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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

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

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.

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

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

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.

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

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.

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

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:.

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

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

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.

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: 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