Year End Preparation

1. Year End Preparation June 2019

2. Year End - General System will be unavailable from 5pm on Tuesday 30 July System should be available again from 9am on Thursday 1 August

3. Year End – Early preparation • Ensure Substitute activated for holiday periods/other periods of absence • Try to ensure FMS tasks are dealt with as early as possible in the run up to Year End • Review for any backlog of tasks • Review Budget Statements for • Outstanding commitment no longer relevant (see slides 11 and 12) • Corrections re codings • Sub projects which can now be closed

4. Year End – Deadlines general • Full list of deadlines added to the Knowledge Hub. • Aim to ensure transactions relating to 2018/19 are posted to 2018/19 financial year • Transactions entered/approved after deadlines stated will be posted to 2019/20 • Deadlines set to allow for transactions entering workflow to be approved by relevant staff in departments and Finance prior to posting • Contacts are provided for queries regarding deadlines

5. Year End – Deadlines Purchasing • Requisitions – no deadline as won’t affect 2018/19 expenditure unless also complete GRN • GRNs – need to be entered by 5pm on 30 July to ensure we account correctly for all goods received at that time • Invoices– All tasks relating to invoices to be approved by 29July

6. Year End – Deadlines Purchasing Accruals • Central exercise in Finance to identify where goods have been received by 30 July (GRN in FMS) but invoice not processed. • Amounts identified will be reviewed and where appropriate accrued (i.e. posted to 2018/19 with reversing entry in 2019/20 to offset against actual invoice). Narrative will be ‘PO ref – accrual – Period’ • Large invoices posted in August will also be reviewed to check whether they should have been accrued

7. Year End – Deadlines Purchasing • Purchase/Travel cards File week ending 19July where transactions fully approved by 29July will be posted to 2018/19. All other transactions will be posted to 2019/20 unless alert Accountants that adjustment required (only if significant) • Expenses Expenses relating to 2018/19 should be processed as early as possible to allow final approval by the 30 July deadline (12 noon). Expenses fully approved by this deadline will be included as expenditure for 2018/19. Purchase cards and Expenses won’t be accrued unless departments alert Accountants of specific need (only where spend is significant)

8. Year End – Deadlines Sales • New Customer If customer is needed to raise sales order in current year, request must be completed by 24 July • Sales invoices All sales orders/invoices relating to income due for 2018/19 should be processed by 25 July for (Research/KE/Credit Note) and 30 July for all other • Petty Cash All petty cash expenditure incurred up to 19July to be reclaimed from Finance to be included as expenditure for 2018/19

9. Year End – Deadlines Journals/Budget Transfers • Journals Journals fully approved by 30 July deadline will be included for 2018/19. In order to allow sufficient time for approval these should be input by 23 July. Adjustments required after this deadline should be raised with the relevant Accountant. • Internal charges Internal charges to be posted by Finance must be received by 25 July to allow inclusion in 2018/19 • Budget Transfers/Virements Virementsfully approved by 30 July deadline will be included for 2018/19 Budget Statements. In order to allow sufficient time for approval these should be input by 23 July. Note that virements not approved by the deadline will need to be deleted.

10. Year End – Other information Budget Balances • Remaining balances at close of business on 30 July will be rolled forward where appropriate to the new financial year for annual projects • For multi year projects (e.g. Research, KE, SFC specific grants) there will be no need to roll forward budgets • Commitments will be rolled forward (see below) so will be added back to the balance to be rolled forward • Budget Statement report – default period from and period to will be changed to new year

11. Year End – Other information Commitments Outstanding • All commitments outstanding at 30 July will be rolled forward to the new year (by changing the period for the commitment) • Commitments should be reviewed as early as possible to ensure they are still valid • Commitments which are not still valid should be written off – guidance is included in the year end deadlines file re different ways to do this depending on type of commitment

12. Year End – Other information Commitments Outstanding – Automatic write-off • Exercise will be carried out by Finance to write-off commitments which meet parameters below: • total PO less than £100k • Order and latest GRN older than 90 days and % outstanding 10% or <PO value and <=£10k • Order and latest GRN older than 180 days and % outstanding 50% or <PO value and <=£50k • Excludes call off orders • Will be checked with Requisitioner prior to write-off Note that orders > 365 days old and outstanding amount <£10,000 will be written off automatically with no alert to requisitioner.