Glossary

Accounts Payable Module

Module within UFS specifically for processing payments of all suppliers, both internally and externally, as well as payments to staff for expenses.

Accounts Receivable Module

Module within UFS specifically for the income collection process, including:

• invoicing of customers (both internally and externally)
• receiving income
• managing overdue debts.

Fixed Assets

Assets are items that the University owns and uses. A fixed asset is an asset that we retain for more than one year (e.g. a vehicle).

Fixed Asset Module

Module within UFS specifically for recording details of fixed assets.

General Ledger Module

Module within UFS for processing journals and collating information from other modules about transactions and producing reports. The information is utilised for management and reporting purposes.

Grants Module

Module within UFS dealing with the detailed recording of income and expenditure for research grants and capital projects.

Inventory Module

Module within UFS specifically for recording stock/stores for a department, taking account of movements of the stock.

Management Accounts

Financial Information, often showing income/expenditure for an entire institution and reported to senior management as a basis for decision making.

Month End Procedures

Tasks and procedures repeated each month:

• to ensure financial transactions are processed
• so subsequently, financial information is analysed as part of the preparation of Management Accounts.

Period

An accounting period of time - i.e. a month for breaking down the financial year (i.e. into 12 monthly periods).

Purchasing Ordering Module

Module within UFS specifically used to process purchase orders.#

UFS

University Financial System: the accounting software package, Oracle Financial, used by the University to record its financial transactions.