The University’s financial year ends on 31 December. The following arrangements will apply to ensure that all income and expenditure relating to the 2018 financial year are correctly recorded and that the year-end accounting procedures are concluded as soon as possible:

RECONCILIATION OF PETTY CASH

The policy on petty cash advances requires that all advances should be reconciled at the end of the University's financial year. This means that all expenditure that has been incurred must be recorded by that time.  Any cash on hand should be deposited with the cashiers no later than 3 December 2018. Where applicable, expenditure vouchers and receipts for cash deposited should be submitted to the faculty accountant. 

Contact person: Riaaz Dockrat (extension 6223) or the faculty accountant concerned.

RECEIPT BOOKS

All receipt books should be submitted to the Student Accounts Division in room 2-22, Administration Building, no later than 3 December 2018. Should a receipt book be required for the remainder of the current financial year, another receipt book will be issued immediately. Should a receipt book not be required, the submitted receipt book should be collected from the same office during the first week of the New Year.

Contact person: Tshepo Masiangoako (extension 4646) or the faculty accountant concerned.

SETTLEMENT OF ADVANCES/REIMBURSEMENT OF EXPENSES (EXCLUDING REMUNERATION CLAIMS)

Advances provided to cover envisaged expenses should be finalised by means of submitting an expense report on PeopleSoft. All supporting expenditure vouchers should be attached to the expense report and forwarded to the faculty accountant. Expense reports regarding advances/reimbursement of expenses that are to be finalised in terms of the relevant policy should be submitted no later than 7 December 2018.

Expense reports received after this date will only be paid and recorded in the next financial year.

Contact person: Rajni Ramdin (extension 3014).

TRANSFER OF ENCUMBRANCES FROM 2018 FINANCIAL YEAR TO 2019 FINANCIAL YEAR

All pre-encumbrances/requisitions must be finalised and approved by 21 December 2018 to be carried forward to the next financial year. All open requisitions will be cancelled on 21 December 2018.

PAYMENT OF INVOICES

Expenditure incurred in respect of the 2018 financial year can only be finalised if authorised invoices reach the creditors division in time. All December 2018 vouchers must be approved by the respective cost centre manager by the 23 January 2019.

Contact person: Irum Ebrahim (extension 3357).

PAYMENT OF INVOICES OF FOREIGN ORIGIN

All requests received by the creditors division until 3 December 2018 for the payment of invoices that originated in foreign countries, will be settled and recorded as expenditure for the 2018 financial year. With regard to invoices that relate to the 2018 financial year that have been submitted to the creditors division by 11 January 2019, provision will be made for the recording of the relevant expenditure in the 2018 financial year. Invoices submitted after 11 January 2019 will be recorded in the next financial year.

Contact person: Damyanti Hansjee (extension 2228).

INCOME FROM SERVICES RENDERED

Issuing of invoices for services rendered

Invoice requests to external parties for the rendering of services in the 2018 financial year should be completed online no later than 19 December 2018. These invoices will be recorded as income in the 2018 financial year. The provisions of policy document A17/03 remain applicable.

Contact person: Joyce Awuah (extension 5234).

Cash income

Income for services rendered during 2018 should be recorded in the 2018 financial year. Information on all income relating to 2018, which has not been recorded by 31 December 2018, should be submitted to the Finance Department before 4 January 2019. Income that has already been received in respect of services to be rendered should also be recorded correctly. The Finance Department should be advised of such cases before 4 January 2019. All cash received by departments should be deposited before the commencement of the forthcoming recess.

Contact person: Liana Britz (extension 3077) or the faculty accountant concerned.

REMUNERATION

To ensure that all remuneration in respect of 2018 is paid from the personnel budget for 2018, an additional salary run will take place early in January 2019. Remuneration claims for 2018 should be submitted to the Human Resources Department before 28 November 2018. Claims for services rendered from 28 November 2018 to 2 January 2019, should be submitted on 3 January 2019. Claims received after 3 January 2019 will be paid from the 2019 budget allocations.

Contact person: Cheizette Lekota (extension 2050).

COST CENTRES FOR RESEARCH AND GRANTS

Audited financial reports

Audited financial reports are required for grants received from the NRF and the Medical Research Council (MRC). Financial reporting in respect of the NRF and MRC may only include actual expenses that have been paid. Please submit reports on advances, general claims and requests for the payment of invoices to the Finance Department before the due dates (as mentioned above) to ensure that the expenditure incurred in 2018 is recorded against grants for 2018. Unrecorded expenses cannot be included in the financial reports, with the result that a grant for the particular purpose could be forfeited.

Contact persons: Tinyiko Mashaba (extension 2869)/Verna Mulder (extension 4739)/Yvonne Schlebusch (extension 4422)

Deficit on cost centres

No grant/research cost centre may reflect a deficit (overspent) on 31 December 2018. Should there be a deficit, please indicate the source of the funds to cover such deficit.

Contact persons: Ansuya Govender (extension 6410)/Enoch Molekoa (extension 2149) or the faculty accountant concerned.

OPENING BALANCES – FINANCIAL SYSTEM

Preliminary opening balances for capital funds, research funds and certain external funds will be transferred to the financial system on 3 January 2019. These transfers are made to enable members of staff to place orders and incur expenditure during the year-end closing period. Please note that the transactions are backdated to the 2018 financial year and that this measure causes the transferred preliminary balances to lag behind the actual balances. The Finance Department will update these balances on a regular basis.

EXTERNAL AUDIT

The external audit will commence on 25 February 2019.

Your co-operation in ensuring that the 2018 financial year is concluded successfully, is greatly appreciated.