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Policy & Procedures overview
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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 Policies
Financial Policies overview
Employee Expenses Policy
Employee Expenses Policy overview
Policy Statement and Scope
Roles and responsibilities
Key Principles
Submission of expense claims
Application of policy
Related documents and support
Annex - How to apply the policy
Annex - How to apply the policy overview
Sustainable business travel
Sustainable business travel overview
Air travel
Public transport
Use of employee's own vehicle
Hire vehicles
Accommodation
Meals and subsistence
Additional overseas travel costs
Hospitality
Gifts and individual recognition
Training, development & subscriptions
Other business expenses
Relocation expenses
Health and wellbeing costs
Foreign Exchange (FX) Management for Research Policy
Foreign Exchange (FX) Management for Research Policy overview
Policy Objectives
Policy
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 Business Partners and Institution heads of finance
Institutional responsibilities
Administrators' checklist
Budgetary planning
Budgetary planning overview
Using budgets to monitor the University income and expenditure
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
Trust Funds
The importance of matching income to expenditure
Spending surpluses
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
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
Salary and wage transaction codes
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
Import procedures
Import procedures overview
Freight Forwarders
Purchasing goods and services from outside the EC
Purchasing goods and services from the EC
Chapter 5a - Employment Status (currently being updated)
Chapter 5b - Employee expenses
Chapter 5b - Employee expenses overview
General expense procedures
General expense procedures overview
Submission and payment of claims
Approving claims
Prior authorisation of claims
Advances
VAT on expense claims
Corporate credit card use
Receipts for mixed business and personal expenses
Additional info & tax treatment
Additional info & tax treatment overview
Sustainable business travel
Taxi services
Business mileage in private vehicles
Accommodation
Meals and subsistence
Additional overseas travel costs
Hospitality
Gifts and individual recognition
Training, development, and subscriptions
Other business expenses
Relocation
Health and wellbeing costs
Reporting requirements for tax purposes
Chapter 5c - Non-employee expenses
Chapter 6 - Non-pay expenditure
Chapter 6 - Non-pay expenditure overview
Supplier Database
Supplier Database overview
Staff access to the supplier database
Searching the supplier database
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
Payment methods
Copy supplier invoices
Urgent payments
Foreign currency transactions
Foreign currency transactions overview
Foreign currency exchange rates
Use of exchange rates
International payment orders (IPOs)
Foreign currency cash advances
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 transactions
Monthly accounting arrangements
Taxable benefits
Cardholder administration
Departmental Head/Administrator monthly checklist
Month end
Petty Cash
Petty Cash overview
Requesting a petty cash float
Conditions for using petty cash
Petty cash imprest system
Security and controls
Petty Cash Administrator
Chapter 7 - Cash and banking procedures
Chapter 7 - Cash and banking procedures overview
Chapter 8a - External trading and credit control
Chapter 8a - External trading and credit control overview
Considerations Before External Sales are Made
Considerations Before External Sales are Made overview
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
Determining the customer status (internal/external trading/VAT status)
Credit worthiness of external customers
Credit risks associated with external customers
Credit risks of activities
Trading without credit terms
Bank guarantee
Determining the correct VAT treatment
Contracts
Appropriate payment methods
Quotations
Customer purchase orders
Customer accounts on UFS
Making Sales
Making Sales overview
Raising sales invoices
Self-billed invoices
Supplier portals
Corrections to invoices
Customer refunds
Cancellations
Month-end procedures for invoicing
Other sales related documentation
Receiving payment
Debt Management
Debt Management overview
Debt Monitoring
Debt collection approaches
Collection methods
Reasons for non-payment
Agreeing proposed payment plans
Interest and fees
Use of a third-party agency for debt recovery
Legal action
Writing off bad debts
Bad-debt provision
Chapter 8b - Internal Trading
Chapter 8b - Internal Trading overview
Introduction
Buying goods/services from other Departments
Selling goods/services from other Departments
Monitoring and 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 customers outside the UK
Sales to customers outside the UK overview
Goods to business and individuals outside the EC
Sales of services to non-EC businesses
Sales of services to non-EC individuals
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
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 and e-books
Business Entertainment
Catering and Accommodation
Construction Services
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
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
2023 Key notes
Module close dates
Year-end checklist
Detailed instructions
Detailed instructions overview
Payroll and University Payment System (PAY)
Purchasing (PO)
Accounts Receivable (AR)
Accounts Payable (AP)
Inventory (INV)
Research Grants (GMS)
Fixed Assets (FA)
General Ledger (GL)
Certification by Head of Department
Appendices
YE Presentations and Q&A sessions
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
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
The University Insurance Programme
Assets
Business travel
Liabilities
Liabilities overview
Human volunteer studies and clinical trials
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: Establishing the VAT rate of Research Grants
Chapter 20 - Governance & Compliance
Chapter 20 - Governance & Compliance overview
Departmental responsibilities
Financial Regulations
Financial Regulations overview
Heads of Institution responsibilities
Delegation of Duties
Retention of financial documents
Internal control procedures & conflict of interest
Internal and external audit
Reporting suspected fraud and whistle-blowing
Relevant legislation and training
Relevant legislation and training overview
Bribery Act 2010
Criminal Finances Act 2017
Payment Card Industry Data Security Standard
Money Laundering Regulations
Modern Slavery Act
Appendix A: Head of Institution financial responsibilities
Appendix B – Template Delegated Authority form
Appendix C :Target audience for compliance courses
Governance & Compliance FAQs
Advice for schools
Emergency Purchasing Procedures
New legal structures
Development & Alumni Relations guidelines
Sanctions
Sanctions overview
Financial sanctions - Russia
Trade sanctions - Russia, Crimea and Belarus
Terms and Conditions
Terms and Conditions overview
Brexit Transition Guidelines
Brexit Transition Guidelines overview
Brexit : supply chains
Controlled goods and licences
Movement of goods to/from Northern Ireland
Brexit FAQs
Brexit FAQs overview
Import FAQs: Agents
Import FAQs: Commercial Invoice
Import FAQs: Declarations
Import FAQs: Goods stuck
Import FAQs: INCOTERMS
Import FAQs: Import VAT
Import FAQs: Info for agents
Import FAQs: Marketplace orders
Import FAQs: Reliefs
Import FAQs: Returning Goods
Import FAQs: Suppliers
Import FAQs: Values
Payments to individuals
Payments to individuals overview
Have your say
Systems
Systems overview
UFS Live
UFS Playground
Reports catalogue
Reports catalogue overview
Supplier Database
Planning Round Data Collection
Key Contacts
University Payments System
Reporting
Reporting overview
Cognos Log on
Guidance and training
Guidance documents
Consultancy services
Contacts
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
Finance Systems Training
Finance Systems Training overview
Managing departmental finances
Managing departmental finances overview
Cash handling
Excel
Excel overview
TestPage
Taxation
Budgeting
Reporting tools
Compliance training
Compliance training overview
Anti-Bribery and Corruption training
Modern Slavery Act training
PCI Compliance training
Professional qualifications
Professional qualifications overview
CIMA
CIMA overview
Why choose CIMA?
Exam structure
Practical Experience Requirements
Exemptions
ACCA
ACCA overview
Why choose ACCA?
Exam Structure
Exemptions
Practical Experience and Mentors
Guidance and FAQs
Guidance and FAQs overview
General UFS guidance and help
Accounts Payable
Accounts Receivable
Fixed Assets
General Ledger
Inventory
iProcurement
Research Grants
Tax
About us
About us overview
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
Finance Transformation
Finance Transformation overview
FTP FAQs
About
About overview
Finance Division Handbook
How To Find Us
Contact us
CUFS Departments
Complaints Procedure
Latest News
Latest News overview
Annual Accounts
Intranet (Finance Division staff only)
Sarah Perry
Finance Division
Staff & Department Services
Policy & Procedures
Systems
Payroll
Training
Key Dates & Rates
Finance Transformation
About
Email Address:
Sarah.Perry@admin.cam.ac.uk
Job Title:
Finance Trainer
Department:
Finance Training
Customer Number:
20
Department name:
Finance Training
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