The Accounts Payable module interrelates with Accounts Receivable, Grants, Fixed Assets and General Ledger modules. It is essential that all supplier invoices and all expense claims, whether from employees, students or individuals, are processed in the correct accounting period.
|Tasks required||Final date for completion||Y|
|Process all 2015-16 internal trading AP invoices||Mon 15 Aug|
|Run the Invoices on Hold and Invoice Register reports||Mon 15 Aug|
|Identify remaining internal trading invoices in dispute and notify Finance Division||Mon 15 Aug|
|Process all July AP invoices||Wed 17 Aug|
|Process all staff and visitors' expenses||Wed 17 Aug|
|AP module closes at 5pm||Wed 17 Aug|
|Return supplier statement reconciliations to Finance Division||Fri 26 Aug|
In case of queries please contact the Accounts Payable Helpdesk,
Accounting for AP invoices
Please ensure that all supplier invoices received after 31 July are accounted for in the correct period.
From 10 August, the AP Team will be issuing daily reports listing:
- accounts payable August invoices posted in July; and
- July or earlier invoices posted in August (if applicable).
This enables users to check these invoices have been accounted for in the correct period. In all cases please ensure that invoices are only processed in July if the goods were received in July, if you see an invoice processed in the wrong period please correct this before AP closes on 17 August.
Reports will be sent to the same users as the supplier reconciliation notifications – please notify ufs_AP@admin.cam.ac.uk if this should be any different.
The Accounts Payable module will close at 5pm on Wednesday 17 August. Invoices relating to 2015-16 processed after this date should be accrued.
Review of outstanding invoices
Run and review the Invoice Register (UFS) report showing all invoices not yet primary approved (i.e. validated). Validate and SIA or cancel as appropriate.
Review the Invoices on Hold Report – XML Publisher and remove the holds/receipt delivered goods or services where appropriate.
NB “Invoices on hold” (other than those only awaiting secondary approval) at period end will not be ‘accrued’ or charged in General Ledger. The AP Team will regularly distribute the “AP Holds and Unaccounted Transaction Report (UFS)” to departments.
Review Internal AP invoices for 2015-16
- To be processed by 15 August with both an invoice date and a GL date of July 2016.
All 2015-16 invoices in dispute which cannot be resolved should be referred to the AP Helpdesk by 15 August for advice on the accounting treatment.
Enter and approve purchase (AP) invoices for 2015-16
Invoices processed after 31 July should be classified between:
- July 2016 or earlier purchases (ie. ONLY goods/services received on or before 31 July should be recorded in July accounts, the purchase order date is irrelevant).
- August 2016 purchases (for the new accounting year). For invoices dated July that relate to August purchases (eg. equipment rental payable in advance) the GL date should be changed from July to August.
Goods/services ordered in July or earlier but delivered/received in August are August purchases and must be recorded in August..
For invoices dated August that relate to July purchases where the goods/services were delivered/received prior to the end of July.
- Ensure that the GL date on the invoice header screen and the invoice line screen is amended to 31 July 2016, prior to approval of the invoice.
- Do not change the GL date shown against the VAT line.
For invoices dated August that relate to August purchases.
- Invoices for August purchases should retain the August GL default date.
NB, The Accounts Payable module will continue to accept July and prior purchase invoices until 17 August. Thereafter, all invoices will have to be processed in the new accounting year 2016-17. Invoices relating to the 2015-16 year received after 17 August should be 'accrued' as creditors – based upon the guidance issued within Creditors section.
The July statements will be available to print from 12 August.
Each cardholder will have a statement but departments should be able to print / download into PDF all statements in one go.
The statement dated 11 August 2016 will be posted into the July 2016 accounting period. Any grants expenditure should be journalled from the control account onto the research grant by the 19 August (close date of the Grants module).
Staff and visitors' expenses
Expenses need to be processed in the appropriate financial year. As expenses are paid in arrears please ensure July (or earlier) expenses have a July 2016 GL date and an appropriate Expenditure Item Date if charged against a grant.
Review and return supplier statements
All supplier statements should be reviewed for invoices relating to 2015-16 to ensure they have been processed.
- Statements from suppliers should be requested, retained and checked to AP invoices.
- Records should be kept for audit purposes.
Finance Division will issue on Thursday 11 July a list to each department of their Top 20 suppliers, by value for the year. From this list you will be required to select the top ten of these suppliers (having considered both the value and number of transactions) to reconcile and return to the Finance Division.
- The statements from suppliers should be requested, retained and checked to Accounts Payable invoices.
- Records should be retained for audit purposes.
- The department's top ten supplier statements should be returned to the Finance Division by Friday 26 August.