Finance Division Taster Sessions - Research Accounting

New

To provide an opportunity for someone from elsewhere in Fin Ops to spend a day in the Research Accounting Team to get an overview and appreciation of what they do.

Staff in Financial Operations within the Finance Division only

Number of sessions: 1

Research Accounting overview

• Research Accounting/Research Operations Office responsibilities

Receipting and department debt

• BACS list, cash identification and AR banking sheet
• Receipting (incl. foreign currency receipts)
• Relationship with Cash Management
• Department debt statements and write offs

Research debt

• Relationship with the ROO
• Research debt
• Overdue lists
• Types of sponsor
• Types of invoice
• Major sponsors (incl. Research Councils, Wellcome Trust and EC)
• Refunds and interactions with AP

Reporting and other Credit Control tasks

• Monthly reporting
• Bad debt provisions
• New Sponsors/AR customers and credit checks
• CMS
• Largo & debt recovery
• Exception reports to highlight potential problems
• Interactions with the rest of Research Accounting

Grants module: Importing costs and clearing errors

• The award and project status reports
• Daily processes, and importing other costs
• Central processes (incl. non direct costs, overheads)
• The importance of invoice coding
• Clearing errors
• Budgetary controls

Red Book reporting

• Red Book reporting
• Income calculation

Wrap up

• The Billing and Expenditure Schedule (BES)
• GL/GMS rec

• Overview of the Research Accounting section, including the segregation of duties and responsibilities between Finance and the Research Operations Office
• Overview of the work of the Credit Control team, for both research and non-research debt
• Overview of research grant central processing and reporting

1 Day

Monthly