KEY FINANCIAL TASKS TIMETABLE FOR SCHOOLS
Monthly Monthly financial information must be sent to the Schools Finance &
Training Team by the first working day of the month in the specified
format
Monthly Two & Three Way Reconciliations must be submitted by the first
working day of the following month.
Monthly Budget Monitoring must be completed by schools by checking the
monthly monitoring report from the LA to your system and more in
depth monitoring on your own system.
Monthly For those schools not in the MKC pooling scheme, electronic copies of
bank statements from the previous month need to be emailed to the
schools finance inbox.
March Budget allocations are sent to schools in March
(beginning
of year)
May Profiled budget plans must to be submitted by 1st May in line with the
Scheme for Financing Schools. To be finalised once balances are
agreed.
May A budgeted forecast statement must be submitted by 1st May with the
budget plan.
May/June CFR is conducted in May/June. Attendance on course if applicable.
May/June Supporting evidence of Creditors & Debtors must be sent to the
Schools Finance & Training Team in line with the Closure of Accounts
timetable.
August Reversal of Debtors & Creditors on FMS6 – End of the Summer Term
(Ensure all old year debtors and creditors have been cleared off your
system)
August Standards Fund allocations can be spent over a 17 month spending
period which ends on 31st August. Schools Finance need to be notified
by the end of September that schools have spent this funding.
November Revised budget plans to be submitted by 1st November or written
confirmation that a revision is not being submitted.
However, even if no revision is being made to the overall budget a re-
profiled version in line with spending so far in the year and then re-
profiled for the remainder of the year does need submitting.
January Begin preparation of next year’s budget in January.
February Closure of accounts timetable is issued in February.
February Begin preparing for year end, General financial housekeeping.
Cancelling old orders, investigate old invoices/credit notes, sort queries
2011
– this should be done on a monthly basis but is important to look at in
more detail at year end. A healthcheck will be issued by the Schools
Finance & Training Team in February to remind you.
February Suspension of Orders – February half term, unless unavoidable.
March Attend Financial Year End Procedures Course if necessary – March
March Start preparing a forecast outturn to establish your year end figures –
early March.
March Identifying possible Creditors & Debtors for year end – need to be on
FMS by end of period 13, period 12 if possible.
Quarterly Actual forecast statements must be submitted quarterly in line with the
returns timetable.
Annually Voluntary Funds – Copy of audited accounts to be submitted to Schools
Finance & Training Team six months after your financial year end and
notification of funds form to be completed annually.
2011