End of financial year procedures

External auditors ● The year end accounts and supporting schedules were prepared in accordance with the agreed timetable and were of a high standard

Accruals basis A quick test:- What are accruals? ● A – goods or services ordered before 31 July ● B – goods or services delivered before 31 July ● C – invoices for goods or services paid by 31 July

Procedures Finance department web pages ☺POP help desk Julie Powell ext. 3119

Processing of invoices Authorise, code and forward invoices to procurement section by Thursday 23 rd July (N.B. both POP invoices and invoices paid via DP1s) Hand deliver if possible All invoices received on/after Friday 24 th July will be processed in the 2015/16 financial year Enter date goods received in POP screen by 5pm Monday 3 rd August If possible, defer receipting goods received on 3 rd August until Tuesday 4 th August

Receipt matching 31/07/2015

Housekeeping To minimise the number of transactions to be reviewed for the year-end accruals process it is important to ensure that day-to-day housekeeping of the purchase orders is up-to- date. All orders that are completed/paid but not closed off on QL should be ‘completed’ by departments If any help is required in performing this task then the POP helpdesk can advise of the process

Accruals listing & Computer statements Tuesday 4 th August – a list of goods received but not invoiced (accruals listing) will be sent to departments Around 7 th August - July computer statements will be sent out Check computer statements and notify any inaccuracies to Finance by Thursday 13 th August Complete accruals listing and return to finance by Monday 10 th August

Accruals listing

Form A Only use if you don’t have an accruals listing, otherwise the items can be added to the accruals spreadsheet Estimate other invoices, expense claims etc over £500 in value and record on Form A (n.b. exclude items ordered from Estates, catering, etc.) Return Form A to Finance by Monday 10 th August by and a signed hard copy Nil returns are required Goods and services received after 31 July – mark clearly and batch separately

Form A

Procurement card transactions The Barclaycard statement is produced on 26 th July, any transactions up to that date should be included in the 14/15 accounts automatically Any transactions between 27 th and 31 st July, or transactions not on the statement, where goods / services have been received should be accrued on Form A (or added to the accruals listing spreadsheet)

Casual payroll forms Casual claim forms that are processed in the August payroll run will automatically be accrued into 14/15, and so do not need to be included on the accruals listing / Form A

Collection of income All cash and cheques to be banked by Friday 31 st July 2015 Complete invoice request forms for goods or services provided before 31 st July and forward to income section by Friday 31 st July Estimate other invoice requests over £500 in value & record on Form B Return Form B to Finance by Monday 10 th August by and a hard copy Nil returns required Goods and services provided after 31 July 2015 – make clear on invoice request forms Receipts in advance - include on Form A

Form B

Other year end tasks Register of authorised signatories (form F-E.6.5.7) – separate instructions to follow Departmental stores – separate instructions Departmental inventories - update at 31 July - include items costing in excess of £3,000 - retain in department Petty cash (form F-E.5.3) – return by 10 th August Internal recharges – final date Tuesday 4 th August, no internal recharges to be included on Form A or B

Computer statements July statements – around 7 th August - corrections notified by 13 th August Final statement – from 14 th August - corrections notified within 5 working days …………………...(No amendments after 5 working days) 28 th September – auditors arrive

Calendar July 2015 MONDAYTUESDAYWEDNESDAYTHURSDAYFRIDAYSATURDAYSUNDAY Last day for invoices relating to 14/15 to be received in payments. No urgent payments 24 Invoices received from this date will be processed in 15/16. No urgent payments Procurement Card transactions to be accrued on Form A until 31 st July. 27 No urgent payments 28 No urgent payments 29 No urgent payments 30 No urgent payments 31– YEAR END Stock take as at 31 st July including departmental inventories. Invoice request forms relating to 14/15 to be received in Income section. All Cash & Cheques to be banked. No urgent payments 12 August 2015 MONDAYTUESDAYWEDNESDAYTHURSDAYFRIDAYSATURDAYSUNDAY 3 Last day for: Goods/services received by 31 st July to be receipted on QL. QL will be switched off at 5pm until Tuesday 4 th. 4 Period End (QL unavailable for short period). Accruals listing sent out today. Last day for:Internal recharges relating to 14/15 to be received in finance. 5 Period End (QL unavailable for morning). 6 7 July statements sent out to departments to be checked Last day for: Accrual listing, Form A & Form B to be returned to Sam Edwards. Petty cash certificate FE 5.3 returned to cash office Notifying finance of any inaccuracies in July statements 14 Final July statements sent out by today Adjustments within 5 days to Finance 1516