Bulletin No. 898
Monday 24th January
Accounts Receivable – Matching Credits to Invoices
If you need to credit off an invoice in AR, please remember that the credit needs to be matched off against the original invoice to close down the transactions. Guidance is here.
There have been a few instances recently where departmental invoices are still appearing on the bad debt provision even though credit memos have been raised, this is because the provision runs off Open status invoices, and they will continue to report until they have been paid or matched off with their credit.
Issued by Bernadette Parsons - Shared Services Manager
January Month End - Half Year Accounts
The accounts for the first half of the financial year are important for ongoing financial management, whether at University, School or Department level. They are used in monitoring performance and compliance in key areas such as: spending against budget; balances on trust funds and donation accounts; income levels; internal trading; the rate of recovery of indirect costs and progress on construction projects.
To enable departments to prioritise work accordingly, the below list details half year end activities in priority order.
- Bring income up to date by raising external trading invoices (inc any invoices for B source of funds recharges etc.)
- Process suppliers' invoices for January (and prior) purchases and raise accruals for any significant purchases not yet invoiced;
- Claim unallocated BACS receipts and bank any cheques or cash received.
- Stock takes, priority on high value stock items
- Re-allocate items of expenditure to research grants, donation accounts and trust funds as appropriate, where they have been provisionally coded to Chest or other sources of funds - this should be done by amending the Accounts Payable distribution where possible, otherwise by raising a General Ledger journal;
- Clear suspense accounts (e.g. Grants, internal trading, credit card); In order to give departments more time to review their accounts to January 2022 and process transactions the CUFS modules will remain open 4 days longer than normal.
7 working days - Wednesday 9th February
Accounts Payable
Accounts Receivable
Inventory
Grants
Purchasing
9 working days – Friday 11th February
General Ledger
All modules will close at 5pm on the stated days.
Issued by Mike Sinclair – Central and Research Accounting
Forthcoming Training courses (via Teams) 2022
GM2: Grants Reporting in Cognos, Tue 1 and Wed 2 February
For anyone needing to reports on their Grants. This course focusses on the Cognos suite of reports. It includes the three consolidated reports where you can design the output by selecting your own options. Over the two sessions, reporting is viewed from three different perspectives: summary financial information, detailed expenditure analysis and management reports for grants due to close. You need to have Cognos access and to have competed Intro to Cognos, as well as Grants 1 (both online).
Budgeting 1: Introduction to budgeting in the University, Thu 3 Feb
Brush up your knowledge on the theory and practice of budgeting in the University. This two and a half hour course covers interpreting departmental budget reports and understanding the causes of over/under spends.
Issued by Christine Rogerson - Finance Training
R12.2 Update on issues and procedures
Viewing receipted amounts in the iProcurement Requisitions tab
Please visit the R12.2 Upgrade Page for the latest FAQs and reported issues:
We would like to take this opportunity to thank you all for your continued support while we resolve the post upgrade issues.
Issued by Paul Humphreys – Functional Analyst
Monthly Accounting Timetable
To view the status of the monthly process including the month end close dates please use the following link: Accounting Timetable