System will be unavailable from 5pm on Friday 28 July System should be available again from 9am on Tuesday 1 August 2 Year End General Ensure Substitute activated for holiday periodsother periods of absence ID: 1030130
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1. Year End Preparation June 2023
2. System will be unavailable from 5pm on Friday 28 JulySystem should be available again from 9am on Tuesday 1 August2Year End - General
3. Ensure Substitute activated for holiday periods/other periods of absenceTry to ensure FMS tasks are dealt with as early as possible in the run up to Year EndReview for any backlog of tasksReview Budget Statements forOutstanding commitment no longer relevant (see slides 11 and 12)Corrections re codingsSub projects which can now be closed3Year End – Early preparation
4. Full list of deadlines added to the Knowledge Hub.Aim to ensure transactions relating to 2022/23 are posted to 2022/23 financial yearTransactions entered/approved after deadlines stated will be posted to 2023/24Deadlines set to allow for transactions entering workflow to be approved by relevant staff in departments and Finance prior to posting Contacts are provided for queries regarding deadlines4Year End – Deadlines general
5. 5Year End – Deadlines PurchasingRequisitions – no deadline as won’t affect 2022/2023 expenditure unless also complete GRNGRNs – need to be entered by 5pm on 28 July to ensure we account correctly for all goods received at that timeInvoices – All tasks relating to invoices to be approved by 26 July
6. 6Year End – Deadlines PurchasingAccrualsCentral exercise in Finance to identify where goods have been received by 28 July (GRN in FMS) but invoice not processed. Amounts identified will be reviewed and where appropriate accrued (i.e. posted to 2022/23 with reversing entry in 2023/24 to offset against actual invoice). Narrative will be ‘PO ref – accrual – Period’Large invoices posted in August will also be reviewed to check whether they should have been accrued
7. 7Year End – Deadlines PurchasingPurchase/Travel cards File week ending 14 July where transactions fully approved by 28 July will be posted to 2022/23. All other transactions will be posted to 2023/24 unless alert Accountants that adjustment required (only if significant)ExpensesExpenses relating to 2022/23 should be processed as early as possible to allow final approval by the 28 July deadline (12 noon). Expenses fully approved by this deadline will be included as expenditure for 2022/23.Purchase cards and Expenses won’t be accrued unless departments alert Accountants of specific need (only where spend is significant)
8. 8Year End – Deadlines SalesNew Customer If customer is needed to raise sales order in current year, request must be completed by 20 JulySales invoicesAll sales orders/invoices relating to income due for 2022/23 should be processed by 21 July for (Research/KE/Credit Note) and 25 July for all otherPetty CashAll petty cash expenditure incurred up to 13 July to be reclaimed from Finance to be included as expenditure for 2022/23
9. 9Year End – Deadlines Journals/Budget TransfersJournals Journals fully approved by 28 July deadline will be included for 2022/23. In order to allow sufficient time for approval these should be input by 19 July. Adjustments required after this deadline should be raised with the relevant Accountant.Internal charges Internal charges to be posted by Finance must be received by 21 July to allow inclusion in 2022/23Budget Transfers/Virements Virements fully approved by 28 July deadline will be included for 2022/23 Budget Statements. In order to allow sufficient time for approval these should be input by 19 July. Note that virements not approved by the deadline will need to be deleted.
10. 10Year End – Other informationBudget BalancesRemaining balances at close of business on 28 July will be rolled forward where appropriate to the new financial year for annual projectsFor multi year projects (e.g. Research, KE, SFC specific grants) there will be no need to roll forward budgetsCommitments will be rolled forward (see below) so will be added back to the balance to be rolled forwardBudget Statement report – default period from and period to will be changed to new year
11. 11Year End – Other informationCommitments Outstanding All commitments outstanding at 28 July will be rolled forward to the new year (by changing the period for the commitment)Commitments should be reviewed as early as possible to ensure they are still validCommitments which are not still valid should be written off – guidance is included in the year end deadlines file re different ways to do this depending on type of commitment
12. 12Year End – Other informationCommitments Outstanding – Automatic write-offExercise will be carried out by Finance to write-off commitments which meet parameters below:total PO less than £100kOrder and latest GRN older than 90 days and % outstanding 10% or < PO value and <=£10kOrder and latest GRN older than 180 days and % outstanding 50% or < PO value and <=£50kExcludes call off ordersWill be checked with Requisitioner prior to write-offNote that orders > 365 days old and outstanding amount < £10,000 will be written off automatically with no alert to requisitioner.