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End of financial year procedures

End of financial year procedures. External auditors. ● T he 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?

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End of financial year procedures

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  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 Thursday 24th July (N.B. both POP invoices and invoices paid via DP1s) • Hand deliver if possible • All invoices received on/after Friday 25thJuly will be processed in the 2014/15 financial year • Enter date goods received in POP screen by 5pmFriday 1st August • If possible, defer receipting goods received on 1st August until Monday 4th August

  6. Receipt matching 31/07/2014

  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 • Monday 4th 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 13thAugust • Complete accruals listing and return to finance by Friday 8thAugust

  9. Accruals listing

  10. Form A • Onlyuse 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 8thAugust by email (m.g.winter@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 Barclaycard statement is produced on 26th July, any transactions up to that date should be included in the 13/14 accounts automatically • Any transactions between 27th and 31st July, or transactions not on the statement, where goods / services have been received should be accrued on Form A (or added to the accruals listing spreadsheet)

  13. Casual payroll forms • Casual claim forms that are processed in the August payroll run will automatically be accrued into 13/14, 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 Thursday 31st July 2014 • Complete invoice request forms for goods or services provided before 31st July and forward to income section by Thursday 31st July • Estimate other invoice requests over £500 in value & record on Form B • Return Form B to Finance by Friday 8th August by email (m.g.winter@swan.ac.uk) and a hard copy • Nil returns required • Goods and services provided after 31 July 2014 – 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 8thAugust • Internal recharges – final date Monday 4thAugust, no internal recharges to be included on Form A or B

  17. Computer statements • July statements – around 7thAugust - corrections notified by 13thAugust • Final statement – from 14th August - corrections notified within 5 working days …………………...(No amendments after 5 working days) • 29th September – auditors arrive

  18. Calendar

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