to University business. This may include travel and restricted entertaining.

6 Aug 2015: Insurance is exempt from VAT though it is liable to another tax called Insurance Premium Tax (IPT). IPT should be treated as part of the overall cost of the insurance and not separately identified or treated as VAT, and the tax code entered as 'No

2 Apr 2015: To be classed as a donation or grant, a receipt of funds or assets must have been freely given, with no consequent obligation on the University to provide goods or services to the benefit of the donor.

17 Aug 2015: In addition to payment terms, it is important for institutions to establish in advance the most appropriate payment method. The customer can be billed, by raising an invoice, or the item could be added to the University’s online store.

17 Aug 2015: When a debt becomes overdue, it is important to establish the reason for non-payment. Reason Context Action Payment missing The debtor claims they have already paid. The institution should gain as much information concerning the payment as possible.

6 Aug 2015: Food (not catering) is usually zero-rated and should be entered on CUFS using the tax code 'No UK VAT', but there are a few exceptions on which you will be charged VAT at the standard rate - see section Sales/Income in the UK, Food for standard

31 Mar 2015: The fixed asset module does not have sub-ledger security. It is possible for people outside the department to see what assets your department holds. If you update the location field to identify the precise location of the asset then this is also

18 Aug 2015: This is a contingency that must be accounted for by all businesses that extend credit to customers as there is always a risk that payment will not be collected. Once the Accounts Receivable module closes after each month end, the Credit Control team

6 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. Please see the Import Export Hub for current information.

6 Aug 2015: If you hire a room then room hire is normally exempt from VAT and this should be entered on CUFS using the tax code 'No UK VAT'.

20 Mar 2015: Currently, the University formally creates budgets in UFS and monitors them via Cognos reports, for three areas of activity: Chest income and expenditure Research grants and contracts Expenditure on buildings Institutions are free to establish local

2 Apr 2015: Often departmental activities will be funded from a variety of sources that may include one or more donations. Where these costs do not relate to either research grant or trading activity there may be some discretion as to where these are charged.

10 Aug 2015: Module closes at 5 pm on Tuesday 27 August Essential Tasks Final date for completion Review Fixed Asset Register Mon 12 Aug Physically verify assets Mon 12 Aug Notify FA Helpdesk of disposals or amendments Mon 12 Aug Return FA register to Fixed

7 Apr 2015: Departments are required to create internal sales transactions when trading with other internal departments. Upon receipt of a request or a purchase order, the selling department must raise a UFS invoice using the correct internal trading data.

6 Aug 2015: An overview The University’s financial year end is 31 July, the date being set by the Office for Students (OfS) and it applies to all higher education institutions.

12 Aug 2015: The costs detailed below are either imported into CUFS or generated with a grants process by Research Accounting. This is done at month end (usually during the last week of the month) before the Grants module closes. The monthly timetable is updated

31 Mar 2015: The 'P' sources of funds are used for funding received specifically or approved for buildings. Funding Funding is handled through the GL and AR modules. Funding is collected to match the expenditure on a project.

12 Aug 2015: The VAT treatment of research income will differ depending on the nature of the arrangements and the parties involved. The Research Operations Office will determine the appropriate VAT rate for each grant as the VAT status impacts both the research

4 Sep 2015: What are Cost Centres? Cost Centres allow departments to organise and group their accounts to reflect their own departmental activities and set up. For example, a department may have Cost Centres for administration, laboratory managers, conferences,

6 Aug 2015: The main corporation tax relief applying to the University is an exemption available to charitable bodies on any profits arising on charitable activity.

4 Sep 2015: The B Sources of Funds are used where costs are initially paid by the University but on the basis that they will be reimbursed from an external source who was party to the initial expense. There are two main examples of this. Salaries and related

2 Apr 2015: Research grants If an offer of support appears to fall between a research grant and donation, it is important to seek advice from Finance Division or ROO, because certain benefits to donors (use of logos, rights to attend seminars, access to

2 Apr 2015: Anonymous and low value donations Where donations of less than £50, or anonymous donations up to £100k (but see Receipt of donations - cash donations), are received then it is acceptable for departments to process these themselves on UFS.

6 Aug 2015: Areas that are non-charitable and therefore could give rise to a tax charge include: the provision of consulting; testing facilities; or sales of goods that are not "educational". Where a department undertakes such activity and it generates a pr

10 Aug 2015: Module closes at 5 pm on Monday 19 August On this page: Essential tasks Key dates Clear funds check failures and exceptions Correct VAT errors Clear suspense grants Post EC PI Time journals Finalise and release all Research Grants journals

6 Aug 2015: Provided that equipment comes within this category there is no requirement that it must be used in the laboratory.

4 Sep 2015: Each year, most (but not all) departments have traditionally received an amount of money to support the core salaries and running costs of their department. This is known as Chest Allocation. AAA*: Chest non-pay Principally AAAA, this is the Source

1 Apr 2015: Each month check income and expenditure. Ensure that the funds are being used for proper purposes in accordance with the rules of the specific fund and the University's general charitable purposes.

9 Oct 2015: University level reporting University level management accounts and financial statements are presented in a format consistent with the Statement of Recommended Practice: Further and Higher Education (the SORP). For periods up to 31 July 2015, the

1 Apr 2015: At year end, departments should follow the year end timetable issued by the Finance Division and ensure that all Trust Fund transactions are processed before the GL closes. Additionally, they should be prepared to make adjustments in the final

6 Aug 2015: The Purchasing module (which includes iProcurement) is used to create purchase orders (POs) on UFS. This in turn creates a commitment. When the order is matched to an invoice, this becomes an actual expense.

17 Aug 2015: Having established your approach and the timetable, a decision should be made regarding the most appropriate collection method. Customer account statements Statements should be scheduled and sent out at the start of each month to allow the customer

6 Aug 2015: AR module closes at 5pm on Thursday 15 August ON THIS PAGE Summary of tasks to complete Key dates AR module Cash and cheque receipts Receipt batches BACS receipts, bank transfers and unclaimed PDQ receipts Internal AR invoices External invoicing -