Council Chambers
Thursday, November 4th 2010








Welcome
End-of-Year Process
Facts in Brief
Purchasing
Accounts Payable
End-of-Year Hot Topics
Key Contacts
Questions
Apr - May
Oct - Dec
• Audit
Management
Letter issued
by the Audit
Office
• End of Year
Forum
• Interim Audit
Feedback
Planning
Mar
Jan - Mar
Sign-off
•Approval by UNSW
Council
• Issue Audit Opinion
Execution
• Submission to
Minister & the
Audit Office
• Final Audit
Number of
Controlled Entities
28

Plan for supply requirements now

Raise PO’s now – before invoices arrive

Receipt now for items already received

Cancel PO’s not required

Reference PO numbers on invoices

Report exceptions and issues now

Purchasing unavailable 15th Dec – 10th Jan

All receipting to be done in 2010

Ask for help - Contact: buyingnetwork@unsw.edu.au

Schedule suppliers to deliver before UNSW shut down

Receipt before end of year

Purchase Orders should be receipted when goods are
received and checked as being acceptable

Do not receipt where there is a deposit/up-front payment for
goods prior to UNSW receiving them
Receipting Guidelines
http://www.fin.unsw.edu.au/OurServices/FinancialOperations_Purchasing_Guidelines.html#2
buyingnetwork@unsw.edu.au

2010 Q1 & Q2 Open PO exceptions already reported to local
Buyers to investigate and act

Reviewing uncommitted budgets with Finance Managers

Open PO reports will be provided to Finance Managers directly
week of 15th November

Buyers encouraged to continuously review Open PO
encumbrances and act now

Discussing supply schedule and shut down periods directly with
key suppliers
buyingnetwork@unsw.edu.au

Invoices
Cutoff date is Thursday , 16th December.
Invoices received by this date will be guaranteed to be included in the last
payment run on Tuesday, 21st December. These invoices will be included in
your 2010 budget.
Invoices received after this date will be included in the first payment run
in 2011 (Monday, 10th January 2011).

Employee and Student Payments
Cutoff date for entry into NS Financials Expenses is Friday, 10th December.
Cutoff date for approval in NS Financials Expenses is Tuesday, 14th December.
Paperwork must be forwarded to AP by Thursday 16th December in order for
payment to meet the last payment run deadline (Tuesday, 21st December).
The Expenses module will re-open on Monday, 10th January 2011.

Petty Cash
Confirmation Reconciliation Statements issued Friday, 26th November to
petty cash custodians.
Reconciliations must be returned by Monday, 6th December.

Travel
◦ Travel Allowances
Travel Allowances are processed through the Expenses module in NS
Financials. Do not send Travel Allowance requests forms (TR2) to Accounts
Payable.
The cutoff date is the same as the Expenses module. Entry into the
Expense module closes Friday, 10th December. Approval in Expenses
module closes Tuesday, 14th December.

Travel
◦ Travel Cash Advances
Cutoff date is Thursday , 16th December.
Travel Cash Advance requests (TR3) received by this date will be
guaranteed to be included in the last payment run on Tuesday, 21st
December. These advances will be included in your 2010 budget.
Travel Cash Advance requests (TR3) received after this date will be
included in the first payment run in 2011 (Monday, 10th January 2011).

Non-travel cash advances
Cutoff date is Thursday , 16th December.
Non-travel Cash Advance requests must be received in AP by Thursday,
16th December to be included in the last payment run on Tuesday, 21st
December. These advances will be included in your 2010 budget.
Requests after this date will be included in the first payment run in 2011
(Monday, 10th January 2011).

Settlement of Advances
Overdue settlement of travel and non-travel advances needs to be
addressed with employees as soon as possible.
If advances are not settled, UNSW will be liable for Fringe Benefits Tax
(FBT). This will be charged to the Dept/Project.

Credit Card
◦
Use of Card
Can be used throughout the Christmas New year period in accordance
with card policy.
◦
Reconciliation
Transactions made during the shutdown period will be available to
reconcile on Wednesday, 5th January 2011. Reconcilers have until
Thursday, 6th January 2011 to reconcile. Unreconciled transactions
remaining after this date will be processed with a 2011 budget date.

How can you help AP to help you?
Don’t leave things to the last minute.
Look-out for invoices in trays etc. Ensure that all receipting of PO’s is done.
Match Exceptions - respond to AP emails/phone calls
Ask your colleagues to claim their expense reimbursement now. Don’t
save-up receipts and claim just before the cutoff date.
Employees who are planning to travel in December and January and
require allowances /advances – get requests in early.

Standard of Communication – General Accepted
Accounting Principle!
Cash Accounting:
Transactions are recorded when and only when
cash is received or paid out
What is Accrual Accounting?

Transactions are recorded when they take place
Regardless of whether cash is involved
Matching expenses incurred to revenue earned

Non-Cash revenue and expenses must be adjusted by means of:






Prepaid expenses
Accrued revenue
Prepaid revenue
Accrued expenses
Definition: Expenses which are paid in advance related
to the following accounting period
Example:
Insurance is paid in December 2010 for the following 12
months. Prepaid amount is for the period Jan-Dec 2011
Accounting treatment:
Reduce insurance expense and create an asset - Prepaid
Expense
Other Examples: prepayment of rent, subscriptions, down
payment of goods purchased, license fees
Definition: Revenue which has been earned
but has not been received yet
Example:
University performed consulting work in December 2010 but
haven’t invoiced other party
Accounting treatment:
Increase revenue and create an asset - Accrued Revenue
Other Examples: consultancy fees not received, commission
earned not received
Definition: Expense that is already incurred but is
not paid for
Example:
Electricity has been used for the period Oct-Dec 2010 but has
not been billed until January
Accounting treatment:
Increase Electricity expense for 3 month to create a liability to
pay - Accrued Expenses
Other Examples: rent payable, contractor salary payable,
telecommunication, audit fees, goods received not invoiced
Definition: Revenue which is received in cash but relates
to the next year and is not earned yet
Example:
University received prepayment for a conference to be held in
February 2011
Accounting treatment:
Decrease revenue and create a liability - Prepaid Revenue
Other Examples: deposit taken for future work, advanced
collection from building rentals
When raising charges for internal trading, the income and expense
account must match i.e. offset against each other to zero
The following sample of internal trading accounts are currently in use:

All journals are to be approved by your supervisor

Supporting documentation is to be attached to all
journals (e.g. invoice)

Finance Managers will be collating information
required by the Audit Office of audit samples for
review
The Audit
Office
Corporate
Finance
Finance
Managers
Finance
Managers
Schools/
Units
Adequate internal controls
Compliance with law and
regulations
Availability of proper financial
records
Name
Position
Phone
Email
Catherine Yeung
Director
52165
catherineyeung@unsw.edu.au
Andreas Haufe
Deputy Director
53494
a.haufe@unsw.edu.au
Anne Harvey
Group Tax Manager
51635
a.harvey@unsw.edu.au
Achamma Kurlekar
Group Reporting Manager – Fixed Assets
52075
a.kurlekar@unsw.edu.au
Fitri Sukarti
Group Reporting Manager – Financial
Assets and Employee Cost
51729
f.sukarti@unsw.edu.au
John McNally
Group Consolidation Manager
58151
j.mcnally@unsw.edu.au
Kenny Parajes
Group Reporting Manager – Teaching
Revenue
53612
j.parajes@unsw.edu.au
Vicky Tzouvaras
Senior Research Accountant
58157
v.tzouvaras@unsw.edu.au
Wayne Wang
Group Reporting Manager – Non-Teaching
Revenue & Major Grants
53241
wayne.wang@unsw.edu.au