Views:

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 run in FMS by 31st August.

For BACS runs, 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.

Important - invoices 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. We would recommend that no cheque or BACS payments are made in the old financial year after 31st August. If urgent payments are required to be made that relate to the old financial year before the preliminary close has taken place, copies of BACS/cheque runs should be retained in the end of year file as these will be needed for year end adjustments.