Dates and deadlines for financial year end

Please complete a stock count at the end of the year for all material stocks, complete the Stock Record Form and return it to your Senior Finance Business Partner by 4 August.  Life Sciences Stores stock should be updated in OneUniversity.

Please liaise with the Financial Accounting team for further advice if you have significant stock levels. 

To ensure the expenditure is automatically accounted for in 2024/25 please ensure all purchase orders are receipted by 5pm for all goods and services received on or before 31 July.  Where the receipting is not done the cost will be accounted for in 2025/26. 

If you become aware of an order where the goods or services were received before the end of the financial year but the order was not receipted please contact your Senior Finance Business Partner to arrange a manual accrual.   Please also contact your Senior Finance Business Partner if you received an order in error and the goods/services were not received by 31 July.

Accruals will generally only be processed for orders/invoices over £1,000.   There is no need to request an accrual for lower value items unless there is a specific reason to do so.   Your Senior Finance Business Partner will be happy to provide further advice if you are unsure.

To ensure we correctly account for our expenditure stock adjustments are required where schools or directorates hold significant values of stocks.   Adjustments are not required for low value items such as standard stationery stocks or paper stocks. 

For significant stocks, please complete the Stock Record Form and ensure the form is signed by an approver.  If you are unsure whether you need to count and report your stock the Financial Accounting team or your Senior Finance Business Partner will be happy to advise.

An accrual will be automatically created for all orders receipted on or before 31 July where the invoice has not yet been received.  To ensure correct accounting orders should only be receipted where the goods or services have actually been received. 

If you have receipted an order prior to 31 July but the goods/services have not been received, please cancel the receipt by 5pm on 31 July.  If this deadline is missed, please advise your Senior Finance Business Partner and an accrual adjustment can be actioned.

All sales invoices generated from 1 August will be posted in 2025/26.   Other income is posted to the financial year based on the date of receipt.  Where income is credited to the incorrect financial year please contact your Senior Finance Business Partner to request an accrual.   Examples where an accrual is required include:

• Income for a course to be run after 31 July is received before the year end.
• A course has been run before the year end but not all income has been received by 31 July.
• A service has been provided before 31 July and the income has not yet been received.
• A service is being provided over a period straddling the year end and the income has not been received by 31 July.
  
   

Meeting the deadlines listed on page 1 will help ensure that all expenditure is accounted for in the correct financial year.  The correct accounting period is determined by the date of receipt of the goods or service.  Examples include:

• An order has been raised and the goods have not been received by 31 July.   The order should not be receipted until the goods are received.  The costs should be accounted for in 2025/26.  No further action is required for year-end.
• An order has been raised and the goods received before 31 July.  The receipt should be recorded in OneUniversity by 31 July and the expenditure will automatically be accounted for in 2024/25 even if the invoice has not been received.
• Goods/services have been provided in July but no purchase order has yet been raised.  This should not occur as orders should be raised for all goods and services.  If you become aware of an instance where an order has not been generated please contact your Senior Finance Business Partner who will ensure an accrual is processed.
• A purchase invoice has been processed in 2024/25 for a service relating to a period straddling the year end.  Please contact your Senior Finance Business Partner to ensure the cost is split across both financial years.
  
   

Staff costs reported in the Financial Statements are adjusted by Finance to take account of the annual leave each staff member has taken at 31 July compared with the annual leave entitlement to that date. This is a requirement under standard accounting rules.

Please ensure all staff in your School/Directorate are reminded of the requirement to record annual leave and approve/reject annual leave in OneUniversity.   Note this is a requirement, this task is not optional.