Carry out month-end activity
It is important that all transactions are processed appropriately prior to the month-end. Refer to the Departmental Checklist and Timetable for Key Tasks for guidance. This includes:
- Raising purchase orders
- Review of donations deferral
- Review of posting of ‘goods received not invoiced accruals’ etc
The Finance Bulletin email issued monthly by the Finance Division includes a reminder of the activities required and the associated deadlines. Please contact the Finance Administration Team if you wish to be added to the distribution list for this communication.
Run pre-month-end reports
As per the Reports Library: Monthly Reporting it is important to run a number of key reports including:
Where the reports identify incomplete transactions it is important to manage these transactions appropriately and where necessary generate correcting journals. You should maintain a full audit trail and supporting documentation for such journals. This can be done by running and filing a Print an Audit Report in the General Ledger, or by completing a Journal Log.
If you are unclear about how to handle any of the incomplete transactions please contact the Financials Helpdesk (firstname.lastname@example.org).
Accruals are required, as a minimum, for committed values over £5k at year end. Monthly Accruals accounting has been introduced in 2018/19. Refer to the Accruals process documents for further detail on the accrual requirements and how to manage these. Your Divisional Financial Controller can also provide advice.
The closure dates for each module are provided in the Finance Month-End Timetable . Month-end deadlines are also included in the monthly Finance Bulletin email. Departments should ensure that all necessary transactions are processed in that period ahead of the scheduled closure time. A new period will be opened at the beginning of the month and the Oracle Financials home page will be updated to reflect this.