Reconcile Advance and Settle Balance
1. Gather evidence
Once all expenditure against an advance has been completed, individuals must ensure that all supporting information (receipts and other documents) is gathered together as proof of purchases or expenditure made.
Where insufficient evidence is provided to show expenditure then HM Revenue and Customs require that tax be charged on the individual for the value of funds provided. If University rules have not been followed then it may be necessary for the money to be repaid.
2. Reconcile expenditure
The Advance Request Form should be used to show actual expenditure incurred against the original sum advanced. Individuals should complete the second and third pages of the form and obtain approval from an authorized signatory before submitting the completed pages, plus supporting documentation, to the Finance Division.
The final page of the Advance Request Form will show whether there is an outstanding balance owing either to the University or to the individual.
Note: In exceptional circumstances that a claim amount exactly matches an advance payment, do not submit the claim to the Payments team. Any coding adjustments should be managed by journals within the department. In the case where an advance payment is greater than the amount spent, the individual must pay back the balance to the department who will then arrange for the money to be forwarded to the Cashiers Office for receipting in Oracle Financials.