Accounts Payable

 

OneFinance

OneFinance is the School's new financial system. Please see the OneFinance web pages for more information on how to use OneFinance and the processes which have transferred to the new system.

Accounts Payable services 

  • Paying suppliers
  • Staff Expense Claims
  • Non-Staff Expense Claims 
  • Advances 
  • Purchasing Cards  

Supplier payments 

The School has introduced a Purchase Order system. This requires all suppliers to be set up in advance and for a Purchase Order requisition to be created and approved before an order is made. For more information about Purchase Orders and supplier set up, please see here.

From 1 August 2019, there will be an interim process for handling invoices which have no associated Purchase Order, designed to ensure all transactions are captured within OneFinance. For more information about this process, please see here.

The process of adding a new supplier to OneFinance takes five business days, provided all necessary information is submitted. 

It is the School’s policy to make payments by BACS only. 

OneFinance will automatically route invoices requiring additional authorisation to LSE Research and Innovation (for research project expenditure) and/or payroll (UK self-employed payment - Schedule D status) 

Timetable

The Accounts Payable payment run schedule is currently under review.

Staff expense claims

Staff out of pocket expense claims must be submitted and approved via OneFinance. There is more information about this process here

Expense reimbursement should only be used for expenses personally incurred in the pursuit of LSE business, i.e. it should not be used for general work expenses, such as buying tea and coffee for a meeting or teaching materials. Paying for business expenditure personally and then reclaiming confuses the legal position regarding liability, guarantees and refunds, and VAT cannot be reclaimed on such expenditure. Please see here for more information about How to obtain goods and services

All claims must be in accordance with the Travel, Subsistence and Personal Expenses Policy and Procedures.

It is the School’s policy to make payments by BACS only. All foreign payments are sent by wire transfer. 

Timetable

The Accounts Payable payment run schedule is currently under review.

 

Non-staff expense claims 

Payments for external parties must be submitted and approved via OneFinance. There is more information about this process here

It is the School’s policy to settle expenses by BACS transfer directly to the claimant’s bank account. It is the School’s policy to settle supplier invoices by BACS only. The issue of cheques for suppliers is currently being phased out. All foreign payments are sent by wire transfer. 

Timetable

The Accounts Payable payment run schedule is currently under review.

 

Advances

Physical cash advances have been discontinued. Funds will be transferred directly to your bank account and receipts should then be subsequently uploaded and matched off to the advance within the Travel and Expenses function in OneFinance. This process can be delegated to another member of staff.  Advances must now be requested via OneFinance. Please see here for information about how to do this. 

Purchasing Cards

Barclaycard is the School’s Purchasing Card scheme, available to staff members with regular business travel and procurement responsibilities. For more information, please see here.

Cardholders should abide by the:

Travel, Subsistence and Personal Expenses Policy and Procedures
School’s Financial Regulations
Procurement Policy and Procedures
Purchasing Card Policy and Procedures

Purchasing Cards should not be used where the School has an ongoing contract with a Preferred supplier (e.g. Diversity Travel; Office Depot). Please see How to obtain goods and services

Purchasing Cards should not be used for multiple purchases with one supplier where the cumulative amount may breach the £8,000 threshold for competitive tendering. 

The cardholder should adhere to the transaction limits set . Purchases should not be split in order to circumvent the transaction limit set. Contact the Purchase Card Administrator to arrange temporary increase. 

Timetable

The Purchasing Card statement date is generally the 14th of every month.

Transactions appearing up to that date are required to be budget coded by the Cardholder and approved the Line Manager by the 24th of the Month.

2nd Level approval by either AP Compliance or Research Finance is required to be completed by the end of the month in time for the transactions to be posted to OneFinance.

 

Contact Us

Telephone number: +44 (0)20 7107 5555

 

Finance Division enquiry form

Please see the OneFinance website for more help and support.

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