Module closes at 5pm on Tuesday 31 August |
ON THIS PAGE |
|
Final date for completion |
✓ |
|
---|---|---|
CUEF units: last instructions to be received by Treasury & Investment Team for 2020/21 |
Thu 17 Jun |
|
Process and reconcile petty cash for 2020/21 |
Wed 4 Aug |
|
Process credit card expenditure before AP closes if using this option |
Mon 16 Aug |
|
Movement of monies on deposit |
Thu 19 Aug |
|
Clear Trust Fund deficits |
Wed 25 Aug |
|
Process any remaining credit card expenditure by journal |
Tue 31 Aug |
|
Complete spreadsheets for income and expense accruals |
Tue 31 Aug |
|
Code expenditure to same SoF as related income and clear deficits |
Tue 31 Aug |
|
Submit year-end certificate(s) to Finance Division |
Fri 24 Sep |
|
Key Date |
|
CUEF distribution July accrual and deposit interest posted |
Fri 20 Aug |
Carbon Reduction Charge (CRC) journal posted |
Wed 18 Aug |
EC PI Time adjustment posted |
Thu 19 Aug |
Indirect Cost Contribution posted |
Mon 2 Aug |
Trust Fund overheads posted |
Mon 2 Aug |
Final journal for Jul-21 VAT Adjustments |
Thu 26 Aug |
Issue Trust Fund statements to departments |
Mon 9 Aug |
Chest Allocation |
Weekly postings from 2 Aug |
Budget field frozen |
Wed 25 Aug |
CUEF Revaluation posted for June and July (Into July GL period) |
Wed 8 Sep |
Actual July CUEF Distribution posted into Adjustment Period 1 |
Wed 8 Sep |
Department summary reports, plus distribution of Year End Certificates on 10 Sep |
Tue 3 Aug |
In case of queries please contact the General Ledger Helpdesk [1] Tel. 39660 |
There are no purchases / sales of CUEF units at 31 July. The last day for dealing for 2020/21 is 17 June. Contact Treasury if there are any queries.
The department’s petty cash needs to be closed as at 31 July. The GL journal (and Grants journal if necessary) must have a July 2021 date.
Petty cash expenditure for August 2021 must be journaled into August 2021.
The department’s petty cash control account balance should reflect the amount of cash held as at 31 July.
NB. It may be that your first visit to the University Cashier after the year end includes two petty cash forms, one for each year. This is expected and acceptable.
Monthly Barclaycard statements will be available to departments from 2 August. Cardholders in Departments using Concur will see transactions in their account as they’re incurred through the month.
See Barclaycard [2] instructions in the Accounts Payable section and ensure any remaining transactions are cleared via GL journals before the module close on 31 August. Ensure expenditure date is 31 July 2021.
Balances not cleared before the GL close will roll forward to AZZY as part of the normal year end process.
Chest allocation is processed through Departments accounts as actual income.
Departments are able to move Chest Allocation by using a budget journal and liaising with your School Finance Advisor.
Central and Research Accounting will update the actual income in CUFS on the following days:
Actual Posting of July Chest Allocation |
Thu 1 Jul |
2nd Posting of July Chest Allocation |
Mon 2 Aug |
3rd Posting of July Chest Allocation |
Mon 9 Aug |
4th Posting of July Chest Allocation |
Mon 16 Aug |
5th Posting of July Chest Allocation |
Mon 23 Aug |
Budget field frozen in CUFS |
Wed 25 Aug |
Final posting of July Chest Allocation |
Thu 26 Aug |
If a department requires posting of budget journal after the 26 August,please contact your Finance Manager or Advisor who can liaise with central Financial Planning and Analysis |
19 August is the last date for placing eligible funds on deposit as at 31 July.
These are amounts owed by the department for goods and services that they have received prior to 31 July. Therefore, their costs need to be included in the 2020/21 financial year. This is done by the process of accruals.
Expenditure accruals occur where:
In case of queries please contact the General Ledger Helpdesk [4].
Accruals must be raised for transactions over £10,000 |
Instructions
Guidance on creating journals for accruals is detailed in Appendix A [5]
Sometimes journals need to be reversed in a period later than August. For example, if expenditure has been accrued in July but the invoice is not received until September then the Jul-21 journal should be the Accrual type (not Auto Reversal) and should be manually reversed in September.
Where accruals for a single Department total over £200,000, you must send supporting details to Central and Research Accounting by 31 August. Detailed supporting working papers must be retained for audit inspection. |
In case of queries please contact the General Ledger Helpdesk [1] Tel. 39660 |
Income should be deferred where it has been received by the department in advance of the goods or services being supplied (e.g. trading, course fees). If income received in advance is not deferred, it will be credited and shown in the incorrect financial year.
Appendix B [6] provides guidance on processing unearned revenue or, in case of queries, please contact the General Ledger Helpdesk.
Income received in advance must be deferred for transactions over £10,000. |
These are amounts owing to the department for services/goods provided but unbilled at the year end. They are the opposite of the accruals described previously. They will arise from goods or services provided to external customers but not yet invoiced on the AR module.
Appendix C [7] provides guidance on processing accrued income or, in case of queries, please contact the General Ledger Helpdesk [1]
Accrued Income must be raised for single transactions over £10,000. |
A prepayment occurs when a payment has been processed on UFS in advance of the goods or services being received. When this occurs over the year end, the proportion of the payment that relates to goods or services received in the new financial year (August 2021 and beyond) has to be calculated. The expenditure for 2020/21 is then reduced by this prepaid amount.
Appendix D [8] provides guidance on processing accrued income or, in case of queries, please contact the General Ledger Helpdesk [1].
Prepayments are only necessary for single transactions over £10,000. |
If the expenditure or income that is being accrued or deferred relates to a transaction with another department (e.g. internal trading) please check with the General Ledger Helpdesk before posting the journal. The Helpdesk will be able to check that the other department is making the equal and opposite accrual/deferral. This is important to ensure that the elimination of internal transactions is correct.
Recording expenditure against the same SoF as the related income is an important process for departments.
To achieve the transfer between sources of funds by a GL journal, the net balance of each type of expenditure by a GL journal is moved/transferred using the original expenditure transaction code for both the debit and credit entries of the journal.
Example:
CREDIT U. Dept. CC. AAAA. ESFZ £100
DEBIT U. Dept. CC. GAAA. ESFZ £100
This procedure should NOT be used to correct miscoding and applies to movement of expenditure between sources of funds and cost centres only.
If you require clarification please contact your Finance Adviser.
Detailed supporting working papers must be retained for audit inspection. |
Before clearing deficits, department accounts must be reviewed and adjustments made to:
Deficits may then be off-set against surpluses on non-restricted and trading sources of funds by journaling expenditure using the transfer transaction code EZXX.
Care should be taken with this process and the transaction code EZXX must be used on both sides of the journal.
|
The central Tax Team posts post journals to correct Services Tax (reverse charge), Acquisition/Import Tax and sales correction transactions on a monthly basis.
Services Tax |
The amount of VAT you would have paid on that service if you had bought it in Great Britain (GB) |
Acquisition Tax charge |
The amount of VAT you would have paid on the goods had you bought them in the UK (EU purchases prior to 1 January 2021 only) |
Import Tax |
The amount of VAT you would have paid on goods if you had purchased them in the UK (relates to goods brought into GB on, or after, 1 January 2021) |
Sales Tax Adjustments |
Occurs when a sale has been incorrectly entered with the wrong tax code |
In a normal month, any tax adjustments for these items would take place in the month following the original AP or AR entry. However, for the year end, all the July AP services/import tax adjustments are posted in the same month. As the Tax Team are not able to work on the July tax adjustments until AP and AR have closed (16 August), postings to department accounts in respect of these adjustments will be posted by no later than the end of 26 August. The GL closes to departments on 31 August.
In accordance with University policy, year-end income and expenditure totals, by SoF and cost centre, will be rolled forward to create the standard brought-forward balances for 2021/22 by the close of business on 6 September. Any department with specific roll forward requests should submit these to their Finance Manager for input in UFS by no later than midday on 9 September. As part of the preparation of the final accounts, adjustments may be necessary. This means that the balances rolled forward may change. Any such adjustments will be communicated to departments.
Two adjustment periods have been set up on GL for this purpose ADJ1-21 and ADJ2-21. Under certain circumstances, postings into ADJ1-21 are allowed provided prior approval from the Financial Reporting section has been obtained. All year-end postings should be entered into Jul-21, and Jul-21 should be used for all year-end reporting. |
Individual statements for all Trust Funds will be sent to departments as follows:
Date |
Statement |
---|---|
Thu 8 Jul |
30 June statement |
Mon 9 Aug |
1st interim statement as at 31 July (will exclude Jul-21 distribution) |
Mon 23 Aug |
2nd interim statement as at 31 July (will include Jul-21 distribution) |
Mon 6 Sep |
Final statement as at 31 July |
Journals are to be processed centrally to transfer expenditure to Trust Funds relating to appropriations in aid and overhead charges. It is planned that all such journals will be included on the 1st interim statement. All Trust Funds deficits based on a review of 2nd interim statements must be cleared by 31 August.
In case of queries please contact the Trust Fund Helpdesk [11] Tel. 66946 |
Links
[1] mailto:UFS_GL@admin.cam.ac.uk
[2] https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-11-year-end-instructions/detailed-instructions-1#Barclaycard%20statements
[3] https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-12-investments
[4] mailto:mailto:UFS_GL@admin.cam.ac.uk
[5] https://www.finance.admin.cam.ac.uk/files/appa.pdf
[6] https://www.finance.admin.cam.ac.uk/files/appb.pdf
[7] https://www.finance.admin.cam.ac.uk/files/appc.pdf
[8] https://www.finance.admin.cam.ac.uk/files/appd.pdf
[9] https://www.finance.admin.cam.ac.uk/files/bpg_3_transfer_codes_vs_1.2_pub.pdf
[10] https://www.training.cam.ac.uk/fin/event/3087735
[11] mailto:UFS_TF@admin.cam.ac.uk