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

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

3. 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

4. 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

5. 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 (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

6. 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 (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

7. 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 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 (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

8. 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 - TH

9. 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

10. 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

11. 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

12. 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

13. 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

14. 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

15. 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

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

17. 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

18. 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

19. 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

20. 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

21. 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

22. Thanks for listening
Timetable and detailed procedures are available by following the link below: WORKSHOPS AVAILABLE ON REQUEST ANY QUESTIONS? Contacts:
Tanya Hitchen Olya Arden