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AR module closes at 5pm on Monday 17 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 21 Jul

 

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

Fri 31 Jul

 

Receipt all cash/cheques and PDQ income up to 31 July 2020. Check by running the Receipts Register Report

Mon 3 Aug

 

Raise all 2019/20 Internal Trading invoices

Wed 12 Aug

 

Submit invoice write off forms to Credit Control

Wed 12 Aug

 

Last date for issuing invoices to Group Defined organisations

Mon 17 Aug

 

Review and then receipt any remaining BACS income

Mon 17 Aug

 

Complete and dispatch all remaining external invoices

Mon 17 Aug

 

Review for bad debts and notify credit control

Thu 27 Aug

 

 

Finance Division key dates for information Key Date
Bank charges and small balance adjustments Fri 14 Aug
Full individual debt statements distributed to departments Tue 18 Aug
First posting of bad debt provision Tue 18 Aug
Final posting of bad debt provision  Fri 28 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.

In case of queries please email the Accounts Receivable Helpdesk or call
Tel. 32215

 


Accounts Receivable module

The AR module will not open for the August period until 6 August 2020. 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 17 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 2020 by completing the 2020 Cash holding confirmation form. Completed forms (including NIL returns) should be returned to the Finance Division by 21 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 2020, 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 6 August, when the AR module is opened for the 2020/21 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-20.
  • Receipt batches, receipts and transactions relating to the new financial year must have both GL and receipt/transaction dates of AUG-20.
  • Complete all receipt batches for cash, cheques (and if possible PDQ transactions) received by the University on or before 31 July 2020, using an accounting date of July 2020.

NB. All cheques need to be dated July 2020 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 17 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 followi

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 2020 are:

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

On 18 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 email Credit Control about any additional doubtful or irrecoverable debtor items on or before 27 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 2020 receipt and GL date.


Internal AR invoices

Invoices for 2019/20

Must be raised with both an invoice date and a GL date of July 2020 on or before 12 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 2019/20. Therefore, departments are encouraged to raise their sales invoices as soon as possible to give receiving departments time to process them.

Invoices for Aug 2020

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 2020/21 should not be raised until after the close of July accounts, users will be temporarily disabled from raising internal sales invoices from 12 August (5pm) to 17 August 2020. Therefore, 18 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.


Group finance transactions

All AR transactions with the entities listed in Appendix E should be completed before the AR closure date of 17 August 2020.

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

The Central and Research Accounting section must be informed of any invoices in dispute with the listed entities as at the 31 July that have not been processed.


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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