The Summary Report in Scribe Accounts is a valuable tool for council clerks and Responsible Financial Officers (RFOs) to review financial structures, including Cost Centres and Cost Codes, alongside budget figures and actual expenditures. This report provides a comprehensive view of your council's financial performance, making it easier to manage and make informed decisions.
Accessing the Summary Report
To access the Summary Report, follow these steps:
- Navigate to Summary Reports → Summary Report.
This will open the Summary Report interface, where you can view and analyse your financial data.
Understanding the Summary Report
The Summary Report displays your financial data in a structured format, allowing you to see:
- Budget Figures: Planned financial allocations for different cost codes lines.
- Actuals: Actual spending and income, showing how closely the council adheres to its budget.
- Cost Centres and Cost Codes: Breakdown of expenditures and revenues across different departments or projects, which helps in tracking and controlling costs effectively.
Key Features of the Summary Report
- Comparison of Budget vs Actuals: Easily compare your planned budget against what has actually been spent or received. This feature is crucial for effective financial management and ensuring that spending is kept within authorised limits.
- Detailed Financial Breakdown: View detailed information by cost centre and cost code, providing insights into specific areas of spending and income.
- Customisable Views: Choose which columns to display in the report, tailoring the view to better fit the needs of the council's financial review process.
Using the Summary Report for Financial Reviews
When conducting financial reviews, use the Summary Report to:
- Identify Variance: Quickly spot areas where spending does not align with the budget. This can indicate either an over-spend or under-spend, both of which require attention.
- Analyse Financial Health: Assess the overall financial health of the council by understanding where funds are being spent and how they correlate with planned financial activities.
- Make Informed Decisions: Use the detailed insights from the report to make informed decisions about future budgeting, cost management, and financial planning.