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31 Mar 2015: Fixed assets within the University are split into three specific categories and presented differently in the financial statements. Equipment Purchased by departments in the normal course of business, including from research grants.

5 Aug 2015: All reimbursements for travel and other expenses are made via the Accounts Payable Module, which means that a payment cannot be made to an individual unless they are on the Suppliers List. If required, refer to new supplier set-up procedures. This

5 Aug 2015: AR Invoices are automatically transferred overnight (via an interface) into the receiving department’s AP module. PDF invoice copies are automatically emailed nightly to the receiving department. Departments should be emailing any backup

6 Aug 2015: Introduction and overview Heads of Institutions that receive income from the sale of goods or services, including Research, must establish procedures to ensure that all sales are authorised and supplied as agreed.

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.

12 Aug 2015: Grants that are awarded in a foreign currency will be converted to sterling at activation stage, using the University’s foreign exchange policy. The preferred currency for research grants is sterling. For US Dollar and Euro denominated grants the

5 Aug 2015: Amendments to an existing supplier record are only acceptable if they are accompanied by official documentation regarding the relevant change. This may be in the form of a letter from the company stating the change or a copy of an invoice headed

23 Jul 2015: When transferring costs between sources of funds, it is recommended that the transfer should use the original transaction code wherever possible. However should this not be practical then the generic transfer code of EZXX can be used, but must be

1 Apr 2015: Calculate the cost of the activities of the trust over the forthcoming year. For salaries, do not forget to include on costs such as employer's NI and pension contributions, as well as the overhead charge.

23 Jul 2015: All trust funds are legally created and have their own deed that details the rules and regulations for the specific fund.

5 Aug 2015: If you come across an invoice that states the payment should be processed to a factoring company, then process the invoice as normal against the actual invoicing company. However, check to ensure that the supplier has been set up with a site named

23 Jul 2015: The primary purpose when monitoring expenditure against a budget is to ensure that expenditure does not exceed either the budget, or its planned or received income. The first problem is how to spot where expenditure has, or will, exceed the budget.

31 Mar 2015: Equipment and Books Equipment costing less than £30,000 per individual item: Is written off (termed 'expensed') in the year of purchase. This means that it is not formally recognised as an asset in the University's financial statements.

4 Sep 2015: What is a Source of Funds? The Source of Funds is the fourth part of the account code. Each four-digit code represents a different source of income. Income and expenditure funded by that income must be recorded against a specific Source of Funds code

5 Aug 2015: To maintain a level of timeliness and good housekeeping within the Supplier database, suppliers who have not been used for over 18 months, and have had no activity, are classed as Inactive. This applies only where there are no open Purchase Orders

6 Aug 2015: Corporation tax is a tax payable by corporate bodies on any profits they make. The University is a corporate body and is therefore in principle subject to corporation tax on any surpluses made. However there are extensive reliefs available to

2 Apr 2015: Donations are not available for investment or spending until they have been received and credited to an income account in the relevant Department.

12 Aug 2015: The Departmental Administrator and the Principal Investigator will be notified by email once the grant has been activated by the School Team in the Research Operations Office The activation notice will include a link to the sponsor’s terms and

12 Aug 2015: Some research sponsors, eg. Research Councils and the EC, may require a Principal Investigator to submit an interim or final scientific report. These are also known as Individual Grant Reviews (IGR).

5 Aug 2015: Each department should designate two individuals to be responsible for requesting new suppliers or amendments. However, many staff may simply require the Supplier database to view suppliers and this is available to anyone with UFS access.

5 Aug 2015: BACS payments All Sterling University Suppliers are paid via BACS (Bankers Automated Clearing System). This is an electronic payment system whereby money can be paid directly into a supplier's UK bank account on a specified day, without the need to

12 Aug 2015: Costs can only be incurred during the active period of research, i.e. after the start date and before the end date of the grant. After the end date, purchases can be charged if the goods were physically received before the end date. The start date

2 Apr 2015: The procedures for authorisation of Trust Funds and Special Funds expenditure involve explicit approval by a Manager of the Fund and are set out in a separate chapter of the Financial Procedures Manual (Chapter 13 - Trust Funds).

12 Aug 2015: All departments have access to Cognos, as well as reports within the UFS Grants Module, enabling them to view the latest financial position on their grants.

23 Jul 2015: Where finances can be managed using UFS this is the most efficient way. However, there may be times when off-line systems can add further detail/clarity. For example, trust fund managers may choose to record a simple budget for the fund on an Excel

6 Aug 2015: Human blood and products for therapeutic purposes made of human blood, human (including foetal) organs or tissue for diagnostic or therapeutic purposes or medical research are exempt. Therefore no VAT is charge on the purchase and these purchases

5 Aug 2015: If the distribution is incorrect when matching an invoice to a PO, the changes should be made at the invoice processing stage If you feel the PO distributions require altering then: • Within AP, match the PO to the invoice as normal (with the

2 Apr 2015: When funds are released they will be credited to the specified department / cost centre / source of funds combination with a transaction code: LFDO "Donations transferred from Development Office" It will also include any interest that has been e

23 Jul 2015: Schools and other University Institutions are expected to produce strategic plans. These plans set medium- to long-term priorities and explain how they are to be implemented. The strategic plans are accompanied by detailed financial forecasts.

23 Jul 2015: A commitment is an agreement or a pledge to assume a financial obligation at a future date e.g. the funds that we are committing to spend with a supplier when we send them a purchase order. UFS is a commitment accounting system.

2 Apr 2015: The Finance Division is responsible for the University's financial policies and accounting procedures: whereas, the Development and Alumni Relations (CUDAR) is responsible for the policy on the solicitation, acceptance and stewardship of

31 Mar 2015: Where Departments are providing funding for land and buildings an internal invoice will not be raised. The recovery of funds will be by journal entry. This is true of both minor works and major projects. The process is as follows: 1.

12 Aug 2015: Any external audit requirements will be included in the terms and conditions of each award. External audits will be arranged by ROO and auditors may need to visit departments to check invoices and payroll information. ROO will contact departments to

4 Sep 2015: Many departments receive income from trust funds. Each trust has its own deed that details the rules and regulations concerning its set up and use. Details of each trust are recorded in the University’s statutes and ordinances.

12 Aug 2015: The budget is divided into project(s), task and then into expenditure categories.

31 Mar 2015: Fixed or tangible assets are the physical structures that support the University and are therefore of significant value and are required to be accurately recorded and reported on within the University's financial statements.

23 Jul 2015: Budgets should be input to UFS on the same transaction codes to which actual expenditure will be coded, as far as possible, otherwise meaningful analysis of Actual versus Budget expenditure is jeopardised at institutional, School and University level

23 Jul 2015: The primary consideration when budgeting for a non-Chest activity is to ensure that expenditure does not exceed the funds available. Therefore, the best place to start when budgeting for a non-Chest activity is to calculate the income available.

2 Apr 2015: CUDAR's 'Procedures for Handling Donations' document explains the detailed University procedures for accepting donations. Departments should use these procedures before approaching any potential donors.

7 Apr 2015: Transfers of donated funds to other institutions must always be approved by the Head of Department and be in accordance with the terms of the gift and the University's general charitable purposes.

20 Mar 2015: The role of Finance Business Partners and Institution Heads of Finance in budgetary planning and control The University operates an annual Planning Round, one aspect of which is to collate financial forecasts from institutions (usually around

6 Aug 2015: From 1 Jan 2021 Following the end of the Brexit Transition Period purchases from suppliers both in the EC and outside are treated in a similar manner. Please refer to the Import Export Hub for the current information. When buying goods from

5 Aug 2015: From April 2015, HMRC changed the rules as to how VAT should be accounted for on invoices with a prompt payment discount. Prior to the change, VAT would always be calculated on the discounted value irrespective of whether the discount was actually

5 Aug 2015: Some departments operate a single card for online and overseas purchases.

12 Aug 2015: Credit checks The credit control team within Research Accounting credit-check all new sponsors for credit worthiness where possible. Existing sponsors are monitored regularly.

5 Aug 2015: Suppliers that have been entered more than once onto the Supplier database are identified and deactivated by the Accounts Payable (AP) Team. Suppliers that the University does not wish to trade with in the future, for example, companies that have

4 Sep 2015: Principally EZXX for transfer of expenditure and LXBB for transfer of income. Transfer codes Use with caution Refer to Best Practice Guide 3 or your Finance Adviser Latest version 01 May 2024

5 Aug 2015: The Accounts Payable Team, Finance Division arranges payment. Statements are sent directly to the cardholders’ home address, as provided on the application form, from the credit card service provider.

19 Mar 2015: When the University pays a sum of money for service(s), consideration must be given to whether the Off-Payroll Worker rules allow those payments to be made gross or whether there is deemed employment for tax purposes.

20 Mar 2015: All applications for research grants and contracts must now be costed on ‘X5’ on a Full Economic Cost (fEC) basis.