Key points to note for coding income and expenses in the financial accounts:
- Object code: categorises types of expense/income:
- Very valuable to allow budget holders to clearly see what are the key cost drivers/trends in a department.
- The budget is posted at object code level, based on prior year spend trends.
- Correct object coding allows fixed assets to be identified etc e.g. 85030 Computer Equipment.
- Please avoid using the miscellaneous code unless value is very small.
- The introduction of POP will significantly assist with the more accurate coding of expenses/expenditure.
- New object codes are authorised on a limited basis
- Business Unit (BU): a unique 7 digit code that shows income and spend in your area, e.g. department recurrent account; conference,
- Business Unit type: Recurrent (funded by University); Self Funded (funded externally)
- Closing Accounts: regular review of accounts required to identify those no longer needed.
New BU set up process:
- Request form (see link below) to be completed with details of new request (start/end date); budget; individuals to have access and any other support (email of funding approved/contract)
- BU Master request datasheet: used by Finance; IT service; online core expenses, completed and approved
- Email confirmation from Business Partner to requester when BU set up is complete
NEW RECURRENT BU SET UP REQUEST
NEW SELF FUNDED BU SET UP REQUEST