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6 Feb 2015: Practical Experience Requirements (PER) Becoming an ACCA-qualified accountant does not just involve passing your exams and the professional ethics module, you also need to complete our Practical Experience Requirement (PER). PER provides a structure

2 Mar 2021: Search site. Finance Division. Import FAQs: Commercial Invoice. Q. 1. Printer-friendly version. 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

5 Aug 2015: It is best practice for departments to reconcile suppliers’ statements each month to ensure that they have recorded all invoices and credit notes taken. This process should be done regularly to ensure that operating results provide a true

1 Apr 2015: The Financial Regulations specify that it is the Head of Department's responsibility to ensure that all trust funds are maintained in credit. See also the guidance for Trust Fund Managers

12 Aug 2015: Departments are responsible for ensuring that all expenditure charged to a grant complies with sponsors’ terms and conditions.

5 Aug 2015: International Payment Orders (IPO) are the normal method used by the University to transfer funds to individuals and organizations with non-UK bank accounts. They can also be used as a method for paying foreign currency to a UK account.

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

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

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

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

2 Mar 2021: Search site. Finance Division. Import FAQs: Returning Goods. Q. I am reimporting medical exempt (for VAT) goods which I had to return to the supplier for repair - how do I generate a medical exemption certificate to give to the agent? Print out and

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

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

2 Mar 2021: Search site. Finance Division. Import FAQs: Marketplace orders. Q. I have an import order that is Medically Exempt for VAT purposes - do I need to send any additional information? Yes, for the time being until we have another mechasim available.

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.

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.

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.

16 Dec 2020: The supporting information and documentation needed for a new supplier request or reactivation is as follows Document required Link to guidance or form Invoice or quote addressed to the University of Cambridge Screen print of supplier website

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.

23 Dec 2022: Requests for a petty cash float and any permanent, or temporary, increases to an existing float must be made in writing by either the Head of Institution or Administrator to the Head Accounting Services, clearly stating the amount of petty cash

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.

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

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: 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

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

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

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 University Training Booking System (UTBS) records those who have undertaken the training and provides direct evidence of the extent to which it has been successfully promulgated within the University. A monthly report is sent from Finance

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

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

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.

6 Aug 2015: Download this chapter in PDF format Introduction Purpose The best practice procedures and guidelines set out in this chapter are intended to assist institutions in the management of trading income and to reduce outstanding debtors by identifying the

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.

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

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

18 Aug 2015: Search site. Finance Division. Writing off bad debts. Debt should only be written-off if it is genuine and due, and it has been established it is not possible or economic

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

23 Dec 2022: Each department will need to establish a Petty Cash Imprest System for issuing petty cash to employees and recording all transactions. Each time the float requires replenishing a Petty Cash Imprest Form must be completed.

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

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

27 Jan 2020: All staff have a responsibility to ensure that neither their conduct, nor the conduct of any person or organisation entering into any contract or arrangement with the University contravenes the Bribery Act 2010.

24 Apr 2019: Human volunteer studies and clinical trials It is a requirement that the organisations carrying out or collaborating in research studies involving humans provide either an indemnity or insurance cover to provide compensation to any volunteer if they

6 Feb 2015: In order to become a Chartered Global Management Accountant (ACMA, CGMA) you need a minimum of 36 months' verified work-based practical experience across four areas: Technical skills; Business skills; People skills and Leadership skills.

28 Jan 2020: Heads of Institution (HOI) may designate in writing one or more people to execute specified tasks for, and subject to the supervision of, the HOI. The HOI remains responsible and should be fully aware of any delegated authority. The HOI may have a

27 Jan 2020: In accordance with Section 54 of the Modern Slavery Act 2015, the University is required to prepare an anti-slavery and anti-trafficking statement for each financial year, setting out what steps it has taken to ensure that modern slavery is not

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

23 Dec 2022: Actions required Completed Action Ensure petty cash is stored in a suitable safe or locked drawer and never left unattended Ensure the Imprest Form is completed and posted to the ledger, prior to replenishing the float Check each payment from petty

31 Mar 2015: Compliance with the Financial Regulations is a mandatory requirement for: All institutions and University subsidiary companies but not Cambridge University Press or Cambridge Assessment. All University activities.

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.