The 2016 year end seminars were presented by:
FAQs are below. Click on one you're interested in to expand the answer.
Q. When are Indirect Cost Contribution’s (ICC’s) posted at the year-end?
The first posting is on the 1st August 2016 and the final posting is 6th September 2016
Q. How do we accrue income/expenditure on a donation/grant?
University policy is not to accrue expenditure on Research Grants.
On other donations received, the University recognises income based on cash received and expenditure should be recognised as per the date of supply.
Where a department receives a grant from e.g. Arts Council, Heritage Lottery Fund, Sports Council and it is received in arrears it may be appropriate to accrue the income. This is the exception to the normal rule and should be checked with your Finance Manager.
Q. How do the Auditors using analytics?
It is now common place for the auditors to use computer based techniques to review transactions in the accounts. Please make sure that transaction descriptions either in the General Ledger, Accounts Payable etc. are full and descriptive of the transaction.
Q. When will the supplier statement reconciliations go out to departments?
By the end of w/c 11 July
Q. If we are a small department we sometimes struggle to find 10 suppliers to reconcile, can we have the requirement revised?
It is current policy for all departments to carry out 10 supplier statement reconciliations and we need to do the exercise this year in accordance with the policy. We will however look at the policy in time for the 2017 year end to see if we can limit the requirement for smaller departments.
Q. If a PO is open over year end, AP invoice(s) pending, is a prepayment necessary as well? (Assuming materiality threshold applies.)
Purchase order's have no impact on accounting entries.
Income and expenditure are accounted based on the date of supply (not the date the PO was raised)