Some schools will have noticed a change to the accounting treatment of the above at the year-end. Previously this issue was dealt with outside individual schools cost centres, and schools were only affected at the point of a debt being written-off.
Some issues have arisen where schools were unaware of their level of debt outstanding and therefore the change in treatment is designed to address this problem.
For those schools affected, a charge will have appeared against code 149500 (Bad debt W/O A/C) in the 2015-2016 accounts and this represents the total debt outstanding that is more than 2 years old. This has then been credited back to the school in the 2016-2017 accounts so that the school is no worse off overall but provides a cautious approach (in line with the 'prudence' accounting concept) to the risk of the debt remaining uncollected. Information on which debts account for the charge can be found by viewing the attached spreadsheet on the journal transfer.
It is the intention to provide schools with periodic updates on the level of debt outstanding by publishing further updates on the SchoolsNet site in the same format as the Schools aged debt report - November 2017.
If you have any queries regarding a specific debt email: email@example.com
The timetable for preparing the year-end accounts is now available.
Audit services are staffed by highly qualified and experienced auditors drawn from a wide variety of professional backgrounds embracing both the public and private sectors.
Your school's CFR return has now been produced and submitted to the Department for Education (DfE).
Copyright gives creators the freedom to decide what happens to their creations. You may use someone else's work only if you have their permission by the copyright owner or if the law allows it.
Changes to the way the Early Years (EY) funding for maintained schools is to be shown in SAP for 2017-2018.
The range of financial, legal and insurance services we offer to schools and academies together with documents and useful links.
Issues around school lettings, particularly in relation to children's centres and extended services.
The Department for Education (DfE) and the Crown Commercial Service have developed free elearning procurement training modules for school staff who are responsible for budgets and buying.
Your public liability insurance does not automatically cover bonfire or firework displays organised by the school.
Information regarding funding support for the purposes of risk management.
Benchmarking allows you to check how your school's finances compare with other similar schools.
Effective financial management ensures money is spent wisely and properly, and allows schools to optimise resources to provide high-quality teaching and learning and so raise standards and attainment for all their pupils.
This guide is a supplement to the main accounts payable and accounts receivable VAT guidance.
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