appendix b - home | unsw finance · web viewkuda vere ext 53550 as part of the financial year end...
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25 October 2016
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2016 End of Year Operational Close-Off Guidelines
Table of Contents
1. UNSW Christmas-New Year Shutdown Arrangements ......................................................................................4
2. Vendor Creation & Amendments.........................................................................................................................4
3. Processing & Payment of Invoices.......................................................................................................................4
4. Credit Cards.........................................................................................................................................................54.1. Use of the Card..................................................................................................................................................54.2. Reconciliation of Credit Card Transactions....................................................................................................5
5. Employee Expense Reimbursement & Student Payments....................................................................................6
6. Travel & Non-Travel Advances...........................................................................................................................6
7. Serko Travel Allowances.....................................................................................................................................6
8. Purchase Orders (Including eProcurement Requisitions).....................................................................................78.1. Purchase Order Entry.......................................................................................................................................78.2. Review of Purchase Orders...............................................................................................................................78.3. Receipting of Purchase Orders.........................................................................................................................7
9. UNSW Cashiers...................................................................................................................................................8
10. Accounts Receivable Transactions.......................................................................................................................8
11. Student Payment Collections...............................................................................................................................9
11.1. Cashier Payments..............................................................................................................................................911.2. OneStop Transactions.......................................................................................................................................9
12. Payroll (Permanent & Casual)............................................................................................................................10
13. Payroll Allocations (Previously known as FSD09 & FSD10)............................................................................10
14. Manual Journals.................................................................................................................................................10
15. Internal Accounts...............................................................................................................................................11
16. Organisational Structure Changes-NS Financials...............................................................................................11
17. Ledger Close & Project Rollover.......................................................................................................................11
18. Accrued Expenses..............................................................................................................................................12
19. Accrued Revenue...............................................................................................................................................13
20. Prepaid Expenses...............................................................................................................................................13
21. Prepaid Revenue................................................................................................................................................14
22. Provisions, Contingent Liabilities & Contingent Assets....................................................................................14
23. Lease Register....................................................................................................................................................15
24. Additional Information......................................................................................................................................15
Appendix A – Summary of Key Activities by Date........................................................................................................16
Appendix B – Decision Tree for Accrued Expenses.......................................................................................................17
Appendix C – Provisions, Contingent Liabilities & Contingent Assets..........................................................................18
1. What is a Provision?.......................................................................................................................................182. What is a Contingent Liability?......................................................................................................................183. What is a Contingent Asset?...........................................................................................................................18
Appendix D – Lease Register.........................................................................................................................................191. What is a Lease Agreement?...........................................................................................................................192. Examples of situations that individually or in combination would normally lead to a finance lease.........19
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Introduction
The 2016 End of Year Operational Close-Off Guidelines are being issued to:
ensure Divisions and Faculties are aware of key dates by which transactions need to be processed, to be included in the 2016 financial reports;
advise of accounting and purchase order arrangements over year end; ensure that UNSW’s year-end financial statements are produced in a timely and accurate manner to
meet statutory and Audit Office requirements.
A summary of key process dates and deadlines contained in this document has been compiled in Appendix A, for your reference. I would also like to encourage you to take note of the details contained in these guidelines, which form a cornerstone of UNSW’s end of year reporting processes and responsibilities.
Catherine YeungDirectorShared Services & Corporate Finance & Advisory Services
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All close dates in this document refer Close of Business (5pm) and all Open dates refer to 9am unless stated otherwise.
1. UNSW Christmas-New Year Shutdown ArrangementsActivity Close for 2016 Open for 2017
UNSW shut down for Christmas-New Year period
Tue 20/12/16 Tue 03/01/17
2. Vendor Creation & AmendmentsProcess Activity Close for
2016Open for 2017
Contact Person
Vendor Creation & Amendments
Submit online Vendor Application Form & Vendor Change Form for 2016 to Accounts Payable
Fri 9/12/16 Fri 06/01/17 Finance Helpdesk
Email: [email protected]
Ext 53330
3. Processing & Payment of InvoicesProcess Activity Close for
2016Open for 2017
Contact Person
Accounts Payable Invoices
Submission of all invoices for inclusion in last payment run & 2016 budget
Thu 15/12/16 Fri 06/01/17 Finance Helpdesk
Email: [email protected]
Ext 53330
Payment Run Last Payment Run of 2016
First Payment Run for 2017
Tue 20/12/16
Fri 06/01/17
To be processed, invoices must contain a Purchase Order number.
Given the large volume of internal mail in December, and to ensure you meet the deadline of the 15 th December, it is advisable to email your invoices to AP as the deadline approaches. The email address is: [email protected]
Invoices received after 15th December 2016 will be processed by Accounts Payable in 2017, and should therefore be accrued for. Please liaise with your Finance Manager with regard to accruals for invoices mailed directly to your area of responsibility after the cut-off date of 15th December 2016.
Invoices received directly by Accounts Payable after cut-off date, that are greater than $5,000, will be emailed to the affected Finance Manager on a daily basis for accruing after the cut-of date (15/12/16 -04/01/17), as Accounts Payable will not be able to process them. For further information on accrued expenses, please refer to point 18 Accrued Expenses, and the Decision Tree for Accruals in Appendix B.
Note: The above timelines also apply to requests for prepayments/ Asset instalments.
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4. Credit Cards 4.1. Use of the Card
UNSW credit cards can be used as normal throughout the Christmas and New Year periods, in accordance with the usual terms and conditions of use.
Credit Card Applications (New/Replacement)The last day for Finance Shared Services to accept an application for a new and replacement card will be on Friday 9th December 2016. This is to allow time for the cards to be issued by our bank provider.
Any card applications received after Friday 9th December, will not be sent to our bank provider until Wednesday 4th January 2017.
Credit Card Applications – Credit Limit ChangesAny card application for changes to limits needs to be submitted by Thursday 15th December 2016. Any requests for changes received after this date will not be submitted to our bank provider until Wednesday 4th January 2017.
4.2. Reconciliation of Credit Card TransactionsProcess Activity Close for
2016Open for 2017
Contact Person
Default Chart fields
Update default chart fields in the cardholders profile
Thu 15/12/16 Fri 06/01/17 Finance Helpdesk
Email: [email protected]
Ext 53330
Credit Card Statement
December 2016 Credit Card Statement will be released for final reconciliation and approval
Tue 03/01/17 N/A
Credit Card Reconciliation
Card transactions will be changed from Accruals Ledger (Default Chart fields) to Actuals Ledger (Allocated Chart fields)
Wed 04/01/17 Fri 06/01/17 Reconciler / Card holder
Approve Credit Card Statement
Approve 2016 credit card statements Wed 04/01/17 Fri 06/01/17 Finance Helpdesk
Email: [email protected]
Ext 53330
Any credit card transactions during the shut period will be posted against your 2016 budget.
All transactions unreconciled as at Wednesday 4th January 2017, will be allocated to account code 6688 with the existing default chart fields of the card holders in the Accruals ledger. As such please ensure that your default chart fields are up to date. The last day to send request to [email protected] to change the default chart field is on Thursday 15th December 2016.
For card transactions to be allocated to the Actuals Ledger, please ensure all reconciliations are completed by Wednesday 4th January 2017.
Furthermore, any amendments in the Actuals Ledger, please ensure that the credit card statements is approved by Wednesday 4th January 2017.
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5. Employee Expense Reimbursement & Student PaymentsProcess Activity Close for
2016Open for 2017
Contact Person
Student payments, Employee Expense Reimbursements, & Travel Allowances
Entry of expenses Tue 13/12/16 Fri 06/01/17 Finance Helpdesk
Email: [email protected]
Ext 53330
Approval access for expenses and travel allowances
Thu 15/12/16 Fri 06/01/17
All enterers currently receive a system generated email on the 25th of each month highlighting overdue expense claims. Staff can also run the query FUP_EX_PENDING_BU to monitor the status of expense claims.
The last payment run for 2016 will be on Tuesday 20th December 2016.
Any unapproved/non-finalised expenses will be deleted as of the 15th December and will need to be re-entered once the 2017 ledger is re-opened in January.
Note: Travel Allowances are paid through the expenses module, and are subject to the same time lines.
6. Travel & Non-Travel AdvancesProcess Activity Close for
2016Open for 2017
Contact Person
Travel & Non-Travel Advances
Request for advances to be sent to Accounts Payable for inclusion in last payment run for 2016
Thu 15/12/16 N/A Finance Helpdesk
Email: [email protected]
Ext 53330
Overdue advance acquittals to be processed (or acquitted)
Thu 15/12/16 N/A
Request for advances to be sent to Accounts Payable for inclusion in first payment run for 2017
Tue 20/12/16 N/A
7. Serko Travel AllowancesProcess Activity Close for
2016Open for 2017
Contact Person
Serko Travel Advances
Last day to claim travel allowance in Serko for last payment run in 2016
Fri 09/12/16 N/A Finance Helpdesk
Email: [email protected]
Ext 53330
First day to claim allowance in Serko for payment run in 2017
N/A Fri 06/01/17
Note: If you are travelling between 15th December to 8th January and require a travel allowance, please submit an expense reimbursement by 13th December 2016 and ensure it is approved by 15th December 2016.
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8. Purchase Orders (Including eProcurement Requisitions)Process Activity Close for
2016Open for 2017
Contact Person
Purchase Orders
Entry of Purchase Orders Tue 13/12/16 Fri 06/01/17 Finance Helpdesk
Email: [email protected]
Ext 53330
Approval & Dispatch Thu 15/12/16 Fri 06/01/17
Receipting Wed 04/01/16 Fri 06/01/17
8.1. Purchase Order Entry
All 2016 Purchase Orders must be entered by Tuesday 13th December 2016, and approved and dispatched by Thursday 15th December 2016. Invoices must also be received in AP no later than the invoice cut-off date on the 15th December 2016.
NS Financials will be available for entry of 2017 purchase orders from Friday 6 th January 2017.
For critical supplies between 14th December 2016 and 20th December 2016 please contact [email protected], on (02) 9385 3330.
From 3rd to 6th January 2017 please contact Helpdesk ([email protected]), on (02) 9385 3330.
8.2. Review of Purchase Orders
Buyers can access the following reports in NS Financials at any time to assist in the management and review of the purchase orders:
Query Name Query DescriptionFUP_PO_OPEN_ENCUMB_BUYER List all PO Open Encumbrances on selected Business
Unit with Buyer’s Details.
Includes additional information of PO Total Amount, Liquidated Amount [Expense] and Outstanding Balance
UNSW_PO_NOT_D_C_X_BY_BUYER List of all PO’s that do not have a status of dispatch
UNSW_PO_RECEIPT_NO_INVOICED PO has been receipted but No Invoice
Note: All Purchase orders, including Bulk Purchase Orders will now remain open, including where there are match exceptions.
Request to close-off Purchase Orders must be sent to [email protected] by Tuesday 13th December 2016.
8.3. Receipting of Purchase Orders
To avoid backlogs within Accounts Payable during this busy period please enter receipts immediately after goods/services are received/rendered and agreed as being acceptable.
Please note: The availability of receipting for goods and services received in December 2016 will close on Wednesday 4th January 2017 COB. Any items received and not receipted should be accrued by your Faculty Finance team. Refer to note 18 for further information.
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9. UNSW Cashiers
Process Activity Close for 2016
Open for 2017
Contact Person
Lifestyle Clinic Cashier Cashier close for 2016 & Open for 2017
Tue 20/12/16 Tue 03/01/17
Finance Helpdesk
Email: [email protected]
Ext 53330
Green Print Cashier Cashier close for 2016 & Open for 2017
Tue 20/12/16 Tue 03/01/17
Residential Communities Cashier
Cashier close for 2016 & Open for 2017
Tue 20/12/16 Tue 03/01/17
Student Central Cashier Cashier close for 2016 & Open for 2017
Tue 20/12/16 Tue 03/01/17
Facilities Management Cashier
Cashier close for 2016 & Open for 2017
Tue 20/12/16 Tue 03/01/17
Kensington Campus (Chancellery) Cashier
Cashier close for 2016 & Open for 2017
Tue 20/12/16 Noon
Closed permanently
10. Accounts Receivable TransactionsProcess Activity Close for
2016Open for 2017
Contact Person
AR Invoicing 2016 Billing Module closes
All AR invoices finalised (i.e. entered, updated and printed)
Thu 15/12/16 Fri 06/01/17 Finance Helpdesk
Email: [email protected]
Ext 53330
Please note: No invoices, pro forma invoices or documents purporting to represent an invoice are to be raised outside of the UNSW (NS Financials) Accounts Receivable Billing Module.
While NS Financials is unavailable, should you require a critical invoice to be raised, please contact as per above.
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11. Student Payment CollectionsProcess Activity Close for
2016Open for 2017
Contact Person
Student Payments Update Student Financial System (for payments from 20/12/16 to 31/12/16 except online credit card payments)
Wed 04/01/17 Fri 06/01/17 Karen Chenhall
Ext 51256
Finance Business Solutions to send detailed report of 2017 student payments posted to 2016 NSS & NSF to Corporate Finance & Advisory Services (CFAS)
N/A Fri 06/01/17 Greg Kasch
Ext 53491
2016 OneStop Transactions
Update 2017 General Ledger with OneStop transactions (for payments from 01/01/17 to 06/01/17)
N/A Fri 06/01/17 Greg Kasch
Ext 53491
11.1. Cashier Payments
Payments collected from noon on Tuesday 20th December until 31st December 2016 (inclusive) will be updated into the Student Financial System on the 4th January 2017, except for online credit card payments which will update the student system as payments are received. Payments collected from 1st January 2017 cannot be updated into the Student Financial System until Friday 6th January 2017.
However, online credit card payments received from 1st January to 6th January 2017, will be reflected in the 2016 Student System, and interfaced into the 2016 General Ledger, as the 2017 General Ledger will not yet be open.
Finance Business Solutions will provide a detailed report of all 2017 transactions posted into 2016, on Friday 6th January 2017, for manual adjustment by Corporate Finance & Advisory Services (CFAS).
Contact: Finance Helpdesk on 9385 3330 [email protected]
11.2. OneStop Transactions
2016 OneStop transactions processed from Sunday 1st January 2017 to Wednesday 4 th January 2017 (inclusive) will flow through to the 2016 General Ledger. All 2017 transactions during this period will be interfaced into 2017 by Friday 6th of January 2017.
12. Payroll (Permanent & Casual) Process Activity Close for 2016 Open for 2017 Contact Person
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Payroll changes Final changes to 2016 payroll
Payday 29/12/16
Thu 15/12/16 N/A
Peter Barbato
Ext 52759
Payroll changes Changes to first payroll run in 2017
Payday 12/01/17
Thu 05/01/17
Split Pay 2016/2017 Split pay allocation of payment
Payday 12/01/2017
Will be posted by Mon 09/01/17
10% for period Fri 30/12/16 to Fri 30/12/16
Will be posted by Mon 09/01/17
90% for period Mon 02/01/17 to Thu 12/01/17
13. Payroll Allocations (Previously known as FSD09 & FSD10) Process Activity Close for 2016 Open for 2017 Contact Person
Payroll Allocations (FSD09 & FSD10)
Payroll allocations relating to 2016
Thu 15/12/16 N/A Finance Manager
Your Finance Manager will advise if there are amendments to the above timelines, ensuring changes are reflected in the appropriate payroll run.
14. Manual Journals
Process Activity Close for 2016
Open for 2017
Contact Person
Manual journals Last day to Post journals to the 2016 Ledger
Mon 09/01/17 N/A Finance Manager
and/or
Management Accountant
All manual journals, for example, online journals, includes flat files and spreadsheet journals. This also includes journals for internal charges billed up to 31st December 2016.
For journals to be posted by COB Monday 09th January 2017, they must have valid chart-fields, or they will be deleted.
The manual journal procedure can be found on the Finance Website: https://www.fin.unsw.edu.au/sites/default/files/content/manual_general_ledger_journal_entry_procedure_0.pdf
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15. Internal Accounts
For statutory reporting purposes, no accruals or deferrals should be raised for internal expenses and/or internal revenue. As such, internal account transactions must be matched off against each other such that there is no UNSW impact on the profit and loss and balance sheet.
Refer to Finance Website for additional information:
https://www.fin.unsw.edu.au/sites/default/files/content/PDF/inter_departmental_operating_procedure.pdf
16. Organisational Structure Changes-NS FinancialsProcess Activity Close for
2016Open for 2017
Contact Person
Organisational Structure Changes
Submit approved Chartfield modification for new Dept. Codes to DSFP by Finance Managers
Fri 18/11/16 N/A Finance Manager
https://www.fin.unsw.edu.au/sites/default/files/content/department_chartfield.pdf
Please feel free to discuss any of these matters with your Finance Manager.
17. Ledger Close & Project RolloverProcess Activity Close for 2016 Open for 2017 Contact Person
Ledger Close NS Financials General Ledger & Subsidiary Ledgers
Wed 04/01/17 Fri 06/01/17 Greg Kasch
Ext 53491
Asset Management System (AMS) Receipt Close
AMS updates for assets receipted in 2016
Wed 04/01/17 Fri 06/01/17 Greg Kasch
Ext 53491
The NS Financial General Ledger & Subsidiary Ledgers will not be available from COB Wednesday 4th January 2017 until 9am Friday 6th January 2017.
Please note: Asset Management System (AMS) updates for assets receipted up to Wednesday 4 th January 2017 will not be reflected in the 2016 results until Friday 6th January 2017.
Project related information relevant to 2017 will be loaded into the system between Friday 6 th January 2017 and Friday 27th January 2017.
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18. Accrued ExpensesProcess Activity Close for
2016Open for 2017
Contact Person
Accrued Expenses Send 2016 accruals to CFAS ([email protected])
Mon 09/01/17 N/A Jence Oesman
Ext 53494
Accrued expenses are valid expenses that have been incurred during the year but have not yet been recorded through the normal processing of transactions in NS Financials.
Since these expenses are not yet in the General Ledger, they will not appear in the Financial Statements unless an entry is made for them. For example, if we have received goods or services, but we have not yet received the invoice, the financial reporting system will not reflect this transaction.
Please ensure that goods or services received (or partially received) are receipted in NS Financials correctly and in a timely manner. All receipts until COB Wednesday 4 th January will be automatically accrued for by the GNRI accruals.
Please note: For any expenses that are accrued that relate to transactions between UNSW and its Controlled Entities and/or any foreign currency denominated invoices, need to be highlighted separately in your submissions.
Per note 15, there should be no accruals for internal expenses for statutory reporting purposes.
Any valid expenses that relate to 2016 that have not been entered in NS Financials and which exceed $5,000 (excluding GST), should be accrued. The limit of $5,000 is a recommendation only. Please refer to the Decision Tree for Accruals in Appendix B.
Your Finance Manager will coordinate your Division/Faculty’s accrued expense data collection, entering and posting to the ledger within the agreed timelines.
Your Finance Manager will review and return the aggregated template for your Division/Faculty to CFAS ([email protected]). Please refer to the template included in Appendix E.
Please note: The following query can be used to identify invoices that have been processed by AP. This may assist with your accrual process.
The query name is FUP_AP_VOUCHER_YEAR_END.
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3. Click View Results
2. Enter Unit = SMFSD (DIVIS if IT)
1. Enter Dates
19. Accrued RevenueProcess Activity Close for
2016Open for 2017
Contact Person
Accrued Revenue Send 2016 accruals to CFAS ([email protected])
Mon 09/01/17 N/A Kuda Vere
Ext 53550
When services have been rendered or goods delivered and revenue has been earned during a period but payment for these services or goods has not been received or recorded by the end of that period, the revenue should be accrued.
For example, contracting or consulting work which has been performed in 2016 but the invoice has not been raised needs to be accrued.
Any valid revenue that relates to 2016 that has not been entered in NS Financials and which exceeds $5,000 (excluding GST), should be accrued. The limit of $5,000 is a recommendation only. Please refer to the template included in Appendix E.
Per note 15, there should be no accruals for internal revenue for statutory reporting purposes.
Your Finance Manager will coordinate your Division/Faculty’s accrued revenue data collection, entering and posting to the ledger within the agreed timelines.
20. Prepaid ExpensesProcess Activity Close for
2016Open for 2017
Contact Person
Prepaid Expenses Send 2016 prepayments to CFAS ([email protected])
Mon 09/01/17 N/A Jence Oesman
Ext 53494
Prepaid Expenses are expenses which have been paid and recorded in the current accounting period but relate to a future accounting period, i.e. we are paying for the goods or services upfront.
For example, insurance is often prepaid for 12 months and the expense needs to be adjusted by the amount that does not relate to the current accounting period.
In addition, those prepaid expenses already processed to the prepayment account 3338, through Accounts Payable, should be reviewed, and amounts relating to the current and past periods brought to the relevant profit and loss expense accounts.
Your Finance Manager will coordinate your Division/Faculty’s prepayment expense data collection, entering and posting to the ledger within the agreed timelines.
Per note 15, there should be no deferral of internal expenses for statutory reporting purposes.
Your Finance Manager will review and return the aggregated template for your Division/Faculty, for amounts which exceed $5,000 (excluding GST), to CFAS, ([email protected]). The limit of $5,000 is a recommendation only. Please refer to the template included in Appendix E.
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21. Prepaid RevenueProcess Activity Close for
2016Open for 2017
Contact Person
Prepaid Revenue Send 2016 prepayments to CFAS ([email protected])
Mon 09/01/17 N/A Kuda Vere
Ext 53550
Prepaid Revenue is income we have received in advance of providing a service to a customer. Prepaid income is in fact a liability, in that we still owe the service to the customer. For example, a payment received in advance for consulting services that will be performed in the future (i.e. 2016).
Your Finance Manager will coordinate your Division/Faculty’s prepayment revenue data collection, entering and posting to the ledger within the agreed timelines.
Per note 15, there should be no deferral of internal revenue for statutory reporting purposes.
Your Finance Manager will review and return the aggregated template for your Division/Faculty, for amounts which exceed $5,000 (excluding GST), to CFAS, ([email protected]). The above limit is a recommendation only. Please refer to the template included in Appendix E.
22. Provisions, Contingent Liabilities & Contingent AssetsProcess Activity Close for
2016Open for 2017
Contact Person
Provisions, Contingent Assets, Contingent Liabilities
Send details to CFAS ([email protected])
Mon 09/01/17 N/A Kuda Vere
Ext 53550
As part of the financial year end processes, we are required to report any outstanding provisions, contingent assets and contingent liabilities, that might materially affect our accounts or the operations of UNSW. Please refer to Appendix C for more detailed information on this area.
Your Finance Manager in your Division/Faculty, will compile and complete the “Provisions, Cont Liab & Assets” tab in the EOY 2016 template spreadsheet (refer Appendix E), and return it to CFAS, ([email protected]), together with any supporting evidence on a separate page if required.
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23. Lease RegisterProcess Activity Close for
2016Open for 2017
Contact Person
Lease Register
Send Lease Register as at November 2016 to CFAS ([email protected])
Wed 30/11/16 N/A
Kuda Vere
Ext 53550Send the confirmation of any lease additions in December to CFAS ([email protected])
Mon 09/01/17 N/A
In accordance with Australian Accounting Standards, outstanding lease commitments must be disclosed separately by UNSW. Please refer to Appendix D for more detailed information on this area.
All new lease contracts that have an annual commitment exceeding $50,000 should be supported with a copy of the lease contract.
Your Finance Manager will coordinate the completion of your Division/Faculty lease register.
A lease register template containing 2015 brought forward contract information will be forwarded to Finance Managers by Monday 31st October 2016. Please use this template to complete the lease register for 2016 and return it to CFAS ([email protected]) by 30th November 2016. Please send the confirmation of any lease additions (greater than $50,000) in December 2016 to CFAS by Monday 9 th
January 2017.
If you do not have any leases, please do reply with a nil return.
24. Additional Information
If you have a question which is not addressed in these guidelines please contact Wayne Wang, on 9385 3241 ([email protected]) or Ashish Sharma, on 9385 3775 ([email protected]).
Your assistance and support in meeting the tight deadlines required to be met in the preparation of UNSW’s annual statutory accounts is greatly appreciated.
Please refer to the link below for the Frequently Asked Questions (FAQs) in relation to the 2016 year end close:
https://www.fin.unsw.edu.au/2016-financial-year-end-clos e
END
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Appendix A – Summary of Key Activities by DateActivity Date Ref
No.Send new Dept. Codes for 2017 to DSFP by Finance Managers Fri 18/11/16 16
Send Lease Register as at November 2016 to CFAS Wed 30/11/16 23Send new Vendor Creations or amendments to AP Fri 09/12/16 2Close for entry of expenses for student payments, employee expense reimbursements, & travel allowances Tue 13/12/16 5Close for purchase order entry Tue 13/12/16 9Submission of invoices for inclusion in last payment run & 2016 budget Thu 15/12/16 3Submission of prepayments requests for inclusion in last payment run Thu 15/12/16 3Close of approval access for student payments, employee expense reimbursements, & travel allowances Thu 15/12/16 5Requests for Travel & Non-Travel Advances to be sent to AP for inclusion in last payment run for 2016 Thu 15/12/16 7Overdue advance acquittals to be processed or acquitted Thu 15/12/16 7Close for purchase order approval & dispatch Thu 15/12/16 92016 Accounts Receivable Billing Module closes Thu 15/12/16 10Final changes to 2016 payroll Thu 15/12/16 12Payroll allocations relating to 2016 Thu 15/12/16 13Last Payment Run of 2016 Tue 20/12/16 3UNSWA Cashier close for 2016 (Lifestyle/Green Print/ Residential Communities/Student Central/FM) Tue 20/12/16 6Kensington Campus (Chancellery) Cashier close for 2016 (Noon) Tue 20/12/16 6Request for Travel & Non-Travel Advances to be sent to AP for inclusion in first payment run for 2017 Tue 20/12/16 7UNSW shut down for Christmas-New Year Tue 20/12/16 1UNSW opens for 2017 Tue 03/01/17 1UNSW Cashiers Open for 2017 (Lifestyle/Green Print/ Residential Communities/Student Central/FM) Tue 03/01/17 62016 credit card reconciliations Wed 04/01/17 4.2Close for purchase order receipting Wed 04/01/17 9Update Student Financial System for payments from 21/12/16 to 31/12/16 Wed 04/01/17 11Asset Management System (AMS) Close Wed 04/01/17 17NS Financials General Ledger, Subsidiary Ledgers & Asset Management System close for rollover Wed 04/01/17 17Changes to first payroll run in 2017 Thu 05/01/17 12NVision available as read only access Thu 05/01/17 172017 NS Financials General Ledger, Subsidiary Ledgers & Asset Management System open Fri 06/01/17 17First Payment Run for 2017 Fri 06/01/17 3FBS sends detailed report of 2017 student payments posted to 2016 NSS & NSF to CFAS Fri 06/01/17 11Update 2017 General Ledger with OneStop transactions (for payments from 01/01/17 to 04/01/17) Fri 06/01/17 11Last day to post Manual Journals Mon 09/01/17 14Send 2016 Accruals & Prepayments to CFAS Mon 09/01/17 18-21Send Provisions, Contingent Assets, Contingent Liabilities, and Lease Register to CFAS Mon 09/01/17 22-23
All close dates in this document refer Close of Business (5pm) and all Open dates refer to 9am unless stated otherwise.Refer to the following link for the FAQs. https://www.fin.unsw.edu.au/2016-financial-year-end-close
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No
Yes
No
No
Yes
Yes
No
Yes Yes
No
Yes
No
Yes
No
Yes
Include this item in the EOY accrual journal.This is an accrual for EOY
Do I need to accrue for goods and services purchased in 2016?
This is an accrual item and it will be picked up by the "Goods Received Not Invoiced" query run by your Finance Manager
Do nothing for EOY.AP will process this invoice as a prepayment at EOY
Do nothing for EOY.
Do you have a purchase order (PO) for 2016?
Do not "receipt" item in the system for 2016This is not an accrual item for EOY
Raise a PO as soon as possible
Do nothing for EOY. This expense will be included in the 2016 ledger.
Have you forwarded the invoice to AP by 15/12/2016?
Have you received an invoice for the supplied goods or service?
Have you receipted the service or goods in the system?
Is the supplied service or goods acceptable?
Were the goods physically received or service renderedin 2016?
Did you receive an invoice for a down payment ?
Have you forwarded the invoice to AP by?
Appendix B – Decision Tree for Accrued Expenses
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Appendix C – Provisions, Contingent Liabilities & Contingent Assets1. What is a Provision?
A provision is a valid liability of UNSW as at 31 December 2016, but either the exact amount is not known, but can be reliably estimated, or the exact timing of when it will be paid (at some future date from 2017 onwards) is not known.
In other words, a provision is a valid liability but of uncertain timing or amount.
ExampleProvision for Bad Debts: the provision decreases the value of receivables, because their recoverability is doubtful. The exact amount, or the timing of the bad debt, is not known. However, as the provision can be reliably estimated based on historical evidence, a provision is recognised in the financial statements.
2. What is a Contingent Liability?A contingent liability is either: a possible liability at 31 December 2016, but will only be confirmed as a valid liability of UNSW (or not) in the future depending on a future event occurring or not occurring. In other words, there is less certainty when compared to a provision, or a valid liability at 31 December 2016 that does not meet the recognition criteria of a provision because either an outflow of resources may not be required to settle the liability, or the amount cannot be reliably estimated.
ExampleIf UNSW is sued by a former employee, there exists a possible obligation for UNSW to pay compensation once the matter is resolved. If UNSW’s legal counsel advises that UNSW may be required to pay compensation, but that it will depend on the ultimate resolution of the matter, and they intend to contest the claim.
This means the chance of payment is neither certain or probable, but neither is it remote, it lies somewhere in between. In this example, UNSW would disclose this matter in the Financial Statements as a contingent liability. No actual liability will be recognised.
3. What is a Contingent Asset?A contingent asset is a possible asset at 31 December 2016, but will only be confirmed as a valid asset of UNSW (or not) in the future depending on a future event occurring or not occurring.
ExampleUNSW files a lawsuit against another entity for infringement of a UNSW patent. If it is probable that UNSW will win the lawsuit and receive an estimated amount of damages, UNSW has a contingent asset. In this example, UNSW would only disclose this matter in the Financial Statements as a contingent asset. No actual asset will be recognised.
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Appendix D – Lease RegisterAs requested in the guidelines, please record all lease agreements in the Lease Register.
Please note: a pre-filled register containing 2016 brought forward lease agreement information will be communicated electronically to your Finance Manager.
1. What is a Lease Agreement?A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. Common examples at UNSW include photocopier rentals, hardware/software rentals, building and office rental.
An operating lease is a lease other than a finance lease.
A finance lease is a lease that transfers substantially all the risks and rewards incidental to ownership of an asset. Title may or may not eventually be transferred.
2. Examples of situations that individually or in combination would normally lead to a finance leasea) The lease transfers ownership of the asset to the lessee by the end of the lease term.
b) The lessee has the option to purchase the asset at a price that is expected to be sufficiently lower than the fair value.
c) The lease term is for the major part of the economic life of the asset even if title is not transferred.
d) At the inception of the lease the present value of the minimum lease payments amounts to at least substantially all of the fair value of the leased asset.
e) The leased assets are of such a specialised nature that only the lessee can use them without major modifications.
f) If the lessee can cancel the lease, the lessor’s losses associated with the cancellation are borne by the lessee.
g) Gains or losses from the fluctuation in the fair value of the residual accrue to the lessee.
h) The lessee has the ability to continue the lease for a secondary period at a rent that is substantially lower than market rent.
The examples above are not always conclusive. If it is clear that the lease does not transfer substantially all risks and rewards incidental to ownership, the lease is classified as an operating lease. Should you require further guidance please contact, ([email protected]) on 93853775.
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