Year-End Preparation Guidelines for June 2024
Year End Preparation
June 2024
System will be unavailable from
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System should be available again from
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Ensure Substitute activated for holiday
periods/other periods of absence
•
Try to ensure FMS tasks are dealt with as early as
possible in the run up to Year End
•
Review for any backlog of tasks
•
Review Budget Statements for
–
Outstanding commitment no longer relevant
(see slides 11 and 12)
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Corrections re codings
–
Sub projects which can now be closed
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Full list of deadlines added to the Knowledge Hub.
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Aim to ensure transactions relating to 2023/24 are posted
to 2023/24 financial year
•
Transactions entered/approved after deadlines stated will
be posted to 2024/25
•
Deadlines 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 deadlines
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Central exercise in Finance to identify where goods have
been received by 30 July (GRN in FMS) but invoice not
processed.
•
Amounts identified will be reviewed and where
appropriate accrued (i.e. posted to 2023/24 with
reversing entry in 2024/25 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
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File for June/July where transactions fully approved by
30 July will be posted to
2023/24
. All other transactions
will be posted to 2024/25 unless alert Accountants that
adjustment required (only if significant)
•
E
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Expenses relating to
2023/24
should be processed as
early as possible to allow final approval by the 29 July
deadline (12 noon). Expenses fully approved by this
deadline will be included as expenditure for
2023/24
.
Purchase cards and Expenses won’t be accrued unless
departments alert Accountants of specific need (only
where spend is significant)
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If customer is needed to raise sales order in current
year, request must be completed by 22 July
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All sales orders/invoices relating to income due for
2023/24
should be processed by 23 July for
(Research/KE/Credit Note) and 25 July for all other
•
P
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All petty cash expenditure incurred up to 15 July to
be reclaimed from Finance to be included as
expenditure for
2023/24
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Journals fully approved by 30 July deadline will be included for
2023/24
. 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.
•
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Internal charges to be posted by Finance must be received by
23 July to allow inclusion in
2023/24
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Virements fully approved by 30 July deadline will be included for
2023/24
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.
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Remaining balances at close of business on 30 July will
be rolled forward where appropriate to the new financial
year for annual projects
•
For multi year projects (e.g. Research, KE, SFC specific
grants) there will be no need to roll forward budgets
•
Commitments will be rolled forward (see below) so will
be added back to the balance to be rolled forward
•
Budget Statement report – default period from and
period to will be changed to new year
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O
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All commitments outstanding at 30 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 valid
•
Commitments 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
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Exercise will be carried out by Finance to write-off commitments
which meet parameters below:
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total PO less than £100k
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Order and latest GRN older than 90 days and % outstanding
10% or < PO value and <=£10k
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Order and latest GRN older than 180 days and % outstanding
50% or < PO value and <=£50k
•
Excludes call off orders
•
Will be checked with Requisitioner prior to write-off
Note that orders > 365 days old and outstanding amount < £10,000 will
be written off automatically with no alert to requisitioner.
Ensure smooth year-end processes by reviewing tasks, deadlines, and financial commitments. Activate substitutes for absences, review budget statements, manage deadlines for transactions, and handle purchasing requisitions, invoices, and accruals promptly. Stay organized to close out the financial year effectively.
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Presentation Transcript
Year End Preparation June 2024
Year End - General System will be unavailable from 5pm on Tuesday 30July System should be available again from 9am on Thursday 1August 2
Year End Early preparation Ensure Substitute activated for holiday periods/other periods of absence Try to ensure FMS tasks are dealt with as early as possible in the run up to Year End Review for any backlog of tasks Review Budget Statements for Outstanding commitment no longer relevant (see slides 11 and 12) Corrections re codings Sub projects which can now be closed 3
Year End Deadlines general Full list of deadlines added to the Knowledge Hub. Aim to ensure transactions relating to 2023/24 are posted to 2023/24 financial year Transactions entered/approved after deadlines stated will be posted to 2024/25 Deadlines 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 deadlines 4
Year End Deadlines Purchasing Requisitions no deadline as won t affect 2023/2024 expenditure unless also complete GRN GRNs need to be entered by 5pm on 30 July to ensure we account correctly for all goods received at that time Invoices All tasks relating to invoices to be approved by 26 July 5
Year End Deadlines Purchasing Accruals Central exercise in Finance to identify where goods have been received by 30 July (GRN in FMS) but invoice not processed. Amounts identified will be reviewed and where appropriate accrued (i.e. posted to 2023/24 with reversing entry in 2024/25 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 6
Year End Deadlines Purchasing Purchase/Travel cards File for June/July where transactions fully approved by 30 July will be posted to 2023/24. All other transactions will be posted to 2024/25 unless alert Accountants that adjustment required (only if significant) Expenses Expenses relating to 2023/24 should be processed as early as possible to allow final approval by the 29 July deadline (12 noon). Expenses fully approved by this deadline will be included as expenditure for 2023/24. Purchase cards and Expenses won t be accrued unless departments alert Accountants of specific need (only where spend is significant) 7
Year End Deadlines Sales New Customer If customer is needed to raise sales order in current year, request must be completed by 22 July Sales invoices All sales orders/invoices relating to income due for 2023/24 should be processed by 23 July for (Research/KE/Credit Note) and 25 July for all other Petty Cash All petty cash expenditure incurred up to 15 July to be reclaimed from Finance to be included as expenditure for 2023/24 8
Year End Deadlines Journals/Budget Transfers Journals Journals fully approved by 30 July deadline will be included for 2023/24. 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 23 July to allow inclusion in 2023/24 Budget Transfers/Virements Virements fully approved by 30 July deadline will be included for 2023/24 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. 9
Year End Other information Budget Balances Remaining balances at close of business on 30 July will be rolled forward where appropriate to the new financial year for annual projects For multi year projects (e.g. Research, KE, SFC specific grants) there will be no need to roll forward budgets Commitments will be rolled forward (see below) so will be added back to the balance to be rolled forward Budget Statement report default period from and period to will be changed to new year 10
Year End Other information Commitments Outstanding All commitments outstanding at 30 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 valid Commitments 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 11
Year End Other information Commitments Outstanding Automatic write-off Exercise will be carried out by Finance to write-off commitments which meet parameters below: total PO less than 100k Order and latest GRN older than 90 days and % outstanding 10% or < PO value and <= 10k Order and latest GRN older than 180 days and % outstanding 50% or < PO value and <= 50k Excludes call off orders Will be checked with Requisitioner prior to write-off Note that orders > 365 days old and outstanding amount < 10,000 will be written off automatically with no alert to requisitioner. 12
