| AR module closes at 5pm on Monday 15 August |
| ON THIS PAGE | |
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Key Date |
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Bank charges and small balance adjustments |
Fri 12 Aug |
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Full individual debt statements distributed to departments |
Tue 16 Aug |
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First posting of bad debt provision |
Tue 16 Aug |
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Final posting of bad debt provision |
Fri 26 Aug |
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It is essential that customer and internal trading invoices are processed in the correct accounting period and all receipts are identified and applied to outstanding invoices. |
Date AR module opens for new year
The AR module will not open for the August period until 5 August 2022. You will not be able to raise August-dated invoices until after this date. The delayed opening date will allow department accounts staff to concentrate on the closing of the July period. Module close date is 15 August.
Confirmation of petty cash, till floats and advance balances
All departments need to confirm their petty cash, float balances and any advance balances as at 30 June 2022 by completing the Cash holding confirmation form.
The form is available in PDF as well.
Completed forms (including nil returns) should be returned to the Finance Division by 20 July marked for the attention of the Cashiers.
In case of queries please email the Cashiers, or call Tel: 48867
Cash and cheque receipts
Identify all monies received up to close of business on 31 July 2022 whether received via the post or over the counter. This includes monies from the emptying of all vending machines, key deposits and other collection items.
Departments should continue to bank cash and cheques received in relation to the new financial year but will not be able to enter receipt batches on UFS until 5 August, when the AR module is opened for the 2022/23 financial year.
Receipt batches
For all AR transactions please ensure the correct dates are used:
- Receipt batches, receipts and transactions relating to the old financial year must have both GL and receipt/transaction dates of JUL-22.
- Receipt batches, receipts and transactions relating to the new financial year must have both GL and receipt/transaction dates of AUG-22.
- Complete all receipt batches for cash, cheques (and if possible PDQ transactions) received by the University on or before 31 July 2022 using an accounting date of July 2022.
NB. All cheques need to be dated July 2022 or earlier.
- Run the Receipt Register Report (UFS) for each receipt batch and bank as normal.
NB. If you are forwarding cheques to the cashier for banking, please email the receipt batch details. If that is at year end, please specify which financial year it relates to.
- Run the Unapplied Receipts Register report to see where receipts have not been matched to an invoice. Apply receipts created against customers to clear outstanding invoices as necessary.
Review for bad debts
A bad-debt provision will be posted into the General Ledger by the Finance Division Credit Control team once AR has closed on the 15 August. The value of the bad-debt provision posted against an invoice is determined by the age of the invoice and the balance due, as per the following:
| 60 - 182 days past due | 25% of the balance due |
| 183 - 364 days past due | 50% of the balance due |
| 365+ days past due | 100% of the balance due |
The bad-debt provision is posted to the original sale's cost centre and Source of Funds using a transaction code of FJNA.
The dates for the processing of the bad debt provision for July 2022 are:
| 16 Aug | Initial Bad Debt Provision |
| 26 Aug | Final Bad Debt Provision (takes account of August Cash Receipts and adjustments) |
On 16 August, Credit Control will distribute the full individual debt statements to departments. These statements detail all overdue debt, and should be reviewed in conjunction with the Ageing–7 Buckets–by Account Report (UFS). Please notify Credit Control about any additional doubtful or irrecoverable debtor items on or before 25 August.
BACS receipts, bank transfers and unclaimed PDQ receipts
Please ensure that all income is claimed and receipted from the twice weekly BACS list that Finance Division distribute for GBP, EURO and US Dollars, before AR is closed. July or earlier BACS, any previously unclaimed PDQ bank deposits and counter credits can be claimed by receipting them in the usual way. Ensure you use a July 2022 receipt and GL date.
Internal AR invoices
| Invoices for 2021/22 |
Must be raised with both an invoice date and a GL date of July 2022 on or before 10 August. NB. Internal Trading AR invoices should, wherever possible, be raised in relation to the period up to 31 July so that the paying department recognises the charge in full in 2021/22. Therefore, departments are encouraged to raise their sales invoices as soon as possible to give receiving departments time to process them. |
| Invoices for Aug 2022 |
May not be raised until after the close of the AR module for the current financial year. NB. As Internal Trading invoice and credit memo transaction types for 2022/23 should not be raised until after the close of July accounts, users will be temporarily disabled from raising internal sales invoices from 10 August (5pm) to 15 August 2022. Therefore, 16 August will be the first possible invoice date. |
To send backup documentation to receiving department, use the relevant contact from the list of email addresses.
External invoicing – all departments
Ensure that all external sales invoices, together with credit memos, have been raised in order to record all income due and all monies owed to the department.
Run Incomplete Invoices Report to check there are no un-posted invoices.
Refer to Other Debtors if the final date for AR invoices has been missed.
Invoicing – departments with interfaces
Review all AR invoices pulled into the Accounts Receivable module through the Auto-Invoice process to ensure there are no errors. Make adjustments if these invoices need to be dated 31 July or earlier.
| In case of queries please email the Accounts Receivable Helpdesk or call Tel. 32215 |