CAPS Project
Finance workstream
The Finance Workstream will concentrate on three key themes:-
Commitment Accounting
Introduction
The introduction of commitment accounting will show which funds have been committed to being spent and this will show in the University's financial system, CODA Financials.
Colleges/schools and directorates/departments are currently recording commitment information through a variety of ordering and manual systems which means that information is not readily available on central systems.
Improving the accuracy of information held in CODA, it will enable colleges/schools and directorates/departments to exercise a greater level of management control over expenditure across all budget centres.
The implementation of the CODA financial system was intended to have two phases. What came first? The second phase, in response to audit recommendations and a need for good up to date financial information, was always intended to be commitment accounting, with a funds checking facility.
Benefits of commitment accounting?
Commitment accounting using the CODA system will:
- improve the accuracy of information held in CODA
- deliver better budgetary control
- offer more up to date financial information to enable better decision making
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Centralisation of Invoices
Introduction
Streamlining invoice processing will bring significant process savings to the University. It will enable automatic matching of invoices and will create a more effective purchase to pay process.
Benefits of centralising all invoices
The integration of ePS with CODA Financials will:
- enable automatic matching of invoices received against orders placed within the system
- will assist the University in creating a more streamlined, efficient and effective purchase to pay process.
How will the centralisation of invoices be managed?
The centralisation of invoices will be phased in.
How will suppliers know where to send invoices?
All invoices to the University will be received by the Accounts Payable department, within the Finance Office. All purchase orders transmitted to suppliers through the ePS system will automatically include the Accounts Payable address as the invoice address.
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ePS integration into the CODA Financials system
This aspect of the Financial Workstream is crucial to ensure that ePS integrates with CODA Financials so that they communicate and support the transfer information correctly and timeously.
The Workstream Leader will work with ePS and CODA consultants to ensure that a seamless transaction and information flow occurs.
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