The Capital Accountant will ensure financial information is updated on Imprest on a weekly basis to allow Project Managers to monitor accurate up to date information. Imprest will be reconciled to the University’s main financial system each month. D6. Project Expenditure Profile In order to assist in the preparation of cash flow forecasts, Project Managers will be asked to prepare a profiled budget. This will be profiled monthly over the life of the project by expenditure category, e.g. construction, professional fees, equipment, contingency. The expenditure profile should be updated each month and reviewed with the Capital Accountant at the project tracker meeting. D7. Individual Project Monitoring Reports Individual project monitoring reports must be prepared at appropriate intervals using the Imprest Project Reports. The frequency will depend on the size and duration of the project, and will be agreed at the start of the project following consultation between the Project Sponsor, the Project Manager and the Capital Accountant. CMG may also specify the required frequency when they approve the project. Project monitoring reports must follow a standard format and consist of a summary report and accompanying commentary. The monitoring report consists of following four sections (further details below) and a template project monitoring report is available in Imprest: Section 1 - Project Details Imprest project code Agresso Workorder Project name Project sponsor Project date Project completion date Project variation limit Indicator as to whether a Revised Request for Authority (RRFA) is required Section 2 - Approved Budget Approved budget, profiled by year of planned expenditure Forecast variance to budget Contingency held within the project (based on costed risks)
The Capital Accountant will ensure financial information is updated on Imprest on a weekly basis to allow Project Managers to monitor accurate up to date information. Imprest will be reconciled to the University’s main financial system each month. D6. Project Expenditure Profile In order to assist in the preparation of cash flow forecasts, Project Managers will be asked to prepare a profiled budget. This will be profiled monthly over the life of the project by expenditure category, e.g. construction, professional fees, equipment, contingency. The expenditure profile should be updated each month and reviewed with the Capital Accountant at the project tracker meeting. D7. Individual Project Monitoring Reports Individual project monitoring reports must be prepared at appropriate intervals using the Imprest Project Reports. The frequency will depend on the size and duration of the project, and will be agreed at the start of the project following consultation between the Project Sponsor, the Project Manager and the Capital Accountant. CMG may also specify the required frequency when they approve the project. Project monitoring reports must follow a standard format and consist of a summary report and accompanying commentary. The monitoring report consists of following four sections (further details below) and a template project monitoring report is available in Imprest: Section 1 - Project Details Imprest project code Agresso Workorder Project name Project sponsor Project date Project completion date Project variation limit Indicator as to whether a Revised Request for Authority (RRFA) is required Section 2 - Approved Budget Approved budget, profiled by year of planned expenditure Forecast variance to budget Contingency held within the project (based on costed risks)
Capital%20Procedures.docx