University Financial Timetable and Key Events
The University Financial Year runs from 1 August - 31 July and there are a number of exercises and deadlines for all departments to work towards throughout this period.
As a department within the Medical Sciences Division (MSD) we are required to submit financial data for a number of deadlines:
- Q1 Forecast - This exercise involves reviewing data from August - October (3 months) and forecasting all income and expenditure which is anticipated to happen across the remainder of the financial year.
- Q2 Forecast - A detailed review of all income and expenditure from August - January (6 months) is performed to assess how this compares to the Q1 forecast. At the same time a more in-depth forecast is performed to confirm what the department expects its final position to be at the end of the financial year in July.
- Budget Setting - The department is required to set all income and expenditure budgets for the upcoming financial year in April. This involves discussing all accounts with a number of staff and pulling together a comprehensive plan of requirements and expectations for the upcoming financial year.
- Q3 Forecast - The final forecast of the financial year takes place in May and this involves reviewing all data from August - April (9 months) to assess how this compares to the Q2 forecast. This is traditionally a light touch exercise and only material changes require explanation.
- Financial Year End - All departments are given a number of processing and reporting deadlines within a Year End manual from central finance, which must be followed to ensure the financial position is as accurate as possible. These deadlines include processing of requisitions, receipting and invoices within the correct financial year, and any financial adjustments should be made to reflect this if necessary.