End of financial year procedures

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End of financial year procedures
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External auditors

• ? the year end accounts and supporting schedules
  were prepared in
  accordance with the agreed timetable and were
  of a high standard

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Accruals basis

• A quick test-
• What are accruals?
• ? A goods or services ordered before 31 July
• ? B goods or services delivered before 31 July
• ? C invoices for goods or services paid by 31
  July

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Procedures

• Finance department web pageshttp//www.swan.ac.uk
  /Finance/StaffInformation/Year-end
• ?POP help desk
• Julie Powell - ext. 5890

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Processing of invoices

• authorise, code and forward invoices to
  procurement section by Thursday 24th July (N.B.
  both POP invoices and invoices paid via DP1s)
• hand deliver if possible
• all invoices received on/after 25th July will be
  processed in the 2008/09 financial year
• enter date goods received in POP screen by 5pm
  Monday 4th August
• if possible, defer receipting goods received on
  1st/4th August until 5th August

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Receipt matching
Enter the date goods/service received here
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Accruals listing Computer statements

• Around 8th August - July computer statements will
  be sent out
• check computer statements and notify any
  inaccuracies to Finance by Friday 15th August
• 8th August a list of goods received but not
  invoiced (accruals listing) will be sent to
  departments
• complete accruals listing and return to finance
  by Friday 15th August

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Accruals listing
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Form A

• only use if you dont have an accruals listing
• estimate other invoices, expense claims etc over
  500 in value and record on Form A (n.b. exclude
  items ordered from Estates)
• return Form A to Finance by Friday 15th August by
  email (s.c.morris_at_swan.ac.uk) and a signed hard
  copy
• nil returns are required
• Goods and services received after 31 July mark
  clearly and batch separately

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Form A
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Collection of income

• all cash and cheques to be banked by Thursday
  31st July
• complete invoice request forms for goods or
  services provided before 31st July and forward to
  income section by Thursday 31st July
• estimate other invoice requests over 500 in
  value and record on Form B
• Return Form B to Finance by Friday 15th August by
  email (s.c.morris_at_swan.ac.uk) and a hard copy
• nil returns required
• goods and services provided after 31 July 2008
  make clear on invoice request forms

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Form B
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Other year end tasks

• Register of authorised signatories (form
  F-E.6.5.7) separate instructions to follow
• Departmental stores separate instructions
• Departmental inventories - update at 31
  July - include items costing in excess of
  1,000 - retain in department - record all
  electrical items
• Petty cash (form F-E.5.3) return by 15th August
• Internal recharges final date Tuesday 5th
  August, no internal recharges to be included on
  Form A or B

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Computer statements

• July statements around 8th August -
  corrections notified by 15th August
• Final statement from 22nd August -
  corrections notified within 5 working days
  
  ...(No amendments after 5
  working days)
• 1st September auditors arrive