Year End Presentation 2018/19 Tanya Hitchen & Olya Arden July 2019

Contents What’s new for 2018/19 Year end in your College/Service area Deadlines TH

What’s new for 2018/19? No accounting changes 1st August: system roll forward. T1 is expected to re-open in 2 days or earlier; read only access will be available meanwhile. Aim to keep year end in line with regular month end No more CD forms Prior period journals will be used from 1st August, templates will be on the web site. Backup must be attached to all such journals – required by the auditors Auto accruals and reversing journals will be used for postings during the period 1st-9th August TH

Income processing Tuition fee Main tuition fees are posted centrally Review for non-standard courses (e.g. overlapping the year end) will be required from colleges. Colleges to accrue / defer income as needed. Retain evidence of review and calculations for the audit. TH

Income processing Research Review Research aged debt and liaise with AR to escalate any concerns Liaise with FP&R to ensure Studentship costs have been transferred to Projects administered by Research Finance where applicable Debt: Research Finance have recently been provided the ability to monitor debt. Whilst the chasing of debt still rests with AR, Research Finance will liaise to ensure aged debt is identified and prioritised correctly Studentships administered by RF: Colleges have agreed to work with Research Finance to identify and transfer costs from College holding accounts to the correct project codes. Net to Zero checks: RF will carry out checks on these document types to ensure that the nominals used do not cause problems with net to zero codes. Note that there may be other document types using Contribution to FEC nominals (12105 to 12175) incorrectly – this is being addressed separately by FP&R as part of a review of workflow Balance Sheet Checks: RF will review balance sheet codes against projects they administer and make corrections where needed. We will be primarily focussing on nominal 64000 (redistributed Income to partners) to ensure the correct budget centre is being used (9000) and also reviewing balances against nominals “owned” by RF Review capital equipment register Draw down endowment income: RF will liaise with GA to identify balances to be drawn down from endowments and ensure these have been posted correctly in-year Clear suspense accounts: RF will liaise with Cashiers (Income) and FP&R (Payroll) to clear down suspense accounts FRS102 – No Performance conditions: RF will post adjustments to Contribution to FEC (earnings) for Non-Performance conditions projects (this is a monthly process, so minimal effect in P12-16 FRS102 – Capital Adjustment: RF will review adjustments to Contribution to FEC (earnings) for Capital Adjustments made by FP&R and provide information to Colleges on the effect of this after year end

Income processing Research Carry out net to zero checks on Research Finance document types FECPOST and FECINT Carry out checks/corrections on balance sheet budget centers/nominals for projects administered by Research Finance Review capital equipment register and feed back any changes Draw down endowment income for projects administered by Research Finance Debt: Research Finance have recently been provided the ability to monitor debt. Whilst the chasing of debt still rests with AR, Research Finance will liaise to ensure aged debt is identified and prioritised correctly Studentships administered by RF: Colleges have agreed to work with Research Finance to identify and transfer costs from College holding accounts to the correct project codes. Net to Zero checks: RF will carry out checks on these document types to ensure that the nominals used do not cause problems with net to zero codes. Note that there may be other document types using Contribution to FEC nominals (12105 to 12175) incorrectly – this is being addressed separately by FP&R as part of a review of workflow Balance Sheet Checks: RF will review balance sheet codes against projects they administer and make corrections where needed. We will be primarily focussing on nominal 64000 (redistributed Income to partners) to ensure the correct budget centre is being used (9000) and also reviewing balances against nominals “owned” by RF Review capital equipment register Draw down endowment income: RF will liaise with GA to identify balances to be drawn down from endowments and ensure these have been posted correctly in-year Clear suspense accounts: RF will liaise with Cashiers (Income) and FP&R (Payroll) to clear down suspense accounts FRS102 – No Performance conditions: RF will post adjustments to Contribution to FEC (earnings) for Non-Performance conditions projects (this is a monthly process, so minimal effect in P12-16 FRS102 – Capital Adjustment: RF will review adjustments to Contribution to FEC (earnings) for Capital Adjustments made by FP&R and provide information to Colleges on the effect of this after year end

Income processing Research Clear suspense accounts Income/Payroll Carry out adjustments for projects with no performance conditions (FRS102) Review and validate the results of capital adjustment (FRS102) posted by Finance Services Roll forward accrued/deferred Income balances for periods 12-16 into P1 of 20PJACT Debt: Research Finance have recently been provided the ability to monitor debt. Whilst the chasing of debt still rests with AR, Research Finance will liaise to ensure aged debt is identified and prioritised correctly Studentships administered by RF: Colleges have agreed to work with Research Finance to identify and transfer costs from College holding accounts to the correct project codes. Net to Zero checks: RF will carry out checks on these document types to ensure that the nominals used do not cause problems with net to zero codes. Note that there may be other document types using Contribution to FEC nominals (12105 to 12175) incorrectly – this is being addressed separately by FP&R as part of a review of workflow Balance Sheet Checks: RF will review balance sheet codes against projects they administer and make corrections where needed. We will be primarily focussing on nominal 64000 (redistributed Income to partners) to ensure the correct budget centre is being used (9000) and also reviewing balances against nominals “owned” by RF Review capital equipment register Draw down endowment income: RF will liaise with GA to identify balances to be drawn down from endowments and ensure these have been posted correctly in-year Clear suspense accounts: RF will liaise with Cashiers (Income) and FP&R (Payroll) to clear down suspense accounts FRS102 – No Performance conditions: RF will post adjustments to Contribution to FEC (earnings) for Non-Performance conditions projects (this is a monthly process, so minimal effect in P12-16 FRS102 – Capital Adjustment: RF will review adjustments to Contribution to FEC (earnings) for Capital Adjustments made by FP&R and provide information to Colleges on the effect of this after year end

Income processing Other income Accounts Receivable close on 31st July What to do if invoices weren’t raised in time? Post a prior period reversing journal into period 13 What is being posted centrally? Normal month end tasks that posted centrally will be processed in the usual way. Check with FP&R if uncertain. Do you need to accrue/defer income? Retain all evidence for audit file Ask for guidance - financialreporting@exeter.ac.uk TH

Expenditure processing Staff costs • Normal month end payroll to be posted E-claims accrual: any claims that are approved in the e- claims system by the 31st July 2019 will be automatically accrued for in 2018/19 via auto-accruals and posted by 7th August Approvers should ensure that they approve all claims in relation to 2018/19 by the 31st July 2019. OA A list of system generated Auto-accruals will be provided to colleges on 1st August. Reviewed list is to be returned to FP&R team by COB 2nd August or 5th August latest

Expenditure processing Staff costs The auto-accrual will use the work date as a filter for creating the accrual. August claims must be approved within published on the web site deadlines in order for payments to be made on time. OA

Expenditure processing Non-Pay Expenditure Purchase ledger closes 31 July All receipting has to be up to date by 31st July Clear old / redundant POs asap Auto-accrual (external invoices, staff and student expenses - deadline for roll forward inclusion is 5pm 31st July) Manual accruals / prepayments (use prior period journals after T1 re-opens for postings on 5th August, post for period 13) OA Auto-accrual: in order for these to be generated all info need to be up to date on 31st July

Expenditure processing Non-Pay Expenditure Purchasing cards (NatWest statement received on 29th July, all transactions to be posted by 5pm on 31st July for inclusion) Expenses (all posted prior to 5pm on 31st July will be processed as part of roll forward process) Foreign payments (payment requests will be accepted and processed by AP team only for goods received up to Friday 19th July, remainder must be posted as reversing journal for payment to be made in August) OA

Expenditure processing Internal costs Maintenance: Recharges > Direct works maintenance, Stores Complete jobs as at 31 July – standard recharge Incomplete jobs as at 31 July – reversing WIP journal Events Events and B&B bookings are completed by journal by Central Finance. Finalised events as at 31 July – standard journal, must be posted by 6 August. If posted after 31st July, use prior period journal template. List of outstanding events not journaled in 2018/19 will be circulated OA Estate Team will communicate to colleges all available information to end of May/possibly end of June shortly Data will be inclusive of WIP More guidance will be provided

Asset Schedules Register to be sent out to Colleges / Services soon Colleges / Services to verify that the assets on the list are in existence Return register to financial accounting by 2nd August TH

Stock All areas with stock / stores need to complete their stock takes as at year end Details of stock takes and adjustments must be sent to FP&R by 2nd August and posted by 7th August TH

Cash Final cash to cashiers by 1 August before midday (am) Petty cash – to cashiers team asap and no later than 1st August. TH

Control / Suspense accounts All adjustments to be posted by 9th August Please check suspense balances –it must be nil Reconciliation of year end balance, asap after year end. Return to FP&R no later than 12th August TH

If AP/AR team Inputs invoices If invoices entered directly Sales and Purchases If AP/AR team Inputs invoices If invoices entered directly PURCHASE LEDGER CLOSES 31 JULY SALES LEDGER CLOSES 26 JULY PURCHASE LEDGER CLOSES 19 JULY SALES LEDGER CLOSES FRIDAY 31 JULY

Deadlines – Year End Wednesday 31st July – 2018/19 YEAR END 5pm on 31st July T1 temporarily closed down for rolling forward process to be performed. T1 will provide read only access until pm 2nd August or earlier. Thursday 1st August – 2019/20 financial year Monday 5th August (latest) – T1 re-opens for journal postings (current and prior year) OA

Other deadlines Foreign Currency Payments to Accounts Payable FRIDAY 19 JULY Foreign Currency Payments to Accounts Payable AR deadline for receiving sales invoices and credit notes for inclusion in 2018/19 Deadline for posting sales and purchase invoices Cash and paperwork sent to the Cashier’s Office before midday. Receipts relating to sales invoices sent to AR by noon 1st August Equipment (>£25k) and inventory confirmations (£500-£25k) to FPR team; review automated accruals FRIDAY 26 JULY WEDNESDAY 31 JULY THURSDAY 1 AUGUST FRIDAY 2 AUGUST

Other deadlines Deadline for reviewed auto accruals Finalised and outstanding events and B&B to be posted Last day for posting auto accruals Last day for posting prior period (P13) journals MONDAY 5 AUGUST TUESDAY 6 AUGUST WENESDAY 7 AUGUST FRIDAY 9 AUGUST

Thanks for listening Timetable and detailed procedures are available by following the link below: http://www.exeter.ac.uk/finance/planning/yearend/ WORKSHOPS AVAILABLE ON REQUEST ANY QUESTIONS? Contacts: Tanya Hitchen Olya Arden t.m.hitchen@exeter.ac.uk o.arden@exeter.ac.uk 01392 72 5009 01392 72 5058