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Debt Monitoring | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/debt/debt17 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 -
What to do if a budget is overspent | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/monitoring-and/wha-023 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. -
The importance of matching income to expenditure | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/monitoring-and-6-123 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 -
L Sources of Funds: Trust fund appropriations | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-3-chart-accounts/section-2-source-funds-94 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 -
Institution Head/Administrator monthly checklist | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/credit-card-procedures-85 Aug 2015: Completed Action Check each transaction has supporting documentation. -
Determining the correct VAT treatment | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/pre-117 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 -
Self-billed invoices | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/making-017 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 -
Month end tasks | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/managing-your-grant/month-end12 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 -
Posting a refund to a grant | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-19-research-grants/managing-your-grant/posting-012 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 -
Receiving payment | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/making-417 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. -
Customer accounts on UFS | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/pre-717 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, -
Using the card | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/credit-card-procedures-25 Aug 2015: Credit cards must be used exclusively for expenditure directly relating to University business. This may include travel and restricted entertaining. -
Appropriate payment methods | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/pre-317 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. -
Reasons for non-payment | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/debt-117 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. -
Stage 1: becoming aware of the pregnancy or match | Human Resources
https://www.hr.admin.cam.ac.uk/policies-procedures/shared-parental-leave-policy/guidance/process/stage-1-becoming-aware-pregnancy3 Jul 2015: For example, 20 weeks into her maternity leave the mother may inform her employer that she intends to return to work after 30 weeks and allow her partner to take the -
Cost Centre segment | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-3-chart-accounts/section-1-overview/cost-centre4 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, -
B Sources of Funds: Costs reimbursed from external sources | Finance…
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-3-chart-accounts/section-2-source-funds-14 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 -
Cardholder administration | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-6-non-pay-expenditure/credit-card-procedures-75 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. -
Responsible employee | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-16-fixed-assets/updating-fixed-assets-module-031 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. -
Trust Funds belonging to more than one department | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-set/trust-funds1 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. -
Interest from Money on Deposit | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-income/interest-money1 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 -
CUEF Unit Purchases and Sales | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-income/cuef-unit1 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. -
Un-receipted cash and cheques | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-14-accounting-donations-and-grants/procedures-5-02 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 -
Tag numbers | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-16-fixed-assets/updating-fixed-assets-module/tag31 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 -
Permanent Capital | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-set/permanent-capital1 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, -
Trust Fund Overheads | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-expenditure/trust-fund1 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. -
Prize Funds | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-expenditure/prize-funds1 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. -
A Sources of Funds: The Chest | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-3-chart-accounts/section-2-source-funds-04 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 -
Appointment of Trust Fund Managers | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-set/appointment-trust1 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 -
Spendable Capital | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-set/spendable-capital1 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 -
Physical verification of assets | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-16-fixed-assets/updating-fixed-assets-module-231 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. -
Coding Structure of Trust Funds | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-set/coding-structure1 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 -
Setting up of the Fund | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-set/setting-fund1 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 -
Security | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-16-fixed-assets/updating-fixed-assets-module-131 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 -
Varying the Ordinances for Trust Funds | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/trust-fund-set/varying-ordinances1 Apr 2015: The University has limited powers to vary the application of a trust fund. -
Building Funds | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-16-fixed-assets/land-and-buildings/building-funds31 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. -
Collection methods | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-8a-external-trading-and-credit-control/debt-517 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 -
Cash and cheques receipted by departments | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-14-accounting-donations-and-grants/procedures-5-12 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. -
Year end procedures | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-13-trust-funds/management-trust-funds/year-end1 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 -
Stamps/franking machine charges | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/typical-purchases-uk-56 Aug 2015: No VAT is charged on stamps or franking machine charges. See goods and services charged without VAT in the UK. -
Production of financial statements and management information |…
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-3-chart-accounts/section-4-role-chart-accounts-04 Sep 2015: Summary reports The departmental and Schools or Group reports present summary information under the following headings, each of which is reported in a separate column: income expenditure overdrawn or cash in hand money on deposit CUEF other -
Travel tickets | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/typical-purchases-uk/travel6 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. -
Duty Rates | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/duty-relief/duty-rates6 Aug 2015: As a rule of thumb for costing purposes calculating a rate of 5% is usually reasonably accurate. -
Insurance | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/typical-purchases-uk-36 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 -
Food | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/typical-purchases-uk/food6 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 -
Hire of rooms | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/typical-purchases-uk/hire6 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'. -
Goods for the Disabled | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/typical-purchases-uk/goods6 Aug 2015: Certain supplies of goods and services to the disabled are eligible for VAT relief. In order to be able to claim the relief you will need to issue a certificate of eligibility to the supplier of the goods or services. This certificate can be found -
University Level Reporting | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-3-chart-accounts/section-4-role-chart-accounts-19 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 -
Charitable Activities Relief | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/brief-guide-corporation-t-06 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. -
Non-Charitable Activities | Finance Division
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/brief-guide-corporation-t-16 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
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