{"id":3009,"date":"2024-06-28T13:31:39","date_gmt":"2024-06-28T12:31:39","guid":{"rendered":"https:\/\/blogs.kent.ac.uk\/finance-news\/?p=3009"},"modified":"2024-06-28T13:31:39","modified_gmt":"2024-06-28T12:31:39","slug":"financial-year-end-2023-2024","status":"publish","type":"post","link":"https:\/\/blogs.kent.ac.uk\/finance-news\/2024\/06\/28\/financial-year-end-2023-2024\/","title":{"rendered":"Financial Year-End 2023-2024"},"content":{"rendered":"

Divisions and IS<\/strong><\/p>\n

The year-end date of the 31st<\/sup> July 2024 is critical for all non<\/strong>-project announced research related expenditure, (i.e. not externally funded) as although announced Research and Innovation expenditure is bound by the same financial rules, budgets for research projects are based on the period of the grant\/project, and not a financial year.<\/p>\n

Spending Deadlines<\/em><\/strong><\/p>\n

Therefore if you are intending to continue spending from the codes you have which are affected by the year-end (i.e. non- announced research project) usually with a job number beginning with 4xxxx or 9xxxx and non-external funded income , please be reminded that these costs need to be included in the current financial year, and therefore the goods must have been ordered and DELIVERED<\/strong> by 31st<\/sup> of July (and ideally invoiced too).<\/p>\n

To ensure that there is enough time left to process the orders we already have, and for the orders to be delivered by 31\/07\/2024, please ensure you have forwarded your order requests to your normal request routes by Sunday 30th<\/sup> June 2024.<\/u><\/strong><\/p>\n

Whilst this is simple for goods with definitely short lead times, If the lead time is not clear, please check with a supplier how long delivery would take at a maximum, to make sure that the required items are on the premises by 31st<\/sup> July 2024. \u00a0\u00a0We will have a lot of orders to process at this time too, so as long as the requests are made in time we will process them as soon as possible.<\/p>\n

Please remember externally funded Research and Innovation Project orders on project numbers generally beginning with 1xxxx, 2xxxx or 3xxxx for research purposes, are unaffected by this timeline, and will still be placed as normal and prioritised, be it as quickly as we can within the current workloads, as we appreciate the research must keep going.<\/strong><\/p>\n

Please could you make sure that all outstanding invoices, expenses claim forms (including those related to the research grants\/Innovation awards) and timesheets are submitted as soon as possible during July, as we need time to process them.<\/p>\n

Foreign suppliers\u2019 invoices, i.e. in non-sterling currencies need to be with finance by the by the 14th<\/sup> July 2024, in order to be paid within the current year.<\/p>\n

Colleagues are kindly reminded that the \u2018No PO (Purchase Order), No Pay\u2019 process still very much applies.<\/strong><\/p>\n

Expenses claims<\/em><\/strong><\/p>\n