Finance Department
Heslington, York, YO10 5DD
Financial Accountant
I Smallwood
Telephone +44-1904-322123
MEMORANDUM
To:
AJB List, Management Accountants
From:
Date:
Ian Smallwood
04 June 2014
Subject:
Financial Year End arrangements 31st July 2014
The purpose of this memorandum is to make you aware of the University deadlines for finalising 2013/14
departmental accounts, and of the processes for new-year transactions around the 31st July 2014.
1)
Purchase requisitioning, ordering, and goods receipting.
With effect from 4pm Wednesday 6th August 2014, Agresso will automatically be set to Period 1 (August) of
2014/15 for Purchase requisitions, purchase orders, and good receipts. Purchase orders, requisitions and
good receipts processed up to and including 4pm on Wednesday 6th August 2014 will be included in the old
financial year (2013/14). Items ordered using York E-Purchase before 4pm on 6th August 2014 will be
included in the old financial year. Items ordered after this time will be processed in the new financial year.
2)
Purchase Invoice matching.
Please note that both Period 12 of 2013/14 and Period 1 of 2014/15 will be open at the same time until 4pm
on Wednesday 6th August 2014. Invoices for work done and services received before 31st July 2014 should
be posted to period 201312. Invoices for work done and services received after 1st August 2014 should be
posted to period 201401. Care must be taken in selecting the appropriate period in order to ensure that the
correct financial year is charged. Period 201312 will close for invoice matching at 4pm on Wednesday 6th
August 2014.
3)
Purchase Invoice posting.
Invoices for work done or goods received before 31st July 2014, which are not matched in departments, must
be received by the Payments office by 5pm Thursday 31st July 2014, in order to guarantee their inclusion in
expenditure for the old year. Please mark these invoices “OLD YEAR” to assist in processing the
transactions. Invoices received by Payments office after 5pm on 31 st July 2014 will be posted into the NEW
financial year and will need to be accrued if they relate to the old year.
4)
Purchase Card transactions.
The last statement that will be received by the University will include transactions up to 20th July 2014.
These statements must be returned to Payments office with the appropriate accounts/ work orders by 5pm
Thursday 31st July 2014. Payments on Purchase cards between 20th and 31st July 2014 should be accrued at
the year end, a list will be circulated to departments to assist with this task.
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Where a purchase card log for transactions up to 20 July is not received by Payments office by 5pm on 31
July 2014 then the transactions will be posted in period 12 to the default work order for each card holder.
Journals may be needed to correct these postings.
5)
Foreign payments.
The last date for receiving foreign payments in the payments office that will be posted into the OLD year is
5pm on Thursday 31st July 2014. The next foreign payments run will be in week commencing 11th August
2014 and these transactions will be included in 2014/15 financial year. Any invoices that relate to the old
financial year that are not received in payments office by 5pm on 31st July 2014 deadline will need to be
accrued if they relate to the old year.
6)
Staff and Student Expenses.
Claims that relate to trips before 31st July 2014 must be received by the payments office by 5pm on Thursday
31st July 2014 and marked “OLD YEAR” to assist in identifying and processing the transactions. These will
be posted in to financial year 2013/14. Claims received by Payments office after 5pm on 31 st July 2014 will be
posted into the NEW financial year and will need to be accrued if they relate to the old year.
All outstanding Travel Advances as at 30 June 2014 should have receipts processed against the advance
unless the trip is scheduled for August 2014 onwards.
There is normally an annual rush to process expense claims in the last week of the financial year, this inevitably causes
delays in payment. Please send in expense claims promptly and avoid this delay.
7)
Payments to Suppliers/ Staff/ Students by BACS
There will be a small payment run to staff and students on Thursday 7th (received in the bank on Monday
11th August. The normal supplier payment run will resume w/c 11th August.
8)
Sales Invoices and credit notes.
The Sales Ledger will close at 4pm on Wednesday 6th August 2014. All invoice-raising requests and any
credit notes must be in the Fees Office by no later than 5pm on Thursday 31st July 2014, in order to guarantee
their inclusion in revenue for the old year. Please mark these requests “OLD YEAR”, and remember that
these will have an invoice date of 31st July 2014 and must relate to work completed prior to 31st July 2014.
9)
Cash and Cheque receipts.
Cash Office will accept cheques and cash that are clearly marked “OLD YEAR” up to 4pm on Thursday 31st
July 2014.
10) General Ledger.
The final date for journal postings is 4pm on Wednesday 6th August 2014. On Wednesday 6th August after
4pm the normal month end processes will be run and preliminary financial reports will be available from
Thursday 7th August 2014. Please do not post journals between 4pm on Wednesday 6th August and 9am on
Thursday 7th August 2014.
11) On Line Journals.
These will be processed in the old year until Monday 4th August 2014. By 4pm on Wednesday 6th August
2014 all journals input using the on-line journal system must be approved or rejected. From Thursday 7th
August 2014 the on line journals system can only be used for transactions that relate to 2014/15.
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12) Accruals and final adjustments.
Many departments have specific arrangements to collect and post accrual & prepayment information which
should be adhered to. These local arrangements must allow the overall University year end timetable to be
met.
13)
Payroll.
All staff are paid monthly, therefore Agresso will only include items processed in the July monthly payrolls.
This means departments may need to accrue payroll costs which have not been paid in July. Payroll office
will be processing information for monthly staff received in Payroll office up to 14th July in the July files.
Payroll office will be processing information for casual and former weekly paid staff received in Payroll
office up to 14th July in the July files. Temporary staff costs, overtime and similar payments which do not
make these deadlines, will need to be accrued.
14) Accrual deadlines.
The Finance Department based management accountants require their departments to return the
spreadsheet by 5pm on Tuesday 12th August 2014. If your department has a local management accountant
then please check with them for your specific departmental deadlines for accruals & prepayments.
15) International VAT
The international VAT charges should be posted before second close on Friday 15 th August.
16) Deadlines
All the above deadlines (dates and times) will be strictly adhered to due to the confusion that results if
deadlines are ignored i.e. duplicated or missed accruals.
The University external auditors, KPMG, are due on site from late August and through September 2014.
They will test transactions and balances in the annual accounts. They tend to focus on transactions around
the year-end therefore I request that transactions are captured accurately in the accruals and prepayments
process.
Please let me know if you need clarification of any of the above arrangements.
Ian Smallwood
Financial Accountant
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Appendix - 31 July 2014 Year End Summary Timetable
Date
Pre year end
14 July
Notes/ Events
Review Management accounts and process any corrections
Payroll submission deadline
Thursday 31 July
Year end
Deadline for all expense claims, purchase invoices, purchase
card logs, foreign payments to be received in payments
office.
Deadline for receipts to cashiers, sales invoices/ credit notes
to Fees Office
Friday 1 August –
Wednesday 6 August
Purchase orders, Requisitions, Goods receipts, On line
journals, GL Journals, York E Purchase all posting to Old
year
Postings of Purchase invoices, sales invoices in both Old
year and New year depending on date of service/ goods
receipt. No payment run in w/c 4th Aug to suppliers
Monday 4
Deadline for on line journal input
Wednesday 6 August
1st Close 4pm
At 4pm all systems move to new financial year including
Purchase orders, requisitions, goods receipts, On line
journals, GL Journals, York E Purchase
Please do not post Transactions (i.e. includes journals,
invoices, goods receipting) after 4pm on 6th Aug until 9am
Thursday 7th August as it affects the management reports
Thursday 7 August –
Tuesday 12 August
Accruals & prepayments spreadsheets prepared in
Departments are submitted to Management Accounts for
posting
Friday 15 August
2nd Close 4pm
Please do not post journals between 4pm on Friday 15th until
9am Monday 18th August as it will affect the management
reports
Monday 18 August –
Thursday 22 August
Final postings for Fixed Assets, Capital Grants, HYMNS
equalisation, SEIY equalisation.
Friday 22 August
3rd Close NOON
Monday 25 August
Bank Holiday
Late August & September
External Auditors (KPMG) on site
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