Reconciliation of funding (CP) or LA Income (EBA) to IFS report

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Reconciliation of funding (CP) or LA Income (EBA) to IFS report Powered By Docstoc
					                              Headteacher’s Finance Checklist – External Bank School

             Task                      Due date                          Notes                           Links/F note

Submission of budget          By 1st May but by no later Signed copy held in school.           Link to F104 – Budget Plan
notification.                 than 31st May                                                    Notification & Cash Flow
                                                                                               Essex Schools Infolink, Finance,
                                                                                               Finance       Notes       (Fnotes),

Reconciliation of funding to Signed monthly. Within 1        Example reconciliation form Reconciliation form (excluding
IFS report                   week of receiving the IFS                                   Month 6, 9 and yearend)
                                                             attached. Signed copy held in
                             statement. Check to be          school but only Month 6, 9  Essex Schools Infolink, Finance,
                             evidenced with a dated          and year end (different     Forms & Planning Tools, Budget
                             signature.                                                  Planning & Monitoring Tools,
                                                             reconciliation forms for these)
                                                             sent to the Schools Finance Multi Year Reconciliation
                                                             Team (see below).           Form
Bank reconciliation          Signed monthly. Within 1        Example bank reconciliation Essex Schools Infolink, Finance,
                             week of receiving bank          form attached. The school Advice & Guidance, Bank
                             statement. Check to be          bank account should never Reconciliation Form.xls
                             evidenced with a dated          be overdrawn.
Submission of reconciliation Month 6 (September) due 31st    Signed paper copy held in F102 setting out reports required
form and CFR return to October                               school but Months 6 & 9 sent Essex Schools Infolink, Finance,
Schools Finance Team during Month 9 (December) due 31st      electronically only to the Finance Notes (Fnotes), F102
the year                     January                         Schools Finance Team.

Submission of year end CFR Notified each year but usually Signed paper copy held in F103 setting out reports required
return, reconciliation form and last week of April.       school. From 2011-12 only at 2011-12 year end.
balance sheet to the Schools                              electronic copies need to be Essex Schools Infolink, Finance,
Prepared by the Schools Finance Team                   -1-
Finance Team.                                                 sent to the Schools Finance Finance Notes (Fnotes)

             Task                       Due date                          Notes                          Links/F note

VAT return                    Signed monthly. Within 1 VAT Manual, example VAT                  Essex County Council Intranet,
                              week of the VAT period end return, VAT timetable and              Finance Professional Services,
                              date                       instructions provide on link to        Key Documents for Officers,
                                                         the right.                             VAT Manual, VAT Manual:
                                                                                                External Bank Account Schools
Virement approvals. Approved Monthly/as required.             All virements to be reported to
in   accordance       with   the                              Governors.
school’s financial regulations.

Receive financial monitoring Monthly. Within 2 weeks of Where spreadsheet reports,
reports      and     narrative month end.               as opposed       to reports
explaining variances                                    produced direct from the
                                                        school’s Financial Accounting
                                                        System, are used, these must
                                                        be accompanied by, and
                                                        reconciled to, a Financial
                                                        Accounting System report.

Where trading activities take Monthly/termly.
place, e.g. catering, uniform
sales      (private      fund),
community     activities   etc.,
trading accounts must be in
place that clearly identify
purchases, sales, stock levels
and details of profit/loss.
Financial monitoring reports
Prepared by the Schools Finance Team                    -2-
must be submitted to the
Governing Body on at least a
termly    basis.     Catering
accounts may be required on a
monthly basis.

Prepared by the Schools Finance Team   -3-
             Task                          Due date                      Notes                       Links/F note

Review budget                    Termly, but this should be an Link to LA Five Year Budget Essex Schools Infolink, Finance,
projections/medium term          ongoing exercise as any Projection           spreadsheets Forms & Planning Tools, Budget
financial plan                   variations to the budget need attached                    Planning & Monitoring Tools
                                 to be reflected in the
                                 projections/ medium term
                                 financial plan

Appointment of auditor for       Annually – for approval by
private funds                    Governors

Bank reconciliation for private Monthly

Periodic management checks Suggest termly
on income collection

Authorisation of payroll forms   As required.
for new
appointments/variations to
existing contracts

Authorisation of                 Monthly
overtime/supply claims

Prepared by the Schools Finance Team                      -4-

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