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Academy accounts
return 2016/17
Completion guidance for academy trusts September 2017Contents
Summary5Expiry or review date5Who is this publication for?5Who needs to fill in the AR?5Change Log7Why
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How to fill out academies accounts
How to fill out academies accounts
01
Gather all necessary financial documents related to the academy's accounts, such as income statements, expense receipts, and bank statements.
02
Create a chart of accounts specific to the academy's needs, including different categories for income, expenses, assets, and liabilities.
03
Record all income sources, such as tuition fees, grants, or donations, in the appropriate category in the chart of accounts.
04
Enter all expenses incurred by the academy, categorizing them properly in the chart of accounts. This may include teacher salaries, facility expenses, or educational materials.
05
Reconcile bank statements with the academy's financial records to ensure accuracy in recording transactions and balances.
06
Prepare financial reports, such as profit and loss statements or balance sheets, to provide a comprehensive overview of the academy's financial status.
07
Regularly review and update the academy's accounts to keep financial records up to date and accurate.
Who needs academies accounts?
01
Academies, such as educational institutions or training centers, need academies accounts to effectively manage their finances and track their income and expenses.
02
Administrators or financial officers responsible for managing the academy's finances and making financial decisions also need academies accounts.
03
Government bodies or regulatory agencies may require academies to maintain proper accounts for auditing and compliance purposes.
04
Academy board members, trustees, or stakeholders may also need academies accounts to understand the financial health and performance of the academy.
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What is academies accounts?
Academies accounts are financial statements that detail the income, expenditure, assets, and liabilities of an academy school.
Who is required to file academies accounts?
Academy schools are required to file academies accounts with the appropriate authorities.
How to fill out academies accounts?
Academies accounts can be filled out by compiling financial information, including income and expenses, and organizing it into the required format.
What is the purpose of academies accounts?
The purpose of academies accounts is to provide transparency and accountability regarding the financial management of academy schools.
What information must be reported on academies accounts?
Academies accounts must report on income, expenditure, assets, liabilities, and any other relevant financial information.
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