Year End Presentation 201819 Tanya Hitchen Olya Arden

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

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

What’s new for 2018/19? • No accounting changes • 1 st August: system roll forward. T 1 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 1 st 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 1 st-9 th August

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.

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

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

Income processing Research • Clear suspense accounts Income/Payroll • Carry out adjustments for projects with no performance conditions (FRS 102) • Review and validate the results of capital adjustment (FRS 102) posted by Finance Services • Roll forward accrued/deferred Income balances for periods 12 -16 into P 1 of 20 PJACT

Income processing Other income • Accounts Receivable close on 31 st 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 - financialreporting@exeter. ac. uk

Expenditure processing Staff costs • Normal month end payroll to be posted • E-claims accrual: any claims that are approved in the eclaims system by the 31 st July 2019 will be automatically accrued for in 2018/19 via auto-accruals and posted by 7 th August • Approvers should ensure that they approve all claims in relation to 2018/19 by the 31 st July 2019.

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.

Expenditure processing Non-Pay Expenditure • • Purchase ledger closes 31 July All receipting has to be up to date by 31 st July Clear old / redundant POs asap Auto-accrual (external invoices, staff and student expenses - deadline for roll forward inclusion is 5 pm 31 st July) • Manual accruals / prepayments (use prior period journals after T 1 re-opens for postings on 5 th August, post for period 13)

Expenditure processing Non-Pay Expenditure • Purchasing cards (Nat. West statement received on 29 th July, all transactions to be posted by 5 pm on 31 st July for inclusion) • Expenses (all posted prior to 5 pm on 31 st 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 19 th July, remainder must be posted as reversing journal for payment to be made in August)

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 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 31 st July, use prior period journal template. List of outstanding events not journaled in 2018/19 will be circulated

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 2 nd August

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 2 nd August and posted by 7 th August

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

Control / Suspense accounts • All adjustments to be posted by 9 th 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 12 th August

Sales and Purchases If AP/AR team Inputs invoices If invoices entered directly SALES LEDGER CLOSES 26 JULY PURCHASE LEDGER CLOSES 31 JULY PURCHASE LEDGER CLOSES 19 JULY SALES LEDGER CLOSES FRIDAY 31 JULY

Deadlines – Year End • Wednesday 31 st July – 2018/19 YEAR END • 5 pm on 31 st July T 1 temporarily closed down for rolling forward process to be performed. T 1 will provide read only access until pm 2 nd August or earlier. • Thursday 1 st August – 2019/20 financial year • Monday 5 th August (latest) – T 1 re-opens for journal postings (current and prior year)

Other deadlines FRIDAY 19 JULY • Foreign Currency Payments to Accounts Payable FRIDAY 26 JULY • AR deadline for receiving sales invoices and credit notes for inclusion in 2018/19 WEDNESDAY 31 JULY THURSDAY 1 AUGUST FRIDAY 2 AUGUST • 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 1 st August • Equipment (>£ 25 k) and inventory confirmations (£ 500 -£ 25 k) to FPR team; review automated accruals

Other deadlines MONDAY 5 AUGUST TUESDAY 6 AUGUST • Deadline for reviewed auto accruals • Finalised and outstanding events and B&B to be posted WENESDAY 7 AUGUST • Last day for posting auto accruals FRIDAY 9 AUGUST • Last day for posting prior period (P 13) journals

Thanks for listening Timetable and detailed procedures are available by following the link below: http: //www. exeter. ac. uk/finance/planning/yearend/ WORKSHOPS AVAILABLE ON REQUEST ANY QUESTIONS? Contacts: Tanya Hitchen Olya Arden t. m. hitchen@exeter. ac. uk o. arden@exeter. ac. uk 01392 72 5009 01392 72 5058