Purpose of this policy
To ensure schools keep auditable financial records.
This table explains the requirements for specific financial records.
Annual financial statements
- Schools must prepare the following financial statements for the year ending 31 December.
- a Balance Sheet (Summary)
- an Operating Statement (Summary)
- a profit and loss statement for any trading operations conducted by the school
- a financial statement for any special programs
- a financial commitment summary
Schools must review the outstanding orders report and the invoices awaiting payment report regularly to ensure the:
- total commitments figure is a realistic estimate of future expenditure
- school's official account uncommitted balance is maintained.
Reconciliation of bank statements
Each school bank account must:
- have a monthly bank reconciliation statement
- be reconciled monthly, matching the bank statement to the records on CASES21
- have an officer other than the person who enters data on CASES21:
- check the reconciliation.
- sign the reconciliation statement.
See: CASES21 Finance Business Process Guide.
Retention of financial records
Schools must follow disposal schedules for the Department to assist with the identification of records for retention or disposal. Records retained permanently are transferred to the Public Record Office Victoria.