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Income & Banking

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Income & Banking

What you need to know

Schools are in receipt of a variety of types of income including: lettings, grants, school meals, music tuition, swimming fees, sales of materials, vending machines, exam fees etc. Care should be taken in ensuring that the income is coded to the correct income or recharge code.

 Income codes are to be used when the income is new to the Authority i.e. directly from an external source such as a parent, School Fund, Academy or BLT, etc. or for funding/grants from the LA.  Recharge codes are to be used when the income has come from another part of the Authority, e.g. from another LA school or from a Central Service. 

Please see coding list Schools coding list 2017-18

The Rules

Finance Instructions F7 Income

What you Need to Do

All Schools

  • A record of all income collected in school should be maintained in the school
  • Income collected should be banked to the School Budget Share as soon as practically possible, and reconciled to the income collection records.

Income collected should be recorded on FMS, including VAT where necessary please see VAT guidance on the schoolsweb VAT guidance.

Non_cheque Book Schools Only

  • Ensure you include the Paying In Slip number in FMS and produce a Receipt Authorisation Control Listing (RACL). The RACL needs to be submitted via the service desk portal Service Desk Portal --> Service Requests --> Finance Services --> RACL Form & attach the RACL form.
  • Ensure the RACL is sent to FSD within 3 weeks of banking income – where a RACL is not received the income will be coded to GL943700 and it will be your responsibility to journal it to the correct codes, and to account for any VAT.
  • Where it is necessary to collect income to the School Fund i.e. using ParentPay, ParentMail etc., this MUST be transferred to the School Budget Share every fortnight, or monthly if this is not practical.

A project is currently underway for all income collected by external payment providers to be paid directly into school budget share rather than school fund. As soon as this has been finalised we will inform schools of the new procedure.

Schools sending cheques to County for banking

Schools that have an arrangement with finance to bank cheques on their behalf should send their cheques & RACLs to the Accounts Receivable Team, 11th Floor NCO, Walton Street, Aylesbury, Bucks, HP20 1UD

The current charge for this service is £1.21 per cheque banked. 

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