Search

17 Aug 2015: It is recommended the Incomplete Invoices report is run regularly, but the following procedures must be completed by month-end: Run the Incomplete Invoices Report which lists all transactions that have not been completed and require further action (i

23 Jul 2015: In some instances, accrued surpluses may be utilised to resolve accounts that have gone into deficit. It is critical to identify how the surplus has arisen and whether there are rules concerning how those funds may be used (e.g. specific donations

18 Aug 2015: Customers who do not, or cannot, make full payment by the due date may request an extension to the agreed credit terms. The most common proposal is to make payment by instalments.

23 Jul 2015: If a budget is overspent the first thing to do is investigate the reasons for the over-spend. If the over-spend is the consequence solely of a timing difference, then no immediate action is likely to be required.

5 Aug 2015: Departments are responsible for the coding and authorisation of University credit card expenditure in Concur. Additionally, the spend should have the relevant VAT classification selected. This includes VAT and Services Tax in a similar manner to AP

17 Aug 2015: A collections strategy that is appropriate to your institution and customers must be developed and recorded for all your debts. The credit risk sections covered in Pre-sales can be used as a guide, specifically types of customers and types of

23 Jul 2015: It is always important to have a clear picture of financial plans, both income and expenditure. The Financial Regulations state that “Heads of Institutions are authorised to incur expenditure not exceeding the limits of funds available to the

5 Aug 2015: The University’s credit card procedures aim to ensure: • Departments accurately account for their expenditure on credit cards. • Control is maintained over the nature and level of expenditure. • Adherence to the University’s purchasing

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.

17 Aug 2015: It is the responsibility of the institution to ensure checks have been made to substantiate customer claims before refunding. Written authorisation from Head of Institution or delegated authority should be received and retained for audit purposes.

5 Aug 2015: Where a University employee is required to incur expenditure on University business, a cash advance may be made to assist in covering this expenditure. Standard forms (which must be used), are available for this purpose. A request for a cash advance

5 Aug 2015: Cardholders are responsible for ensuring all transactions are processed in Concur by 15th of the month following the transaction. The transactions must be supported by receipts/invoices. HM Revenue & Customs may consider un-receipted transactions to

31 Mar 2015: Each department should make one or more persons responsible for the fixed assets. Their duties would include: Regular checks to ensure that assets are being correctly maintained. Notification to Fixed Asset Helpdesk of any assets disposals.

4 Sep 2015: These are for Finance Division use only. These Sources of Funds show fixed asset capitalisation and depreciation movements. University policy is that we only capitalise and depreciate assets over £30,000 in value. Depreciation is calculated and

17 Aug 2015: Credit control is an important process that establishes controls both pre- and post-sale to ensure the timely recovery of income owed to the University. The objective is to optimise cashflow and minimise the risks of non-settlement, which become

5 Aug 2015: Completed Action Check each transaction has supporting documentation.

12 Aug 2015: The following tasks should be undertaken monthly to ensure that expenditure posted and subsequently claimed from the sponsor is correct. Review expenditure posted to your department suspense grants and re-post expenditures to clear the department

17 Aug 2015: Occasionally an institution may make a sale to a customer who operates a self-billing process. This is where the customer generates a sales invoice on our behalf and is typically followed up with a payment. It is common in the agricultural and

17 Aug 2015: Prior to any sale being made, institutions must establish whether VAT needs to be charged for the supply of good or service to this specific customer. To ensure the correct tax treatment is used for a sale, the following information must be

12 Aug 2015: Departments must not transfer funds into a research grant or directly code income from a sponsor to a grant code. Collecting monies due from sponsors is undertaken by the Credit Control team in Research Accounting. However, there may be occasions

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: As part of the month end procedures, the Finance Division will credit the interest due to any trust fund accounts holding money on deposit. This credit will appear in the trust fund account against the transaction code NBAA, and will be available to

1 Apr 2015: Spendable capital units can be bought and/or sold as required at the end of the following quarters: September December March June Requests must be received by the Trust Funds Assistant at least two weeks before the last working day of the month.

31 Mar 2015: Departments have the responsibility to ensure all new asset purchases are uniquely tagged by a numbered security tag. This should contain a unique number to allow the asset to be tied up to the details on the asset register. It will allow for a

6 Aug 2015: Gift Aid is a procedure where the University can reclaim from HM Revenue & Customs the basic rate of income tax on a donation given to the University by an individual. Currently the University is able to increase the value of the donation by 25%.

1 Apr 2015: Some trust funds have managers in more than one department. These funds are therefore mapped to Central Administration and are listed under "General" when the Annual Accounts are published in the University Reporter.

17 Aug 2015: As institutions may not receive notification from the customer prior to the payment appearing in the bank account, you must review the twice weekly sterling, dollar and euro electronic payment lists distributed by the Cash Management (CM) Team.

2 Apr 2015: Where departments receive donations directly in the form of cash and/or cheque then these should be forwarded to CUDAR for processing. CUDAR will then take responsibility for the banking of monies and receipting on UFS. If appropriate they will

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

1 Apr 2015: Overheads are charged on trust funds that have been set up since 1995 where the fund is paying for a specific post or posts if the regulations of the fund permit. Trust funds set up from May 2007 onwards, are charged 30% overheads on staff costs.

1 Apr 2015: Most trust funds will have some permanent capital - the original endowment that cannot be spent by the Managers. A number of funds do not have permanent capital as, under the terms of the bequest, both the original donation and any income generated,

1 Apr 2015: A significant number of the University's Trust Funds are prize funds. The detail of each prize is listed annually in November each year, in a special edition of the Reporter. Many prize funds have the annual income as the value of the prize.

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

17 Aug 2015: To create an invoice, the customer must exist in UFS. The Credit Control Team provides a centralised service to set up and amend customers in Accounts Receivable. This service is designed to reduce the administrative burden on the institutions,

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

1 Apr 2015: Most trust funds will have some spendable capital as well as permanent capital. This is also known as accumulated unspent income. The regulations for most Trust Funds explicitly provide for unspent income to be carried forward and used as income in

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.

1 Apr 2015: The constitution of the board of managers or electors of a trust fund is usually laid down by Ordinance. Managers may be appointed by the Council, the General Board, Faculty Board or other bodies. A full list of managers for each trust tund is

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

31 Mar 2015: At the end of each financial year the Head of Department is required to sign a year-end certificate for their department; this includes certifying that the Fixed Asset Register holds the correct number and type of assets held in the department.

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

31 Mar 2015: Department's responsibilities iProcurement When raising a requisition select an appropriate category code – non catalog items eg. %equipment. The track as asset box can be ticked at requisition level which will pull through to the Accounts Payable

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

5 Aug 2015: In this section: Cardholder records Change of Address Unrecognised transactions Lost or Stolen Leaving employment Cardholder records Departments should keep an up to date list of all its cardholders and their credit limits.

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

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.

1 Apr 2015: The University has limited powers to vary the application of a trust fund.

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,

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