Financial Year End

The 2023/24 financial year ends on 31 July. The information below is provided to ensure all income and expenditure relating to financial year 2023/24 is accounted for correctly. Please ensure this information is cascaded to the appropriate members of staff in your area, particularly those dealing with purchase order receipting and purchase card holders.

Although many of us are working on a hybrid basis and may be off campus over part of the year‐end period, the year‐ end principles remain the same. Our focus should be given to ensuring all transactions, tasks and housekeeping in OneUniversity are up to date for the end of the financial year.

During the 2022/23 year‐end audit, instances of purchase orders not being receipted by the year end were identified where the goods and services had been delivered/received by 31 July. When followed up with Schools and Directorates, these instances were often as a result of annual leave of key staff over the year end. Please ensure cover is in place when staff with key financial responsibilities are on leave over the year‐end and that staff are appropriately trained and are clear on the year‐end tasks and timelines. If in any doubt please contact Finance and we will be happy to advise.

Only goods and services received before the end of July can be accounted for in 2023/24. We understand that some expenditure originally planned for the 2023/24 financial year may not be incurred by 31 July but it is essential that we record our income and expenditure correctly. If we have not received the goods or service by 31 July, we cannot account for the cost in 2023/24.

Key dates and deadlines for the year-end

Contact us

If you have any further questions about the year‐end process, please contact your Senior Finance Business Partner or the central Financial Accounting team by email or Teams.