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UFS

 

Weekly Bulletin No. 833

Tuesday 12 October 

General Finance heading

Deposit Account – Interest Payment & Emailed Enforced Movement Letters

Deposit Account

Please note Deposit Account interest has been credited for September 2020 in CUFS

Enforced Movements

As part of monthly monitoring, the Treasury & Investments team have carried out deposit movements to correct debit balances on Sources of Funds. Affected departments will receive documentation indicating which accounts have been adjusted.

Emailed Enforced Movement Letters

Departments will now receive enforced movement letters via email. If these are being received by the incorrect contact or you have not received a notification you were expecting, please contact Treasury & Investments.

October 2020 Deposit Account Interest

Please ensure deposit movements for October 2020 have been processed by the close of 5th November 2020, and that overdrawn accounts have had funds taken off deposit by this time to avoid delays in crediting October’s Interest.

Cambridge University Endowment Fund – Distribution

Distribution September 2020

Please note that the Cambridge University Endowment Fund distribution for September 2020 has been processed in the September 2020 CUFS period at 222.98p per unit per annum.

Queries: Any queries should be addressed to Treasury & Investments, treasury@admin.cam.ac.uk, Ext 64216

Issued by Scott Maclaren - Treasury & Investments

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Procurement heading

Introducing Strategic Procurement and Purchasing and its workstreams

The Strategic Procurement Review (SPR) concluded in November 2019 and generated ten recommendations and, over the ensuing eight months, these recommendations have been honed into six work-streams focusing on how the University could deliver on its objectives of procuring goods, works and services in a more efficient, user friendly and manner which is both sustainably responsible and commercially effective.  Delivering on these six work-streams, alongside upcoming pilot department activities, is now known as Strategic Procurement and Purchasing (SPP).

Workstreams podcast

To illustrate the next steps, Procurement Services has produced a short podcast which introduces the workstreams which will now deliver the project. For further information and a link to listen to the podcast can be found here.

Issued by Nicola Lawrence - Finance Transformation Programme

Tax Heading

Brexit guidance - imports- what do Departments need to do?

From 1 January 2021, the way that we pay import VAT is changing.  When the EU/UK transition period ends on 31 December 2020, imports from countries in the EU will be subject to the same customs controls and VAT rules as imports from the rest of the world. The University will be using its VAT return to account for import VAT on goods from all overseas suppliers.  This is known as postponed VAT accounting (PVA). 

When instructed by us to use PVA, import agents/carriers will no longer have to pay import VAT on our behalf when goods enter the UK. The University Tax Team is in the process of confirming to DHL and FEDEX that the University wishes to use PVA.  As we get closer to 31 December, Departments should also confirm that PVA is to be used when instructing import agents. 
 
To do this, Depts will need to provide the following information:

  •  University’s VAT registration number:   GB 823 8476 09
  •  University’s EORI number:                   GB823847609000

Our Brexit guidance (which covers what steps Departments need to take when processing purchase and sales invoices) is currently being updated to reflect a number of recent changes and it will be issued imminently.
 
Issued by Angela Fearnside - Tax

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Training header

Forthcoming courses (via Teams)

General Ledger 1, Wed 14 Oct
This course covers the basics of how the General Ledger CUFS module works and how to run online account enquiries. The second session, which is optional, covers journal processing.
 

Quick Tips for MS Word

For those of you that have to write reports, the following tips might save some time:

To highlight an entire sentence

Hold down the Ctrl key in Windows, or Command key on a Mac,

and click the beginning of the sentence.

To easily place text anywhere on the page

Click twice on any place on the page and Word will allow you to
start typing there. (Hard returns and tabs automatically inserted)

To use Word as a calculator to solve equations in your document.

First, add the calculator to the Word menu by navigating to:
File > Options > Quick Access Toolbar and selecting
All Commands from the drop-down menu.

Locate Calculate, and click Add to move it to the
Quick Access Toolbar column.

Click OK to return to your document.
A small grey circle has been added to the top of your Word document.

Type in the equation and highlight. The icon changes colour.

Click the icon and Word calculates the answer in the taskbar at the
bottom of the screen:


Extracted from 16 Microsoft Word Tips, PC Mag UK, 10 Jul 2019 - click here for illustration

Issued by Christine Rogerson - Finance Training

FAQ heading

Monthly Accounting Timetable

To view the status of the monthly process including the month end close dates please use the following link: Accounting Timetable

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Vulnerable Periods

Some systems may be unavailable between 6.00am to 9.00am Tuesdays and Thursdays. Users will be notified of planned vulnerable periods here and in the latest bulletin.