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Year End Closedown 2017-18: Review & March 2019 Outlook

Review of the Year End closedown process for 2017-18, highlighting positives and concerns, and looking forward to the deadlines and procedures for March 2019. Includes key dates and steps for a successful closedown.

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Year End Closedown 2017-18: Review & March 2019 Outlook

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  1. Year End Closedown2017 – 18 review and looking forward to March 2019

  2. Background The Accounts and Audit Regulations 2003 place a legal requirement on the LA and Schools to close the accounts (we have to meet their deadline) Schools’ figures have to be added to KCC’s accounts earlier To ensure we could meet the deadline for 2017-18 we ran a pilot with 16 schools in 2016-17

  3. How did it go 2017 – 18? Deadlines UIFSM Bank Statements Late or not received

  4. Positives Able to start preparing next year’s 3 Year Budget Plan sooner Able to take Easter holiday off! Ran pretty smoothly Not that different really

  5. Negatives OLD year open 26–29 March Your concern – couldn’t work in FMS6 for these days Our concern – risk of further transactions in the OLD year after submission to SFS Salary Reports Not having time to make usual checks and reconciling within BPS No time to deal with payroll queries prior to submitting accounts

  6. Timings for this year Most important date Closedown Deadline Date Monday 25 March 2019

  7. more timings for this year….. From 1 February 2019 Carry out FMS6 Health Check 1 March 2019 Edukent March Direct Debit notification 18 March 2019 Edukent second March DD notification ** TBC Receive March Statement of Account notification Statement of Account (March advances) email Capital Matrix and YE Revenue Analysis forms on Kelsi

  8. still timings…….. 20 March 2019 Advances will be in bank 21 March 2019 Receive Bank Statements from NAT West 25 March 2019 Payday – may need to contact individual payroll providers earlier for reports 25 March 2019 Closedown deadline for 2019

  9. ….and more…. 26 – 29 March 2019 FMS6 OLD year still open – cannot be closed until 1 April Ensure nobody processes items in the OLD year after submitting accounts to SFS

  10. a bit more... From 1 – 7 April 2019 Run a Preliminary Closure in FMS6 After checking the current figures match those submitted Can be done before receiving Oracle report from us FMS6 – continue as usual in the new year But – Final Closure cannot be run until AFTER Oracle Report has been received and checked Process March VAT as usual

  11. and finally….. 8 – 22 April 2019 Easter Holiday (Good Friday 19 April 2019) No actual date for these next two! Sending you Oracle Outturn Report Then….Final Closure of 2018 – 19

  12. FAQ – BACS / Cheque runs Q Invoices were processed before closedown but I hadn’t paid them, can I pay them after submission? A Yes – Inputting the invoices affects the final balance (surplus/deficit) so it doesn’t matter if they’re paid or not. You can process a payment run when the payments are due

  13. Any feedback? All feedback welcome Pack Procedure notes Timing Training Support / Helpdesk Contact us: 03000 415415 schoolsfinancialservices@kent.gov.uk

  14. Thank you

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