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2018 Key notes

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Use of Shared Services
Credit card transactions
VAT transactions
Special roll forward requests
Group finance transactions

Use of Shared Services

In past years the Shared Services section has received an exceptional level of items to be processed in the month leading up to year end. The aim of the extended June month end is to reduce the volume of historical transactions at year end as the deadlines approach, leaving only the July invoices/expense claims in need of processing. This should allow Shared Services to operate at its usual five-day Service Level Agreement over year end.

To facilitate this and to enable prioritisation of work for the year end departments using Shared Services are asked to:

  • submit 2017/2018 items for processing five working days prior to the closure of AP (by close of business on Wednesday 8 August),
  • separate items to be processed in 2017/2018 from those relating to 2018/2019.

However, as the deadline for other departments to raise internal invoices to you is the 10 August, please continue to send any invoices received as you get them to Shared Services for processing within 2017/18, even if this is after the 8 August deadline.

It would be preferable to hold back items for 2018/2019 until after the current year-end deadline. If you do send them in over this time, please clearly mark them as relating to 2018/2019, and be aware that they may not be processed until after the 2017/2018 work is complete.

Credit card transactions

During the last quarter of 2017/18 the University has moved to an end of month billing cycle with Barclaycard.  This has the following benefits:

  1. There is no need to split transactions between July and August purchases.
  2. There are sufficient processing days to get the costs on to Grants in the July period.
  3. There is no need to defer costs to the balance sheet in respect of August purchases.

With effect from the statement dated 30 June 2018, the accounting for the AP entry will change from source of funds AAAA to AZZY transactions pending transfer.  Grants and GL journals for the June and July Barclaycard statements should credit source of funds AZZY.  The default cost centre and transaction code remain unchanged.

Source of funds AZZY should be zero at 31 July in respect of Barclaycard transactions unless there are any transactions in dispute awaiting credit on a following statement.  Any balance will roll forward on the same source of funds.

VAT transactions

During the current financial year the VAT team has moved to a monthly arrangement for posting of Sales, Reverse Charge (Services Tax) and Acquisition Tax adjustments. This is in addition to the journals they already post to correct any VAT errors discovered on research grants.

Reverse Charge

The amount of VAT you would have paid on that service if you had bought it in the UK

Acquisition Tax charge

The amount of VAT you would have paid on the goods had you bought them in the UK (EU purchases only)

Sales Tax Adjustments

Occurs when a sale has been incorrectly entered with the wrong tax code

In a normal month, any tax adjustments for these items would take place in the month following the original AP or AR entry. However, for the year end all these adjustments must be posted in the same month.

As the VAT team are not able to work on the July tax adjustments until AP and AR have closed on Wednesday 15 August, all postings to departmental accounts in respect of these adjustments will be posted by no later than the end of Tuesday 28 August. The GL closes to departments on Thursday 30 August.

Special Roll Forward requests

In order to assist departments' reporting requirements, an extra date has been added to the year-end deadlines to allow specific requests from departments to be submitted to Finance Managers. Standard roll forward balances will be created as at close of business on 5 September, but the deadline for specific requests is by midday on 7 September.

Group finance transactions

The preparation of the year-end financial statements to 31 July requires the consolidation of over sixty Group entities operating across different locations and performing a variety of activities.

As part of the Group consolidation process, any transactions which occur between these entities, and between the Academic University and these entities, are required to be separately identified as Group-related i.e. inter-company transactions.

All AP and AR transactions with the entities listed in Appendix E should be processed in a timely manner before the AP/AR closure data of 15 August 2018.

The Finance Division should be made aware of any invoices in dispute with the listed entities as at the 31 July that have not been processed.

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