Academy Year-End Preparation
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The excitement of financial year-end is rapidly approaching and CFOs, SBMs and academy finance staff are busy preparing to close the books, welcome the auditors and complete reporting requirements for financial year 23/24.
Here is a checklist of some key tasks for SATs and MATs in preparation for year-end and in readiness for financial year 24/25:
- Reconciliation of control accounts and completion of balance sheet adjustments such as accruals, prepayments, accrued income and deferred income.
- Reconciliation of opening trial balance to previous year’s audited financial statements and final closing trial balance.
- Preparation of draft financial statements including Trustees’ report, Governance statement, Statement on regularity and compliance, Statement of Trustees’ Responsibilities, Statement of Financial Activities (SOFA), Balance Sheet, Statement of Cashflows, Notes to the accounts.
- Analysis of data for staff notes to financial statements (even better if using SBS Financial Planner!).
Alongside year-end, staff will be ensuring the signed-off budget for the new financial year has been phased appropriately and fixed in the budgeting software as well as having been uploaded to the accounting software.
If you would like to discuss how our team of experienced Finance Consultants can support your school or trust, please get in touch.
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