RM Finance
USER BULLETIN No. 217
September 2015
Tel No: 01992 555713
Fax No: 01992 555727
email :
Included in this Bulletin:
· 1st Termly Return - due by 15th October 2015
· System Reconciliation (including VAT)
· Completing the Expected Outturn on Solero
Information
There will be a limited Helpline on 7th September 2015 due to staff training.
Financial Systems Helpline
Tel No: 01992 555713 - Option 2
email :
Herts for Learning
01438 845111
www.hertsforlearning.co.uk
1st Termly Return
Due 15th October
You should have completed
® Accounts for April - August 2015
® Reconciled the bank to 31st August 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 August 2015
® Print LMSFR2 (if using)
® Print School Monitor Form (if using)
® Print LMSFR5 & LMSFR5A
® Copy bank statement as at 31st August 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)
1st Termly Return
Completion of 1st Termly Return - Solero
The termly return should be sent via Solero by 15th October 2015
The return for the first term of the 2015/16 Financial Year should be prepared when the accounts for August 2015 have been completed and before the Month 5 (August) 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.
There is a system reconciliation tab included in the control form, which contains the VAT reconciliation.
Complete all of the information required.
In the cell ‘VAT at Year End’ you must enter the amount of VAT that was showing as outstanding at the year-end 31st March 2015 (LMSFR3 Line 61)
Enter the VAT outstanding for each period
Enter any VAT received
The example above shows that there is £489.59 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 SOLERO 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.
Enter the figures for your approved budget into the Approved Budget Column.
The YTD Inc and Expenditure will be populated automatically when you import the figures for the Monitoring report for August.
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.
As there is no budget set for journey or trip income (I12) you must enter the amount you have already received plus any additional income you expect to receive.
An entry reflecting the expected cost of the trip should be entered into expenditure (E19) also.
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
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 the Custom Tab and highlight the LMSFR2 report.
Ensure the Report Destination is set to Screen.
Complete the Expected Outturn boxes with the new estimates.
An estimate can be worked out by adding increases in the expenditure or income to the current budget. If for instance, an expenditure budget will not all be spent reduce the budget by the saving.
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 A copy of the Petty Cash Reconciliation
Bank Statement A copy of the Bank statement which shows the reconciled balance as at 31st August 2015
Solero Return A copy of your Electronic Solero Return once completed
(These 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 August 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, entered whilst submitting the Approved Budget Return, with the balances brought forward from 2014/15 as shown on the LMSFR4.
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 Summer Term column.
Use the tab key to progress to the next heading.
Once the return has been completed click on the “Calculate Summary Totals” box to total the outturn.
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, 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 only submitted with 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 2015
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