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2 End of financial year procedures

3 External auditors the year end accounts and supporting schedules were prepared in accordance with the agreed timetable and were of a high standard

4 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

5 Procedures Finance department web pages POP help desk Julie Powell ext. 3119

6 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 25 th July will be processed in the 2013/14 financial year enter date goods received in POP screen by 5pm Thursday 1 st August if possible, defer receipting goods received on 1 st August until Friday 2 nd August

7 Receipt matching 31/07/2013

8 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

9 Accruals listing & Computer statements Friday 2 nd August – a list of goods received but not invoiced (accruals listing) will be sent to departments Around 6/7 th August - July computer statements will be sent out check computer statements and notify any inaccuracies to Finance by Wednesday 14 th August complete accruals listing and return to finance by Friday 9 th August

10 Accruals listing

11 Form A only use if you dont 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 9 th August by and a signed hard copy nil returns are required Goods and services received after 31 July – mark clearly and batch separately

12 Form A

13 Procurement card transactions The Nat West statement is produced on 28 th July, any transactions up to that date will be included in the 12/13 accounts automatically Any transactions between 29 th and 31 st July, where goods / services have been received should be accrued on Form A (or added to the accruals listing spreadsheet)

14 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

15 Collection of income all cash and cheques to be banked by Wednesday 31 st July 2013 complete invoice request forms for goods or services provided before 31 st July and forward to income section by Wednesday 31 st July estimate other invoice requests over £500 in value and record on Form B Return Form B to Finance by Friday 9 th August by 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

16 Form B

17 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 9 th August Internal recharges – final date Monday 5 th August, no internal recharges to be included on Form A or B

18 Computer statements July statements – around 7 th August - corrections notified by 14 th August Final statement – from 15 th August - corrections notified within 5 working days …………………...(No amendments after 5 working days) 30 th September – auditors arrive

19 Calendar July 2013 MONDAYTUESDAYWEDNESDAYTHURSDAYFRIDAYSATURDAYSUNDAY Last day for: Invoices relating to 12/13 to be received in payments 25 Invoices received from this date will be processed in 13/14 No urgent payments 26 No urgent payments 2728 August 2013 MONDAYTUESDAYWEDNESDAYTHURSDAYFRIDAYSATURDAYSUNDAY 29 Procurement Card transactions to be accrued on Form A until 31 st July No urgent payments 30 No urgent payments 31 Stock take as at 31 st 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 1 Last day for: Goods/services received by 31 st July to be receipted on QL No urgent payments 2 Period End (QL unavailable for short period) Accruals listing sent out today Last day for: Internal recharges relating to 12/13 to be received in finance 6 Period End (QL unavailable for short period) 7 July statements sent out to departments to be checked 8 9 Last day for: Accrual listing, Form A, Form B to be returned to Chris Morris Petty cash certificate FE 5.3 returned to cash office Notifying finance of any inaccuracies in July statements 15 Final July statements sent out by today Adjustments within 5 days to Finance

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