For those of you approaching the year end process for the first time, it may be a daunting prospect!
The deadlines will be tight as accounts need to be with the EFA by 31 December, however, proper planning and working with your auditor should ensure that the process runs as smoothly as possible.
To help, there are some things that you can be thinking about now in advance of the year end:
- If you are preparing your own accounts, prepare the templates as early as possible so that the figures can be input as soon as they are ready. Templates are available, please ask us if you would like any help.
- Understand what your computer system can produce and what it can’t. Where the system can produce reports, set up appropriate templates in Excel so that the information can be produced for inclusion in the accounts. Consider a “dummy run” during the summer so that any problems can be ironed out before the year end.
- If you are a new academy ensure that you have all details relating to transferred assets, funds and opening FRS17 liabilities available in good time and account for these appropriately.
- Income and expenditure must be analysed across funding sources to comply with the requirements of the Charities SORP and UK GAAP. If your computer system has not been set up to deliver these year end reports, set up an appropriate Excel extended trial balance to analyse income and expenditure into the appropriate headings.
- Use the resources of your auditor/ accountant – they will be able to supply guidance and templates, use their expertise. Don’t be afraid to ask questions and seek help, it will save time in the long run.
- Start working on pulling together the year end information as soon as you have agreed what you need to supply.
- Prepare the trustees’ report as early as possible – this can be time consuming and the auditor will need to carry out a full review prior to finalising the accounts.
- Agree all deadlines with your accounts team and the auditor to ensure that the accounts can be presented to the relevant governing body and committee meetings
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