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YEAR END 2012/13

YEAR END 2012/13. Angela Farmer Finance Unit Resources Group. Why Do We Do This?. Council’s (including schools) year end is 31/3/13. Year end accounts are produced and must be externally audited.

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YEAR END 2012/13

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  1. YEAR END 2012/13 Angela Farmer Finance Unit Resources Group

  2. Why Do We Do This? • Council’s (including schools) year end is 31/3/13. Year end accounts are produced and must be externally audited. • Need to ensure that accounts reflect the true position ie all income and expenditure relating to 2012/13 financial year is accounted for. • Final closedown date is Thurs 2nd May

  3. SEA Returns • Balance SEA return to Thursday 28th March 2013 ie last banking day before year end. • Submit to Abid in Finance by Thursday 18th April • Include copy of bank statement which shows the balance at end of March • Include list of uncleared transactions from Money Manager/SIMS as at date of your bank reconciliation

  4. Definitions • Special Creditors “Work done/goods received up to 31/3 but the payment has not yet been made.” • Special Debtors “Income due on/before 31st March but this has not yet been received.”

  5. Definitions (2) • Receipt in Advance “Income received and paid into bank on/before 31/3 but expenditure will occur in new year.” • Payment in Advance “Payment made before 31/3 but goods/services to be provided/received in new financial year.”

  6. How to Complete Forms • Exclude VAT from amount on form • Minimum level for individual item is £250 • Separate forms for internal & external suppliers (ie council services are internal)

  7. How Transactions Appear in MPGL 12/13 13/14 Creditor debit credit Debtor credit debit Receipt in advance debit credit Payment in advance credit debit

  8. Other Information • Salaries & Wages Accruals: - will be done automatically (see year end instructions on intranet - app 4) • Journals • Friday 26th April is the final date for school journals relating to 2012/13

  9. Summary Deadline Dates • Thursday 18th April 2013 • Period 13 SEA return to Finance + bank statement + list uncleared transactions • Year end forms ie creditor, debtor etc to Finance including NIL return • Supply agency supply claims to Finance

  10. MPGL Prints • W/c 11th March: CP12 prints requested (nb: no teachers salaries) • W/c 29th April: CP13 prints requested • W/c 6th May: CP14 prints requested

  11. School Balances • Notification w/c 6th May • Excess balance threshold: 8% Middle and secondary 10% Nursery, primary & special • 7th June: deadline for return of excess balances pro-forma

  12. CFR • July 2013 school information sent to DfE by Finance • October: DfE place information onto their benchmarking website: • www.education.gov.uk/sfb

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