Accounts Payable

 

OneFinance

OneFinance is the School's financial management system.

Please see the OneFinance web pages for more information on how to use OneFinance and how processes have changed.

Accounts Payable services 

Paying suppliers

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. All invoices should be sent to Lse.Onefinance.Apinvoices@lse.ac.uk. Please note that this email account must only be used for the submission of invoices, and not for general queries. For more information about this process, please see here.

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) 

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

Accounts Payable payment schedule

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 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. 

Accounts Payable payment schedule

Non-staff expense claims 

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

For information about paying students, see 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. All foreign payments are sent by wire transfer. 

Accounts Payable payment schedule

 

Advances

Physical cash advances have been discontinued. Advances must be requested via OneFinance. Please see here for information about how to do this. 

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.  

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

Purchasing card transactions are usually posted to OneFinance every day.

All transactions should be coded, a narrative added, receipts attached and necessary approval(s) granted within 30 days of the transaction date.

If transactions are not completed and approved on a regular basis, the card may be suspended until the acount is up to date.

Continuing late completion of coding may lead to the card being withdrawn.

The account limit for each card relates to expenditure within a calendar month.

 

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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