Financial Reporting for Schools

Financial Reporting for Schools

Financial Services Division

Published by the Communications Division for Financial Services Division Department of Education and Training Melbourne January 2015

?State of Victoria (Department of Education and Training) 2015

The copyright in this document is owned by the State of Victoria (Department of Education and Training), or in the case of some materials, by third parties (third party materials). No part may be reproduced by any process except in accordance with the provisions of the Copyright Act 1968, the National Education Access Licence for Schools (NEALS) (see below) or with permission.

An educational institution situated in Australia which is not conducted for profit, or a body responsible for administering such an institution may copy and communicate the materials, other than third party materials, for the educational purposes of the institution.

Authorised by the Department of Education and Training, 2 Treasury Place, East Melbourne, Victoria, 3002. This document is also available on the internet at

Contents

Foreword ......................................................................................................................... 3 1. Introduction ............................................................................................................... 3 2. CASES21 Finance Reports....................................................................................... 4

2.1 Accounts Receivable............................................................................................. 4 2.2 Accounts Payable ................................................................................................. 8 2.3 General Ledger ................................................................................................... 10 2.4 Assets ................................................................................................................. 16 2.5 Other Reports...................................................................................................... 18 2.6 School Level Payroll............................................................................................ 18 2.6 School Level Payroll (Continued) ........................................................................ 19 3. Query Table ............................................................................................................. 20 4 Sample Reports ......................................................................................................... 22 4.1 Management Reports.......................................................................................... 22 4.1 Management Reports (Continued) ...................................................................... 23 4.2 School Council Reports....................................................................................... 24 4.3 Finance Committee Reports ............................................................................... 25 4.3 Finance Committee Reports (Continued) ............................................................ 26 4.4 Coordinator Reports ............................................................................................ 27 4.5 Bank Reconciliation Reports ............................................................................... 28 4.6 Audit Reports ...................................................................................................... 29 4.6 Audit Reports (Continued)................................................................................... 30 4.6 Audit Reports (Continued)................................................................................... 30 4.6 Audit Reports (Continued)................................................................................... 30

Foreword

The analysis and interpretation of relevant reports is an essential financial and management function for monitoring budget and making sound planning decisions.

School administrators and councillors require accurate and timely financial reports to manage current programs and to plan for the future requirements of the school. Collection and summary of financial data and the preparation and presentation of financial and management reports constitute the financial information system that is a key component of good school management.

1. Introduction

A complete financial management system has the capacity to process and report on many types of data for many different purposes.

The accuracy and currency of the data that is entered into the system as transactions is crucial, and the extraction of the data as reports will only be as accurate as the data entered. This forms the basis of a schools record of financial accountability, as well as, providing information to inform management decisions.

The regularity of monitoring reports depends on the report and its function; for example, a bank statement should be reconciled monthly, while a salaries report should be checked each pay period.

This booklet has been prepared to provide information on a selection of reports that are available through CASES21 Finance.

Financial Reporting for Schools v3.5 3

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