Updated Academies Chart of Accounts
Posted 12th June 2020
An updated chart of accounts has been released for Academies by the Department for Education for use in the academic year 2020/21. This includes a small amount of changes to the previous set released in May 2019.Any Academy Trusts already adopting this method should ensure that they update their own chart of accounts starting from 1st September 2020 to include the changes. Other Trusts not using this method are able to switch for the first time in 2020/21 should they wish. It is not mandatory, but those who choose to use it have the potential to benefit from it. What are the benefits of adopting the DfE’s chart of accounts?
- Maps directly to the accounts return and budget forecast returns.
- Use of the DfE’s application programme.
- Reduction in data entry time.
- Improves the reliability of benchmarking data comparisons.
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