CCube Budget FY24 - DO NOT CHANGE -
Step 1: Complete the Monthly Finance Close Process as per the above. Request this to be completed by Marie (Finance Manager). This must be completed and not subject to change prior to continuing with the rest of the process. Otherwise the information in Xero will not be correct
Step 2: Open ‘Ccube Master’ >>> Go onto the ‘Xero’ tab >>> Create a new column next to the previous month’s financial information. Copy and paste the values in Column A so that theses are included in the newly created column. Ensure you paste values though so these are not copying the formulas. Down the extract of the TB from Xero. See steps in video below.
https://www.loom.com/share/20f62e4579c04ab994b9cfb816cbea70?sid=a73efdc4-3f92-4f36-8ed5-ce33563bdf89
Step 3: Log into Xero >>> Take an extract from Xero for the financial period in question >>> Ensure that the correct account GL code is entered into the correct field in Ccube Master. Ensure that the sum of the columns is equal. SEe steps in the video below
https://www.loom.com/share/b021c14a53a94fda9e61a79469e7d197?sid=c3418410-d0e7-4cbb-b1ef-83c2bf744e7f
NB: The accounting software in Xero will exclude a GL code for the period you have exported if it returns a nil value. Therefore it is sometimes helpful to extract the data by comparing to financial periods going back to at least 31 December 2022 to ensure these are not excluded.
NB: Ensure that the correct TB codes from the Xero report are aligned to the information input into Ccube master. This is not likely to be able to be imported in one go due to the point raised above. Ensure complete check at the end.
Step 4: Refer to the ‘TB’ tab on Ccube Master. Column AJ includes the figures that have been extracted from Xero. A number of manual adjustments are then completed from column AJ onwards to arrive at the monthly numbers. These include:
ADJ1: Prior period BS (manual adjustments) - Take no action. This should not be changed
ADJ2: FlowRev adjustments - Take no action. This should not be changed
ADJ3: LP NR Revenue - Take no action. This should not be changed
ADJ4: CY NR Revenue:
The way Xero is designed, the system will assume that an invoice is fully recognised at the point of invoicing unless recognition criteria are applied to that invoice within FlowRev. No recognition criteria is applied to NR invoices. Therefore this needs to be manually adjusted through ADJ4. Follow this process:
- Request from Edemir Monteiro the figure for ‘revenue to be deferred’. This figure will be provided from a centrally maintained spreadsheet.
- The following adjustment should be posted manually to the monthly accounts:
DR Revenue recognised
CR deferred income
ADJ5: ADJ 5 LP accrued income (RR) - Take no action. This should not be changed
ADJ6: LP accrued income (NR) - Take no action. This should not be changed
ADJ7: CP accrued income (RR) - Follow this process
- Request from Edemir Monteiro the figure for ‘revenue to be accrued’. This figure will be provided from a centrally maintained spreadsheet.
- The following adjustment should be posted manually to the monthly accounts:
DR Accrued Income
CR Revenue recognised
NB: Month on month we would expect this figure to be Zero. So please check with Tom Llewellyn-Lloyd for whether the value is correct
ADJ 8: CP accrued income (NR) - Follow this process
- Request from Edemir Monteiro the figure for ‘revenue to be accrued’. This figure will be provided from a centrally maintained spreadsheet.
- The following adjustment should be posted manually to the monthly accounts:
DR Accrued Income
CR Revenue recognised
ADJ 9: LP Accrued liabilities - Take no action. This should not be changed
ADJ 10: CP Accrued liabilities - Ensure have accrued for the following:
ProAct IT cost - Take the latest invoice from Xero and accrue for that amount. Usually circa 5k
Eqinilet IT (Quinlan) - Take the latest invoice from Xero and accrue for that amount. Usually circa 5k.
Review the budgeted costs for the month on the ‘C’ tab of the document ‘Ccube Budget FY24’ (refer to reference above) and consider if there are any large expected costs that have not been incurred? For example in the month of February, we accrued for Andrew Silva costs.
NB: Note that Prepayments (e.g. for Atalasoft) are processed through FlowRev and therefore no manual adjustment is required.
NB: The Tern Management fee should be £16.6k per month. Check that the exceptionals line totals roughly for this amount. Otherwise one will need to be accrued for.
ADJ 11: Bonus accrual
Ensure that the total amount for the month should be equal to the following:
Refer to ‘C’ tab in ‘Ccube Budget FY24’. Take the total for the total number of months on row 106. Circa 8k per month as a sense check
All adjustments have been made to the monthly numbers.
Step 5: Open Ccube Master >>> S tab. Complete the following tasks:
- Update commentary in column F. Note that the commentary may well be similar to the commentary included in Step 6.
Step 6: Open Ccube Master >>> F FY24 tab. This tabs shows the expected outturn for the year, which takes the total of actual months completed, plus the forecast for the remaining future months. Complete the following tasks:
- Update period end date in cell C4
- Update commentary in column F to explain movements vs the original budgeted numbers.