New Academy Chart of Accounts 2019
Posted 27th June 2019
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The Government have released a new standardised Academy Chart of Accounts.The standardised Academy Chart of Accounts is for Budget Codes (also known as Ledger Codes, or in systems such as PS Financials, Nominals) and the Financial Reporting Codes. It has been recommended that academies have this Chart of Accounts implemented for Sept '19 but is currently optional.
What is the motivation behind this change?
- The primary reason for this change is that the Government want to introduce an automated system to transfer data for the ESFA Return in the future. This would save academies valuable time. The automated system will match the codes to the relevant categories.
- Having a standardised academy Chart of Accounts will also mean that reporting within MATs will be easier. Plus, when academies join MATs you will not need to convert their whole budget onto the MAT's Chart of Accounts.
- Moreover, the new Chart of Accounts will also help improve the speed and efficiency of implementation on budgeting and finance systems due to having the Budget Codes pre-completed for you.