| AR module closes at 5pm on Thursday 15 August |
| ON THIS PAGE | |
|
Key Date |
|
|
Bank charges and small balance adjustments |
Wed 14 Aug |
|
Full individual debt statements distributed to institutions |
Fri 16 Aug |
|
First posting of bad debt provision |
Fri 16 Aug |
|
Final posting of bad debt provision |
Thu 29 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. |
AR module
The AR module for the new financial year (August 24 period) opens on 7 August 2024. Do not raise August-dated invoices until after this date. The delayed opening date will allow institution accounts staff to concentrate on the closing of the July period.
The 2023/24 AR module close date is 15 August.
Cash and cheque receipts
Identify all monies received up to close of business on 31 July 2024, 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.
Institutions 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 7 August, when the AR module is opened for the 2024/25 financial year.
Receipt batches
For all AR receipt transactions please ensure the correct dates are used:
- Complete all receipt batches for cash, cheques (and if possible PDQ transactions) received by the University on or before 31 July 2024 using an accounting date of July 2024.
NB. All cheques need to be dated July 2024 or earlier.
- Receipt batches, receipts and transactions relating to the new financial year must have both GL and receipt/transaction dates of AUG-24. (Processed after 7 August)
- 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. 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.
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. BACS from July or earlier, any previously unclaimed PDQ bank deposits and counter credits can be claimed by receipting them in the usual way. Ensure you use a July 2024 receipt and GL date.
Internal AR invoices
| Invoices for 2023/24 |
Must be raised with both an invoice date and a GL date of July 2024 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 institution recognises the charge in full in 2023/24. Therefore, institutions are encouraged to raise their sales invoices as soon as possible to give receiving institutions time to process them. |
| Invoices for Aug 2024 |
May not be raised until after the close of the AR module for the current financial year. |
| You will not be able to raise any internal trading transactions between 12 August (5pm) to 15 August 2024. Therefore, 16 August will be the first possible invoice date. |
To send backup documentation to receiving institutions, use the relevant contact from the list of email addresses.
External invoicing – all institutions
Ensure that all external sales invoices, together with credit memos, have been raised to correctly record all income due and all monies owed to the institution.
Run the 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 – institutions 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.
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 2024 are:
| 16 Aug | Initial Bad Debt Provision |
| 29 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 institutions. 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 by emailing fincreditcontrol@admin.cam.ac.uk on or before 28 August.
Institutions who manage their unpaid debts via a Debtors Control GL Account in CUFS must reconcile this in full, ensuring that the balance of this account matches the total of unpaid debtors.
| In case of queries please email the Accounts Receivable Helpdesk or call Tel. 32215 |