The new academies chart of
accounts is DfE’s standard for financial data that
underpins the academies accounts return and budget forecast
returns.
Academy trusts that choose to adopt the standard will benefit
from potential automated data transfer from their finance system
to ESFA for financial returns relating to the 2019/20 financial
year. An additional benefit is that DfE can provide richer and
more accurate financial benchmarking information allowing
academies to compare their finances with other similar academies
with greater confidence.
, Parliamentary Under
Secretary of State for the School System said:
“Our better financial reporting programme is a great step forward
in our work to improve efficiency in schools. We have recognised
that the current system of submitting financial data to the
department is time consuming and offers insufficient benefit to
academy trusts.
“By having a standard chart of accounts, we create the essential
building blocks for the new system as it provides a consistent
way of recording financial data for all academy trusts. This will
allow us to reduce the burden on trusts through the electronic
submission of financial data directly from finance systems and
adding greater value to trusts by enabling us to create new
financial efficiency tools as well as improve the timeliness and
quality of the existing tools.”
Adopting the new chart of accounts will require an investment of
time and effort from trusts but this will lead to significant
future benefits. For example, around 65% of the accounts return
comes from data within a trial balance. Being able to have that
data pre-populated will be extremely helpful to trusts.
Trusts can view the academies chart of
accounts and a guide to adopting the new standard.
Adopting the academies chart of accounts is voluntary.
