Financial Accounting and Compliance


Financial Accounting & Compliance manages the year-end audit process, updates the investment portfolio and the endowments, maintains the chart of accounts, processes journals (including internal debit notes-IDNs), advises on relocation claims, prepares the annual TRAC return and HESA Financial Record and maintains the signature database.

The team also supports the activities of LSE Foundation and The Russell Group of Universities.

Chart of accounts

The team is responsible for

  • creating new accounts
  • linking accounts to existing cost centres
  • adding or removing transaction types to existing accounts
  • activating or deactivating accounts

If you require a new account to be created, please complete the ‘New Account code request’ form and submit to: Finance.Division.Accountrequest@lse.ac.uk

For all other requests, please email: Finance.Division.Accountrequest@lse.ac.uk

 

HESA Financial Record

This is filed annually with the Higher Education Statistical Agency and is used by various organisations for benchmarking.

Email  Finance.Division.Accountrequest@lse.ac.uk for your queries.

Investments and endowments

Investments and endowments are updated monthly on APTOS.  Information on endowments and donors’ statements can be provided on request.

Please contact Chris McDermott, Financial Accountant, ext 7760, C.McDermott1@lse.ac.uk

 

 

Journals (including Internal Debit Notes-IDNs)

Requests to process journals (including monthly internal debit notes-IDNs) should be submitted to Finance.Division.Accountrequest@lse.ac.uk on the Journal Request Template which can be accessed  from your desktop:

Start > All Programs > Administrative Applications > Aptos Reports > Finance Menu > Journal Request Template

LSE Foundation

LSE Foundation is based in New York and undertakes fundraising activities for the School as well as building alumni relations.

Services carried out are bookkeeping, maintenance of financial records, preparation of the annual financial statements and tax compliance.

If you have any queries or require information on LSE Foundation please email C.McDermott1@lse.ac.uk

Relocation claims

Expenses claimed against relocation package are authorised and administered by the Relocation Coordinator.  Please email your enquiries and claims to Finance.Division.Accountrequest@lse.ac.uk

The relocation policy is available on the HR website. Please follow this link for further information. 

Residences and Catering 

Responsible for :

  • interface issues between Opera/Guestline, Symphony and Aptos
  • reconciling Residences accommodation system into Aptos
  • accommodation cross charge between Opera/Guestline and Aptos (internal bookings)
  • Residences year-end audit
  • LSE Lets Accounts

Russell Group of Universities

The Russell Group represents 24 leading UK universities and carries out research on their behalf.

The team provides the Group, which is not part of LSE, with bookkeeping services and prepares monthly management accounts and annual financial statements which are approved by its Directors.

Signature database

The signature database is used by Accounts Payable to verify whether invoices are approved by authorised staff.  It provides viewing rights to specific accounts.

To add a new staff or to make changes to existing staff, please send a completed and duly approved Signatory Aptos Access Authorisation form to Finance.Division.Accountrequest@lse.ac.uk

Transparent Approach to Costing (TRAC)

All HE institutions are required to file an annual return with HEFCE.  The indirect and estates charge out rates are derived from this return.

Every three years, a Time allocation survey (TAS) is carried out to apportion academic staff time into various activities – teaching, research and others. This is to ensure that the correct information is included in the TRAC return so the School can secure the right level of funding.

If you have a query, please email Finance.Division.Accountrequest@lse.ac.uk

Travel and subsistence

Please follow this link for further information.

Year-end audit

The Financial Year- End Closing Schedule provides important information about the year-end closing, including various processing deadlines.  It lists the year-end preparation work which needs to be completed in time for the external audit in September.

Full documentation and information for all staff (including timetable) is published every year in June Year End 2016-17.

Full information can be found in the Memo To Budget Holders.

 

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