1 / 19

End of financial year procedures

End of financial year procedures. External auditors. ● the year end accounts and supporting schedules were prepared in accordance with the agreed timetable and were of a high standard. Accruals basis. A quick test:- What are accruals?

aricin
Download Presentation

End of financial year procedures

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. End of financial year procedures

  2. External auditors • ● the year end accounts and supporting schedules were prepared in accordance with the agreed timetable and were of a high standard

  3. Accruals basis • A quick test:- • What are accruals? • ● A – goods or services ordered before 31 July • ● B – goods or services delivered before 31 July • ● C – invoices for goods or services paid by 31 July

  4. Procedures • Finance department web pageshttp://www.swan.ac.uk/Finance/StaffInformation/Year-end • ☺POP help desk • Julie Powell ext. 3119

  5. Processing of invoices • authorise, code and forward invoices to procurement section by Wednesday 24th July (N.B. both POP invoices and invoices paid via DP1s) • hand deliver if possible • all invoices received on/after Thursday 25thJuly will be processed in the 2013/14 financial year • enter date goods received in POP screen by 5pm Thursday 1st August • if possible, defer receipting goods received on 1st August until Friday 2nd August

  6. Receipt matching 31/07/2013

  7. Housekeeping • To minimise the number of transactions to be reviewed for the year-end accruals process it is important to ensure that day-to-day housekeeping of the purchase orders is up-to-date. • All orders that are completed/paid but not closed off on QL should be ‘completed’ by departments • If any help is required in performing this task then the POP helpdesk can advise of the process

  8. Accruals listing & Computer statements • Friday 2nd August – a list of goods received but not invoiced (accruals listing) will be sent to departments • Around 6/7thAugust - July computer statements will be sent out • check computer statements and notify any inaccuracies to Finance by Wednesday 14thAugust • complete accruals listing and return to finance by Friday 9thAugust

  9. Accruals listing

  10. Form A • only use if you don’t have an accruals listing, otherwise the items can be added to the accruals spreadsheet • estimate other invoices, expense claims etc over £500 in value and record on Form A (n.b. exclude items ordered from Estates, catering, etc.) • return Form A to Finance by Friday 9thAugust by email (s.c.morris@swan.ac.uk) and a signed hard copy • nil returns are required • Goods and services received after 31 July – mark clearly and batch separately

  11. Form A

  12. Procurement card transactions • The Nat West statement is produced on 28th July, any transactions up to that date will be included in the 12/13 accounts automatically • Any transactions between 29th and 31st July, where goods / services have been received should be accrued on Form A (or added to the accruals listing spreadsheet)

  13. Casual payrollforms • Casual claim forms that are processed in the August payroll run will automatically be accrued into 12/13, and so do not need to be included on the accruals listing / Form A

  14. Collection of income • all cash and cheques to be banked by Wednesday 31st July 2013 • complete invoice request forms for goods or services provided before 31st July and forward to income section by Wednesday 31st July • estimate other invoice requests over £500 in value and record on Form B • Return Form B to Finance by Friday 9th August by email (s.c.morris@swan.ac.uk) and a hard copy • nil returns required • goods and services provided after 31 July 2013 – make clear on invoice request forms • receipts in advance - include on Form A

  15. Form B

  16. Other year end tasks • Register of authorised signatories (form F-E.6.5.7) – separate instructions to follow • Departmental stores – separate instructions • Departmental inventories - update at 31 July - include items costing in excess of £3,000 - retain in department • Petty cash (form F-E.5.3) – return by 9thAugust • Internal recharges – final date Monday 5thAugust, no internal recharges to be included on Form A or B

  17. Computer statements • July statements – around 7thAugust - corrections notified by 14thAugust • Final statement – from 15th August - corrections notified within 5 working days …………………...(No amendments after 5 working days) • 30th September – auditors arrive

  18. Calendar

More Related