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Financial Year End Timetable and Deadlines

The University's Financial Accounting year ends on 31 July 2017. As usual, there are a number of deadlines to be met to ensure that the University's Financial Statements are prepared in line with accounting standards and all costs are recorded in the correct financial year. This year’s deadlines are given in detail below, but to summarise, the key points are:

• Provide all supplier invoices, expense claims and requests for customer invoices to Finance Shared Services (FSS) in the Finance Office as soon as possible;
• Process GRNs in Agresso by 5pm on Thursday 3 August 2017 for all goods received and services completed on or before 31 July 2017; and
• Complete all workflow actions promptly and ensure that workflow substitutes are in place, if you are on holiday during the year end period.

Full details of the deadlines for this financial year end are set out below. Where paperwork is received after the below deadlines, the costs will be recorded against 2017/18 budgets by default. However, if items over £10,000 come to light after these deadlines, please inform your Senior Finance Business Partner.

Receipting of goods/services in Agresso – for the preparation of our financial accounts it is the date we receive the goods (or a service is completed) that defines the accounting year in which the spend is recorded (i.e. not the invoice date). Therefore, please apply the following rules regardless of whether or not an invoice has been received:

• Goods received or service completed on or before 31 July 2017 – must have GRNs entered into Agresso (with appropriate supporting documentation attached) by 5pm on Thursday 3 August 2017; spend will be recorded in 16/17 accounts.
• Goods received or service completed on or after 1 August 2017 – GRNs must not be entered into Agresso until after 9am on Friday 4 August 2017; spend will be recorded in 17/18 accounts.

Goods receipt notes will be reviewed by the Finance Office as part of our year end procedures to ensure all spend is recorded in the correct financial year.

Supplier invoice processing – the key message is that all documents received directly in schools and departments should be passed to FSS as soon as possible and in any case by the following deadlines:

• All invoices received on or before Thursday 20 July 2017 should be forwarded to FSS by Friday 21 July 2017 to allow these to be processed and paid prior to year end.
• Invoices received after Thursday 20 July 2017 should be forwarded to FSS as soon as possible and no later than 5pm on Tuesday 1 August 2017.
• Any non-PO invoices must be approved in Agresso workflow as quickly as possible and by 5pm on Thursday 3 August 2017. Any items not approved by this deadline will be recorded in the 16/17 accounting year using the default codes for the department. If you are on holiday in this period, please ensure substitutes are in place for Agresso workflow.
• Any non-PO foreign currency invoices not submitted for payment by 21 July 2017 (see “non-standard payments” below), which are for £10,000 or more of goods or services received before 31 July 2017, should be bought to the attention of your Senior Business Partner to allow the costs to be recorded in 16/17.

Payments – the schedule for year-end payment runs and the associated deadlines will be:

• Domestic invoice payment runs – the final payment run of 16/17 will be processed on Thursday 27 July 2017. As noted above, if you require your invoice to be paid in this run, it needs to be presented to FSS for processing by Friday 21 July 2017 and any workflow actions completed by close of business on Wednesday 26 July 2017. The first payment run of financial year 17/18 will be processed on Thursday 10 August 2017.
• Non-standard payments – P1 forms / cheque requests / FP1 forms requesting foreign payments must be received by FSS by 5pm Friday 21 July 2017 if payment is required to be issued prior to year end. Any forms received after this date will not be processed until Thursday 10 August 2017 at the earliest.

Purchase cards – all purchase card transactions on or before 31 July 2017 will be recorded in the 16/17 accounts with approval deadlines as below:

• Verification and approval of all purchase card transactions to Sunday 30 July 2017 needs to be completed no later than 5pm on Thursday 3 August 2017. Note that transactions from the week ending Sunday 30 July 2017 will be uploaded into Agresso on Monday 31 July 2017.
• Any transactions that are not approved by the above deadline, along with any purchases made on purchase cards on Monday 31 July 2017, will be posted to the default codes for the department.
• If you are on holiday in this period, please ensure substitutes are in place for purchase card transaction approvals.

Key Travel expenditure - any trips taking place on or before 31 July 2017 will be recorded as expenditure in the 16/17 accounting year. Trips taking place on or after 1 August 2017 will be recorded as expenditure in the 17/18 accounting year. This is regardless of when the travel was booked and paid for.

Expense claims – in order to ensure all expenses incurred prior to 31 July 2017 are correctly recorded in the 16/17 accounting year, please forward claims to FSS as soon as possible, ensuring that completed expense forms are received by FSS no later than:

• Friday 7 July 2017 for expenses incurred before 30 June 2017
• 12.30 pm Wednesday 2 August for any further expenses incurred to 31 July 2017.

Customer Invoice processing –all goods supplied and services rendered to external organisations on or before 31 July 2017 must be included in the 16/17 accounting year. The deadlines for raising/requesting invoices is as follows:

• Sales invoices to be raised by FSS - requests for sales invoices to be issued must be received on or before Tuesday 1 August 2017.
• Sales invoices raised directly by departments - Campus Living, Research Finance, Business School, ECI, and LISU will be able to continue raising invoices for year 16/17 until Thursday 3 August 2017 and these will automatically post into the 16/17 accounting year.
• Any invoices related to the 17/18 accounting year should not be raised/requested until after 9am on Friday 4 August 2017.

2017/18 accounting year (1 August 2017 to 31 July 2018) will be open in Agresso from 9am on Friday 4th August 2017 enabling departments to raise purchase requisitions and orders as normal in the new year. Note that orders can still be raised between 1 to 3 August 2017 but will appear in accounting year 16/17 initially. You should not GRN anything on these orders until the new year is opened otherwise the cost will end up in 16/17. All open orders will then be rolled forward into 17/18 on 4 August 2017 and GRNs can then be processed as normal. Also note that roll forward of balances on S, W and J projects is anticipated to take place at the beginning of September as in previous years.

Should you have any issues or question related to the above, please raise these with your normal contact in the business partnering team as soon as possible to ensure that these can be resolved prior to 31 July 2017.

Kind regards
Jake

Jacob Perkins
Financial and Treasury Accountant

Posted by
Emma Burrow (extension 228018)
Posted on
Monday, 19 June 2017 at 11:19 GMT
Posted in
general

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