2014/15 edition
Corrections and Transfers
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Contents Frequently Asked Questions Introduction Transfer Processes Requesting an Internal Charge Approving an Internal Charge Transaction Corrections Funding Redistributions Members Funds Redistribution Designation Members Funds Appendix One - Help and Assistance Appendix Two - Transaction Codes
Tell us what you think of this training publication Š 2014 Imperial College Union Version 1 - 2 June 2014 imperialcollegeunion.org/training/training-feedback
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This manual will:
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1 Outline the purpose of different transfer processes
Provide instructions on managing specific elements of your Club, Society or Project finances
Frequently Asked Questions I need to charge another club for the services provided. How do I do this? Refer to internal charges page 6
I need to move funds that are in Members Funds (225) to a different activity. How do I do this? Refer to page 11
Something is wrong on my transaction pages, how do I correct it? Refer to page 8
I have put wrong coding when submitting the banking record/charging a claim, how do I correct the error? Refer to page 09
I want to save money for future spending. How do I do this? Refer to page 12
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Introduction This training manual provides guidance to using eActivities to make Internal Charges, Transaction Corrections, Funding Redistributions and establishing Designated Member Funds accounts. It is relevant to Chairs and Treasurers of Clubs, Societies or Projects. To undertake the functions described, it assumes a level of familiarity with eActivities, online transactions pages, Transaction Codes and Activity Codes. Until you pass the relevant finance training quizzes, you will not be able to use the functionality described here.
Need help? Having read this training manual, if you have finance related questions or need any help, support or advice relating to your Club, Society or Project finances, your first port of call should be your Management Group Chair or Treasurer. A contact list is provided in Appendix One – Help and Assistance. If they are unable to assist you, please contact the Deputy President (Finance & Services).
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Transfer Processes The table below lists the four transfer processes available and when each should be used. If you are confused about which process to use you should contact your Management Group Treasurer in the first instance, further people who can help are detailed in the Help and Assistance section. You will only be able to complete any of these actions if you are the Chair or Treasurer of a Club, Society or Project. To request any of the transfers log into eActivities and select your role in the Club, Society or Project for which you are requesting the transfer. Internal Charging
Internal charges are used when you have provided goods/ services to another Club, Society or Project within the Union. This should be done ASAP.
Transaction Correction
Transaction corrections are for use when you have income or expenditure posted incorrectly in your online transaction pages. You can correct transactions between funding codes.
Funding Redistribution
Funding redistribution is for use when you wish to move money around within a specific funding code on your transaction pages.
Members Funds Redistribution
Members funds redistributions are used for moving money between activity codes within the members fund (225) account
Designated Members Funds
If your Club, Society or Project wants to save for a future large expenditure you can set up a Designated Members Fund (DMF) account. These accounts are administered through eActivities and are only available once you have had an account approved via application to the Clubs & Societies Board. For more information on applying for a DMF please contact the Deputy President (Finance & Services).
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Requesting an Internal Charge Navigate to Finance then to Transfers and finally to Internal Charging. The screen below will appear. It will default to the New Submission subtab. Fill in details as below to request the Internal Charge.
1 Go to eActivites > Login > Finance > Transfers > Internal Charging 2 Fill in details for the Receiving Committee, Committee Being Charged and any relevant notes
When you have filled in these fields a set of boxes will appear. Complete details of the description of what you are charging, the account, activity, funding and the amount you wish to be credited. These codes indicate where the money will go in your accounts. Then click Commit.
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Approving an Internal Charge Navigate to Finance then to Transfers and finally to Internal Charging in the main menu. The screen below will appear showing List requiring authorisation. In this tab are the internal charges which can be approved by you. You will need to decide where each internal charge should be paid from. Select an internal charge
1 Go to eActivites > Finance > Transfers > Internal Charging > List requiring authorisation 2 Click on Internal Charge Details to see the charges that need authorising 3 Check on your transaction pages you have the funds available View the details of the request for the Internal Charge, fill out all the fields and check on your transaction pages whether the Club, Society or Project has the funds available. If you are happy to approve the internal charge click Authorise. Depending on the value of the internal charge it may require further approval, details are given in the Money Out training. Internal charges are processed by the Union Finance Team within five working days of being fully approved.
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Transaction Corrections Navigate to Finance then to Transfers and finally to Transaction Corrections. The screen below will appear. It will default to the New Submission subtab, under the Transaction Corrections main tab. Fill in details as below to request the Transaction Correction.
1 Go to eActivites > Finance > Transfers > Transaction Corrections 2 The New Submission subtab will appear 3 Select the relevant Committee, the Total Correction Amount and any relevant notes When you have filled in these fields a set of boxes will appear. Complete details of the description of what you are rectifying, the account, activity, funding and amount. You then need to click on the To lines tab. Here you will need to fill out the information for where this transaction should be moved to. It is important to recognise that you are amending an incorrect posting. For income, transfer the income from (debit) where it is currently posted to the correct codes. For example to correct income incorrectly posted to ticket income to travel income:
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Transactions corrections
1 Complete all the fields to describe what you are rectifying, the account, funding \ and amount 2 Click on the “To lines� tab to state where the transaction needs to move to
For expenditure transfer the expenditure to (credit) the correct codes from (debit) where it is currently posted. For example to correct a tankard purchase that was incorrectly charged to engraving and signwriting to crockery and glasses.
When you are finished click Commit. Transaction corrections require approval at the same levels as expenditure does, details in Appendix One. Transaction corrections are processed by the Union Finance Team within five working days of being fully approved.
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Funding Redistributions The Funding Redistribution function is used for moving money within a specific funding code. Navigate to Finance then to Transfers and finally to Funding Redistribution. The screen below will appear. It will default to the New Submission tab. Fill in details as below; when you have filled in these fields a set of boxes will appear. Complete details of the account, activity and funding codes together with the amount, then click Commit. Once you have clicked Commit the items will appear on the My Submissions in Progress tab until they are approved.
1 Go to eActivites > Finance > Transfers > Funding Redistribution 2 The New Submission sub-tab will appear where you can enter the details for redistribution. The “from” and “to” lines will then appear 3 Complete the “From line” tab with the details of where the funds are being moved from 4 Complete the “To line” tab with the details of where the funds will be transferred to (ensure that the debit and credit amounts match) 5 Do not credit and debit the same account codes eg Ground Hire 710
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Members Funds Redistribution The Members Funds Redistribution function is used for moving money between activity codes. Important: This form only moves money within Members Funds (225). Navigate to Finance then to Transfers and finally to Members Funds Redistribution. The screen below will appear. It will default to the New Submission tab. Fill in details as below; when you have filled in these fields a set of boxes will appear. Complete details of the description, activity and the amount in the From Lines and To Lines sections, then click Commit.
1 Go to eActivites > Finance > Transfers > Members Fund Redistribution 2 Fill in the details for the submission and a another set of boxes will appear for you to enter the description, activity and amount for the redistribution 3 Do these in the From Lines and To Lines sections and then Commit
This form allows you to move money between activity codes. This should normally be used to balance profits or losses from individual activity codes. For example, the Canoe club ran an event for which they sold tickets with the income and expenditure going into “Christmas Dinner (48)”. The event was successful and generated a profit of £285, using the members fund redistribution this money can be moved from (48) to General (00). Amounts within this code are purely to balance income or expenditure within other codes. Be careful not to create overspends within Activity codes with this form.
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Designated Members Funds If your Club, Society or Project wants to save for a future large expenditure (e.g. new equipment or events) you can set up a Designated Members Fund (DMF) account. These accounts are administered through eActivities and are only available once you have had an account approved by Clubs & Societies Board. For more information on applying for a DMF please contact the Deputy President (Finance & Services).
Transferring money to your DMF Select Finance from the top menu, then click Transfers and finally Designated Members Funds. The screen below will appear. It will default to the New Submission subtab, under the Designated Members Funds main tab.
1 Go to eActivites > Finance > Transfers > Designated Members Funds 2 Note down the amount you want to transfer, and add some notes for future reference
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Designated Members Funds
Fill in the sub-tabs From Lines and To Lines with the information about where you want the money to come from in your accounts and into which DMF you want to save money to respectively. DMFs are shown in a different tab on your transaction pages called Amount in Designated Members Funds. When you are finished click Commit and the transfer will be submitted for approval. It will take up to five working days to process the transfer of funds. For queries please contact the Union Finance Team.
Viewing previous DMF transfers Select the Authorised Transfers subtab and the screen below will appear. You will see a list of all previous transfers to DMFs. You can click on the Transfer number to see more details of each transfer.
View DMF balance Select the Amount in Designated Members Funds subtab and the screen below will appear where you can view the amount of money in each of your DMFs.
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Appendix One - Help and Assistance Paperwork and approvals Claim value
Approvals needed
< £5
Reimbursements under £5 cannot be made
Paperwork
£5 - £19.99
Club, Society or Project Chair or Treasurer
Basic VAT receipt
£20 - £249.99
Club, Society or Project Chair or Treasurer AND Management Group Chair or Treasurer
Basic VAT receipt
£250 - £999.99
Club, Society or Project Chair or Treasurer AND Management Group Chair or Treasurer
Full VAT invoice
£1000+
Club, Society or Project Chair or Treasurer AND Management Group Chair or Treasurer AND Union Deputy President
Full VAT invoice
Contacts Alex Savell Deputy President (Finance & Services) dpfs@imperial.ac.uk 020 7594 8060, extension 58062
Alex is the Sabbatical responsible for finances. He is also responsible for approving all expenditure over £1000.
Abigail de Bruin Deputy President (Clubs & Societies) dpcs@imperial.ac.uk 020 7594 1763, extension 41763
Abi is the lead Sabbatical for nonfinancial matters for Clubs, Societies & Projects.
Ally Cott Systems Coordinator club.web.enquiries@imperial.ac.uk 020 7594 6412, extension 46412
Ally is responsible for eActivities, speak to him if you discover an error with the system, he cannot help with financial content queries.
Union Finance Team clubs.finance@imperial.ac.uk 020 7594 1514, extension 41514
The Union Finance Team is responsible for administering the finances of Clubs, Societies & Projects.
Malcolm Martin m.martin@imperial.ac.uk Head of Finance 020 7594 8069, extension 48069
Malcolm is the lead finance staff member. He can help with complicated finance queries.
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Appendix One
Management Group Contacts These are all volunteer positions carried out by students.
Group Chair
Treasurer
ACC
Oliver Benton acc.chair@imperial.ac.uk
Jasper Stassen & Mohammad Ali Shahadat acc.treasurer@imperial.ac.uk
A&E
Jonathan McNaught ae.chair@imperial.ac.uk
Rachael Fletcher ae.treasurer@imperial.ac.uk
CAG
Michael Chung cag.chair@imperial.ac.uk
Huong Vu cag.treasurer@imperial.ac.uk
CGCU
Timothy Munday vpa@imperial.ac.uk
Dmitri Ivanov vpfs@imperial.ac.uk
GSU
Nida Mahmud gsu.president@imperial.ac.uk
gsu.treasurer@imperial.ac.uk
ICSMSU Maredudd Harris medic.clubsandsocs@imperial.ac.uk
Alex Compton medic.treasurer@imperial.ac.uk
Media
Cem Hurrell media.chair@imperial.ac.uk
Kunal Wagle media.treasurer@imperial.ac.uk
OSC
Soo Hong osc.chair@imperial.ac.uk
Shengze Wang osc.treasurer@imperial.ac.uk
RAG
Ben Fernando rag.chair@imperial.ac.uk
rag.treasurer@imperial.ac.uk
RCC
Richard Cameron rcc.chair@imperial.ac.uk
Benjamin Howitt rcc.treasurer@imperial.ac.uk
RCSU
Serena Yuen rcsu.vpo@imperial.ac.uk
James Badman rcsu.treasurer@imperial.ac.uk
RSMU
Benjamin Warnick rsm.chair@imperial.ac.uk
Matthew Pike rsm.treasurer@imperial.ac.uk
SCC
Tom Rivlin scc.chair@imperial.ac.uk
Soo Hong scc.treasurer@imperial.ac.uk
Silwood
Shorok Mombrikotb & Claire Bankier silwood.chair@imperial.ac.uk
Samuel Lloyd silwood.treasurer@imperial.ac.uk
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Appendix Two - Transaction Codes This is comprehensive list of the codes that you may use on various items of documentation such as Banking Records, Claim, Purchase Orders, etc. Income Codes Code Name 430 Donations 520 Sales general 550 Sponsorship 580 Ticket Income 590 Travel 450 Goods and Services VAT Codes â&#x20AC;&#x201C; Income Code Name S1 Standard rated S0 Zero rated SE Exempt SN Outside Scope VAT Codes â&#x20AC;&#x201C; Expenditure Code Name P1 Standard rated P0 Zero rated PE Exempt PN Outside Scope
Expenditure Codes Code Name 600 Acts 605 Affiliation Fees 640 Consumables 650 Cultural Activities 655 Decorations 680 Entrance Fee Competition 675 Entrance Fee Conference 685 Equip purchase (not cap) 690 Equipment Hire 705 Goods for Resale 710 Ground Hire 725 Copyright & Royalties 730 Hospitality 735 Instructors 820 Printing Costs 825 Publicity 860 Stationery 870 Subscriptions 895 Travel Expenditure
Event Codes Code Name 00 General 21 Winter Tour 22 Spring Tour 23 Summer Tour 51-69 Event
Description Day-to-day transactions. A tour during the Christmas holidays or Spring Term A tour during the Easter Holidays or Summer Term A tour during the Summer Holidays or Autumn Term For example, Freshers Ball, Annual Dinner
Funding Codes Code Name 0 Grant 1 Self Generated 2 Harlington 3 IC Trust 4 College Grant
Description Union money allocated by your Management Group Your own money generated through your activities Money from the Harlington Grants Committee Money from the IC Trust Money from a Faculty or Department for a specific purpose
Consolidation Codes Code Name 0 External 1 College
Description Outside College and the Union Outside the Union, within College
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Tel: 020 7594 8060 Fax: 020 7594 8065 Email: union@imperial.ac.uk Twitter: @icunion imperialcollegeunion.org