Invoice Payments in August
Invoices paid by cheque up to and including the 31st August will be included in the old financial year providing the cheque payment process has been completed by 31st August.
As detailed in the Year End Close guidance, consideration should be given to any lead-in times required before BACS runs are seen on the bank statement. eg if the BACS run takes 2 working days between submission and appearing on the bank statement, it is recommended that the final BACS run in the old financial year is run at least 2 working days before 31st August. Where this has not been possible, academies should retain supporting documentation in the end of year file.
It is recommended that BACS/cheque runs are not processed in the old financial year after 31st August. If it is essential that an urgent payment run is processed in the old financial year after this date and before preliminary close, supporting documentation including copies of the BACS/cheque run should be retained in the end of year file to support any required year end adjustments.
Important - FMS Users: Invoices in FMS are only transferred and available for payment in the new financial year after the preliminary close has been completed. In some schools, there may be a delay in completing the preliminary close.