1. Financial Year End Training FOR YEAR-ENDING 31STJULY 2016 SUSAN LOGAN

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

3. Why Required  Financial Year to 31 July 2016  Allocate income/expenditure to correct financial year  Goods/services - MUST have been received by 31 st July 2016.  Income - earned or received in advance  Expenditure - incurred or paid in advance

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)  http://www.stir.ac.uk/finance- office/staff/financialaccounting/yearendprocess/or ms & guidance -

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 – if a quarterly charge straddles the year end then a prepaid expenditure form to be completed  Pre-payments made in year - ensure that any expenditure which relates to a future financial year are prepaid using the prepaid expenditure form  Estimates (purchases and sales)  Internal charges treatment – do not accrue for these. The commercial departments will complete all recharges for year end  Travel and expenses claims – for all travel and expenses claims incurred by 31st July and not sent to Accounts Payable by 12.30pm 22nd July - a creditor (accrued expenditure) form to be completed  University Credit Card – for all goods and services paid for by 31st July then creditor (accrued expenditure) form to be completed (Useful description of purchase to be included)

8. Issues  Overtime – any staff overtime which has been completed before 31st July but not paid in the month end payroll then creditor(accrued expenditure) form to be completed  Goods/services received and booked in on Agresso by 31st July – accrual made by Finance Department  Goods/services received by 31st July but not booked in on Agresso by 31st July – accrual  Goods/services ordered, but not received – no accrual  Goods/services received but not ordered in Agresso and invoice not been given to Accounts Payable by 12.30 22nd July - accrual

9. 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”

10. Timetable - Payments  Goods purchased on Agresso must be booked in, if received, by 29 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 22 July 12.30pm  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.

11. Timetable – Sales Invoices & Banking  Sales Invoices can be raised up to 10.00am on 29 July  All income banked daily.

12. Timetable - Stock & Equipment  Stock returns to be received by 2 August  Equipment returns to be received by 1 August  Disclosure of sales and purchases  £25K limit before capitalisation

13. 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

14. Contacts 1  Your service accountant (Forms)  Fiona Rooney email (Payments Section)  Alice Stewart email (Equipment returns)  Susan Logan ext. 7143/Derek Stewart ext. 6194 (General queries)

15. Contacts 2 School / Service AreaNominated to collate year-end adjustments Accountancy Assistant Faculty of Applied Social Sciences Morag CrawfordLaura Harvey Faculty of Arts and Humanities Yvonne McClymontLaura Harvey Faculty of Natural Sciences Grace McArthurKaren Flynn Faculty of Health Sciences and Sport Mary Frances KerrKaren Flynn Stirling Management School Alannaha YoungLaura Harvey Stirling Graduate School Lynne BarrettSasha Young Student, Academic and Corporate Services Rebecca GilchristDerek Stewart Accommodation Services Joanne McManusEmma Whyte Commercial Services Elaine O'HareEmma Whyte Estates – Directorate, Facilities, ORES Louise CowieSasha Young Estates – Property Management Alison LunnSasha Young Communications, Marketing and Public Engagement Alan CampbellDerek Stewart Directorate for Advancement Pamela HislopDerek Stewart Finance Office Lorna MitchellSasha Young HR & Organisation Development Lesley McEwenSasha Young Sports Development Services Gillian Parker/Jacqui MitchellSasha Young Information Services Gerry MasonDerek Stewart Research & Enterprise Office Sylvia BarnesSasha Young Secretary/Principal’s Office Wendy MacDougallDerek Stewart