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Page Contents: Obtaining financial information | Accounts payable | Accounts receivable | Asset management | Banking/Bank reconciliation | Financial reporting | Investment management | Management accounting | Restricted funds | Short courses and fees | Travel Insurance and Risk Management In order to facilitate the services provided by Financial Services to the University and broader community, the following is an explanation of each service offered by the Unit and the officer to contact. If you cannot find an appropiate officer on this list, see our full list of Contacts. Obtaining financial informationThe following is a list of the different avenues available to staff of the University of Canberra to obtain financial information: 1. Finance One is the name of the University's Financial Management Information System (FMIS). All staff may access the system, but iti s not web-based, so you must have the system installed on their University computer. For information on how to apply for access to Finance One and obtain training, see the main Financial Services page. (NB: the former Finance Web Portal is still available in OPUS, but only accesses historical data). 2. Staff that are unable to gain access to Finance One can contact their divisional finance officers, who will be able to seek the information on their behalf. 3. Staff are also invited to request financial information by printing and completing the Financial information report request and forwarding to the Management Accounting Office. Accounts payableThe Accounts Payable section of the Financial Services Unit is responsible for processing amounts payable to external parties for goods and services provided to the University. Payments usually arise from a purchase order but exceptions may exist for various complex accounts such as electricity & telephone charges. Information recorded on the purchase order flows through the goods receiving process, carried out in the divisions, to the final payment stage that occurs in the Financial Services Unit. Invoices are assumed to be payable within 30 days following the month of the invoice unless other payment terms apply (by approval only). A cheque run occurs every Wednesday. An electronic funds transfer (EFT) run generally occurs every Wednesday for suppliers, staff and students. On a p[ay week, the EFT run for staff and students is run on Tuesday instead. Finance One, the University's Financial Management Information System, records the expense related to a purchase when the invoice is processed - not when the cheque is drawn, in accordance with accrual accounting principles. The Accounts Payable Officers also reimburse staff that submit petty cash claims (that cannot be reimbursed by petty cash floats held in the divisions). The front office is open from 9:00am to 4:30pm, Monday to Friday.
Accounts receivableAmounts owed by external parties for goods or services supplied by the University are recorded as accounts receivable. The transactions are recorded and invoices are raised in Finance One, based on information supplied by a Charge Advice Note (CAN) that has been submitted by University staff. Statements of amounts owing on outstanding invoices are sent each month to the debtors concerned. Reminder letters are sent for overdue debts. Accounts Receivable also handles internal requests for journal transaction entries. Journal transactions are internal transactions of funds typically for adjustments and corrections. Memos and supporting documentation must support all journals.
Asset managementFinancial Services records the acquisition of assets, carries out inspections to determine and record the whereabouts of each asset, and ensures the appropriate depreciation is recognised for each asset depending upon the class it falls under and its estimated useful life. Asset management is also responsible for ensuring that the appropriate processes are followed in the disposal of assets that have become redundant or obsolete. The University has an Assets Policy, which lists the classes of assets recognised by the University, the minimum value for the recording of each class and its estimated useful life.
Banking/Bank reconciliationThe bank reconciliation is carried out daily by downloading transaction data from the bank and loading it into the accounting system. The system provides a reconciliation report from which transactions may be generated to allocate monies such as direct deposits and bank charges into the correct systems accounts. Since student fees are now collected through other agencies and by direct deposits, handling of cash in the cashier's office is minimal. Payments are accepted by EFTPOS, Visa, MasterCard, American Express, and by personal and bank cheque.
Financial reportingThe University of Canberra is obliged to furnish annual financial statements that are audited by the ACT government - for the financial year ending 31 December. The University also has a rigorous internal audit program that is carried out by accounting firms within the ACT. All internal auditors report to the University's Audit Committee and may carry out their audit at various times in the year. Internal management reporting is conducted on a periodic basis for executive staff. Ad-hoc internal reporting, and the investigation and analysis of financial data is a service available to all University staff upon request. The University is income tax exempt, however some activities may attract taxation of various types - eg payroll tax to the ACT government and fringe benefits tax to the Australian Taxation Office. The University is subject to the Goods and Services Tax, however many of its activities are deemed a GST free supply, primarily the provision of education. Goods and services supplied by the University that are not education related are subject to GST.
Investment management/Student financial assistanceThe University carries out forecasting of its cash requirements for both its day-to-day operations as well as for longer term major projects. Forecasting allows the University to develop an investment strategy that will permit sufficient cash flow while at the same time delivering the best possible return on cash surpluses, based on the University's risk profile.
Management accountingThe Management Accounting section addresses matters relating to the University's operating budget, the interpretation of reports for management examination and extrapolation, and the costing of proposed or existing activities. Whilst undertaking these activities the Management Accounting office aims to provide an effective financial support and internal monitoring service to assist University employees in all areas relating to budgeting, financial performance and costing.
Restricted fundsFinancial Services retains records and issues reports to researchers on the transactions occurring against research projects conducted across the University. An acquittal of funds is also required at the conclusion of each project. Funds held in trust are accounted for separately in the University accounts. The activities concerned are subject to a trust deed that details the purpose and operation of the trust.
TravelStaff who wish to travel or attend conferences are required to submit a properly authorised claim form if they wish to be paid an allowance or reimbursed for expenses. The forms are available from within each Division or from the Travel Officer. Please click on the 'Travel' icon on this website for more comprehensive information about Travel at the University of Canberra.
Insurance and Risk ManagementFor all insurance enquiries, the the first instance please refer to the University's online Insurance Manual. For any further information please contact the University's Insurance and Risk Management Officer:
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