Completing Year End in Receipts & Payments

Smaller Councils under the £200,000 threshold will most likely complete Year End using the Receipts & Payments basis, although Income & Expenditure can be used.

 

How to Complete Year End in Receipts & Payments in Scribe

1. Complete your Data Entry

Enter all transactions up to and including 31st March. This includes all payments made and receipts received, even if they haven't appeared on the bank statement yet, as well as any bank transfers.

 

2. Carry out a Bank Reconciliation

Reconcile all your bank accounts up to 31st March to confirm the data in Scribe tallies with your bank statement. Your total cash in hand as at 31st March should match Boxes 7 & 8 on the annual return. Save or print a copy of the Bank Reconciliation report for your year-end paperwork.

 

3. Complete a VAT Return or Claim

If possible, complete a VAT return/claim up to 31st March. The amount to be claimed from or paid to HMRC should match your closing VAT position as per the VAT Summary. 

 

4. Run the Rec & Pay Account

This report will show the Receipts and Payments for the year at a Cost Centre level and give the Closing Balance for the year. Check that this is correct and then print/save a copy for your year-end paperwork.

 

5. Check your Asset Register

Ensure that the Asset Register is up to date. The total of the purchase value (or current value depending on the setup) will be entered into Box 9 on the annual return. Save or print a report for your year-end paperwork.

 

6. Check your Borrowings

Confirm that all short-term and long-term loans have been entered under Borrowings. The total of the Outstanding Amount will be entered into Box 10, and this figure must be manually updated as at 31st March. Save or print a report for your year-end paperwork.

 

7. Check the Cost Codes for the Annual Return

Ensure that the cost codes relating to Precept, Staff Costs, and Capital Repayments have been allocated the correct 'Type' under setup. 

 

8. Run the Annual Return

Once all the data is entered and checked, you can run the Annual Return. If corrections or amendments are required, they can be made before re-running the report. Once correct, the figures can be transferred onto your AGAR form.

 

9. Close the Accounts

After the final Annual Return and associated reports have been produced, you should wait for the accounts to be signed off and audited. In the meantime, consider closing the accounts to prevent data entry or amendments. If amendments need to be made later on, the accounts can simply be reopened.