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2023 Key notes

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Use of Shared Services
Getting postings in the correct period
Cambridge University Endowment Fund Postings
Chest Allocation Holdback

Use of Shared Services

To help Shared Services prioritise work for the year end, departments using Shared Services are asked to:

  • submit 2022/23 items for processing five working days prior to the closure of AP (by close of business on 8 August)
  • separate items to be processed in 2022/23 from those relating to 2023/24

However, as the deadline for other departments to raise internal AR invoices to you is 10 August, please continue to send any invoices received as you get them to Shared Services for processing within 2022/23, even if this is after the 8 August deadline. 2022/23 invoices will be prioritised if you alert Shared Services to them.

Other reminders which are especially important over the busy year-end period:

  • Some departments send a large amount of older invoices around year end. Please help Shared Services cope with the tight deadlines by sending invoices in a timely manner throughout the year, and aim to clear any backlog before July. Where possible, sending small, regular batches is preferred to sending large batches weekly/fortnightly.
  • Please only flag work as urgent where this is genuinely the case.
  • Recoding tasks can be carried out in the department, unless the recoding is required to correct an error by Shared Services. It is unlikely that the team will be able to prioritise recoding requests until after the AP module has closed for 2022/23.

It would be preferable for departments to hold back items for 2023/24 until after the current year-end deadline. If you do submit them over this time, please clearly mark them as relating to 2023/24, and be aware that they may not be processed until after the 2022/23 work is complete.


Getting postings in the correct period

In prior years the external auditors found a number of transactions that had been processed in the incorrect financial year. Departments are asked to review their accounts to make sure transactions are processed in the correct financial year.
Examples for departments to look out for are:

  • Sales Invoices – Review sales invoices raised in the 2022/23 Financial Year to make sure that the related to goods/services were provided in the 2022/23 Financial Year  
  • eSales – The income received from eSales are in the correct period for the related goods/services provided.  The Finance Division will be doing a review of income from eSales to correct transactions that are in the wrong financial year.
  • Purchase Invoices – Review purchase invoices processed in the 2022/23 Financial Year to make sure that the related to goods/services have been delivered or used in the 2022/23 Financial Year.
     

Cambridge University Endowment Fund (CUEF) Postings

The postings of the July distribution and the June/July revaluation are as follows:

  • July CUEF Distribution

The accrual for July CUEF distribution will be processed into Department accounts on the 21 August.  This will allow departments to review deficits within their accounts before the closure of General Ledger.

The correction of the accrual for the July distribution will be processed through Adjustment Period 1 after the General Ledger has closed to Departments.  This will have no effect on Departments July period balances.

  • June/July CUEF Revaluation

The June/July revaluation will be posted into Departments accounts on the 7 September after General Ledger has closed for Departments.  This will be posted into the July period and will show on your final summary report.


Chest Allocation Holdback

The Chest framework agreed by Planning Resource Committee in March 2022 distributed an initial allocation to institutions for 2022-23 (typically 90% or 95%) as part of the budget upload in August 2022, whilst underwriting the 100% allocation centrally. The framework stated that, if the need is demonstrated, Schools, Institutions and Administered Funds are entitled to their 100% underwritten allocation. Therefore, at July 2023 year end there will be an exercise to assess if there is need for a further distribution up to each institution’s 100% underwritten allocation. This will be done via a new SOF specifically for the holdback (ABHB).
 
The timeline to assess whether there is need for a further distribution up to each institution’s 100% underwritten allocation is:

1.    General Ledger will close to Departments on Wednesday 30 August 2023

On Thursday 31 August 2023:

2.    Financial Performance and Planning (FPP) will confirm the value of the holdback to be distributed to School Finance Managers and Advisors.

Between Thursday 31 August and Monday 4 September:

3.    Financial Performance and Planning (FPP) will process the holdback budget journals to the source of fund ABHB in Schools and Institutions.

4.    The School Finance Managers and Advisors will process local budget journals to move budget allocations to/from ABHB.

5.    Central and Research Accounting will do matching actual income journals to match both 3 and 4 above in the July 23 period.

The Source of Funds that are included in the process, for the vast majority of institutions within the university, are:

SOF CODE SOF DESCRIPTION
AAAA CHEST NON PAYROLL
ABAA CHEST STIPENDS
ABHB CHEST ALLOCATION HOLDBACK
ACAA CHEST WAGES

 

Any questions, please direct them to your School Finance Manager or Finance Advisor.

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