Year-end financial reporting

 

PLEASE NOTE THAT YEAR DEBTOR AND CREDITOR JOURNAL TEMPLATES HAVE NOW BEEN UPDATED WITH FURTHER GUIDANCE.

PLEASE CONTACT FINANCIAL ACCOUNTING IF YOU HAVE ANY QUESTIONS.

The University’s financial year ends on 31 July 2017.

In order to comply with accounting standards and produce “true and fair” financial statements it is important that income and expenditure is posted to the correct financial year.

This is the financial year in which the goods or services are received or provided. The invoice date itself is not relevant.

Your department receives an invoice for a conference fee. The conference took place on 20th July 2017 and the invoice is dated 10th August 2017. The cost should be recorded in the 2016/17 financial year, reflecting the date the conference took place.

The pages below provide guidance on the various financial transactions you may need to process at year end.

Key dates and deadlines

Income

Expenditure

Petty cash floats

Journals and recharges

Carry forward of DDF balances

Equipment registers

If you have any general queries on the year end procedures please contact Hannah Smith, Head of Financial Accounting and Treasury (x 5390) or Amy Hayes Financial Accountant (x 7466).

 

 

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