There are several versions of Accounts, depending on your accounting practice
and your income banding. These accounts are designed to be relevant for councils or similar public service organisations working
to a budget, rather than accounts related to a commercial business existing primarily for trade and profit. They meet the
requirements of the Audit Regulations for local councils and include production of the 'lighter touch' Annual Statement introduced
in 2002 in addition to providing for all the 1996 Regulations.
- Standard Accounts (this is a Receipts and Payments version, which
includes a converted year end Income and Expenditure account and Balance Sheet for those Councils which require them. This
package is suitable for all Councils with up to a 1 million pound turnover)
- Accruals Accounts (an Income and Expenditure version for larger councils,
or for those who issue a large quantity of purchase orders or invoices. This is a matter of choice for any council under 1
million pound turnover, and is not demanded by any of the Accounts Regulations. It can be used by the 'over 1 million pound'
council as part of an accounting solution)
Features (depending on the version) include:
- set your own cost centres and analysis codes
- set a budget for each service
- print invoices
- maintain a cash balance and multiple bank balances
- distinguish between cash and cheque transactions
- record movement of money in or out of bank, and handle petty cash
- record receipts and payments made against invoices
- produce draft list of cheques for approval
- compare actual against estimates for any code or cost centre
- make journal transfers between codes for correction of errors or allocation
of central costs
- reconcile cheques with bank statements
- record and review business with individual suppliers
- operate a profiled budget to make realistic comparisons for time of year
- make virements between budgets or revise estimates
- produce end-of-year statements and balance sheet to correspond to regulations
and guidance
- calculate and produce asset register and handle reserves
- calculate and produce VAT returns
- produce detailed reports for audit
- produce regular reports for financial management
- gain immediate access to up-to-date financial information at any time
