PDET ACADEMIES MONTHLY FINANCIAL PROCEDURES
MONTH:
ACADEMY NAME:
IT IS ESSENTIAL THESE REPORTS ARE COMPLETED ON THE LAST DAY OF THE MONTH and then the remainder
reports on the first day of the month and emailed to debbie.brewer@peterborough.diocese.org.uk
include reports even if there is a nil balance. If you prefer the reports can be emailed all together on the
first day of the month. Please include this checklist. PDF file is fine but please complete Trial Balance Report
in Excel. Please print each report even if there is a NIL balance.
Last day of the month
REPORT
1. Aged Debtor
2. Aged Creditor
3. Bank
Reconciliation
4. Unreconciled
Items
5. Petty Cash
Report
6. Payroll Control
Accounts
ROUTE
Focus / Accounts Receivable /Reports / Aged Debtor
Reports /Accounts Payable / Supplier Analysis / Aged Creditor
Focus /General Ledger / Bank Reconciliation – complete from first day of the
month to the last of the month. Use on-line banking statement.
Reports / General Ledger / Bank/Unreconciled Transaction History – Change
from ‘ALL’ and select Account No.
Reports / General Ledger / Petty Cash/ Petty Cash Transaction Listing - print
screen showing Cash in hand
Ensure that the payroll control is down to zero.
SEE SEPARATE SRT PAYROLL PROCESSING GUIDELINES (SRT)
7. Trial Balance
Reports / General Ledger / Trial Balance / Summary Trial Balance /Ledger Code
COMPLETE
Please ensure that the Trial Balance Report is emailed in Excel Format (Appendix 1).
8. VAT 126 – Part 1
Preview
9. Losses/Transacti
ons with
connected
parties
Focus / General Leger / VAT / /VAT 126 – Only able to preview and check for
missing VAT Numbers. Complete part 2 on the 1st of the month.
Identify and record any losses. Also transactions with connected parties during
the month.
For more information see Academies Financial Handbook –Section 3.2 page 27
On the first day of the month
10. VAT 126
submittal
11. Close Period
12. Enter monthly
advance from
EFA
13. Pupils Numbers
14. Staff
Accruals &
Prepayments
Focus / General Leger / VAT / /VAT 126 –
Please ensure you check the exclusion reports!
Select Close Current Period from the Application Bar. Check Period No. in
bottom right hand corner.
Focus / General Ledger / Manual Journal Processing (select Cash Book Journal).
Also check off against the individual school annual EFA statement (CCM
Payment Schedule). Identify and record any shortfalls/increases.
Please enter the number of pupils currently on roll
Please remember to submit the TR6 (starters) and TR8 (leavers) if you have any
staff that fall into this category.
Record details of any Accruals and Prepayments applicable every month.
Journal Audit Trail
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Please note that Accruals/Prepayments information will also be required at the
end of March
Reports / General ledger /Audit / Journal audit trail – select period
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PDET ACADEMIES MONTHLY FINANCIAL PROCEDURES
1. Aged Debtor Report – Accounts Receivable
This report will display a list of all the outstanding invoices (income) as at the last day of the month.
a) The Route is:
Focus
Accounts Receivable
Reports
Aged Debtor
b) Next leave the Debtor box blank and click ‘OK’ and print the report.
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2. Aged Creditor Report
This report will display a list of all the outstanding invoices (expenditure) as at the last day of
the month.
a) The Route is:
Reports
Accounts Payable
Supplier Analysis
Aged Creditor
b) Next – leave the information blank and click ‘OK’ and print the report.
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PDET ACADEMIES MONTHLY FINANCIAL PROCEDURES
3. Bank Reconciliation
The Bank Statements need to be reconciled on a monthly basis. You will need to ensure
that you have recorded all of the transactions relating to the month. Use the on-line
banking facility to keep check that the items which appear on the bank statement are also
recorded in FMS in the same date/period.
The bank reconciliation closing figure should match the trial balance bank totals. Also check
that the opening balance matches with the opening balance on the bank statement.
a)
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The Route is: Focus
General Ledger
Bank Reconciliation
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PDET ACADEMIES MONTHLY FINANCIAL PROCEDURES
b) Next match up FMS with the statement numbers – you are likely to have several
statements for the same month. Use the browser and select each matching
transaction. To make finding the individual transactions easier use the different
selection options on the left hand side.
Print a copy of each statement before closing the window after each reconciliation.
Print out a copy of each statement in FMS.
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4. Unreconciled Items
To fully reconcile the bank statements you will also need a copy of the unreconciled
transactions:
a) The route is:
Reports
General Ledger
Bank
Unreconciled Transaction History – Leave the dates blank.
Older transactions should be checked/chased as appropriate.
5. PETTY CASH REPORT
a) The route is: Focus
General Ledger
Petty Cash – Any transactions will be displayed here.
Unposted Folio Listing - Also check the balance against the cash in the
tin.
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PDET ACADEMIES MONTHLY FINANCIAL PROCEDURES
6. Payroll Control Codes
a) Ensure the payroll control codes on the trial balance report are zero.
The route to check is: Focus
General Ledger
Chart of Accounts Review
Click on <all Ledger Codes>
In the Browser select ‘PY’
If your salaries are correct, in ACTUAL, it should all be ZERO
Print off a copy and keep with your payroll data.
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b) Remember to clear commitments after the payroll data has been entered.
Personnel Links
Salary Projections
Clear Commitments (Red Cross on the far right hand side of the tool bar)
Enter the period number you wish to clear (e.g. September – Period 01)
Click on the <tag all> button
Click on the <Clear Commitment> button
Click on <Yes> to clear the commitment
Click on <Save> button
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PDET ACADEMIES MONTHLY FINANCIAL PROCEDURES
7. Trial Balance Report
This Report
a) The Route is:
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Reports
General Ledger
Trial Balance
Summary Trial Balance
Ledger Code
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b) Choose the Report by Ledger Code. Next – enter the relevant period. Leave the fund
code blank so that it collects all fund codes and click ‘OK’ and print the report.
8. VAT 126
PDET Academies are not currently registered for VAT. However, a
VAT Refund Scheme allows academies to recover the VAT incurred on those goods and
services that they purchase. The form is a VAT 126 and the current process is to claim
monthly. The submittal can only be made from the first day of the following month, you
only preview before this.
a)
The route is: Focus
General Ledger
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PDET ACADEMIES MONTHLY FINANCIAL PROCEDURES
VAT
b) Select VAT126 Report. Click the Preview button.
c) Check that all lines have a VAT Registration Number.
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d) Enter any missing VAT registration number for invoices in the Supplier Details
Screen. HMRC will return any forms where the VAT number is missing.
N.B. It is worth remembering this at the point of entering new supplier details.
e) Once all of the VAT numbers are complete, select the ‘I confirm that transactions are
ready for submittal’ check box.
f) Click the ‘Submit Report’ button
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Select ‘PRINT’
Click ‘YES’ button to confirm possession of supporting documents and that
the report has printed successfully. – It is important to check this- the latest
month will appear in the listing.
g) VAT Exclusion Report - it is worth checking if there are any transactions that have
been excluded from the VAT 126 report.
Route: Reports
General Ledger
VAT
VAT 126 Exclusion Report
Select the relevant Financial Year and Period and then click ‘OK’. The report will be
empty if there are no exclusions for the VAT 126 claim.
Please note that Direct Debits entered as Cash Book Journals and not linked to a
supplier will appear in the exclusion report.
h) VAT 126 Integrity Report
This report will show a list of all the validated transactions that have been submitted.
Also if there are any transactions that have been excluded from the VAT 126 report,
for the selected period. Run the VAT 126 exclusion report (above) to identify the
individual transactions excluded.
9. Losses / Transactions with connected parties
For more information see Academies Financial Handbook
https://www.gov.uk/government/publications/academies-financial-handbook
a) Identify and record any losses during the month –See section 3.6 page 30
b) Also identify any transactions with connected parties during the month – See section 3.2
page 27
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10. Close Period
a) Select the centre icon as highlighted below.
b) Select <Close the period> button
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11. Enter Monthly Advance from EFA
a) Route: Focus / General Ledger / Manual Journal Processing
b) Next - Click ‘+’
c) Enter the relevant months advance from the EFA in the narrative – e.g. ‘November
EFA Advance’.
Select the relevant period
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d) Enter ‘Direct Credit 001’ in the Reference field. (where xx relates to the period no.)
e) Click the <Update and Next> button to enter the amounts listed on the GAG
Statement in the relevant ledger codes and repeat the process.
f) Ensure that the totals entered match the actual totals paid into the bank from the
EFA.
g) When complete click <Update & Close>.
h) Click <Save disk> button.
i) Click <Post-box> - Small Red icon on the top right of the screen – this will turn grey
when posted.
APPENDIX 1
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Saving FMS Reports in Excel Format
Select the report required. Once this is displayed on the screen, select the icon ‘Export to
Disk’ on the top far right hand side underneath the Help Icon.
Next click on ‘Format’ on the drop down bar and select ‘Excel 4.0’.
You will now need to save the file to a location on your hard drive so that the file can be
attached to an email once ready to send.
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