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Before you enter into any income generating activities See Web Page
Departments should development their own external trading procedures How to use these pages
There are 8 aspects to consider before entering into new income generating activities and you may need to refer to Credit Control and the Tax Teams. Departmental responsibilities and Financial Regulations
Sales to employees at below cost (or free) need to be recorded and reported as a taxable benefit on the P11D. Sales to employees and members of the University
Non-University commercial activity should not be carried out on University premises and facilities unless the Director of Finance has been consulted. Exceptions
Before individual sales are made  
Be aware of the credit risks of particular types of supplies:

  • Course and conference fees
  • Facilities hire
  • Foreign trade
  • Salary recharges
  • Sponsorship and student support
  • Overheads and administration charges
Credit risks of particular activities
Formal written agreements should be in place before you recharge salaries to external and associated bodies Salary re-charges
Tax codes to use when dealing with Cambridge Society, CUP, UCLES and Cambridge Enterprise 'Internal' or 'External'
Credit checks must be obtained from the Credit Control (Research Accounting) Team for new customers and those with whom you anticipated that your annual trade will be >£1000 Credit worthiness of external customers
Five questions to ask to help determine correct VAT treatment Determining the correct VAT treatment
University's Standard Terms & Conditions (STC) that need to be made available to customers in advance for sales >£500 Terms and conditions and Appendix B2
The STC may not apply unless the customer accepts a valid quote from ourselves or we accept their order in writing Terms and conditions
Cannot receive cash in excess of £9,000 (15,000 Euros) Appropriate payment methods
For sales over £10,000 consider requesting a bank guarantee Appropriate payment methods
A new template is available for quotes Quotations and Appendix C
Recording Sales  
Invoices must be raised within a month of the sale on UFS Raising sales invoices
Invoices should always be coded to GAAA source of funds and a K or L transaction code Account codes
Departments should develop an internal policy for refunds Customer refunds
Debt Management  
Debt management is the responsibility of the Department Departmental responsibilities and Financial Regulations
If a Department wishes to write off a debt then they must contact Credit Control Writing off bad debts
Details must be maintained of all debt recovery actions Keeping records of recovery attempts
It may be possible to charge interest on overdue accounts Interest

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