Are You up to Date with Your Finance Tasks
Before you break for the summer holidays, are all your finance tasks complete?
If you have non-pupil days for the last couple of days of term, use the time effectively; it is a good opportunity to have a financial tidy-up, not just tackling all that filing you haven’t had time to do, but also looking at the finance system and the budget changes too.
Suggested Finance Tasks To Do
- Make sure your claim for additional funding is submitted by the deadline of 21st July
- Update your trading accounts to reflect the trading days lost due to Covid-19
- Update your budget due to the increase in UIFSM to £2.34 per meal announced 15th July
- Reconcile your control accounts – especially VAT
- Clear off orders no longer required
- Schools – update your 20/21 budget to include changes in your trading accounts and other changes due to Covid-19
- Schools – use your 19/20 year end information to populate the SFVS Dashboard ready for governor discussion in the Autumn term.
Long Term Effects of Covid-19 on Finances
For academies, the loss of trading days this term will affect your 19/20 year-end, which will, in turn, have a knock-on effect on your forward financial plan; although you are not required to submit the 2-year forecast on your BFR in September, you should still be presenting the information to your trustees.
For schools, the effect will show in your current 20/21 budget and the resulting changes must be presented to your governing body, along with an updated forward plan showing the forecast effect for year-end.
In both cases, this will enable the governors/trustees to make informed decisions.