Weekly Bulletin No. 837
Tuesday 10th November
- Marketplace Error 401 - Update
- End of zero-rate VAT on PPE from 31st October
- Update from the Director of Finance
- Accounts Payable – Employee expenses
- Deposit Account – Interest Payment & Emailed Enforced Movement Letters
- Financial User Group - Recording available
- Forthcoming courses (via Teams)
- Quick Tip: CUFS AR Memo Lines
Marketplace Error 401 - Update
Work is ongoing with Oracle to resolve the Marketplace checkout issue 401.
We understand that this only happens on multiple lined baskets. Baskets of 1 or 2 lines should process as normal.
While we are aware that this inconvenient, it is only a temporary work around.
Updates will be issued as more information becomes available.
Issued by Lesley Dent - System Administrator
End of zero-rate VAT on PPE from 31st October
The Government’s temporary zero-rate VAT for applicable PPE came to an end on 31st October. While there is some uncertainty on the future rules and we await new guidance on HMRC, our expectation is that the University’s preferred suppliers will return to the normal charge rate of 20% for all purchases from 1st November 2020 onwards.
For any queries on this matter, please contact Tony Fish - anthony.fish@admin.cam.ac.uk
Issued by Matthew Kidd - Procurement Services
Update from the Director of Finance
Every fortnight, Director of Finance David Hughes updates the Finance Division on key business issues and matters. Where relevant, we will also share this news via the CUFS Bulletin to keep our wider Finance community informed.
David's latest update features a brief update regarding the Finance Transformation Programme and an acknowledgement about the great ongoing work across our Finance community as we move further into the Michaelmas term. This update can be accessed here:
Issed by Nicola Lawrence - Communications Manager – Finance Transformation Programme
Accounts Payable – Employee expenses
As part of the new employee expenses system being piloted shortly, we have taken the opportunity to establish an automatic update process to the employee accounts in CUFS. The process will ensure the employee records in CUFS (used for Purchasing and Research Grants) are in line with those in CHRIS / Payroll and the Accounts Payable supplier record. The process will end date the employee record in AP and CUFS after 3 months of leaving the University (as per CHRIS).
If you have a need to pay an ex-employee more than 3 months after their leaving date, please discuss those requirements with Andrew Weatherley.
For further information on the new expenses system details may be found here
Issued by Andrew Weatherley - Accounts Payable, Receivable and Cash Management
Deposit Account – Interest Payment & Emailed Enforced Movement Letters
Deposit Account
Please note Deposit Account interest has been credited for October 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.
November 2020 Deposit Account Interest
Please ensure deposit movements for November 2020 have been processed by the close of 4th December 2020, and that overdrawn accounts have had funds taken off deposit by this time to avoid delays in crediting November’s Interest.
Cambridge University Endowment Fund – Distribution
Distribution October 2020
Please note that the Cambridge University Endowment Fund distribution for October 2020 has been processed in the October 2020 CUFS period at 222.98p per unit per annum.
Queries: Any queries should be addressed to treasury@admin.cam.ac.uk, Treasury & Investments, Finance Division, Ext 64216
Issued by Scott Maclaren - Treasury & Investments
Financial User Group - Recording available
For those of you who may have missed the Financial User Group meeting on Friday 6th November,or would just like to refesh your memory, a recording of the meeting is available here
Issued by Lesley Dent - System Administrator
Forthcoming courses (via Teams)
Grants 2: Grants Reporting using Cognos, Tue & Wed 17&18 Nov
Having trouble with Grants reporting? In this course, both the standard summary and detailed reports are covered, including the new consolidated report. As Cognos is the reporting tool used for these reports, completion of the Cognos Intro course is a prerequisite.
Issued by Christine Rogerson - Finance Training
Quick Tip: CUFS AR Memo Lines
Memo lines are predefined templates which can be selected when regularly raising sales invoices for the same activity. In this week's quick tip find out how to set them up and use them. View the document here.
Issued by Max Smith - Finance Training
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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