Weekly Bulletin No. 784
Week Commencing Monday 19th August
Payroll deadlines
Year end checklist
Accounts Receivable - Write off Form
Cambridge University Endowment Fund
Payroll Deadlines
Please note the following deadline changes due to the bank holiday:
UPS run dated 31/8/19 – 5pm Wednesday 21st
Weekly run dated 31/8/19 – 5pm Thursday 22nd
Payroll deadlines can be found on our web pages - https://www.finance.admin.cam.ac.uk/payroll/payroll-deadline-dates
Issued by Alexsis Dicken - Payroll
2019 Year-end checklist – Important tasks/deadlines for this week
Per the checklist on page 6 of the Year End procedures manual, departments are reminded of the following:
|
Date |
Module |
Action |
|
Mon 19 Aug |
GL |
Last date for funds on deposit movement |
|
Tue 20 Aug |
|
FYI - CUEF distribution and deposit interest posted |
|
Wed 21 Aug |
|
FYI - Interim Summary Reports emailed to Departments (interim report 2) FYI - 2nd interim Trust Fund Statement sent out to departments |
|
Wed 21 Aug |
FA |
Ensure that July not tracked additons are included. Refer to FA excpetion spreadsheet |
|
Fri 23 Aug |
AP |
Return supplier statements reconciliations to the AP helpdesk |
|
Fri 23 Aug |
FA |
Fixed Assets closes 5pm |
|
Fri 23 Aug |
GL |
Last date to post budget journals (NB Budget Field frozen in CUFS 5pm) Clear any trust fund deficits based on a review of 2nd interim statement |
Year-end instructions for 2019 are available from the Finance Division website at
https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-11-year-end-instructions
All enquiries should be directed by email to the relevant module Helpdesk.
Issued by Christine Rogerson - Finance Training
Accounts Receivable – Write off form requirements update – bank charges and small balance adjustments
As part of our ongoing work on bringing in efficiencies in line with ourcambridge, for the new financial year starting 1st August 2019 Credit Control will no longer require Departments to submit a write off form for external AR invoices where:
- there is a balance remaining of £20 or less, and it is clear that:
- a payment has already been applied to the invoice
- the small balance remaining is due to either a bank charge or a small underpayment
Approximately 80% of all write off forms received by Credit Control in the last 3 years relate to bank charges or small balance adjustments rather than genuine bad debt. Removing the requirement to complete and return the form for these types of adjustments will save time by removing an administrational burden from the Departmental staff and Credit Control, we will continue to use the write off form and process for genuinely irrecoverable external invoices.
Credit control will run a monthly process to identify the small balances on external AR transactions and will make the accounting adjustment to bring the AR invoice balance to zero. We will post the adjustment line to the same D.CC.SF. code as the original transaction (highest valued distribution line if there are many) with a transaction code most suitable of either:
|
Transaction |
Description |
|
FJAE |
GBP Bank Account Charges |
|
FJAF |
US$ Bank Account Charges (where the invoice currency is USD) |
|
FJAG |
Euro Bank Account Charges (where the invoice currency is EUR) |
|
FJNE |
Other write-off (not debt) (for small remaining balances/underpayments) |
Credit Control will email the AR accounts contact monthly to advise the adjustments (if any) that have been processed for each Department.
If an adjustment is made to an invoice you specifically want to remain open for a particular reason, please contact Credit Control who will reverse the adjustment, we will not be able to take requests to recode the adjustment line to something other than the convention above unless we have made an error.
The first set of adjustments will be done for the AUG-19 accounting period and we will mop up any open AR balances that meet the criteria regardless of their age, going forward the process will pick up remaining balances on transactions that have been receipted in the month we are working on.
Departments will still need to complete and submit a write off form for any amounts over £20 (or where the original invoice value was under £20 but no payment has ever been received) as per the current process to fincreditcontrol@admin.cam.ac.uk, bad debts will be posted to transaction code FJNB. A copy of the current form can be found on the Finance Division forms page here.
There is no change to the write off approval limits as per the Financial Regulations 12.3. The Financial Procedures Manual Chapter 8a External Trading and Credit Control will be updated with the revised process shortly.
Please contact x65872 or fincreditcontrol@admin.cam.ac.uk if you have any questions.
Issued by Bernie Parsons - Credit Control
Cambridge University Endowment Fund – Notification of Distribution Rate for 2019-2020
Distribution 2019-2020
Please note that the Cambridge University Endowment Fund distribution rate for 2019/20 has been set at 216.54p per unit per annum.
As previously noted, with effect from 1 July 2019 it is now the objective of the fund to increase unit values annually by the percentage change in CPI plus 1% (rather than RPI plus 1%). A Grace to base the distribution formula on 4% of smoothed net asset values (rather than 4.25%) and to implement the new inflation measure, with effect from 1 August, was approved on 26 July. The fund's Information Memorandum has been updated accordingly.
Further context can be found at https://www.admin.cam.ac.uk/reporter/2018-19/weekly/6553/section3.shtml#heading2-11
The chart attached illustrates the diminutive impact of the change in distribution formula on forecasted distribution rates.
Any queries please do not hesitate to contact Treasury on 64216
Issued by Scott Maclaren - Treasury
Monthly Accounting Timetable
To view the status of the monthly process including the month end close dates please use the following link: Accounting Timetable