Year End Preparation Hints & Tips with RM Finance

Mar 31, 2022 | Finance Posts

We know that year end is a busy time for schools, so RM Finance have put together some useful hints and tips to help you through this period.

Early Preparation

We know you are always busy, there is rarely a quiet moment, however finding the time to do some early year-end preparation really will make it much easier for you when you do come to run year end.

You may already be in the habit of doing some of these as part of your routine monthly/quarterly checks:

Purchase Orders/Sales Invoices

Review the open items. Should they remain open to be carried into the new financial year.

Bank Reconciliation

There will always be items that cannot be reconciled before running year end but review historic unreconciled items. If the income hasn’t been received, the expense won’t be incurred, a balancing transaction should be posted, so that the transactions can be reconciled, net effect zero. It is always better to tidy this before carrying historic unreconciled items into the new financial year.

Do you use an LA spreadsheet at year end?

If so, populate it with figures based on your current position.

Does it balance?

Address any monthly/quarterly variance now rather than waiting until year end.

Common Queries

There is lots of useful information in the online help, and in the Training Academy. 

If you haven’t already installed the Training Academy, it can be accessed via RM Unify and is available to all RM Finance users free of charge here.

Of particular interest in the Training Academy as you prepare for year-end:

Fixing Mistakes covering how to reverse expense and URC transactions

Bank Reconciliation covering transactions not showing on the bank reconciliation, how to find a reconciliation discrepancy, how to unreconciled transactions

Sales Invoicing how to address unpaid balances at year end, and how to refund monies on account which is essential.

Accruals – Although they can be posted in any period, most users will only post accruals as part of their year-end process. You’ll find a reminder of the types of accruals and how they impact the figures in the current and following FY here:

Sales Invoicing at Year End

We know that not all schools use sales invoicing.

For those that do, as part of your year-end preparations you should consider open Sales Invoices and how you want to reflect any anticipated income that hasn’t yet been received.

Some more written guidance for your consideration can be foundhere. 

Running Year End

After balancing all of your figures, the function of running Year End is a simple click of a button!

Even after running year end, you can still make final adjustments by switching to P13 of the previous year. Remember any postings in P13 will impact the figures, and so any year end reports that you ran should be run again. Similarly and LA spreadsheets you returned should be updated to reflect the revised figures of P13.

More information on running year end can be found here and here.

Getting Further Support

The support team at RM are available should you need any further assistance.

The quickest way to reach the team, and send any supporting documentation for their investigations is by using Support Online here. 

You can also reach them by calling 0845 130 2214 (option 2)

RM are also able to offer bespoke consultancy services if you require assistance with balancing your accounts. This is a chargeable service, and the sales team can advise on pricing and availability.

Note there will be limited availability for this service at year end. 

For more information on RM Finance – School Financial and Budgeting Software – click here.

You can also find out more about our financial services to schools and academies here.