Q. What codes should be used for departmental accruals?
Departments can either use CC/SoF = “0000”, or they can use the relevant cost centre, then use SoF “0000”
FAQs are below. Click on one you're interested in to expand the answer.
Departments can either use CC/SoF = “0000”, or they can use the relevant cost centre, then use SoF “0000”
The level of certainty has to be very high otherwise do not accrue. Be aware that the auditors usually run spot checks on income received in August and September against Year End income accruals.
Ask the HoD to put delegation in writing before leaving, and this written delegation of authority should be attached to the certificate (signed by individual assigned to task)
The 0.5% goes into a reserve to be used at a point in the future for the cost of any apprentices
1st August and 4th September
Please try to get requests in by midday on 18 August
Stephen Kent Taylor has a list he can provide on request
Identify these in your batches going to shared services around this time and mark as urgent. SCM shared services and GH shared services will be asked to accept internal trading invoices beyond the AP deadline dates.
We will issue a reminder in the bulletin and will also speak individually to the departments named as raising late sales invoices in prior years.
It is acceptable to leave all charges on the August dated Barclaycard bill posted in July. This is in accordance with our procedures. However departments are welcome to defer August purchases into August as long as these are calculated accurately and evidence is retained for audit purposes.
Please ensure signed YE certificates are returned to School Finance Managers. We will try to make this as clear as possible on the certificate.
To remove commitment of funds and to identify any issues with the PO process
Some of these may be call-of orders, or have a valid reason to be open. You need to consider the date, items bought, type of order, supplier etc before taking action
No - it is the date of the receipt which is important for year end purposes
Oracle (UFS) for all AP and AR reports
They were issued on 13 July
The report is sent out weekly to the key contact. If there is a more appropriate contact, the Helpdesk needs to be informed
No. It is entirely up to the department as to what is material for them and their accounts. Best practice would be to reflect accruals and prepayments but for audit purposes, it is mandatory to do so for amounts of £10,000 or more
It is for individual transactions. Please note that for all accruals, prepayments, income received in advance, if the total amount is £200,000 or more, all relevant paperwork should be sent to Central and Research Accounting.
Central and Research Accounting will check for any items of £5,000 or more, and based purely on this, ask departments to verify whether it is an asset or not
You can cancel the lines that aren't receipted