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Year End Procedures 2012/13. Izzy Clayton and Tanya Hitchen. Introduction. • Overview including changes to prior year • High-level Timetable • CD forms – When to use them, how to use them and examples • Internal trading – David Phillips • Premises recharges – Jane McCartney - PowerPoint PPT Presentation
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Year End Procedures 2012/13Izzy Clayton and Tanya Hitchen
Introduction
• Overview including changes to prior year
• High-level Timetable
• CD forms – When to use them, how to use them and examples
• Internal trading – David Phillips
• Premises recharges – Jane McCartney
• Other year-end procedures
• Summary
Overview
• Year-end debrief with ACMs after 2011/12:
• Earlier production of a draft timetable
• FAQs – Finance Services webpage
• More examples included here
• CD form process amended – no longer sent to SFAs, revised format
• Impact of IPA/IMS
• Plan-on - to be covered by Jane McCartney
High level timetable
HEFCE filing deadline 30th November
HESA Return deadline 14th December
Council – virtual meeting end of November
Audit Committee – 5th November
KPMG audit - commences 16th September
APTOS Closedown to all except Corporate Accounting – 31st August 5pm –
with temporary closedown on 31st July 5pm until 1st August 10am to allow critical
year-end reports to be processed
CD forms
• What are they?
• Where can they can be
found?
• What process do they
follow?
http://www.exeter.ac.uk/finance/planning/yearendprocesses/
CD forms
Types of CD form available:• CD1_2013-A Creditors• CD1_2013-B Prepayments • CD1_2013-C Non-Staff & Student Expenses • CD2_2013-A Debtors • CD2_2013-B Income in Advance
• CD3 forms for internal transactions are available on request from Tanya
Hitchen.
• Code checkers now integrated, so please use these!!
CD forms
When should I use CD forms?
• Where we have received goods/services before 31st July 2013 but the purchase
order has not been receipted on the system by the 31st July – CD1_2013-A
• Where we have provided services/goods but we have not yet raised an invoice
by the year-end deadline – CD2_2013-A
• Where we have paid in advance for goods/services (this could include one that
spans the year-end, i.e. an annual subscription starting in January) – CD1_2013-B
• Where we have paid for services/goods in 2012/13 but will not received them
until after 1st August 2013 – CD2_2013-B
CD forms – Do’s and Don’ts
Look at dates goods/service has been received, NOT the invoice date
Use the code checker and ensure all codes are active before sending them
Always send in supporting documentation to evidence the entries included to
Corporate Accounting, Room 253, Northcote House
Check if you are uncertain which form to use/ whether an entry is allowable
before the deadline
Use the minimum number of CD forms possible (consider materiality of £500)
Submit all electronic and paper copies by the 9th August 2013 to
[email protected] . Send them in as early as you like!
CD forms – Do’s and Don’ts
Never use a CD1/CD2 form for any internal income/expenditure
Never defer income that is not allowable by the funder
Do not send in a form without checking the codes are valid first. If
invalid/closed codes are submitted the form will be returned to the sender and will
only be input if form is returned before the deadline with valid codes.
More examples of unallowable CD forms
Internal trading
Throughout the year
Supplying department issues invoice within 30 days of providing the service
Receiving department processes the invoices within 30 days of the invoice date.
Disputes
Need to notify both Finance Services and the service provider in writing within 10 days of the invoice receipt.
The person responsible for the customer account must then work proactively to resolve the dispute.
Year end dispute process
Colleges/Services wishing to dispute an invoice must inform both the service provider and Tania Berry in writing (email is acceptable) by Wednesday 31st July.
The person responsible for the customer account must then work proactively to resolve the dispute, wherever possible before year end close on 9th August.
Where the amount is less than £100, the invoice will not be placed into dispute but will be charged to the customer’s account. The customer may then seek resolution with the supplier.
Any invoices still in dispute as at 9th August will be cancelled in 2012/13 year, reinstated in 2013/14.
All other invoices (not in disputed) will be cleared and the charge will be ‘direct debited’ to the receiving College/Service header account
Unresolved disputes
Key dates and deadlines
• Any disputed invoices should be notified by email to the supplying department and Tania Berry by 31st [email protected]
•Disputes must be resolved by 9th August otherwise the invoice will be moved to 13/14.
• All remaining invoices must be processed by 9thAugustafter 9th they will be “direct debited” into the College/Service header account.
NB Invoices for less than £100 will not be placed into dispute.
Premises recharges
Includes EDS projects & furniture, Property Services maintenance, Stores
Final Planon weekly recharges w/c 29th July - jobs marked complete
Work in progress charged via reversing journal
WIP to include time charges, actual costs plus receipts to 31st July
No CD3’s
Other year-end procedures – External sales invoices 2012/13 invoices – raise as soon as possible, dated when raised or 31st July
2013 (Period 12 closes 7th August 2013.)
Credit notes against 2012/13 invoices to AR by 7th August 2013.
Payments received re 2012/13 invoices send immediately to AR. Deadline 12
noon 31st July for inclusion in 2012/13.
2013/14 supplies to be invoiced as normal dated August 2013.
Invoices not raised by 7th August need to be included on CD2/2013/A received by
9th August.
Income received
Cash/cheques/card for cashiers, and cash for transit to the bank by professional
carrier, for income up to and including 31st July 2013 to be with Cashier’s by 1st
August.
2012/13 receipts MUST be kept separately from 2013/14 receipts.
Cash received by Finance Services after 1st August will be processed in
2013/14, irrespective of the date on the paperwork.
Additional cash collections can be arranged with Estate Patrol.
External purchase invoices
All invoices for goods/services where the invoice is matched to the purchase
order and goods receipted before 31st July 2013 will be processed in period 12 on
Aptos regardless of the date of invoice.
All invoices matched or goods receipted after 31st July 2013 will be included on
2013/14 purchase ledger.
An accrual will be run centrally for all purchase orders that have been goods
receipted and not matched to an invoice by 5pm on the 31st July 2013.
Automatic accrual to be reviewed by Colleges and Services, all adjustments to be
processed on CD1/2013/A and received by Corporate Accounting by 9th August.
External purchase invoices
Foreign Payments
2012/13 foreign currency requests to Accounts Payable by 19th July.
2012/13 requests not received until after 19th July need to be accrued on
CD1/2013/A and returned to Corporate Accounting by 9th August.
During July and August please clearly mark each request with ‘2012/13’ or
‘2013/14’ before sending to Accounts Payable.
Purchasing Cards and Online expenses
All claims fully approved by 12 noon on Tuesday 30 July 2013 will be processed
to Aptos in 2012/13
On Tuesday 6 August, electronic accruals will be generated from:
an extract taken from Aptos of all items dated prior to 1 August 2013;
an extract taken from Expenses of all claims submitted but not yet approved
and dated prior to 1 August 2013; and
an extract taken of all un-reconciled purchase card transactions (ie these will
not have been submitted). These items will be from all card statements up to
and including the July 2013 statement.
Purchasing Cards and Online expenses
These electronic accruals will be circulated to finance staff in Colleges and
Services to confirm:
all items should be accrued
confirm/add coding where required (unapproved/unreconciled lines)
Once Colleges and Services have confirmed all the accrual data the accruals will
be posted to 2012/13.
The deadline for returning the electronic accrual schedules is 5pm on Friday 9
August.
Detailed guidance of this process is set out on the finance webpages
Non-staff/student expenses
Hard copy expense claims for non-staff/students RECEIVED in Accounts Payable
by 19th July will be processed in 2012/13.
2012/13 claims received after 20th July will need to be accrued on CD1/2013/C by
9th August.
Payroll claims
Any payroll claims received in August will be processed into 2013/14.
However, claims relating to work done in 2012/13 that are RECEIVED by Payroll
by 9th August will be automatically accrued for in 2012/13.
July staff bank claims received by 9th August will be accrued for centrally,
including recharges to Colleges.
Petty Cash
For expenditure up to and including 31st July 2013, send petty cash book and
claim for reimbursement to Cashier’s office by 1st August.
DO NOT send in a claim for reimbursement which spans both years.
It is acceptable to close off petty cash earlier than 31st July 2013 and include all
subsequent expenditure in 2013/14 unless material to the budget unit.
Equipment
Capital Equipment schedules (> £25,000) to be issued in July 2013 and returned
by 7th August 2013.
Inventory schedules (over £500) confirmations to be issued in July 2013 returned
by 7th August 2013.
Inventory schedules may be requested for inspection during the external audit.
Journals and key dates
19th July: Student Expense Claims, Foreign Payments, Non-Staff Expenses
26th July: Internal Sales Invoices
31st July: APTOS closed at 5pm, Central automatic accrual run
1st August: APTOS re-opened 10am, last day for cash income
7th August: Capital & Inventory Schedules, External Sales Invoices
9th August: Internal Purchase Invoices, CD Forms, College/Service to post their
own journals
NOTE: When entering journals in the period between 1st and 10th August
you will have to overwrite the date to 31st July otherwise the voucher will
default to current August date
31st August: APTOS closed to all except Corporate Accounting
ANY QUESTIONS OR FEEDBACK?
Contact us:
Izzy Clayton – Ext 3076
Tanya Hitchen – Ext 5009
http://www.exeter.ac.uk/finance/planning/yearendprocesses/