The Accounts Receivable (AR) module of UFS is used for customer record creation and maintenance, raising sales invoices, credit memos and debit memos to external and internal customers. These memos are commonly referred to as a credit or debit notes, but in UFS, they are called memos.
Institution responsibilities and Financial Regulations
In accordance with the Financial Regulations8 , invoices must be raised in the name of the University of Cambridge and show the University’s VAT number. Invoices must be raised through UFS unless prior written consent is given by the Director of Finance. Invoices should also be raised in sterling for settlement in sterling. Where, by exception, invoices are raised in a currency other than sterling, any foreign exchange risk lies with the institution. Additionally, invoices must be raised and dispatched promptly (not more than one month after the transaction to which it relates), are properly recorded and processed and must comply with the VAT Regulations.
More information:
- Raising sales invoices
- Self-billed invoices
- Supplier Portals
- Corrections to Invoices
- Customer refunds
- Refunds for online sales
- Refunds for PDQ sales
- Cancellations
- Month-end procedures for invoicing
- Other sales related documentation
- Receiving payment
8Financial Regulations 2012, Income and Expenditure, 12.1
Latest version 16 April 2024