?? Frequently Asked Questions ??

Q1.  Why do I have to pay income into income codes and not straight to expenditure which would avoid the need for an income virement ?

A1.  This is to ensure that the correct accounting procedures are adhered to. If income is paid directly into an expenditure code, the true expenditure in the accounts would be understated and the income code would not show a true reflection of the amount of income actually received.

Q2.  How can I check all the figures are correct on my Cash Advances ?

A2.  The School Strategic Finance Team notify schools in writing of the amount of fund allocations and income that schools can expect to receive in their monthly Cash Advances. Schools should check the notifications against the Cash Advances and, where queries arise, contact Sam Jones in the School Strategic Finance Team on 01225 395201.

Q3.  Do we have to do a revised budget exercise (it usually bears no resemblance to the end of year figures)?

A3.  It is a requirement of the School Strategic Finance Team that schools send them a Revised Budget exercise report showing the estimated Carry Forward balance at the end of the financial year. This exercise takes place in the Autumn term but schools can repeat it for their own budget monitoring purposes as the end of year approaches.

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