Finance Office MEMORANDUM TO: FROM: Date: Subject: All Recipients of Monthly Reports Deputy Finance Director 9th June 2009 2008/2009 Financial Year End Timetable _________________________________________________________________________ __ The purpose of this memorandum is to clarify some of the year-end procedures and to remind you of the key dates prior to the year-end. 1. Purchase Invoices from External Suppliers (a) Invoices received prior to the year-end for Goods/Services received prior to the Year End. For these to be included within the current financial year and input onto the Finance System they must reach the Finance Office Reception Desk, 4 th Floor, Senate House (not the Senate House Porters Office or Reception desk) by 10.00 am on Monday 3rd August 2009. If departments have large numbers of invoices it would be appreciated if interim batches could be brought across over week commencing Monday 27th July in order to spread the volume of posting required. (b) Invoices received after the year-end cut off (1st August) for Goods/Services received prior to the Year End. Invoices received after the year-end cut off which relate to academic year 2008/2009 should be entered on an accruals sheet (proforma attached), signed and submitted to your Faculty Accountant. You MUST attach supporting documents for individual items valued £50,000 or over. Please remember that the invoice when received should also be coded and forwarded for payment in the new financial year. There are two cut off dates for Accruals Sheets : 10.00 am 10.00 am Thursday 6th August Thursday 13th August You should ignore accruals for Key Travel, Purchasing Cards and Fuel Cards expenses. These will be performed by the Finance Office based on statements and estimates received in August directly from these service providers. You should ensure that logs for Purchasing Cards continue to be authorised and submitted to the Finance Office on a timely basis. For Departments with large numbers of accruals, alternative means of presentation may be acceptable such as Hyperdata printouts or spreadsheets with appropriate signature and supporting documentation. Please consult with your Faculty Accountant prior to the year-end. 2. Expense Claims Please ensure that expense claims relating to the year ending on 31 st July 2009 are received in the Finance Office by 10.00 am on Monday 3rd August. Any not received by this date should be included on the Accruals Sheet. 3. Fees Requests for fee payments relating to the month of July or earlier should be received by the Finance Office by 10.00 am on Thursday 13th August. (Remember also that it would be helpful if fees relating to periods prior to July could be submitted for the July fee payment run, thus reducing the amount of processing required after the year-end). Fees for both staff and non-staff will be accrued by the Finance Office and so it is important that departments mark fees as to whether they belong to 2008/2009 or 2009/2010. 4. Sales Invoices Requests to issue invoices for goods and services supplied during 2008/2009 should be received in the Finance Office by 10.00 am on Wednesday 5th August so that the invoice can be issued and entered onto the finance system. All invoices for goods and services delivered on or after 1st August 2009 will be entered into the 2009/2010 financial year. 5. Interdepartmental Charges Interdepartmental charges not yet received should NOT be included in the accruals list as they are not a charge external to the University. Journal Transfers should be submitted as soon as possible, so please avoid leaving these until the last minute in August. The final time for the submission of interdepartmental charges is 10.00 am Thursday 13th August. If you are aware of significant internal charges that have not been received please would you consult with your Faculty Accountant by Friday 7th August who will endeavour to assist in tracing missing charges. We will be working with Building Services to ensure that they complete all their recharges by Wednesday 5th August. 6. Requests to carry forward underspends due to committed Expenditure Requests to carry forward balances must be made in writing and agreed with your Faculty Accountant before noon on Wednesday 2nd September. If you have any queries relating to the year-end, please do not hesitate to contact your respective Faculty Accountants. Please circulate this information to all individuals in your Department who are involved with the processing of financial documents. This letter is also displayed on the Finance Office web site.
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