1. Finance Update
Year end 2016/17
Izzy Clayton and Tanya Hitchen

2. Contents Feedback from 2015/16 What’s new for 2016/17
T1 considerations
FRS102 refresher
Year end in your College/Service
Deadlines

3. Feedback from 2015/16 Thank you! Head of Finance Calendar Invites
Posting of CD forms in College/Service

4. What’s new for 2016/17
Nothing

5. T1 considerations Implementation rescheduled
2017/18 entries all on Aptos as normal, but will be transferred across

6. FRS102 refresher: Income recognition for grants
Income recognised in line with performance conditions
Need to look at the terms of the contract as to whether there are any conditions attached to the income
If no performance conditions, recognised all income received in 2016/17
If there are conditions attached, recognise income in line with these conditions, i.e. dependant on delivery of a project then recognise income in line with expenditure

7. Grant income review
Research accounting will review year-end income position
College to ensure all eligible expenditure is accrued
Other grants – review within College
>Complete a CD form
>Ask for guidance where required

8. Year end in your College/Service
• Automated accruals
• ensure as much as possible goes through Aptos
• Includes on-line expenses, purchase cards, IMS PO System
• Review and return by Monday 7 August
• Manual journals
• Timing around year-end for income and expenditure
• Consider impact of FRS102 for income

9. Year-end accruals accounting
CD forms – posted within College/Service
CD1 A Creditors
CD1 B Prepayments
CD1 C Non staff / student expenses
CD2 A Debtors
CD2 B Income in Advance
Guidance available on website:

10. Completing CD Forms
Consider treatment under FRS 102 – what is the income recognition trigger
Post into current period - after 31st July P12.01
Designated individuals in College/Service
Further access rights requests to SID
Any queries – just ask

11. Year-end CD form summary
Summary of CD forms to be returned to – authorised by HoF by 14th August
Sample check to be completed by our team
Supporting documentation will be required by Audit

12. Deadlines – Year End Monday 31st July – 2016/17 YEAR END
5pm Aptos temporarily closed down for central reports to be run
Tuesday 1st August – 2017/18 financial year
10am Aptos re-opens

13. Deadlines for Colleges/Services
August
Friday 11
College and Services
Last day for journal adjustments on Aptos
Friday 18
Research Accounting
APTOS closed to all except Financial Accounting
September
Monday 4
Completion of MANAGEMENT accounts
Friday 8
Completion of PUBLISHED accounts

14. Non-staff Expense claims
Expenses deadlines
Student Expenses
Thursday 20 July
2016/17 expenses
Friday 4 August
2017/8 expenses
WAIT until
Monday 7 August
Non-staff Expense claims
Friday 21 July

15. Sales and Purchases Internal External
PURCHASE LEDGER CLOSES MONDAY 31 JULY
SALES LEDGER CLOSES
FRIDAY 21 JULY
PURCHASE LEDGER CLOSES
FRIDAY 4 AUGUST
SALES LEDGER CLOSES
FRIDAY 4 AUGUST

16. E-claims accrual
Payroll e-claims that are submitted and AUTHORISED by the 4th August will be posted as an accrual by Corporate Accounting on the 8th August
Payroll e-claims that are submitted by this date but relate to August SHOULD NOT BE AUTHORISED before the 7th August. If they are authorised before this date they may be included within the central accrual
You will be able to authorise August e-claims that have been submitted between the 7th and 11th of August for inclusion in the August payroll
Please cascade this information to the relevant authorisers.

17. Other deadlines
FRIDAY
4 AUGUST
Equipment (>£25k) and inventory confirmations (£500-£25k)
Send forms and supporting documents to staff posting CD forms
Last day for posting CD forms
THURSDAY 10 AUGUST
FRIDAY
11 AUGUST

18. Other deadlines Foreign Currency Payments to Accounts Payable
FRIDAY
21 JULY
Foreign Currency Payments to Accounts Payable
Petty Cash / Income return to Cashiers
Budget Centre Narrative from HoFs
TUESDAY
1 AUGUST
FRIDAY
6 SEPTEMBER

19. Central costs - maintenance
Planon recharges > Direct works maintenance, Stores • Complete jobs as at 31 July – standard recharge
• Incomplete jobs as at 31 July – reversing WIP journal
Consist of labour charges, stores costs and invoiced costs
Pre-year end review on June WIP • Campus Services to send out data for WIP as at June – this will be circulated by 30 June • Send queries to Campus Services Helpdesk by 14 July for resolving

20. Central costs -Events
Events and B&B bookings are completed by journal by Campus Services Finance
Finalised events as at 31 July – standard journal Details to sent out on 3 August
List of outstanding events not journaled in 2016/17 Details to be sent out on 3 August

21. Thanks for listening
WORKSHOPS AVAILABLE ON REQUEST ANY QUESTIONS Contact us:
Tanya Hitchen Izzy Clayton