What are Temporary Assets within Parish and Town Councils?

Temporary assets refer to values not covered in the Asset Register or by the records of your bank accounts within Parish and Town Councils. These are short-term assets, separate from the regular fixed assets, short-term investments, and borrowings. They do not include temporary borrowings which should be included in the total borrowings figure on the Annual Return. These assets are recorded specifically for the purpose of reflecting on the Balance Sheet.

 

What are Temporary Assets within Scribe Accounts?

In Scribe Accounts, temporary assets are values which are not included in the Asset Register or part of the investments covered by your bank account records. The Temporary Assets function in Scribe Accounts is used to log and manage these values. This feature offers an organised and simple-to-use platform for recording and updating temporary asset values when required.

 

Where are Temporary Assets within Scribe Accounts?

To access the Temporary Assets function, log into your Scribe Accounts and navigate to the menu Year End → Temporary Assets.

 

How to Add Temporary Assets

Navigate to the menu Year End → Temporary Assets. Enter the values as required. If you need to amend them you can simply over type the previous amount entered, it is not a cumulative entry.

 

 

Items that are not Temporary Assets and how they should be dealt with

• Short term investments are included in Box 8 of the Annual Return.  These include bank deposit accounts and other short term savings accounts.  These should all be allocated a bank account and the balances will be included in the Cash in Hand figure in the Balance Sheet.  To reflect movements of monies in or out of these investment accounts Bank Transfers between bank accounts would be required.
• The Asset Register is where to list fixed assets and all long term investments (e.g. Government securities) which will be reported on the Annual Return (Box 9).  Long term investments are entered as payments as they diminish the council balances. On maturity they come back into the accounts as income.
• The Borrowings Register is where to record your list of loans which will be reported on the Annual Return (Box 10).