Share this content
2

College Student Union Finances

College issue a sales invoice to its student union

Didn't find your answer?

The student union is within the charity status college, i. e. a further education entity.  The student union funded by Gov and other sources and has its own cost center within the College.  The college carried out some accounting work for the student union which has been audited by a 3rd party.  Now the college issuing a sales invoice to its student union as accountancy fee. 

My question is that as the student union is part of the college, i.e. the student union has no separate legal status, so the college issue a sales invoice to its own i.e. the student union is correct?  So should it be via the recharge route rather than the sales invoice?

Many thanks for your input.

Replies (2)

Please login or register to join the discussion.

avatar
By paul.benny
30th Apr 2020 13:12

Why don't you ask the issuer of the invoice to clarify?

Thanks (0)
avatar
By adf2410
30th Apr 2020 22:58

Hi Lynn,

It's most likely to be a recharge so that the cost is moved from one cost centre to another within the college, rather than inflating sales in one cost centre and inflating expenses in another.

Why don't you talk to the head of finance in the college to discuss the treatment? The college will have to prepare an income and expenditure account for the SU and have it approved by its governors after the July 2020 year end, so it's got to be done right.

PM me if you need any further help

Thanks (0)
Share this content

Related posts