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IN THIS ISSUE
01 wElcomE
01-03 fINaNcIal SErvIcES coNfErENcE 2010
04-05 ordEr To caSH UpdaTE
05-07 SpENdvISIoN UpdaTE
08 NEw crEdIT card procESSINg rEqUIrEmENTS
09 HypErIoN UpdaTE
09 pETTy caSH rEImbUrSEmENTS
09 rESoUrcES
wElcomEThank you to all the staff who attended the recent Financial Services Conference. Your attendance and participation
was central to the event’s success and we hope that you found the forum both enjoyable and professionally beneficial. Thank you also to all delegates who completed our online survey. We will take onboard any suggestions for improvement and implement these, where possible, in our 2011 event.
This issue includes a wrap-up and photos from the conference, plus several articles on key developments and news within Financial Services.
We hope you enjoy this issue.
KrISHaN praSad, Manager, Financial Systems Support and Training, Financial Operations & Systems
Financial ServicesNewsletterISSUE 03OCTOBER 2010
fINaNcIal SErvIcES coNfErENcE 2010
Both events were attended by approximately 300 finance and non-finance delegates from across the University. The pre-conference masterclasses focused on specialised areas, including; statutory reporting/compliance information,
tax, Hyperion HR reporting, Hyperion Web Analysis, the University’s new leasing asset management system, the research finance cycle, investment finance and gift management.
The second annual Financial Services Conference was held at the New Law School, Camperdown Campus on Tuesday 28 September. Pre-Conference Masterclasses were also held the day prior.
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fINaNcIal SErvIcES coNfErENcE 2010 coNT.
“The Pre-Conference Masterclasses have been introduced to give staff specialised and indepth system and process based training across a broad range of finance topics. The smaller class sizes also allow these sessions to be more interactive than the conference environment. After receiving such positive feedback from attendees, we hope to introduce an additional masterclass day during 2011 to assist staff in their continual professional development,” said Mark Preston, Director - Financial Operations & Systems.
The conference provided an ideal opportunity for Financial Services to communicate both the University’s overall financial strategies and initiatives; as well as providing more user specific information on financial systems including system updates and process enhancements.
The conference opened with a keynote address from Mark Easson, Chief Financial Officer who provided delegates with a financial context of the University, a briefing on Financial Services strategies to 2010 and an overview of the conference schedule.
A major highlight of the day was a keynote presentation from Dr Michael Spence, Vice-Chancellor and Principal, who took questions from the audience regarding their key concerns within the Finance area, as well as within the University as a whole.
Other highlights of the day included a light-hearted session by Dr Clio
The presentations from both Masterclasses and Conference have now been loaded to the conference website:
– for masterclass presentations click here. – for conference presentations click here.
ABOVE: Philip Goodhew, Senior Budget Officer, Financial Management and Analysis, delivers a masterclass on Hyperion Web Analysis.
ABOVE: Darryl Anderson, Revenue Analyst, Financial Operations & Systems / Masterclass MC thanks James Ramsay from Ernst & Young at the conclusion of his presentation with Tony Houison on Statutory reporting/compliance information.
ABOVE: Danny Sun, Senior Accountant (Research), Corporate Finance, delivers a masterclass on Demystifying the research finance cycle.
ABOVE: Tony Houison, Senior Reporting Accountant, Financial Control & Treasury, delivers the masterclass on Statutory reporting/compliance information.
ABOVE: Attendees at the University tax survival guide masterclass.
ABOVE: Vicki Hatt, Business Performance Systems Manager, Financial Management & Analysis, delivers a masterclass on Hyperion HR Reports.
Cresswell, School of Mathematics & Statistics on Mathematics, finance & sex and a briefing from Robert Brooker, Head of Australian Economics & Commodities, National Australia Bank on Australia and the global economy.
“The Financial Services conference is an important initiative undertaken by Financial Operations & Systems. It is a key communication tool within the Finance calendar to update staff on important finance issues, developments and strategies across the University. Financial Operations & Systems has again delivered an event that is relevant, informative and contributes to the professional development of staff,” said Mark Easson, Chief Financial Officer.
An online post-event survey showed that 90% of delegates rated the conference ‘Good to Very Good’ with 87.4% of delegates confirming they would attend again in 2011. The Pre-Conference Masterclasses also received positive feedback, with 81% of delegates rating them ‘Good to Very Good’ and 81% of delegates confirming they would attend again in 2011.
A high percentage of people saw networking as the most enjoyable and valued aspect to the conference.
Financial Operations & Systems have taken onboard any suggestions for improvement and plan to incorporate any changes, where possible, for the 2011 conference.
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ABOVE: Dr Michael Spence, Vice-Chancellor and Principal, delivers a keynote presentation & takes questions from the audience.
ABOVE: Mark Easson, Chief Financial Officer, delivers a Keynote Presentation.
ABOVE: The Registration Desk Team get ready for a big day! F-B Navneet Kaur, Jatinder Kaur, Padmini Joshi, Toni Hume, Earnest Jayarajan & Lorraine Syniuta.
fINaNcIal SErvIcES coNfErENcE 2010 coNT.
ABOVE: Robert Brooker, Head of Australian Economics & Commodities, National Australia Bank, presents a session on Australia and the global economy.
ABOVE: Mark Preston, Director, Financial Operations & Systems, and Krishan Prasad, Manager, Systems Support & Training, Financial Operations & Systems, welcome delegates to the conference.
ABOVE: Delegates take a quick break from proceedings for morning tea and an opportunity to network with other colleagues.
RIGHT: Lean Lee, Manager, Financial Systems Development, Financial Operations & Systems, delivers a break-out session on Non-PO invoice processing automation.
ABOVE: L-R Christina Fava, Manager, Financial Integrity & Support Unit and Vicki Hatt, Business Performance Systems Manager, both from Financial Management & Analysis conclude their presentation on the Effective use of Hyperion for financial management reporting.
ABOVE: Uma Kumar, Manager, Financial Support Services, Financial Operations & Systems, delivers a break-out session on How to mix art & science in finance?
ABOVE: L-R Krishan Prasad, Manager, Systems Support & Training, Financial Operations & Systems, Darryl Anderson, Revenue Analyst, Financial Operations & Systems / Conference MC and Mark Preston, Director, Financial Operations & Systems.
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ordEr To caSH UpdaTE
In 2010, Campus Card Services rolled out a highly innovative student campus card. The card was developed by ANZ and has won many awards including The Canstar Cannex Innovation Excellence Award for 2010 and The Australia and Banking Finance Awards for Innovative Card and Payment Product of the Year.
Students can use the student campus card for student photo ID, library borrowing, building access and transport concession. In addition, the card functions as a reloadable pre-paid Visa card. It operates similarly to a debit card.
Financial Operations & Systems will utilise the reloadable function of the card for emergency cash payments (‘ECP’) to students. Currently students who are experiencing financial difficulties are receiving cash, up to a maximum amount of $500, from the Central Cashiers Office on the basis of their loan approval by the Financial Assistance Office.
Central Cashier’s will now load the ECP directly onto the card instead of issuing cash to students. Students can then access and withdraw funds from any ATM.
This initiative has a number of benefits which include:
– instant access to funds; – secure method of payment; – no keeping of cash or change order is required; – reduce daily counting of cash; and – improve the student experience.
In collaboration with the Financial Assistance Office and Campus Card Services, Order to Cash (‘O2C’) will be trialling the load of ECP’s onto the student campus card over the coming weeks.
for any questions or further information, please contact:
NIlESH cHaNd Manager, Order to Cash, Financial Operations & SystemsT 02 9351 3422E [email protected]
EmErgENcy caSH paymENT for STUdENTS
TradE dEbTorS procEdUrE – accoUNTS rEcEIvablEThe collections process and dunning cycle letters have also been revised to better reflect the University’s relationships with external customers. The Responsibilities & Accountability matrix within the updated Finance & Accounting Manual now clearly indicates the finance functions area of responsibility.
Also included as part of these changes is an increase in the minimum amount for which an invoice can be raised from $25.00 to $82.50 (incl. GST). According to the GST Act, the University is not obliged to issue tax invoices under $82.50. Hence, amounts under $82.50 should be paid by the customer using either cash or credit card and, upon request, the cashier can issue a tax receipt from the Onestop receipting system.
Click here to view the Trade Debtors Procedure - Accounts Receivable.
If you have any queries regarding the new amendments to the finance & accounting manual, Trade debtors - accounts receivable procedures, please contact:
NIlESH cHaNd Manager, Order to Cash, Financial Operations & SystemsT 02 9351 3422E [email protected]
On Tuesday 7 September, the Chief Financial Officer approved several amendments to the Trade Debtors Procedures - Accounts Receivable in the Finance & Accounting Manual.
The most important of these, was the change in area of responsibility for the collection of Trade Debt invoices that exceed the University’s Terms of Trade. Prior to the amendments, the responsibility for collection of these outstanding invoices resided with the faculty/school/business unit that raised the invoice request form. This responsibility has now moved to Financial Operations & Systems - Order to Cash portfolio (‘O2C’).
O2C has been conducting the majority of the University’s collections activities for the last few years, however, this was not previously reflected in the Finance & Accounting Manual.
The changes have been made to streamline and standardise the collections process across the University. With the O2C team working in conjunction with faculty/school/business unit finance staff, Aged Trade Debt will be reduced thereby improving the University’s cash flow position.
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ordEr To caSH UpdaTE coNT.
doNaTIoN INvoIcES
The Tax Office has endorsed the University as a Deductible Gift Recipient (‘DGR’) whereby we can accept donations given to us voluntarily from organisations and individuals provided the donor receives no material benefit or advantage in return for their contribution.
A full definition of donations/gifts can be found in the University’s Gift Acceptance Policy. Click here to view the policy.
As part of our on-going review, we have identified that occasionally invoices are
requested as a means to prompt donors to make their pledged donation. The external auditors have criticised this approach, as invoices should be not be used for donations/gifts. The AR billing system is used for recording sale activities only, not ‘donation’ revenue. Doing otherwise risks the University’s charitable DGR status.
Rather than request an invoice be raised, please refer the request to the Development Office (including Advancement Services). They can initiate a ‘pledge payment request’ on behalf of the department. Alternatively they can provide a pledge reminder template to the Faculty.
for any questions or further information, please contact:
NIlESH cHaNd Manager, Order to Cash, Financial Operations & SystemsT 02 9351 3422E [email protected]
rEbEcca cHaN Executive Assistant, Development OfficeT 02 8627 8831E [email protected]
cHrIS aSKEw Administration Assistant, Philanthropy and DevelopmentT 02 8627 8807E [email protected]
SpENdvISIoN UpdaTEcorporaTE card applIcaTIoNS: vErIfyINg offIcErS rEqUIrEd
The National Australia Bank (NAB) has executed a new agreement for the appointment of verifying officers for purchasing/corporate card.
NAB may audit faculties/precincts to ensure the University is complying with the new agreement.
The role of the verifying officer is to:a. Conduct identification checks on all
individuals applying for a corporate card;
b. Be responsible for sighting the required identification information for each cardholder; and
c. Complete the verifying officer declaration on the corporate card application form.
All new corporate card applicants must complete a 100-point ID check, regardless of whether they are staff or non-staff. This process should be managed by the appointed Verifying Officer.
Financial Operations & Systems requires the nomination of at least one person within each faculty/precinct and one person within each regional centre to act as a verifying officer. The persons nominated by finance directors will be the only people authorised to act in this capacity.
If you would like to be nominated as a verifying officer for the purchasing/corporate card in your area, please contact your finance director for nomination and to obtain the nomination form.
for any questions or further information, please contact:
corporaTE card HElpdESKT 02 9036 9424 | 02 9351 3480 | 02 9351 8005 E [email protected]
all existing and new verifying officers must complete a new form as of october 2010.
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In November Financial Operations and Systems will be implementing the Image Module feature within Spendvision. This feature will be in a trial phase from November to December, becoming mandatory from 4 January 2011.Users will be required to attach an electronic tax invoice/receipt when coding card transactions over $82.50 (GST inclusive) and when coding all cash claims (regardless of the transaction value). Transactions below $82.50 (GST inclusive), which accounts for 46% of total transactions within Spendvision, will be exempt from this requirement.
For travel expenditure, users receive an electronic copy of tax invoices/receipts from their travel providers. Instead of printing and attaching it to your card statement, users can simply attach the electronic copy to the transaction within Spendvision. This type of expenditure accounts for 16% of total transactions in Spendvision.
Non-travel expenditure, greater than $82.50 (GST inclusive), accounts for 38 % of the total transactions within Spendvision. Most vendors send electronic copies of tax invoices, which can now be attached to your transactions directly within Spendvision. This alleviates the need for you to print and attach it to your statements. If you receive a hard copy of an invoice from a vendor, greater than $82.50 (GST inclusive), you will need to scan and attach the document to your transaction in Spendvision.
wHy arE wE UNdErTaKINg THIS INITIaTIvE?
Best practice within the workplace and legal requirements dictate that the University must retain tax invoices and receipts for a number of years before they can be destroyed. This requirement can result in significant costs for the University, including those relating to document storage, retrieval and shipping.
Currently Spendvision users need to print and attach invoices and receipts to their statements and pass them to their approver. Once approved, the documents are then physically stored by the user within Faculties and Schools, as there is no central repository/archive for invoices and receipts at the University.
This manual filing process is labour intensive, costly and inconsistent across the University. Invoices and receipts can easily become lost and are no longer available when the cardholder leaves the University. As well, various audits such as internal (Office of Audit & Risk Management), external (NSW Audit Office), independent and operational are time consuming, as no online copy is available.
oTHEr bENEfITS
The Image Module allows users to store a scanned or electronic copy of a tax invoice/receipt against a transaction, entire statement or expense report within Spendvision.com.
The online management of images:
– Enhances the approval process by providing approvers quick and simple access to the tax invoice/receipt image.
– Simplifies the existing tax invoice/receipt management process for users and for those currently responsible for filing the documents.
– Supports various audit processes relating to the retention of tax invoices/receipts (internal, external and independent audits).
Other benefits include: – Saves time and money by moving
away from a paper-based system – Documents are easy to track and
retrieve – Increased level of transparency
within the expense claims procedure
– Links receipt images to transactions which assists employees validate their expense claims
– Enables managers to quickly determine if a receipt is present, and whether it correctly matches the relevant transaction
NEw INITIaTIvE: maNagINg yoUr rEcEIpTS IN SpENdvISIoN
SpENdvISIoN UpdaTE coNT.
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provide you with details on available training and support. A quick reference guide will also be made available to all users shortly.
cHaNgES To SpENdvISIoN aNd corporaTE card formSIn accordance with changes to the Delegations of Authority - Administrative Functions effective 25th June 2010, and the feedback received from University staff in relation to the Corporate Card Application form, we have made changes to the following which can be downloaded by clicking on the applicable link:
– For the corporate card application and agreement, click hereChanges are:
– cardholder agreement (page 1): HOS/Admin HOA and Finance Manager fields have been added.
– authorising officer agreement (page 2): Finance Manager/Finance Officer field has been added.
– For the corporate card profile amendment form, click here
HOS/Admin HOA and Finance Manager fields have been added.
– For corporate card procedures, click here
Old versions of the forms will not be accepted from 1 November 2010.
for any questions or further information, please contact:
corporaTE card HElpdESKT 02 9036 9424 | 02 9351 3480 | 02 9351 8005E [email protected]
SpENdvISIoN UpdaTE coNT.
– Allows users to meet audit requirements
– Enhances the approval process by providing approvers quick and simple access to the invoice image
– Simplifies the existing invoice/receipt management process for users and for those currently responsible for filing the documents
– Supports relevant audit processes relating to the retention of invoices/receipts
– Provides consolidated image management capabilities
– Supports secure storage of invoices for the required statutory period
goalS aNd objEcTIvES
Once implemented, the goals and objectives of the Image Module are to:
– Reduce amount of suspensions per month
– Reduce GST lost month-on-month – Receive tax invoices/receipts for
all Corporate Card transactions over $82.50 (GST inclusive)
– Receive tax invoices/receipts for all cash expense receipts
– Reduce Corporate Card transaction processing time
– Reduce Cash reimbursements processing time and provide more efficient Cash reimbursements for employees
– Reduce the amount of receipts received in hard copy (more environmentally and economically friendly)
– Improved tax invoice/receipt compliance
How IT worKS
Users have the option of attaching an invoice or a number of invoices against an entire statement, or they can upload an individual invoice for each transaction or group of transactions on their statement.
A manage receipt Invoices link appears at the base of the statement. When a user clicks on this link they are taken to the main Image Management screen. This screen shows all images loaded for the account statement. From here, files in GIF, JPG, TIF or PDF format can be uploaded. In this screen you can also remove an existing image and change/add the transaction linking details of each image.
Each account per period can have any number of images uploaded. On selecting link Transactions, the user can then select (by clicking on the transaction) which transaction(s) is to be linked to this image. Each transaction on a statement can be linked to more than one image. Anyone viewing this transaction (for example the approving manager or your accounts staff), will have the ability to view these images.
We will inform you when this facility becomes available in November and
for any questions or further
information, please contact:
corporaTE card HElpdESK
T 02 9036 9424
02 9351 3480
02 9351 8005
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The Payment Card Industry Data Security Standard (‘PCIDSS’) now applies to The University of Sydney. In order to comply with this standard, the University will have to report quarterly on the steps being taken to secure credit card holder details.
The following guidelines indicate what needs to be done from a business process perspective to comply:
1. There will be a quarterly review of staff with credit card processing security to ensure that access is still required:
a. Email sent to department heads to confirm which staff members have access to OneStop and that their access is still required;
b. Department heads are responsible for informing Financial Operations & Systems (‘FOS’) that a staff member who has access to OneStop is leaving the University or is on leave;
c. Report indicating frequent and infrequent users of OneStop.
2. All documentation that has a credit card number on it that needs to be retained and has not been processed must be locked away in a safe. Access logs to stored card data should be reviewed regularly.
a. Finance or administration managers that receive credit card payments are made responsible for the safe-keeping of card numbers.
b. Initially finance or administration managers will be asked to confirm actions taken to safeguard credit card numbers.
3. After the transaction has been processed the document must be:
a. Shredded with a diamond-cut shredder;
b. Retained with the card number obliterated with a permanent marker or cut-off and shredded.
Card numbers must not be retained in spreadsheets, databases or any other electronic form; or stored on a computer, server, CD or USB drive.
4. If a credit card number is sent by email, a standard reply returns it stating that payments cannot be accepted via email. Financial Systems Development will assist in devising alternative methods for students to pay.
5. Security for faxes that receive payments:
a. Fax machines must be isolated in a secure area. The area must be restricted to authorized employees only. These secure fax machines should be placed in locations that are accessible only to staff members that, as part of their jobs, deal with credit cards (not the general populace).
i. Cleaning company to sign a security compliance document that states that they will be responsible for cleaners in secure areas.
ii. Report stating who has access to the area (including cleaners’ names).
b. Access logs to the location of the fax machine to be regularly reviewed;
c. Fax machines should be separated from multi-function devices (MFDs).
NEw crEdIT card procESSINg rEqUIrEmENTS
d. Appoint a member of the department to be responsible for the fax machines and checking reports.
e. Recipients of faxes should be trained to match the number of pages received against the transmitted fax cover sheet.
This new standard allows us to give a greater level of service to our customers. Financial Systems Development will be contacting all known users of credit cards in order to help departments comply with these standards.
If you require any further information or assistance from the financial Systems development Team please contact:
darryl aNdErSoNSenior Revenue Analyst, Financial Operations & Systems T 02 9036 6133E [email protected]
STEpHEN KarNagHaN Senior Business Analyst Financial Operations & Systems T 02 9036 9340E [email protected]
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rESoUrcESoNlINE rESoUrcES, TraININg gUIdES aNd qUIcK rEfErENcE gUIdES
Go to the following sites for online resources, training guides and quick reference guides for PeopleSoft, Hyperion and Spendvision:
pEoplESofT - http://www.sydney.edu.au/finance/about/peoplesoft_guides.shtmlHypErIoN - http://www.sydney.edu.au/finance/about/hyperion_guides.shtmlSpENdvISIoN - http://www.sydney.edu.au/finance/about/spendvision_guides.shtml
fINaNcIalSErvIcES
for morE INformaTIoN coNTacT:
KrISHaN praSadManager, Financial Systems Support and TrainingT 02 9351 4629f 02 9351 4202E [email protected] sydney.edu.au/finance
Produced by Financial Operations & Systems, The University of Sydney, October 2010. The University reserves the right to make alterations to any information contained within this publication without notice.
HypErIoN UpdaTEPlease note the following updated quick reference guides are now available on the Financial Services -Training website:
1. Hyperion financial management reports listhttp://www.finance.usyd.edu.au/training_docs/Hyperion-Management-Reports-List.pdf
2. Hyperion finance queries listhttp://www.finance.usyd.edu.au/training_docs/Hyperion-Queries-List.pdf
To download the Effective use of Hyperion for financial management reporting presentation delivered by Vicki Hatt: Business Performance Systems Manager (FMA) and Christina Fava: Manager, Financial Integrity & Support Unit (FMA) at the recent Financial Services Conference click here.
This presentation features the Top 10 Tips and Tricks for using Hyperion finance queries/Interactive reporting and Hyperion financial reporting. pETTy caSH
rEImbUrSEmENTSPlease be advised as of Tuesday 12 october 2010 there will be an additional petty cash pay cycle, therefore petty cash recoups will now be paid on Tuesdays and fridays respectively.
for any questions or further information, please contact:
yvoNNE pollocKManager - Procure to Pay, Financial Operations & Systems T 02 9036 5348E [email protected]
THaNK yoU To oUr coNTrIbUTorS:Krishan Prasad, Nilesh Chand, Darryl Anderson, Stephen Karnaghan, Lean Lee, Yvonne Pollock, Vicki Hatt and Christina Fava.
Newsletter designed and edited by Lorraine Syniuta
for any comments, feedback or suggestions, please contact [email protected]
