Finance Update Year end 2016/17 Izzy Clayton and Tanya Hitchen

Contents Feedback from 2015/16 What’s new for 2016/17 T1 considerations FRS102 refresher Year end in your College/Service Deadlines

Feedback from 2015/16 Thank you! Head of Finance Calendar Invites Posting of CD forms in College/Service

What’s new for 2016/17 Nothing

T1 considerations Implementation rescheduled 2017/18 entries all on Aptos as normal, but will be transferred across

FRS102 refresher: Income recognition for grants Income recognised in line with performance conditions Need to look at the terms of the contract as to whether there are any conditions attached to the income If no performance conditions, recognised all income received in 2016/17 If there are conditions attached, recognise income in line with these conditions, i.e. dependant on delivery of a project then recognise income in line with expenditure

Grant income review Research accounting will review year-end income position College to ensure all eligible expenditure is accrued Other grants – review within College >Complete a CD form >Ask for guidance where required

Year end in your College/Service • Automated accruals • ensure as much as possible goes through Aptos • Includes on-line expenses, purchase cards, IMS PO System • Review and return by Monday 7 August • Manual journals • Timing around year-end for income and expenditure • Consider impact of FRS102 for income

Year-end accruals accounting CD forms – posted within College/Service CD1 A Creditors CD1 B Prepayments CD1 C Non staff / student expenses CD2 A Debtors CD2 B Income in Advance Guidance available on website: http://www.exeter.ac.uk/finance/planning/yearend/

Completing CD Forms Consider treatment under FRS 102 – what is the income recognition trigger Post into current period - after 31st July P12.01 Designated individuals in College/Service Further access rights requests to SID Any queries – just ask

Year-end CD form summary Summary of CD forms to be returned to financialreporting@exeter.ac.uk – authorised by HoF by 14th August Sample check to be completed by our team Supporting documentation will be required by Audit

Deadlines – Year End Monday 31st July – 2016/17 YEAR END 5pm Aptos temporarily closed down for central reports to be run Tuesday 1st August – 2017/18 financial year 10am Aptos re-opens

Deadlines for Colleges/Services August Friday 11 College and Services Last day for journal adjustments on Aptos Friday 18 Research Accounting APTOS closed to all except Financial Accounting September Monday 4 Completion of MANAGEMENT accounts Friday 8 Completion of PUBLISHED accounts

Non-staff Expense claims Expenses deadlines Student Expenses Thursday 20 July 2016/17 expenses Friday 4 August 2017/8 expenses WAIT until Monday 7 August Non-staff Expense claims Friday 21 July

Sales and Purchases Internal External PURCHASE LEDGER CLOSES MONDAY 31 JULY SALES LEDGER CLOSES FRIDAY 21 JULY PURCHASE LEDGER CLOSES FRIDAY 4 AUGUST SALES LEDGER CLOSES FRIDAY 4 AUGUST

E-claims accrual Payroll e-claims that are submitted and AUTHORISED by the 4th August will be posted as an accrual by Corporate Accounting on the 8th August Payroll e-claims that are submitted by this date but relate to August SHOULD NOT BE AUTHORISED before the 7th August. If they are authorised before this date they may be included within the central accrual You will be able to authorise August e-claims that have been submitted between the 7th and 11th of August for inclusion in the August payroll Please cascade this information to the relevant authorisers.

Other deadlines FRIDAY 4 AUGUST Equipment (>£25k) and inventory confirmations (£500-£25k) Send forms and supporting documents to staff posting CD forms Last day for posting CD forms THURSDAY 10 AUGUST FRIDAY 11 AUGUST

Other deadlines Foreign Currency Payments to Accounts Payable FRIDAY 21 JULY Foreign Currency Payments to Accounts Payable Petty Cash / Income return to Cashiers Budget Centre Narrative from HoFs Managementreportingteam@exeter.ac.uk TUESDAY 1 AUGUST FRIDAY 6 SEPTEMBER

Central costs - maintenance Planon recharges > Direct works maintenance, Stores • Complete jobs as at 31 July – standard recharge • Incomplete jobs as at 31 July – reversing WIP journal Consist of labour charges, stores costs and invoiced costs Pre-year end review on June WIP • Campus Services to send out data for WIP as at 25 June – this will be circulated by 30 June • Send queries to Campus Services Helpdesk by 14 July for resolving

Central costs -Events Events and B&B bookings are completed by journal by Campus Services Finance Finalised events as at 31 July – standard journal Details to sent out on 3 August List of outstanding events not journaled in 2016/17 Details to be sent out on 3 August

Thanks for listening http://www.exeter.ac.uk/finance/planning/yearend/ WORKSHOPS AVAILABLE ON REQUEST ANY QUESTIONS Contact us: Tanya Hitchen Izzy Clayton t.m.hitchen@exeter.ac.uk i.clayton@exeter.ac.uk 01392 72 5009 01392 723076