CLOSURE OF ACCOUNTS 2000/01

GUIDANCE NOTES

FOR SCHOOLS OPERATING THEIR OWN ACCOUNTING SYSTEM

TIME TABLE "AT A GLANCE" (GREEN)

This timetable gives details of dates when documentation needs to be completed and dates of when it is to arrive at County Hall.

Each week contains instructions on the tasks required to be completed.

Please note that all of the documentation needs to be completed and must reach County Hall by 9 April 2001.

FINAL BANK RECONCILIATION

You will need to carry out a Final Reconciliation and post all the documentation to EF & ICT Services to arrive by 9 April 2001.

If a current bank statement is not available at the 31 March, you will need to make use of the latest one you have; ie March transactions will be unpresented.

In accordance with the normal monthly routine the following documents are required:-
    1. Actual receipts and payments analysed at subjective code level for the budget share and subjective code level for each earmarked sum.
    2. A bank reconciliation statement certified by the Headteacher or Responsible officer.
    3. A copy of the bank statement used to complete the bank reconcliation .

 

SUNDRY CREDITORS/DEBTORS CERTIFICATION

Please complete forms EFS/yrend 1 - 2 (Yellow) to make provision for items of expenditure that have been received in 2000/01 financial year where an invoice has not been received or processed. This will ensure that expenditure relating to the 2000/01 financial year is debited in that year.

Please complete forms EFS/yrend 3 – 4 (Yellow) to make provision for items of income where goods or services have been supplied in 2000/01.

If necessary you may use estimated figures and aggregate several items if they are to be charged to the same expenditure/ income (subjective) code.

Utilities (including ESPO gas):- Please ensure that your meter(s) are read on 31 March; creditor provision will need to be made to reflect the outstanding invoices which will eventually be issued and paid.

Forms EFS/yrend 1 – 4 should be sent to County Hall by 9 April 2001.

NB: It is necessary to separate internal end exteranl creditors/debtors

because the County Council needs to show this in its statutory statement of accounts.

THE STANDARDS FUND - GRANTS

Schools should ensure that these grant allocations are fully spent by the 31 March 2001.

Any underspend at the end of the financial year will automatically be lost except for the Formula Capital Grant where an underspend or over spend will be carried forward.

The Formula Capital Grant allocation for 2001/02 will be adjusted accordingly as soon as the actual position for 2000/01 is known.

Sundry Creditor provision can be made for goods and services received prior to 31 March but not invoiced, accept in the case of Formula Capital Grant.

Creditor provision must not be made where payment is due against the Formula Capital Grant. (This is in accordance with Department of Environment capital controls – capital expenditure is on a strict cash basis).

When completing the Sundry Creditors/Debtors lists please remember to identfy the specific standards fund grant using the LEA’s accounting project code.

 

NEW OPPORTUNITIES FUND (NOF)

This fund supports ICT training for schools over a number of years and 2000/01 is the second year in which some schools decided to make use of their allocation.

Regulations do allow under and over spends to be carried forward to 2001/02. Therefore, when the accounts are finally closed, I will issue the Earmarked Sums form (LMSEMS) which will give the amount brought forward from 2000/01.