Year End Preparation June/July 2017

Year End - General System will be unavailable from 5pm on Friday 28 July System should be available again from 9am on Tuesday 1 August

Year End – Early preparation Ensure Substitute activated for holiday periods/other periods of absence Try to ensure FMS tasks are dealt with as early as possible in the run up to Year End Review for any backlog of tasks Review Budget Statements for Outstanding commitment no longer relevant (see slides 11 and 12) Corrections re codings

Year End – Deadlines general Full list of deadlines added to the Knowledge Hub. Aim to ensure transactions relating to 2016/17 are posted to 2016/17 financial year Transactions entered/approved after deadlines stated will be posted to 2017/18 Deadlines set to allow for transactions entering workflow to be approved by relevant staff in departments and Finance prior to posting Specific contacts will be provided for queries regarding deadlines (don’t send to Helpdesk)

Year End – Deadlines Purchasing Requisitions – no deadline GRNs – need to be entered by 5pm on Fri 28 July to ensure we account correctly for all goods received at that time Invoices – any invoices received by depts to be sent to Finance as early as possible. All tasks relating to invoices to be approved by Wed 26 July

Year End – Deadlines Purchasing Accruals Central exercise in Finance to identify where goods have been received by Friday 28 July (GRN in FMS) but invoice not processed. Amounts identified will be reviewed and where appropriate accrued (i.e. posted to 2016/17 with reversing entry in 2017/18 to offset against actual invoice). Narrative will be ‘PO ref – accrual – Period’ Large invoices posted in August will also be reviewed to check whether they should have been accrued

Year End – Deadlines Purchasing Purchase cards File week ending 21 July where transactions fully approved by 28 July will be posted to 2016/17. All other transactions will be posted to 2017/18 unless alert Accountants that adjustment required (only if significant) Expenses Expenses relating to 2016/17 should be processed as early as possible to allow final approval by the 28 July deadline (12 noon). Expenses fully approved by this deadline will be included as expenditure for 2016/17. Purchase cards and Expenses won’t be accrued unless departments alert Accountants of specific need (only where spend is significant) Normal threshold re significant spend = £5k

Year End – Deadlines Sales New Customer If customer is needed to raise sales order in current year, request must be completed by 21 July Sales invoices All sales orders/invoices relating to income due for 2016/17 should be processed by 25 July Petty Cash All petty cash expenditure incurred up to 21 July to be reclaimed from Finance to be included as expenditure for 2016/17 Income Collection All cash collected up to 12 noon 28 July to be lodged with the Cash Office

Year End – Deadlines Journals/Budget Transfers Journals input by 20 July and fully approved by 28 July deadline will be included for 2016/17. Adjustments required after this deadline should be raised with the relevant Accountant. Internal charges Internal charges to be posted by Finance must be received by 26 July to allow inclusion in 2016/17 Budget Transfers/Virements Virements input by 20 July and fully approved by 28 July deadline will be included for 2016/17 Budget Statements

Year End – Other information Budget Balances Remaining balances at close of business on 28 July will be rolled forward where appropriate to the new financial year for annual projects For multi year projects (e.g. Research, KE, SFC specific grants) there will be no need to roll forward budgets Commitments will be rolled forward (see below) so will be added back to the balance to be rolled forward Budget Statement report – default period from and period to will be changed to new year

Year End – Other information Commitments Outstanding All commitments outstanding at 28 July will be rolled forward to the new year (by changing the period for the commitment) Commitments should be reviewed as early as possible to ensure they are still valid Where Commitments are not still valid should be written off – guidance will be provided re different ways to do this depending on type of commitment

Year End – Other information Commitments Outstanding – Automatic write-off Exercise will be carried out by Finance to write-off commitments which meet parameters below: total PO less than £100k older than 90 days and % outstanding 10% or less than PO value older than 180 days and % outstanding 50% or less than PO value Excludes call off orders Will be checked with Requisitioner prior to write-off