RM Finance

USER BULLETIN No. 222

January 2016

Tel No: 01992 555713

Fax No: 01992 555727

email :

Included in this Bulletin:

·  2nd Termly Return - due by 15th February 2016

·  System Reconciliation (including VAT)

·  Trips and School Journey

·  Catering Income and Expenditure

·  Completing the Expected Outturn on Solero

·  Capital

Financial Systems Helpline

Tel No: 01992 555713

email :

Herts for Learning

01438 845111

www.hertsforlearning.co.uk

2nd Termly Return

Due 15th February 2016

You should have completed

®  Accounts for April - December 2015

®  Reconciled the bank to 31st December 2015

®  Completed the System Reconciliation

®  Checked VAT

What you need to do next

®  Work out revised forecast – using either School Monitor Form or LMSFR2

®  Dates should be changed on Report Setup on the LMSFR2

From April 2015 to December 2015

®  Print LMSFR2 (if using)

®  Print School Monitor Form (if using)

®  Print LMSFR5 & LMSFR5A

®  Copy bank statement as at 31st December 2015 for your records

®  Go to SOLERO (www.thegrid.org.uk/Solero)

®  Check balance brought forward should be 2014/2015 year-end figures

®  Complete estimated outturn column as per your calculations

®  Click on Calculate Summary Totals

®  Save the Data

®  Print out the reports

®  Submit the return

(More details on these procedures below)

2nd Termly Return

Completion of 2nd Termly Return - Solero

The termly return should be sent via Solero by 15th February 2016.

The return for the second term of the 2015/16 Financial Year should be prepared when the accounts for December 2015 have been completed and before the Month 9 (December) period end is run.

System Reconciliation

Before completing the return it is recommended that all schools should perform a system reconciliation to ensure that RM Finance is in balance.

A comprehensive system reconciliation is available from the grid, which contains the VAT reconciliation.

Complete all of the information required.

In the cell ‘VAT at Year End’ enter the amount of VAT that was showing as outstanding at the year end 31st March 2015, if this has not already been done.

Enter the VAT outstanding for each period

Enter any VAT received against the period it was due for

The example above shows that there is £759.59 VAT outstanding from the previous year, any discrepancies should be investigated.

The control form is available from the grid

http://www.thegrid.org.uk/info/traded/financial/manuals/rm/#control

Remember to submit your VAT returns monthly

VAT Return

Send to:-

VAT Claims

Elaine Woodley

4th Floor

New Block

West Wing

County Hall

Hertford SG13 8TN

Postal Point CHN500

Using the School Monitor Form

If you are using the School Monitor Form that is available on the FSS website there is a worksheet to assist you in preparing the termly return, the Solero tab. (Once completed, the tab will contain the figures that are to be entered into the Electronic SOLERO return).

Enter your B01 to B06 opening balances from the 2014/2015 LMSFR4 report, if not already completed.

The Approved Budget Column should have been completed with the approved budget for the first termly return however if you have changed allocations (usually when additional income has been received and has been allocated to an expenditure budget to be spent) you should change the figures to represent current budgets. The column name can be amended if choosing the latter.

The YTD Inc and YTD Exp columns will be populated automatically when you import the figures into the Monitoring report for December. They are actuals and are based on the analysis record not budget account.

Enter any changes to the budget in the column ‘Changes to Budget’

For example on I08 the budget was £4990 but we have already received £5908 and expect to receive more, therefore you should show this additional income by entering it into the changes to budget column.

Continue with the expenditure, looking at each line and noting any changes to the budget.

If there is to be a saving enter the figure with a minus.

If there is to be an overspend enter the figure without a minus.

Trips and Schools Journey (Please do not net off)

Usually there is no budget set for journey or trip income, so you must enter the amount you have already received plus any additional income you expect to receive into the Changes to Budget column.

Changes to

Actual Budget column

An entry reflecting the expected cost of the trip should be entered into expenditure E19, this could be more than the estimated income.

Changes to

Actual Budget column

Catering Income and Expenditure (Please do not net off)

Usually there is no budget set for the paid meals income and paid meal expenditure. However the actuals, which usually matches, have to be accounted for on the Termly Return.

Ensure that you enter the actual for the paid meal income so far in the Changes to Budget column.

Changes to

Actual Budget column

Ensure that you enter the actual for the paid meals expenditure so far in the Changes to Budget column.

Changes to

Actual Budget column

At the bottom of the page you will see a calculation of the amount of revenue you expect to carry forward, in this example it is £33,638.

Carry Forward

The figures from the Revised Forecast column on this report should then be entered onto the Solero return.

Using the LMSFR2

This process could instead be completed on the LMSFR2.

Click on Reporting

Click on the Custom Tab and highlight the LMSFR2 report.

Ensure the Report Destination is set to Screen.

Complete the Expected Outturn boxes, using the same method as described above to calculate the new estimates.

·  Add increases in expenditure or income to the current budget.

·  Deduct reductions in expenditure or income to current budgets.

Enter the figures from your workings onto the form.

Once all of the figures have been entered click on the print button.

The report is over 2 pages. It will show

Line 63 will show the carry forward figure.

Other Reports

Whichever method you use to calculate the revised forecast, you will also require copies of the following documents:

LMSFR5 - A copy of the Bank Reconciliation

LMSFR5A - Petty Cash Reconciliation (if you use it)

A copy of the Bank statement which shows the reconciled balance as at 31st December 2015.

A copy of your Electronic Solero Return once completed

The reports should be kept within the school; they do not need to be submitted but may be requested by Education Finance.

The LMSFR5 and LMSFR5a reports can be accessed by clicking on

Reporting>Custom Tab

Before printing any system reports change the Reporting Dates

Click on Report Set-up

Overtype the dates with,

Reporting Date To: 31 December 2015

Reporting Date From: 1 April 2015

Submitting your return via Solero

Logging onto Solero www.thegrid.org.uk/solero

1. Select your school name from the drop down box.

§  Enter your school number

§  Enter your password

2. You will then see the main “Systems Menu” screen. Select the Termly Financial Returns/Approved Budget Returns link

Checking the balance brought forward figures

Please check these balances with the balances brought forward from 2014/15 on your system. They will have been entered whilst submitting the Approved Budget Return.

Completing the estimated outturn to the end of the financial year

Whichever method you have used to calculate the outturn figures copy the figures from the Revised Forecast column onto the Solero Return into the Autumn Term column.

Use the tab key to progress to the next heading.

Capital

The Solero tab, in the monitor spreadsheet, shows one line for Capital Income and one line for Capital Expenditure. You should refer to your reports from RM Finance to establish how it should be split when entering the figures onto the SOLERO system as it requires a detailed split according to CI and CE codes.

For example, if your school has Enter in Box

Capital carry forward £3500 B03 or B05

(usually already entered by this time)

In year income of £6000 CI01

Private/Voluntary Capital Income £ 500 CI03

Revenue moved to support capital £2000 CI04

Total Capital Income £12000

If your school has budgeted to spend the capital

Buildings £8500 CE02

Vehicles Equipment & Maintenance £ 0 CE03

ICT £3500 CE04

Total Capital Expenditure £12000

By assuming that all capital is spent, the capital element will have been excluded from the carry forward figure and only the result for revenue will be shown.

The CBAL line on the SOLERO return can show a difference of a few pence, in the picture above a difference of 6p is showing. A larger amount should be investigated because it may be inflating the carry forward with capital.

Once the return has been completed click on the “Calculate Summary Totals” box to total the outturn. Check that it agrees with to your calculation.

Saving the data

Once you are satisfied that the calculation agrees with your workings to within a pound or two, you can either save or submit the return. The option to save the changes will record the figures input onto Solero for later / further analysis.

Printing

To print the report, if the systems allows, click on the “Print” icon towards the top of the page. Solero will launch Adobe Acrobat, if this program is available on your system.

To print the report, click on the print icon in Adobe. The report fits neatly onto 2 sides of A4.

There is a signature field for the Headteacher and Chair of Governors and this should be authorised locally and filed for internal monitoring purposes along with your working papers or control form. The paper copies do not need to be submitted to the LA.

Finalising / uploading the outturn

The option to submit the return will upload the figures to the Authority.

To upload the return, click on the “Submit Return” icon.

Once the return has been submitted the Solero system will automatically forward an email to the Head teacher’s email address

(head@<schoolname>.herts.sch.uk)

The email will confirm receipt of the return and advise the estimated balance carried forward at the end of the financial year.

Please ensure that the return is not submitted without the authority from the Headteacher.

If you are unsure of any of the above procedures please contact the

Helpline ( 01992 555713

Or

email 8 :

© Herts for Learning 2014

10