financial services - university of sydneysydney.edu.au/finance/docs/fsn-dec-2010.pdf · the year...
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Financial ServicesNewsletterISSUE 04DECEmbEr 2010
IN THIS ISSUE
01 wElcomE
01 mESSagE from THE cfo
01 maIl dElIvErIES
02-03 yEar ENd INformaTIoN
04-05 corporaTE fINaNcE rESEarcH yEar ENd UpdaTE
05-06 accoUNTS payablE UpdaTE
07 SpENdvISIoN UpdaTE
07 rESoUrcES
I’d like to take this opportunity to thank each of you for your efforts and contribution during 2010. On a global front, this has been an economically tough year, but the University has come through stronger and we look forward to an even more successful 2011.
I wish you all the best for the Christmas and New Year season and hope you enjoy the upcoming holiday break with family and friends.
regards,
marK EaSSoN, Chief Financial Officer, Office of the Chief Financial Officer
wElcomE
mESSagE from THE cfo
Welcome to the Financial Services Newsletter for December 2010, our final edition for the year.
This issue contains important key dates and reminders for the year end, plus the latest news from within Financial Services.
I’d like to take this opportunity to wish you all a safe and enjoyable Christmas and New Year break, and thank you for your continued support during 2010.
For any comments or feedback please email [email protected].
We hope you enjoy this issue.
regards,
KrISHaN praSad, manager, Financial Systems Support and Training, Financial Operations & Systems
Merry Christmas and happy New Year from the team at
Financial Services.Thank you for your support
and we look forward to working with you again in 2011.
For security reasons, the area outside the building attendant’s office (near the pigeon holes) in the margaret Telfer building (K07) is no longer accessible to non-Financial Operations and Systems staff.
In future, all mail deliveries to Financial Operations and Systems should be deposited in the new designated mailbox in the foyer of the margaret Telfer building (K07).
maIl dElIvErIES
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KEy daTES
rEmINdEr
frIday 10 dEcEmbEr – Debtor Customer Create/Amend Forms to Order to Cash (O2C) (by 5.00pm).
– All External requisitions for purchase orders must be submitted to Accounts Payable for processing.
– Vendor Create requests to Accounts Payable (by 12.00pm).
– All invoices and expense claims (excluding Spendvision) to Accounts Payable (by 5.00pm).
– Petty Cash reimbursement claims for 2010 to Accounts Payable (by 5.00pm).
– To ensure invoices/claims are processed for payment and charged to 2010 accounts, documentation must be received by Accounts Payable by 5.00pm. Ensure transactions are coded correctly and appropriately authorised per the Delegations for Specific Activities and Financial Delegation.
– Invoices relating to 2010 received by business units after Friday 10 December should continue to be forwarded to Accounts Payable in order that provision may be made to include these, where applicable, in the 2010 accounts. For specific instructions on the accrual process please refer to year End accruals 2010 on page 3 of the Newsletter.
– Close off for all sub-system interfaces other than payroll, payroll commitments & reversals, receipts and Corporate Express.
moNday 13 dEcEmbEr – Last day for Debtors request to raise invoices for 2010 (by 5.00pm).
– Last day for input of 2010 student loan advances (all documentation must be provided to Accounts Payable).
– Departments should advise O2C manager on debts that are disputed by the Customer, or likely to be written as a bad debt. An Aged Debtors listing can be obtained through Hyperion Ar Queries (SUArQ077).
wEdNESday 15 dEcEmbEr – Last day for input for Accounts receivable (by 12.00pm).
– Last day for Accounts Payable to input local and overseas invoices and student claims through the Accounts Payable module (by 3.00pm).
– FINAL run of cheque pay cycles for vendors and students.
– FINAL run of overseas pay cycles.
THUrSday 16 dEcEmbEr – Final EFT payment cycle for local vendors, students and petty cash.
frIday 17 dEcEmbEr – banking of 2010 fees, cheques and money received in departments and deposited through the University Cashier (by 11.00am).
– banking of 2010 fees, cheques and money received in departments but deposited directly at the bank (by 11.00am). all direct deposit forms must be faxed to the University cashier on 02 8627 8639 by 12 noon.
– Lodgement of Petty Cash for safekeeping (by 11.00am).
– Collection efforts of outstanding monies against Aged Debts for 2010 should be finalised (by 5.00pm).
lINK To yEar ENd TImETablE – sydney.edu.au/finance/docs/2010-yE-Timetable.pdf
o2c & p2p yEar ENd rEmINdEr aNd KEy daTES
yEar ENd INformaTIoN
With the end of year fast upon us, there is still a significant amount of work to complete before we can say a final goodbye to 2010.
The Financial Operations & Systems (FOS) team thanks you for your continued cooperation in helping us to achieve the year end timelines as defined within the Year End Timetable.
It is imperative that you ensure all current financial year transactions pertaining to trade payables and receivables are completed and finalised according to the key dates outlined on this page. please mark these in your diary.
Procedures and guidelines relating to Trade Debtor invoicing are available through the Financial Accounting manual (FAm) at sydney.edu.au/finance/about/az.shtml.
With regards the provision of goods and services, an official University invoice is to be issued immediately (no later than 30 days) following the completion of services or delivery of goods.
for any questions or further information, please contact:
NIlESH cHaNd manager, Order to Cash, Financial Operations & Systems T 02 9351 3422 E [email protected]
yvoNNE pollocK manager - Procure to Pay, Financial Operations & Systems T 02 9036 5348 E [email protected]
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corporaTE card TraNSacTIoN codINgSTaTEmENT pErIodS:
– Tuesday 26 october to Thursday 25 November 2010 – friday 26 November to friday 24 december 2010
laST daTE for codINg: – cob Tuesday 4 January 2011
approvalS To bE doNE: – cob wednesday 5 January 2011
what happens if the coding is not done by the above deadline?
All uncoded transactions will be coded to best guess class and the cardholder’s default rC and project code in Spendvision. This information will then be extracted to PeopleSoft for the year end close. Once this process has taken place, cardholders will not be able to make any changes to the account codes in Spendvision.
why is there a shorter time frame to code the transactions for the statement periods stated above?
All expenses for 2010 must be captured in 2010 General Ledger (GL) in PeopleSoft before it is closed off. Since the GL for 2010 closes on Friday 7 January 2011, there is less time to finish the coding for the statement period ending Friday 24 December 2010.
caSH claImSThe two dates for cash claims in December 2010 are:
– Thursday 2 december 2010 – Thursday 9 december 2010
This means that the claims mUST be approved by the dates mentioned above for the claims to be paid on Thursday 16 and Thursday 30 december respectively.
If the deadlines are missed, then the claims will only be processed on Thursday 13 January 2011.
Note: we will not be able to run cash extracts other than the dates mentioned above for any reason. Travellers must take extra care to ensure that the appropriate claims are made by the above-mentioned dates.
for any questions or further information, please contact:
corporaTE card HElpdESK T 02 9036 9424 | 02 9351 3480 | 02 9351 8005 E [email protected]
yEar ENd INformaTIoN coNT.
SpENdvISIoN yEar ENd dEadlINES
accoUNTS rEcEIvablE: bIllINg yEar ENd dEadlINES
The University will be closing its accounts receivable sub-ledger for financial year end 2010 on friday 17 december. As part of the year end process, we are seeking your co-operation in regards to the University’s accounts receivable billing requests. To ensure revenue is properly reported, invoices should only be raised for 2010 activities in December.
The cut-off date for customer creation is friday 10 december and the last day to submit invoice requests is monday 13 december. All requests should be sent to [email protected]. Departments should continue to send invoices after the deadline, however they may not be entered in the system until 2011.
Invoice requests should only be sent to the Order to Cash (O2C) billing team on the provision of goods and services (i.e. where a debt exists). All invoice requests for prior years, research monies due from other granting bodies, and occurrences where a milestone has been achieved, must be supported with a contractual agreement and consensus of the customer.
Please note invoices will not be raised where insufficient documents are provided. An invoice will only be raised once the O2C billing team receive all the relevant supporting documents. The team will not process invoice requests for provision of goods and services relating to 2011.
Go to sydney.edu.au/finance/docs/ardebtors.pdf for the Accounts Receivable Trade Debtors Procedures.
for any questions or further information, please contact:
bEN raJ Team Leader - Central billing Operations & Senior Trade Debtors Analyst, Order to Cash, Financial Operations and Systems T 02 9351 4022 | E [email protected]
yEar ENd accrUalS 2010In order to achieve a successful year end close, Financial Control & Treasury (FCT) will be facilitating the year end accruals for 2010. It is important that all business units responsible for submitting year end accruals meet the deadline.
business units should forward an accrual template for goods & services received in 2010 without an invoice via email to Nimal balasingam ([email protected]) by 17 december, together with documentary evidence such as a PO or previous invoice. please note accruals will only be posted to the ledger if adequate documentation is provided.
Please do not post year end accruals yourselves. business units must send suppliers’ invoices that have been already accrued to FCT. The invoices should be stamped as “accrued”. These invoices will be forwarded to the Central Shared Services team for processing.
ovErvIEw of accrUalS procESS – sydney.edu.au/finance/docs/accruals-2010.pdf
accrUalS TEmplaTE – sydney.edu.au/finance/docs/accruals_template.xls
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corporaTE fINaNcE rESEarcH (cfr) yEar ENd UpdaTE
HErdc HypErIoN rEporT
As many of you are already utilising the HErDC Hyperion report for your quarterly coding error checks, you will be familiar with how useful it is as a means of identifying transactions that need investigating.
As part of the HErDC review, CFr have designed three new report views to make it even simpler to understand and work with Hyperion.
1. rsch projects Income
Enables you to focus on the intersection of research project group and research income summary classes.
2. rsch proj possible Inc
Enables you to focus on the intersection of research project group and possible research income summary classes.
3. Nonrschproj research Inc
Enables you to focus on the intersection of non-research project group and research income summary classes.
Simply run your HErDC report in the usual way and select the pivot option from the menu on the left for the data you wish to see.
HypErIoN ExpEcTEd INcomE cHEcK
Another new view is the Expected Income pivot, also accessed by the left side menu. This view allows you to easily and quickly ascertain if all funds in the ‘actuals’ column are in line with the indicative ‘expected income’. If they are short or overstated, please examine, as this could be casued by an erroneous credit or because an additional invoice may need to be raised.
ToTal NEgaTIvE INcomE pIvoT
This pivot has been added so that you can analyse the negative research income in your return, to ensure that it is correct. As negative income will be included in the return, it is imperative that all instances are verified and, if needed, corrected. CFr have provided this additional view to assist the checking process. You will notice that negatives now appear red in the report, so they cannot be easily missed.
HErdc cfr INdIvIdUal SESSIoNS
CFr now offer one-to-one sessions to facilitate the return procedure and to ensure individuals have a clear understanding of each persons role and responsibilities in the process.
In these meetings a CFr representative can visit your office and go through the return with you. At this appointment CFr will establish what can and cannot be included, what needs adjusting before the close, as well as identifying required substantiation for any required Part b submission.
CFr will be in contact shortly to arrange a meeting. If you wish to book an appointment now, please contact the CFr office.
corporaTE fINaNcE rESEarcH E [email protected]
The following will help you prepare for the reporting season. Featured are useful references and updates on new and improved reports that CFr have developed to assist you.
HErdc yEar ENd prEparaTIoN aNd NEw INITIaTIvES
arc/NHmrc yEar ENd prEparaTIoN aNd NEw INITIaTIvES
arc/NHmrc ExcESS balaNcE rEporTIn 2009 a new pivot was added to the SUGLQ105 report. The purpose of this report is to highlight accounts which have excessive balances (according to the rules of the granting body). If excessive balances are not reduced by year end, a written explanation will be required to carry over the unspent funds.
The report also highlights projects in surplus where the grant will be finishing at the end of 2010. Should these surplus funds remain unspent as of 31 December, they will have to be returned to the granting body, as per the funding rules.
With the 2010 year end approaching, using this report will provide benefit in coordinating efforts to bring ArC and NHmrC accounts up to date. This will be achieved by: paying outstanding invoices; requesting invoices be issued promptly and before year end cut-off; reviewing 11111 and 00000 accounts; as well as advising chief investigators of their requirement to prepare a written justification letter, if required.
Go to sydney.edu.au/finance/about/research to view step-by-step instructions on how to run the report.
continued on page 5.
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corporaTE fINaNcE rESEarcH (cfr) yEar ENd UpdaTE coNT.
arc/NHmrc yEar ENd prEparaTIoN aNd NEw INITIaTIvES (coNT.)
accoUNTS IN dEfIcIT Expenditure in ArC and NHmrC accounts must be reviewed to ensure deficit accounts are cleared by year end. meal, entertainment and motor vehicle expenditure are usually prohibited costs for ArC and NHmrC projects (unless specifically and contractually allowed – e.g. field work requiring car usage). Other unexpected costs should also be investigated.
arc lINKagE INdUSTry parTNEr INvoIcESAnother year end process requires the invoicing of industry partners who work in association with ArC linkage projects. The contribution from these organisations is a reportable item for the 2010 ArC acquittal. It serves to reflect the fact that the industry partner contract has been established and is in effect. It is therefore essential that all invoices are raised before year end.
Salary SUpplEmENTaTIoNDVC (research) research support will be provided before mid-November 2010. Any further funding gap (e.g. between the fellow’s salary and the funding received) will need to be provided by the faculty/school by year end.
arc addITIoNal claImS for fUNdINg
These claims principally cover maternity leave and relocation of staff. Applications should be made to the research Grants, Administration & Funding Office. relocation claims, in particular, should be made through Spendvision. There are specific eligibility rules on the types of relocation costs that are claimable and who the claimant may be.
For specific information on ArC Funding Agreements, go to www.arc.gov.au/applicants/fundingagreements.htm
for any questions or further information, please contact:
rESEarcH graNTS, admINISTraTIoN & fUNdINg offIcE T 02 8627 8111 w sydney.edu.au/ro/staff
oUTlINE of arc/NHmrc acqUITTal procESS
CFr prepares financial statements based on the ledger. This will be in a similar format to last year. CFr will forward the completed statement to the chief investigator by email in early february 2011. A copy of the statement will also be forwarded to relevant faculty/school finance staff.
The chief investigator will be required to complete a series of questions regarding the grant and/or an Excess Carried Forward form (if applicable). A scanned copy of these documents is to be returned to CFr by mid-february 2011.
Please submit carry forward requests to CFr by 31 december for NHmrC grants finishing in 2010 that contain funds that are not fully expended by year end.
For continuing NHmrC grants, the carry forward requests for grants (with balances exceeding the 25% threshold) can be submitted along with the acquittal statements in february 2011.
for any questions or further information, please contact:
corporaTE fINaNcE rESEarcH E [email protected]
accoUNTS payablE UpdaTE
The procure to pay (p2p) team in conjunction with Travelex will be introducing the Travelex corporate cash passport, which is a pre-paid debit card that can be used at millions of visa aTms and retailers globally.
It enables companies to monitor and manage their overseas travel expenses more efficiently by centralising all expenditure. No more traveller’s cheques, messy cash deliveries or budgetary control issues.
The Travelex Corporate Cash Passport is a pre-paid, reloadable card. It’s the
ideal way to get foreign travel or per diem expenses straight into the hands of employees, visiting academics and students. benefits include minimal administration and a valuable audit trail with robust management information.
In the first instance, this card will replace cheques previously made ‘open to cash,’ which is a costly, inefficient and time consuming process. At launch, the main recipients of the Travelex Corporate Cash Passport will be visiting academics, however, over time the card will be introduced to cover a range of beneficiaries and types of payments.
for any questions or further information, please contact:
yvoNNE pollocK manager - Procure to Pay, Financial Operations & Systems T 02 9036 5348 E [email protected]
TravElEx caSH paSSporT
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P2P MANAGER Yvonne Pollock
T 9036 5348
TEAM LEADER PROCUREMENT TRANSACTIONS
Mary Nicholls T 9036 9217
VENDOR MAINTENANCE OFFICER Joan Brennan T 9351 5853
PROCUREMENT OFFICER Alex Papangelis
T 9351 4836
SENIOR PAYMENT ANALYST Amanda McLeish
T 9351 2047
PAYMENT ANALYST Sowgata Chakravarty
T 9036 9341
DISBURSEMENT OFFICER Mario Zaja (for Amanda Dalton
currently on maternity leave) T 9351 4632
SENIOR PAYMENT ANALYST Mario Zaja (on secondment
to disbursement role) T 9351 4632
PAYMENT ANALYST Betty Evans - T 9114 0565
Dhruba Chakravarty - T 9036 9344 Christine Wongso - T 9351 8644
Anna Serratore - T 9114 0675
TEAM LEADER PAYABLES TRANSACTIONS
Vickie Bowden T 9036 7525
In 2010, the p2p team underwent a structural change and has now been reorganised into two smaller teams, with each team focusing on specific business activities.
This new structure will build on the foundation of clear end-to-end ownership of key transactional process areas, and is aimed to improve processes, productivity and service.
The two teams are as follows:
procUrEmENT TEamresponsible for the day-to-day processing of all purchase order related transactions. This includes: full function PeopleSoft P2P; vendor creations; raising purchase orders; receipting and processing invoices.
payablES TEamresponsible for the day-to-day
processing of all other invoices, including: students; non-orders (local and overseas vendors); payment requests; and the subsequent payment of all invoices.
For all future enquiries, please contact the relevant team.
for any questions or further information, please contact:
yvoNNE pollocK manager - Procure to Pay, Financial Operations & Systems T 02 9036 5348 E [email protected]
procUrE To pay (p2p) TEam rESTrUcTUrE
fINalISEd STrUcTUrE 2010
PAYAbLES TrANSACTIONS TEAmPrOCUrEmENT TrANSACTIONS TEAm
accoUNTS payablE UpdaTE coNT.
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rESoUrcESoNlINE rESoUrcES, TraININg gUIdES aNd qUIcK rEfErENcE gUIdES
Go to the following sites for online resources, training guides and quick reference guides for PeopleSoft, Hyperion and Spendvision:
pEoplESofT - http://www.sydney.edu.au/finance/about/peoplesoft_guides.shtml
HypErIoN - http://www.sydney.edu.au/finance/about/hyperion_guides.shtml
SpENdvISIoN - http://www.sydney.edu.au/finance/about/spendvision_guides.shtml
fINaNcIalSErvIcES
for morE INformaTIoN coNTacT
KrISHaN praSadmanager, Financial Systems Support and TrainingT +61 2 9351 4629f +61 2 9351 4202E [email protected] sydney.edu.au/finance
Produced by Financial Operations & Systems, The University of Sydney, December 2010. The University reserves the right to make alterations to any information contained within this publication without notice.
SpENdvISIoN UpdaTETrIal of ImagE modUlE fEaTUrE Now ImplEmENTEd
Financial Operations and Systems (FOS) has now implemented the trial phase of the Image module feature within Spendvision.
Users are required to attach an electronic tax invoice/receipt when coding card transactions over $82.50 (GST inclusive) and when coding all cash claims (regardless of the transaction value). Transactions below $82.50 (GST inclusive) are exempt from this requirement.
below is a simple table to assist you in determining whether your corporate card transaction requires you to use the Image module feature. 54 percent of total transactions across the University will need to be coded in this way.
The trial phase of the Image module feature will now run from November to January. We encourage all users to utilise this new feature during this period. In early February users will
have the opportunity to provide their feedback and comments via an online survey. during the trial we also ask you to keep the original paper invoices.
We have already received a positive response from users across the University. benefits of using this new feature include:
– Faster approval process. – Documents are easy to track and
retrieve with an increased level of transparency within the expense claims procedure.
– Environmentally friendly as users can attach electronic invoices and receipts they receive on email directly into Spendvision, rather than printing paper copies.
– moves away from a manual filing process which is labour intensive and costly.
– Supports various audit processes relating to the retention of tax invoices/receipts (internal, external and independent audits).
Three presentations demonstrating the new feature were held on Wednesday 3 and Thursday 4 November at the New Law School. Further presentations are planned at Cumberland, Cobbity/Camden and Westmead Hospital. If you were unable to attend or require further support, please contact the Corporate Card Helpdesk.
A quick reference guide is also available on the FOS, Training & Support website at sydney.edu.au/finance/training_docs/spv-linking-electronic-copies.pdf
for any questions or further information, please contact:
corporaTE card HElpdESK T 02 9036 9424 | 02 9351 3480 | 02 9351 8005 E [email protected]
mark Easson, Tony Houison, Yvonne Pollock, Nilesh Chand, Tabitha Daines and Krishan Prasad.
Newsletter designed and edited by Lorraine Syniuta.
THaNK yoU To oUr coNTrIbUTorSTraNSacTIoN TypE
% of ToTal TraNSacTIoNS acroSS THE UNIvErSITy
ImagE modUlE rEqUIrEd?
Transactions below $82.50 (GST inclusive)
46% oTravel expenditure above $82.50 (GST inclusive)
16% pNon-travel expenditure above $82.50 (GST inclusive)
38% p