www.swansea.ac.uk

www.swansea.ac.uk

End of financial year procedures

www.swansea.ac.uk

External auditors

● the year end accounts and supporting schedules were prepared in

accordance with the agreed timetable and were

of a high standard

www.swansea.ac.uk

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

www.swansea.ac.uk

Procedures

Finance department web pages

http://www.swan.ac.uk/Finance/StaffInformation/Year-end

☺POP help desk

Julie Powell ext. 3119

www.swansea.ac.uk

Processing of invoices

• authorise, code and forward invoices to procurement section by Wednesday 24th July (N.B. both POP invoices and invoices paid via DP1s)

• hand deliver if possible

• all invoices received on/after Thursday 25th July will be processed in the 2013/14 financial year

• enter date goods received in POP screen by 5pm Thursday 1st August

• if possible, defer receipting goods received on 1st August until Friday 2nd August

www.swansea.ac.uk

Receipt matching

31/07/2013

www.swansea.ac.uk

Housekeeping

• To minimise the number of transactions to be reviewed for the

year-end accruals process it is important to ensure that day-

to-day housekeeping of the purchase orders is up-to-date.

• All orders that are completed/paid but not closed off on QL

should be ‘completed’ by departments

• If any help is required in performing this task then the POP

helpdesk can advise of the process

www.swansea.ac.uk

Accruals listing & Computer statements

• Friday 2nd August – a list of goods received but not invoiced

(accruals listing) will be sent to departments

• Around 6/7th August - July computer statements will be sent

out

• check computer statements and notify any inaccuracies to

Finance by Wednesday 14th August

• complete accruals listing and return to finance by Friday 9 th

August

www.swansea.ac.uk

Accruals listing

www.swansea.ac.uk

Form A

• only use if you don’t have an accruals listing, otherwise the items can

be added to the accruals spreadsheet

• estimate other invoices, expense claims etc over £500 in value and

record on Form A (n.b. exclude items ordered from Estates, catering,

etc.)

• return Form A to Finance by Friday 9th August by email

(s.c.morris@swan.ac.uk) and a signed hard copy

• nil returns are required

• Goods and services received after 31 July – mark clearly and batch

separately

www.swansea.ac.uk

Form A

www.swansea.ac.uk

Procurement card transactions

• The Nat West statement is produced on 28th July, any

transactions up to that date will be included in the 12/13

accounts automatically

• Any transactions between 29th and 31st July, where goods /

services have been received should be accrued on Form A

(or added to the accruals listing spreadsheet)

www.swansea.ac.uk

Casual payroll forms

• Casual claim forms that are processed in the August payroll

run will automatically be accrued into 12/13, and so do not

need to be included on the accruals listing / Form A

www.swansea.ac.uk

Collection of income

• all cash and cheques to be banked by Wednesday 31st July 2013

• complete invoice request forms for goods or services provided before 31st July and forward to income section by Wednesday 31st July

• estimate other invoice requests over £500 in value and record on Form B

• Return Form B to Finance by Friday 9th August by email (s.c.morris@swan.ac.uk) and a hard copy

• nil returns required

• goods and services provided after 31 July 2013 – make clear on invoice request forms

• receipts in advance - include on Form A

www.swansea.ac.uk

Form B

www.swansea.ac.uk

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 £3,000

- retain in department

• Petty cash (form F-E.5.3) – return by 9th August

• Internal recharges – final date Monday 5th August, no internal recharges to

be included on Form A or B

www.swansea.ac.uk

Computer statements

• July statements – around 7th August

- corrections notified by 14th August

• Final statement – from 15th August

- corrections notified within 5 working days

…………………...

(No amendments after 5 working days)

• 30th September – auditors arrive

www.swansea.ac.uk

CalendarJuly 2013

MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY SUNDAY

22 23

24Last day for:Invoices relating to 12/13 to be received in payments

25Invoices received from this date will be processed in 13/14No urgent paymentsNo urgent payments

26No urgent payments

27 28

August 2013MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY SUNDAY

29Procurement Card transactions to be accrued on Form A until 31st JulyNo urgent payments

30No urgent payments

31Stock take as at 31st July including departmental inventories.Invoice request forms relating to 12/13 to be received in Income section.All Cash & Cheques to be banked.No urgent payments

1Last day for:Goods/services received by 31st July to be receipted on QL No urgent payments

2Period End (QL unavailable for short period)Accruals listing sent out today

3 4

5Last day for:Internal recharges relating to 12/13 to be received in finance

6Period End (QL unavailable for short period)

7July statements sent out to departments to be checked

8 9Last day for:Accrual listing, Form A, Form B to be returned to Chris MorrisPetty cash certificate FE 5.3 returned to cash office

10 11

12 13 14Notifying finance of any inaccuracies in July statements

15Final July statements sent out by todayAdjustments within 5 days to Finance

16 17 18