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Policy & Procedures
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Finance Division
Home
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Staff & Department Services overview
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Customer Set Up
Supplier Set Up
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Finance Staff Bureau overview
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Insurance
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Tax
Tax overview
VAT
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Off-Payroll Workers overview
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Policy & Procedures
Policy & Procedures overview
Financial Regulations
Financial Regulations overview
A. Preliminary
B. Heads of Department
C. Contract Execution and Commencement
D. Income and Expenditure
E. Investment and Borrowing
F. Purchasing
G. Bribery and Fraud
H. Corporate Requirements
I. Commercial Activity
J. Staffing
K. Property
L. Authority
M. Explanatory Note
Schedules
Schedules overview
Schedule 1 - Competition Procedures
Schedule 2 - Definition, Advice and Guidance
Financial Procedures
Financial Procedures overview
Chapter 2 - Budgetary Planning & Control
Chapter 2 - Budgetary Planning & Control overview
Introduction
Introduction overview
Why do we set budgets?
What do we mean by budgetary Control?
The role of the Finance Manager
Departmental responsibilities
Administrators' checklist
Budgetary planning
Budgetary planning overview
What budgets do we set in the University?
How and when does the University set its budget?
What activities do not have budgets in UFS?
How to budget for Trust Funds?
How to budget for other non-Chest activities such as Trading?
Budget phasing
Budgeting for overhead recovery income
What transaction codes are used for budgets in UFS
What is the difference between budgeting and forecasting?
What happens to budgets at the end of the financial year?
Monitoring and Controlling Budgets
Monitoring and Controlling Budgets overview
What is a variance?
Types of variances
The Financial Summary Report
Other ways to monitor expenditure
What to do if a budget is overspent
Transfer codes
Commitment accounting
Additional tools that can be used
Budget virements
Research grants reports/queries
Monitoring and controlling expenditure against income
Monitoring and controlling expenditure against income overview
Which reports compare expenditure to available income
The importance of matching income to expenditure
Spending surpluses
Appendices
Chapter 3 - Chart of Accounts
Chapter 3 - Chart of Accounts overview
Section 1: Recommended reading for all users
Section 1: Recommended reading for all users overview
Introduction
Entity segment
Department segment
Cost Centre segment
Source of funds segment
Transaction segment
Spare segment
Section 2: Source of Funds codes
Section 2: Source of Funds codes overview
'A’ Sources of Funds: The Chest
‘B’ Sources of Funds: Costs reimbursed from external sources
‘E’ Sources of Funds: General reserves
‘F’ Sources of Funds: Specific reserves
‘G’ Sources of Funds: self-supporting activities
‘H’ Sources of Funds: Specific donations
‘I’ Sources of Funds: Specific endowments
‘J’ Sources of Funds: Specific grants
‘K’ Sources of Funds: Trust funds
‘L’ Sources of Funds: Trust fund appropriations
‘M’ Sources of Funds: Research grants and contracts
‘P’ Sources of Funds: Capital projects
‘Z’ Sources of Funds: Depreciation
Section 3 : Transaction codes
Section 3 : Transaction codes overview
The importance of Transaction codes
Format
Transfer codes
Section 4: The role of the chart of accounts in reporting
Section 4: The role of the chart of accounts in reporting overview
Production of financial statements & management information
Production of financial statements & management information overview
Summary Reports
University Level Reporting
Mapping of General Ledger balances
Chapter 4 - Procurement Procedures
Chapter 4 - Procurement Procedures overview
Procurement
Procurement overview
Purpose
Financial Regulations
Departmental purchasing procedures
Purchasing Working Group
EU Directives on Public Procurement
Environmental considerations
Other legislative considerations
Code of Ethics
Code of Ethics overview
Compliance with Financial Regulations
Confidentiality and reliability of information
Impartiality
Bribery and corruption
The Purchasing Cycle
The Purchasing Cycle overview
UFS
External purchasing
Identifying requirements
Framework Contracts
Requirement for Competitive Bids
Obtaining Competitive Bids
Selecting Suppliers
Processing the order
Appendice : Purchasing Cycle flowchart
The EU Directives on Public Procurement
The EU Directives on Public Procurement overview
Contracts covered by the Directives
EU Tendering procedures
Advertising in the Official Journal of the European Communities (OJEC)
Import procedures
Import procedures overview
Freight Forwarders
Purchasing goods and services from outside the EC
Purchasing goods and services from the EC
Environmental considerations
Environmental considerations overview
Specification, standards and award criteria
Product guidelines
Disposal of surplus equipment
Disposal of surplus equipment overview
Advertising and selling your surplus equipment
Legislative requirements
Fixed Asset disposal form
Chapter 5a - Employment Status
Chapter 5a - Employment Status overview
Risks
Importance of compliance
University procedure
University procedure overview
Short-term academic tasks
Payments to students
Volunteer payments
Online FD3 Form (Raven)
Online FD3 Form (Raven) overview
Factors for determining status
Other considerations
Appendix A : UPS summary
Chapter 5b - Expenses and benefits
Chapter 5b - Expenses and benefits overview
Introduction
Introduction overview
Application
Overall policy
Tax implications of benefits and expenses payments
General expense procedures
General expense procedures overview
Claiming expenses
Advances
Use of University credit cards
Reimbursement by employees of private travel expenses
Expenditure not supported by receipts etc.
Completing the P11D declaration
Travel by University employees
Travel by University employees overview
Travel policy
Definition of a business journey
No personal gain
Prior authorisation to travel on University business
Funding
Travel bookings
Private vehicle travel
Car parking
Hire vehicles
Cycles
Local public transport
Taxis
Rail travel
Air travel
Eurostar/ferries
Passports
Visas, vaccinations
Travel insurance
Miscellaneous business expenditure whilst travelling
Subsistence expenses
Subsistence expenses overview
Subsistence rates for employees
Employee accommodation whilst on business journeys
Telephone calls and similar incidental expenses
Expenses for non-employees
Expenses for non-employees overview
Travel for spouses and family members
Visitors involved with educational activities
Subsistence payments to visiting foreign academics
Payments to research volunteers, lay participants and participants in clinical trials
Payments to research volunteers, lay participants and participants in clinical trials overview
FAQ - UPS5 payments for Research Study Participants
Travel expenses of consultants etc
Travel expenses for individuals attending interviews
Entertaining
Entertaining overview
Business entertainment
Staff entertainment
Benefits
Benefits overview
Communications
Home working
Protective clothing and uniforms
Use of vans and pool cars
Equipment to assist people with a disability
Subscriptions
Publications
Goodwill gifts from third parties
Training and development
Relocation and removals
Equity scheme
Job related accommodation
Loans
Sales to employees
Personal purchases from University suppliers
Private medical cover
Eye tests
Welfare counselling
Occupational Health
Trivial benefits
Long service awards
University Nursery places
University play scheme
Childcare salary sacrifice/voucher scheme
Social events and sports clubs
Appendices
Chapter 6 - Non-pay expenditure
Chapter 6 - Non-pay expenditure overview
Suppliers
Suppliers overview
Staff access to the supplier database
Searching the system and new supplier requests
High Street suppliers
New supplier requests
Amendments to existing suppliers
Duplicate/deactivated suppliers
Inactive suppliers
Factoring companies
Processing suppliers' invoices
Processing suppliers' invoices overview
Supplier settlement discounts
Travel expenses
Internal trading
Paying a factoring company
Incorrect purchase order (PO) distributions
Payments
Payments overview
Pay groups (what do they mean?)
Payment methods
Cheque cancellation
Copy supplier invoices
Employee payments (non payroll related)
Foreign currency transactions
Foreign currency transactions overview
Foreign currency exchange rates
Use of exchange rates
Foreign currency advance
International payment orders (IPOs)
Credit card procedures
Credit card procedures overview
Aims of credit card procedures
Application process
Departmental credit cards
Using the card
Monthly credit card statements
Monthly credit card expense forms
Monthly accounting arrangements
Taxable benefits
Cardholder administration
Departmental Head/Administrator monthly checklist
Month end
Appendices
Chapter 7 - Cash and banking procedures
Chapter 7 - Cash and banking procedures overview
The University Cashier
The University Cashier overview
Services available
International payment orders (IPO) requests
Chapter 8a - External trading and credit control
Chapter 8a - External trading and credit control overview
Administrators' Checklist
Considerations Before External Sales are Made
Considerations Before External Sales are Made overview
Should the University be making this sale?
Charitable Status
Establishing the Right Price to Charge (Full Economic Costing)
Non-University commercial activity
Marketing and advertising
Pre-Sales Procedures
Pre-Sales Procedures overview
Credit Risks of particular activities
Credit worthiness of external customers
Determining the correct VAT treatment
Terms and Conditions
Appropriate Payment Methods
Quotations
Customer Purchase orders
Making Sales
Making Sales overview
Setting up customer accounts on UFS
Raising sales invoices
Receipt of a self-billed invoice
Customer refunds
Month-end procedures
Other sales related documentation
Receiving payment
Debt Management
Debt Management overview
Debt Monitoring
Recovery approaches for particular types of debtors
Recovery timetable
Recovery methods
Keeping records of recovery attempts
Interest
Agreeing proposed payment plans
Legal recovery
Bad-debt provision
Writing off bad debts
Appendices
Chapter 8b - Internal Trading
Chapter 8b - Internal Trading overview
Introduction
Buying goods/services from other Departments
Selling goods/services from other Departments
Monitoring & Further Guidance
Appendix A - Customer numbers
Chapter 9 - VAT and other taxes
Chapter 9 - VAT and other taxes overview
When is VAT charged
How VAT works in the University
Sales/Income in the UK
Sales/Income in the UK overview
Education
Supplies closely related to education
Room Hire
Services provided by Medically Qualified Staff
Postage
Books and other Printed Matter
Food
Advertising
Sales of medically exempt items (Zero-rated)
Reduced-rate Sales
Other Sales
Sales to members of the EC
Sales to members of the EC overview
Goods to business and individuals in the EC
Services to businesses in the EC
Services to individuals in the EC
Sales to the Rest of the World
Sales to the Rest of the World overview
Goods to business and individuals outside the EC
Sales of services to non-EC businesses
Sales of services to non-EC individuals
Common Errors in the treatment of VAT on income
Common Errors in the treatment of VAT on income overview
Donations and Contributions
Grants
Recharges
Reimbursements
Refunds (money received from suppliers)
Bench Fees
Typical Purchases in the UK
Typical Purchases in the UK overview
Advertising
Books
Business Entertainment
Catering and Accommodation
Expense Claims
Food
Goods for the Disabled
Hire of rooms
Human Blood and Organs
Insurance
Medically Exempt purchases
Non-VAT Registered Suppliers
Stamps/franking machine charges
Travel tickets
Processing goods and services charged without VAT in the UK
Purchasing goods from the EC
Purchasing goods from outside the EC
Purchasing services from outside the UK
Duty Relief
Duty Relief overview
Duty Rates
Guidance available on Reliefs
Temporary Admission - HMRC Notice 200
Inward processing Relief (IPR) - HMRC Notice 221
Outward processing Relief (OPR) - HMRC Notice 235
Scientific Instruments free of Duty and VAT - HMRC Notice 340
Importing Donated Medical Equipment VAT & Duty Free - HMRC Notice 341
Importing Miscellaneous Documents and Other Related Articles Free of Duty and VAT - HMRC Notice 342
Importing Museum & Gallery Exhibits free of Duty & VAT - HMRC Notice 361
Importing Animals for Scientific Research Free of Duty - HMRC Notice 365
Importing Biological and Chemical Substances for Research Free of Duty and VAT - HMRC Notice 366
Importing goods for testing free of duty and VAT - HMRC Notice 374
A Brief Guide to Corporation Tax
A Brief Guide to Corporation Tax overview
Charitable Activities Relief
Non-Charitable Activities
CUTS (Cambridge University Technical Services)
Gift Aid on Donations
Appendices
Chapter 10 - Month-end guidance
Chapter 10 - Month-end guidance overview
Month-End Timetable
Purchasing
Accounts Payable
Accounts Receivable (including Internal Trading and Banking)
Inventory
Fixed Assets
Grants
General Ledger (GL)
Glossary
Chapter 11 - Year End Instructions
Chapter 11 - Year End Instructions overview
The year-end process
2018 Key notes
Module close dates
Year-end checklist
Detailed instructions and timetable
Detailed instructions and timetable overview
Payroll and University Payroll System (PAY)
Procurement (PO)
Accounts Receivable (AR)
Accounts Payable (AP)
Inventory (INV)
Research Grants (GMS)
Fixed Assets (FA)
General Ledger (GL)
Certification by Head of Department
Staff contacts
Appendices
YE Seminars & New User workshops
FAQs
Chapter 12 - Investments
Chapter 12 - Investments overview
Investment in the Deposit Account
Investment in the Deposit Account overview
Interest
Overdrawn Accounts
Placing money on deposit
Taking money off deposit
Information of Departmental Deposits
Investment in the Cambridge University Endowment Fund (CUEF)
Investment in the Cambridge University Endowment Fund (CUEF) overview
Unit Purchase and Sales
Distribution from the Fund
Departmental Holdings Summary
Annual Review Report
Chapter 13 - Trust funds
Chapter 13 - Trust funds overview
Trust Fund Set Up
Trust Fund Set Up overview
Setting up of the Fund
Appointment of Trust Fund Managers
Permanent Capital
Spendable Capital
Coding Structure of Trust Funds
Trust Funds belonging to more than one department
Varying the Ordinances for Trust Funds
Trust Fund Income
Trust Fund Income overview
Interest from Money on Deposit
CUEF Distributions
CUEF Unit Purchases and Sales
Trust Fund Expenditure
Trust Fund Expenditure overview
Trust Fund Overheads
Payments for Occasional Academic Services
Prize Funds
Appropriations in Aid
Activities supported by more than one funding stream
Management of Trust Funds
Management of Trust Funds overview
Estimate Income Required for the Coming Year
Monitoring Trust Funds
Deposit Movements
Year End Procedures
Appendices
Chapter 14 - Accounting for donations and grants
Chapter 14 - Accounting for donations and grants overview
Scope of donations
Scope of donations overview
Responsibility for donation policy
Definition - What is a donation?
Types of income treated as donations
Income which is not a donation
Principles and practices on the acceptance of donations
Principles and practices on the acceptance of donations overview
Consultation with CUDAR re solicitation of donors
Authority to accept donations under £100,000
Decision to accept restricted donations
Receipt of donations
Availability of funds
Classification of Donations
Gift Aid
Gift Aid overview
Higher rate and additional rate taxpayers
Overseas donors
How it works
Procedure for making a claim
Further information
Types of donation for accounting purposes
Types of donation for accounting purposes overview
Source of Funds for Donations
General Donations - source of funds EF** to EX**
Specific Donations - source of funds H***
Specific Endowments
Procedures for receiving and processing donations in departments
Procedures for receiving and processing donations in departments overview
Un-receipted cash and cheques
Cash and cheques receipted by departments
Procedures for receiving donations via the Development and Alumni Relations office (CUDAR)
Procedures for receiving donations via the Development and Alumni Relations office (CUDAR) overview
Donation receipt
Notification to the department
Departmental action
CUDAR action
Donation release
Spending against donation accounts
Spending against donation accounts overview
Specific Endowments
Specific Donations
Overheads charged to donation accounts
Activities funded from more than one source
Ongoing management of donation accounts
Ongoing management of donation accounts overview
Balances to be maintained in credit
Investing Balances
Surpluses on Specific Donations/Endowments
Year-End
Reporting to Donors
Transferring donations
Appendices
Appendices overview
Chapter 15 - Inventory
Chapter 16 - Fixed Assets
Chapter 16 - Fixed Assets overview
Introduction to Fixed Assets
Introduction to Fixed Assets overview
Fixed Asset Categories
University Policy
Importance of Fixed Assets
Equipment
Equipment overview
Acquisition of equipment
Monitoring and maintenance of equipment
Disposal of equipment
Land and Buildings
Land and Buildings overview
Departmental funding of EM work
Building Funds
Recommended monthly procedures
Recommended monthly procedures overview
Departmental responsibilities
The central process for fixed assets
Updating the Fixed Assets module
Updating the Fixed Assets module overview
Tag numbers
Responsible employee
Security
Physical verification of assets
Chapter 17 - Expenditure on buildings
Chapter 18 - Insurance
Chapter 18 - Insurance overview
Insurance within the University
Insurance within the University overview
Insurers requirement for good risk management
Checklist for administrators
Property Insurance
Property Insurance overview
Notification of buildings and contents
Insured Risks
Exclusions
Claims Procedure
Property Claims Excesses
Motor Insurance
Motor Insurance overview
Departmental Responsibilities
Claims procedure
Reflection in the accounts
Public & Product Liability Insurance
Public & Product Liability Insurance overview
Public & Product Liability Insurance
Third party personal injury claims
Employers Liability Insurance
Employers Liability Insurance overview
Departmental responsibilities
Claims for personal injuries by employees
Professional Indemnity Insurance
Professional Indemnity Insurance overview
Conditions of cover
Complaints and letters of claim
Clinical Trials Insurance
Clinical Trials Insurance overview
Application Process
Pre-conditions
The cover
Complaints and letters of claim
Travel Insurance
Travel Insurance overview
Application process for University travellers
Application process for departmental fieldtrips
Making a claim
Insurance for Fine Arts, Old Books, Artefacts and Valuable Objects
Insurance for Fine Arts, Old Books, Artefacts and Valuable Objects overview
University Museums, Galleries and the University Library
Owned items
Items on loan
Exhibition and transit insurance
Engineering Insurance and Inspection for Pressure Vessels, Lifting Equipment and Lifts
Engineering Insurance and Inspection for Pressure Vessels, Lifting Equipment and Lifts overview
Statutory inspections
Departmental duties
Payment for the inspection service
Appendices
Chapter 19 - Research Grants
Chapter 19 - Research Grants overview
Research Funding
Research Funding overview
Determining if funding is a research grant or contract
Sponsor terms and conditions
Full Economic Costing (fEC)
X5 costing tool
The Application Process
The Application Process overview
Contract negotiation
Delegated Authority
UFS Grants Module
UFS Grants Module overview
Successful applications
Access responsibilities in UFS
The grant structure and coding
The Award budget
Activating a grant
Foreign currency grants
Amendments to a grant
Commitments
Controls
Grants and VAT
Reflection of Grants in the General Ledger
Reflection of Grants in the General Ledger overview
Research Grant cost centres
Research Grant sources of funds
Reconciliation between the GL and the Grants modules
Items processed centrally each month
Managing Your Grant
Managing Your Grant overview
The active period of research
Charging expenditure to a grant
Staff costs
Equipment Purchase
Posting petty cash
Posting a refund to a grant
Month end tasks
Clearing the suspense grant
Monitoring Grants
Sponsor Audits
Invoicing and income
Invoicing and income overview
Invoicing to sponsors
Credit control
Starting Certificates
Scientific reports
Exchange rates
When an Award finishes
Excess income and excess expenditure
Project Evaluation
Additional Support and Help
Appendix A: Grants and VAT flowchart
Chapter 20 - Compliance issues and procedures
Chapter 20 - Compliance issues and procedures overview
Financial Regulations
Internal Control Procedures
Internal Audit and External Audit
Reporting Suspected Fraud and Whistle-blowing
Retention of Financial Documents
Payment Card Industry Data Security Standard Compliance
Advice for schools
Best Practice Guides
Complaints Procedure
Development & Alumni Relations guidelines
Foreign Exchange (FX) Management for Research Policy
Foreign Exchange (FX) Management for Research Policy overview
Policy Objectives
Policy
Internal Audit
Internal Audit overview
The Purpose of Internal Audit
The Audit Process
Terms and Conditions
Terms and Conditions overview
Previous Versions
Project Pectus
Procurement Services
Systems
Systems overview
UFS Live
Reports catalogue
Reports catalogue overview
Reporting
Reporting overview
Cognos Log on
Cognos access request
Guidance and training
Consultancy services
Contacts
Supplier Database
eSales
eSales overview
Financial Regulations
The eSales Process
Conferences and Events
Product Catalogue
Planning Round Data Collection
UFS Playground
Key Contacts
Systems Logins
Payroll
Payroll overview
New starters
New international employees
Students working during holidays
Payroll deadline dates
Tax rates and bands
Income Tax allowances
National Insurance
Alerts for employees
Payslips
Employer costs
HMRC Personal Tax Accounts
Training
Training overview
Training and support
Training and support overview
UFS training
Procurement
Reporting tools
Reporting tools overview
Discoverer Viewer
Managing departmental finances
Taxation
Professional qualifications
Professional qualifications overview
AAT
AAT overview
AAT Qualification
Qualification Scheme
Thinking of studying AAT?
University Programme
Further Assistance
Life after AAT
CIMA
CIMA overview
Thinking of studying CIMA?
Why choose CIMA?
Exam structure
Practical Experience Requirements
Exemptions
Training Providers
ACCA
ACCA overview
Thinking of studying ACCA ?
Why choose ACCA?
Exam Structure
Exemptions
Practical Experience and Mentors
Training Providers
CIPS
CIPS overview
About CIPS
First Steps in Procurement
CIPS Level 3
CIPS Level 4
Other
Anti-Bribery and Corruption training
PCI Compliance training
Guidance & FAQs
Guidance & FAQs overview
Accounts Payable
Accounts Receivable
Cognos
Collections
Fixed Assets
General CUFS References
General Ledger
Inventory
iProcurement
Research Grants
Common issues & FAQs
CUFS Codes
CUFS Codes overview
Codes: A
Codes: B
Codes: C
Codes: D
Codes: E
Codes: F
Codes: H
Codes: J
Codes: K
Codes: L
Codes: M
Codes: P
Codes: Q
Codes: R
Codes: S
Codes: T
Codes: U
Codes: V
Codes: W
Codes: X
Tax
Training manuals
About us
How to Find Us
Key Dates & Rates
Key Dates & Rates overview
Current status of UFS modules
Month end timetable
Scheduled central processes
Payroll deadline dates
Foreign Exchange Research Policy Rates
Cambridge University Endowment Fund information
University Deposit Account Rates
International Payment Orders (IPOs) Bank Charges
About
About overview
How To Find Us
Contact us
CUFS Departments
Latest News
Latest News overview
Annual Accounts
Finance Division Intranet (Staff only)
Schedules
Finance Division
Policy & Procedures
Financial Regulations
Schedules
Schedule 1 - Competition Procedures
Schedule 2 - Definition, Advice and Guidance
A. Preliminary
B. Heads of Department
C. Contract Execution and Commencement
D. Income and Expenditure
E. Investment and Borrowing
F. Purchasing
G. Bribery and Fraud
H. Corporate Requirements
I. Commercial Activity
J. Staffing
K. Property
L. Authority
M. Explanatory Note
Schedule 1 – Competition Procedures
Schedule 2 – Definition, Advice and Guidance
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