The project team was made up of a team from across the department including schools, EDConnect, Audit and Schools Finance. The team reviewed the process, policy and systems from a school’s perspective. The following improvements will be introduced shortly.
Cancelled and adjusted fees report – the Blank report
- The Cancelled and adjusted fees report will be scheduled to run on the 1st day of each month rather than the current daily schedule. The last daily report for the year will be emailed on 21 December 2018 (last day of school) containing transactions for 20 December 2018.
- Principals/delegates will no longer be required to sign reports containing no transactions “blank reports”.
- This monthly scheduled report will improve visibility and provide trends of cancelled/adjusted fees over the reporting period. The first monthly report for next year will be emailed out on 1 January 2019 containing transactions from 21 December 2018 to 31 December 2018.
End of day reports – printing, receipting and banking
- When balancing your till you will be able to print the Trial Summary (Cash Register Contents) and Trial Detailed (Cash Register Management) reports to your screen, reducing the need to print it on paper.
- You will no longer need to print and store the Live Detailed (Cash Register Management Report). Schools can regenerate this report at any time for checking/balancing purposes.
Note: You still need to print and store the Live Summary (Cash Register Contents) report and one copy of the Bank Deposit Sheet with your daily banking documentation.
Streamlined banking practices – a risk management approach
- We are developing a set of Banking Golden Rules and Best Practice to give schools a quick and easy reference around the cash desk process.
- To view unreconciled bank transactions (Red Dots), Schools will be required to run the Bank queries on GL account report weekly (Minimum):
- Select GL Accounts from 105110 to 105190
- Select Open Items
- Principals will no longer be required to verify reconciled bank transactions (Green dots) on the Bank queries on GL account report.
- You will be able to record discrepancies in cash at the cash desk, during the end of day banking process by utilising the Discrepancy function. Directors, Education Leadership are no longer required to pre-approve the recording of discrepancies.
- There will be an improved treatment of unreconciled transactions (red dots) in bank clearing GL accounts by Transactional Banking Services:
- Principals will be required to review discrepancies at the start of each month.
- Directors will be provided with a Discrepancy report to review each term.
We will provide you with more information in Term 1 2019.
Source – SWIFT Implementation Project, EDConnect