CLOSURE OF ACCOUNTS 2000/01
GUIDANCE NOTES ON FORMS ENCLOSED IN THIS PACK
FOR NURSERY, PRIMARY, SPECIAL SCHOOLS, FIELD STUDY CENTRES & TRAVELLERS BASE OPERATING - LM CHEQUE BOOK ACCOUNTS
TIMETABLE "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 and where it should be sent.
Each week contains instructions on the tasks required to be completed.
Please Note that all of the documentation needs to be completed and sent to County Hall on 30 March 2001.
SUPPLY CLAIMS
Schools are requested to ensure that these claims reach Education Personnel Services by Monday 19 March 2001.
This period should be included in the claim submitted to meet the
19 April deadline and therefore it is necessary that creditor provision is made for this period. ( schools will normally submit their claims forms on the last day of term – 6 April)
If a supply teacher is also on a regular contract at your school or another school, it is necessary to make creditor provision for the supply teacher for the period 20 February to 31 March. This is necessary because these teachers receive payment after the
19 April.
If you require guidance or confirmation that a teacher is on a regular contract and undertaking supply, please contact your nominated personnel assistant in the first instance.
FINAL BANK RECONCILIATION
Schools will need to carry out a Final Reconciliation during the week commencing 26 March 2001.
Because of the deadlines prescribed by the Director of Finance and Information it is not possible to have an up to-date bank statement when carrying out your reconciliation. Please use the latest bank statement available; a consequence of this is that all payment and income transactions processed during March will be registered as unpresented.
The March return including the following documents MUST reach Educational Financial & ICT Services by Monday 2 April 2001.
PROVISION OF SUNDRY CREDITORS
You are able to make provision for goods and services that has been received in 2000/01 Financial Year but, 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.
Creditor provision is one factor that can delay the close down procedure and therefore it is important that the number of items is kept to a minimum. If necessary you may use estimated figures and aggregate several items if they are to be charged to the same expenditure (subjective) code. It is important to note that creditor provison for standards fund grants should be made to ensure that grant is not lost.
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.
MBA POSTING JOURNAL - AN EXAMPLE (WHITE)
MBA POSTING JOURNAL - BLANKS TO USED (YELLOW)
The posting journals are for listing sundry creditors, (goods or services received in 2000/01 but not invoiced). Do not make sundry debtor provision for sickness insurance claims to 31 March; these claims will be processed in period 13.
Enter the amount (excluding VAT) in the column headed ‘Debit Amount’. Alongside the amount enter the appropriate expenditure code and a brief description of the transaction. DO NOT COMPLETE THE OFFICAL USE ONLY entries.
The example MBA Posting Journal (White) has been enclosed to show you how the form should be completed; the offical use only entries will be completed at County Hall.
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 grants 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 submitting Sundry Creditors for Standard Fund grants, remember to complete the 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. Although this fund is accounted for using project code EGNOFD and therefore appears similar to Standards Fund Grants, the 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.