Publishing your annual report online

Your board is required to make the school’s annual report available to the public on an internet site maintained by or on behalf of the board (see the update to the Education Act 1989).

Making annual reports available on an internet site ensures that parents and the wider community can access information about what your school has achieved and how your board has managed school finances in the previous school year.
If the Annual Report for 2016 is not published as above, the Board may receive an audit management point. Subsequent Annual Reports not published will be a breach of legislation.

 

Notes:
Please ensure your annual report does not contain any information that may breach an individual’s privacy before you make it publicly available.
Publishing on a School Website is not the same action as submitting the audited Annual Report to the Ministry of Education via the school’s portal.

If you have any questions or would like advice about publishing your annual report, please contact The School Office.

Xero Issue with GST on Accounts Receivable / Accounts Payable Prepayments

There is currently an issue that when a user runs a GST Reconciliation report on a Cash (Payments) Basis. The GST portion of Accounts Receivable / Accounts Payable Prepayments is reducing the GST in the AR or AP balances, and then causes the report to not balance.

To identify which prepayments are causing this issue run the Payable/Receivable Invoice Summary report for the 1st Jan 2017 to the end of the GST Period and:

  1. Include Prepayments
  2. Layout: Group by ‘Source’
  3. Select the GST column
  4. Filter by Status and select only Approved

The Prepayment group will then show the Prepayments that are causing the difference.

Note: TSO does not believe this will affect many school clients. ALWAYS reconcile the GST Return to the GST Reconciliation Report. Please contact us should you require assistance or a copy of the reconciliation instructions.

Kiwi Park 2017

Kiwi Park 2017

The Kiwi Park 2017 Template is available on the Ministry website.

We have summarised the changes & important points, please click here to view or download: Kiwi Park 2017 Template Summary.

For Schools who prepare their own Financial Statements, we are happy to assist with the Kiwi Park template.

For our planning, please advise us now if you will require our help. The last working day of March is 29th

Revised Kiwi Park 2017 Template: Download a revised version (2 November) of the MOE Kiwi Park template here: Kiwi-Park-Model-Updated-2-Nov17

 

 

TSO Update September 2016

September 2016

 

The TSO Team

 Shanla Hartland processes our bureau schools’ monthly finances.  She has done a wonderful job transitioning our Northland schools to Xero, as well as being at the end of the phone / email for queries.

Shanla is available Monday to Thursday – 9am to 4pm shanla@theschooloffice.co.nz

Denise Young has joined us fulltime from September.  She is the guru of Xero setups and will be doing these along with Xero Support.  She has developed the Annual Account Workpapers and the Annual School Requirement Schedule in Xero.  This has been a major undertaking.

Denise is available Tuesday to Friday – 9am to 4pm denise@theschooloffice.co.nz

Glenis Te Tamaki – with Denise and Shanla, I am happy we can provide seamless support to you for school finances, Xero, general advice and EOY requirements.

 

TSO EOY Training Sessions

We will be running a series of Training Sessions in Term 4.  These sessions will cover end of year requirements including how to use our online Annual School Requirement Schedule.

The online Schedule is designed to link though to the Xero workpapers.  All schools using TSO to prepare their annual Financial Statements will use the online Schedule whether or not Xero is your accounting package.

 

Xero Bank Feeds

Bank Feeds are in Xero by 9am on the morning following the transaction date.  Bank Feed frequency and estimated delivery time can be found at: https://help.xero.com/nz/DirectFeeds-NZ

Bank Feed late?  View Notifications at: https://www.xero.com/blog/bank-feed-status/

Or       Xero – Dashboard – Bank Accounts – Manage – View Status Updates

There seems to be an ongoing issue with Xero Bank Feeds for the last day of a month.  The feeds affected are usually ASB and ANZ (06 –ex National Bank)

 

School Executive Officers’ Association

The SEO Association has advised The School Office that, as we are deemed to be a Service Provider, we can no longer be a conference sponsor.  Having personally attended 20 conferences I am very disappointed to no longer have the annual contact with EOs as a group.  Where possible, we will keep in contact with members of the SEO Association at a regional level.

Xero Bank Feeds

Bank Feeds are in Xero by 9am on the morning following the transaction date.  Bank Feed frequency and estimated delivery time can be found at: https://help.xero.com/nz/DirectFeeds-NZ

Bank Feed late?  View Notifications at: https://www.xero.com/blog/bank-feed-status/

Or       Xero – Dashboard – Bank Accounts – Manage – View Status Updates

There seems to be an ongoing issue with Xero Bank Feeds for the last day of a month.  The feeds affected are usually ASB and ANZ (06 –ex National Bank)

 

Remuneration of Board of Trustee Members

A school’s annual financial statements are now required to disclose the time that board of trustees’ members spend on board activity (expressed as a FTE). The requirement is due to new accounting standards for all New Zealand entities. It was issued by the External Reporting Board which is an independent body. Boards of trustees were required to report against these standards for the first time in their 2015 annual financial statements. For the 2015 annual financial statements an estimate of the FTE was acceptable. The calculation for 2016 and subsequent years cannot be estimates.

In order to have this information available for the 2016 Accounts Preparer, we recommend it is recorded as activities occur during the year.

Examples of Activities:

  • Monthly Board Meetings (including preparation time)
  • Monthly Committee Meetings (Finance, Property etc.)
  • Meetings with Principal (usually the Chair)
  • HR Interviews & Principal Appraisal
  • Suspensions / Stand-downs

The School Office has formulated a simple spreadsheet to assist with this recording. Should you wish a copy, please send your request to: glenis@theschooloffice.co.nz