Best practice guides.
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To improve the accuracy of monthly accounts, Departments are encouraged to take account of timing differences between making a financial commitment and processing the relevant invoice. This is especially important at half year or year end. Appropriate adjustments should be made on CUFS to reflect the correct income or expenditure in the period. This improves management information at department level by giving a clear reflection of what is happening when. It also helps significantly in relation to forecasting and budgeting. Best Practice Guides Number 1 October 2007 Best Practice Guides—Number 1 Accruals and Prepayments