Year-end Closing Schedule for 2023/24
MEMORANDUM
| Ref.: | FO24-025 |
| To: | Heads of Departments/Centres/Units Directors of Offices/Centres/Institutes Deans of Faculties/Institutes Programme Directors/Coordinators/Budget Controllers and All Staff Members |
| From: | Ian Woo, Director of Finance |
| Date: | 26 March 2024 |
You may probably be aware that the financial year of 2023/24 will end on 30 June 2024. The University has to fulfill its statutory obligation to compile a set of financial statements in accordance with the applicable accounting standards for submission to the University Grants Committee by the end of October 2024. Allowing time for conducting external audit and seeking approval from the Audit Committee, Finance Committee and Council, the year-end closing schedule of the University is indeed very tight and has no room for further compression. Hence, I would like to appeal for your co-operations in observing the schedule as set out below:
| Purchase Requisitions/ Expenses/ Claims | Deadlines/ Remarks | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
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| Such invoices / Debit Notes / Delivery Notes dated 30 June 2024 or before should reach my office no later than 2 July 2024. The date on which the goods/services are received should be clearly indicated on the Invoices / Debit Notes / Delivery Notes and counter-signed by the responsible staff. | |||||||||
| For those expenses incurred on or before 30 June 2024, the duly completed payment application (PA) forms or petty cash vouchers together with supporting documents (e.g. receipts, invoices and debit notes) should reach my office no later than 2 July 2024. In order to avoid unnecessary delay in getting your reimbursement, you are advised to submit your PA forms or petty cash vouchers as early as possible. | |||||||||
| Two separate claim forms should be used for the same service charging to different financial years as follows:
| |||||||||
| Please provide a list detailing the items listed at the left side that have been incurred on or before 30 June 2024 but not yet billed/effected , to my office no later than 2 July 2024. We will charge the expenses to 2023/24 based on the supplied list; | |||||||||
| For those fund transfers incurred on or before 30 June 2024, the request for fund transfer memo together with relevant approval should reach my office no later than 2 July 2024. |
All payment documents and schedules described under points 2 to 6 of the above table received by my office on or after 3 July 2024 will be charged to the next financial year, i.e. 2024/25.
Consequently, other than those allowed to be carried forward in accordance with paragraph 4 in the Budgetary Control Rules for UGC Block Grant (https://www.ln.edu.hk/fo/staff/policies/budgetary), the 2023/24 unspent budget of all institutional budgets and discretionary funds under the UGC Block Grant will be returned to the University central pool. If Departments/Offices/Unites would like to carry forward any unspent balances of their institutional budgets/discretionary funds to the next financial year, budget controllers are required to raise their requests to the FO on or before 12 July 2024. The FO will notify budget controllers after the requests are approved by the relevant authorities.
If you require any assistance, please feel free to contact the following staff members:
- Regarding Purchasing and Tendering Matters: Ms. Linna Lam at ext. 8818 ([email protected]).
- Regarding Funding Matters: please refer to Job Distributions in the Accounting Teams (https://www.ln.edu.hk/fo/staff/acct-job-distributions).
Last but not least, I would like to take this opportunity to thank you in advance for your contribution and co-operation in this exercise.