Governance & Compliance 5 – FRS Budget Monitor Reminder
Posted on 5 November 2014 by education.finance
As initially stated back on the 3rd October via the Education Finance Blog, the old budget monitoring system will be switched off at the end of December 2014 and you should all be starting to familiarise yourself with the new Financial Reporting System (FRS). Therefore, all monitors submitted during the autumn term must be sent in using the new reporting template within the new Financial Reporting Systems (FRS). Any monitors submitted using the old style format will not be accepted.
However, to aid schools in this period of transition you can submit an old style budget monitor to DCC (firstname.lastname@example.org) where we will compare the two monitors (old vs new) and check to make sure that they match up. Should the totals from the old vs new monitor be different, we will contact you in due course to inform you where we believe a mistake/oversight has been made so that you can investigate and re-submit. It is therefore key that when starting an FRS monitor that you save a snapshot of the data from your FMS system, so that you can re-load this information to work on and amend if required at a later point in time. See page 2 (‘Set-up Options’) within the FRS User Guide for more information on how to save and load an FMS data file.
Some schools have already submitted their old style monitor in September due to the governors meeting taking place earlier in the term. If this has occurred, then the school must at some point during the autumn term submit an FRS monitor to DCC using correct monitoring report template (allschoolsreport.xml).
For details on how to use the new FRS and what is required to be sent to DCC, please visit the FRS Guidance website.
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