How do I deal with outstanding income?

Cash (Central Payments Schools)

  • Ensure that all outstanding non-invoice income has been paid to bank on or before 31st March. This will be the final date on which money can be banked in order to get into Month 12. Money banked after this will be credited to the New Year.
  • Any banking up to and including the 31st March should not be entered on debtor schedules.
  • If the cash is banked on or after 1st April but relates to the old year it will need to be put on the debtors return.

Debtors (Central Payments Schools)

  • Ensure that all CT10/3 (requests for debtors account) forms for inclusion in the old year are sent to the income section to arrive by ·the deadline.
  • Any entries that fail to get into month 12 will be processed in the New Year and will need to be included on debtors returns.
  • It is your responsibility to ensure that your debtors accounts are in the correct year.

Cash (Local Payments Schools)

  • Ensure that all outstanding non-invoice income has been paid to bank on or before 31st March.
  • This will be the final date on which money can be banked in order not to upset the bank reconciliation.
  • Any banking up to and including the 31st March should not be entered on debtor journals.
  • If the cash is banked on or after 1st April but relates to the old year it will need to be treated as a debtor. and journalised.

Debtors (Local Payments Schools)

  • Ensure that all debtors accounts that relate to the old year have been raised
  • Debtors accounts should be raised prior to the submission of the VAT return on the 31st March. Raising invoices dated 31st March after the VAT period has been closed will result in tax point errors
  • Schools will be responsible for any resultant penalties imposed by H.M.Customs & Excise
  • If it is not possible to bill before 31st March then a debtor journal must be accrued and the invoice raised in the New Year·A schedule of debtors entries is required to support your debtors totals