Reconcile Project
When the works are completed and all expenditure accrued and claims submitted, the project has to be ‘reconciled’. The following are the key steps:
1. Reconcile award against invoices and address open purchase orders
Where there are no further costs to charge, the Project Manager must ensure all expenditure is charged accurately to the project and claimed in line with the agreement.
2. Complete project closedown form (PCF)
Once all outstanding transactions are resolved, the Project Manager will complete the Project Closedown Form and forward it to the UED Head of Capital Projects for authorization.
The Head of Capital Projects will review the form to ensure all outstanding transactions have been completed. Where issues are found the form is returned to the Project Manager to resolve outstanding issues. The final version will then be authorised by the Head of Capital Projects, and a copy kept in the project file. A copy will also be forwarded to UED Finance.
3. Refund/fund relevant projects as per PRAC guidelines
Following authorisation of the closedown form, any unspent funds will be available to the University or reimbursed to the sponsor as per PRAC guidelines.
4. Change status of project to ‘Closed’
Once the project account is balanced and all outstanding commitments closed, the UED Finance Team change the status of the project to ‘closed’ on Oracle Financials. All relevant paperwork is filed as per local procedures. The closedown form is then forwarded to the Capital Accounting Team who make any funding adjustments according to PRAC guidelines.
- BESC Funding – returned to BESC budgets
- Central University Funding - returned to UED Project Reserve Fund to maximum of £1m balance
- HEFCE Funding – returned to HEFCE funds for reallocation
- Departmental Funding – returned to the relevant departments
- External Funding – returned to external donors as per their terms and conditions
5. Post occupancy review
Arranged by the UED a year after occupancy, this review looks at the execution of the project, including any noteworthy issues. The resulting report must be approved by the PSG before being reviewed by BESC.