Financial Year-End – Key Dates
The University's current financial year ends on 31st July 2021. These key dates are provided as a quick reference point to help departmental colleagues to ensure that their income and expenditure are posted in the correct financial year. You can find out more detail about what you need to do for the financial year-end process in the financial year end information for close down.
Payroll and expenses year end deadlines
All deadlines for payroll and expenses can be found at this link
Deadlines for Non-staff and Student Expenses claims – 12th July 2021 (same as for staff expenses)
Purchasing card transactions dated up to the end of 29th July 2021 and coded by 2.00pm on 30th July 2021 will be input to the 2020/21 financial year
Cash, Cheques and Cash Advances
If you have any cash, cheques or cash advances to return for the 2020/21 financial year, please email firstname.lastname@example.org for advice on how to pay before Friday 23rd July 2021.
By 30th July 2021 goods receipt all purchases where the goods or services were actually received up to the 30th July 2021, including internal trade. If you have not received the item then don’t goods receipt it but leave the Purchase Order open to be used in 2021/22 and receipt it when the item arrives.
Goods Receipting with Split Account Assignments
Note that where the cost is divided between 2 or more cost centres or WBS elements , then the expenditure posting to the accounts does not take place until the invoice is entered on the purchase order- so if the goods receipt is up to 30th July, but the invoice is posted after this date, an accrual may be required if the amount is material.
Where the goods or services have been received, the purchases should be goods receipted by 4.00pm on 30th July 2021. The selling department should also code the income and remove the billing block for all internal sales that have taken place by 4.00pm on 30 July 2021.
An invoice should be raised in uBASE for all goods or services supplied before 30th July. If it has not been possible to raise a sales invoice dated 30th July or earlier then a debtor accrual can be requested – see details in the 'financial year end – information for close-down' letter
All Petty Cash Float Holders were contacted on the 28th April 2021 to begin the process of withdrawing the Petty Cash Service and to assist us to withdraw all Petty Cash floats by the end of this financial year (31st July). If you have not responded to CashOffice@sheffield.ac.uk with your preferred method of returning your float, please can you do this as a matter of urgency, at the latest by Monday 12th July 2021.
1) You personally keep the existing Petty cash and use a payment link (which will be sent to you) to personally pay the amount back to the UoS using your personal card.
2) Request a paying in slip (will be posted to your preferred address home/work) and take the Petty cash balance to your local Lloyds Bank to pay in
3) Request a face to face meeting with a member of the Cash Team. This is our least preferred method. Available dates will be decided once we have an idea of who will be returning to campus and when.
Manual Accruals for Purchases and Sales
Request any manual accruals for purchases or sales up to 30th July, where it has not been possible to process the Purchase Order or Sales Order in uBASE before the 30th July deadline. Your accrual request, should be sent to your Faculty Finance Manager or your Professional Services Finance Manager before 5.00pm on Thursday 5th August 2021. Accruals should not normally be requested for sums less than £3,000 excluding VAT and should follow the guidance on appropriate use of uBASE journals.
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