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AR module closes at 5pm on Monday 16 August

 

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Essential Tasks

Final date for completion

Complete and return Cash Holding Confirmation form for all petty cash, till floats and advance balances as at 30 June

Tue 20 Jul

 

Identify and bank all cash/cheques received up to end of July
(This includes vending machines, collection tins and drawers!)

Fri 30 Jul

 

Receipt all cash/cheques and PDQ income up to 31 July 2021. Check by running the Receipts Register Report

Fri 6 Aug

 

Raise all 2020/21 Internal Trading invoices

Wed 11 Aug

 

Submit invoice write off forms to Credit Control

Wed 11 Aug

 

Last date for issuing invoices to Group Defined organisations

Mon 16 Aug

 

Review and then receipt any remaining BACS income

Mon 16 Aug

 

Complete and dispatch all remaining external invoices

Mon 16 Aug

 

Review for bad debts and notify credit control

Thu 26 Aug

 

 

Finance Division key dates for information

Key Date

Bank charges and small balance adjustments

Fri 13 Aug

Full individual debt statements distributed to departments

Tue 17 Aug

First posting of bad debt provision

Tue 17 Aug

Final posting of bad debt provision

Fri 27 Aug

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 2021. 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 16 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 2021 by completing the Cash holding confirmation form.

Location: Go to Finance Division website http://www.finance.admin.cam.ac.uk/ > Staff & Department Services > Forms > Accounts Receivable. 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 2021 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 2021/22 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-21.
  • Receipt batches, receipts and transactions relating to the new financial year must have both GL and receipt/transaction dates of AUG-21.
  • Complete all receipt batches for cash, cheques (and if possible PDQ transactions) received by the University on or before 31 July 2021 using an accounting date of July 2021.

NB. All cheques need to be dated July 2021 or earlier.

  • Run the Receipt Register Report (UFS) for each receipt batch and bank as normal.

NB. It may be that your first visit to the Cashier after the year end includes two receipt forms, one for each year. This is expected and acceptable.

  • 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 16 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 2021 are:

17 Aug Initial Bad Debt Provision
27 Aug Final Bad Debt Provision (takes account of August Cash Receipts and adjustments)

On 17 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 26 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 2021 receipt and GL date.


Internal AR invoices

Invoices for 2020/21

Must be raised with both an invoice date and a GL date of July 2021 on or before 11 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 2020/21. Therefore, departments are encouraged to raise their sales invoices as soon as possible to give receiving departments time to process them.

Invoices for Aug 2021

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 2021/22 should not be raised until after the close of July accounts, users will be temporarily disabled from raising internal sales invoices from 11 August (5pm) to 16 August 2021. Therefore, 17 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

 

CORONAVIRUS/COVID-19
FOR STAFF

Please see our CORONAVIRUS/COVID-19 Assistance pages for help with areas of Finance during the current situation.

UFS issued communications and the University website also contain information on this topic

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