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Financial Year End Training July 2014: Essential Adjustment Procedures

Understand why year-end adjustments are necessary, learn about different adjustment types, master form-filling techniques, resolve common issues, and follow a detailed timetable. Access management reports for accurate financial closure and find relevant contact details.

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Financial Year End Training July 2014: Essential Adjustment Procedures

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  1. Financial Year End Training July 2014 Fiona Hudson

  2. Year End Adjustments • Why required • Types of adjustments • Form filling • Issues • Timetable • Management Reports • Contact details

  3. Why Required • Accounts made simple! • Financial Year to 31 July • Allocate income/expenditure to correct year • Income - earned or received in advance • Goods/services - must have been delivered • Expenditure - incurred or paid in advance • Goods/services - must have been received

  4. Types of Adjustment • Creditor (we owe supplier) • Debtor (customer owes us) • Prepaid expenditure (paid in advance) • Prepaid income (received in advance) • Credit cards (we owe bank) • Forms & guidance - http://www.finance.stir.ac.uk/staff/financial-accounting/year-end-process.php

  5. Form Filling 1 • Not less than £50 per item • Consolidate several items • Select appropriate form for type of adjustment • In same format as Agresso Journal Posting • Amounts in one column • Form MUST balance to zero with the balancing entry being entered at the pre-printed account code

  6. Form Filling 2 • Full description filled in at Narrative • Save forms electronically • Send to nominated contact in the school/ service area • Automatic reversal of same • “NIL” returns are required

  7. Issues • Quarterly charges • Pre-payments made in year • Estimates (purchases and sales) • Internal charges treatment • Travel expenses • Overtime • Goods/services received and booked in • Goods/services ordered, but not received • Goods/services received but not ordered in Agresso

  8. Timetable - Adjustments • Year-end adjustments to be received by 1 August • Collated by nominated person in each school /service area • E-mailed to the relevant service accountant with subject “Year-end adjustment”

  9. Timetable - Payments • Goods purchased on Agresso must be booked in, if received, by 31 July, 12.30pm. These will be accrued centrally • Invoices for goods NOT purchased on Agresso, travel & expenses claims, requests for payments must be in Payments Section by 24 July • Don’t rely on internal mail on final day and don’t leave all of these until the final week • No further processing in current Financial year

  10. Timetable – Sales Invoices & Banking • Sales Invoices can be raised up to 10.00am on 31 July • All income banked daily, 31 July income to be banked on 1 August and the banking sheet sent to Finance also on the 1 August

  11. Timetable - Stock & Equipment • Stock returns to be received by 4 August • Equipment returns to be received by 1 August • Disclosure of sales and purchases • £25K limit before capitalisation

  12. Management Reports • First Run – 8 August - will include all year-end adjustments • Second Run – 15 August - will include all projects/research/special initiatives closed off

  13. Contacts 1 • Your service accountant (Forms) • Angela Grant email (Payments Section) • Alice Stewart email (Equipment returns) • Fiona Hudson ext. 6195/Derek Stewart ext. 6194 (General queries)

  14. Contacts 2

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