F – glossary definitions

F glossary

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FBT

Fringe benefits tax is a tax paid on certain benefits provided to employees or employees' associates. FBT is separate from income tax and is based on the taxable value of various fringe benefits provided.
For example, when:

  • an employee uses a work car for private purposes
  • an employee is reimbursed for an expense incurred
  • entertainment by way of food, drink or recreation is provided.

Finance committee

A committee appointed to assist the principal in areas of finance, budgeting and financial planning for the school.

Finance Shared Service Centre (FSSC)

The FSSC manages multiple financial transactions for schools including:

  • banking
  • sales orders and contracts
  • purchasing and receipt processing
  • collections and dispute management
  • goods receipt/Invoice receipt
  • petty cash and expenses
  • supplier master data
  • assets and equipment
  • project accounting for schools.

Financial delegation

Financial delegation is an attribute in SAP assigned to a position and indicates the financial approvals limit of a position as per departmental policy. Employees cannot approve transactions above their Financial delegations.

Financial year

A predetermined timeframe for recording and reporting financial information. School financial year runs from 1 January to 31 December.

Fiscal year

An accounting year of twelve consecutive months running from 1/7 to 30/6 for tax purposes.

FISH

Acronym derived from Finance In Schools Handbook, the schools finance management manual.

Fixed asset register (FAR)

A register of all the department  assets.

Forecast

An estimate of the actual financial outcome for the balance of the current accounting period based on actual performance to date plus budget for the future period and other information available to the budget manager.

Free text item

If goods/services cannot be found in the online catalogue, school staff can create a shopping cart by describing what they need.

Fringe benefits tax

See FBT.

FTE

Full-Time Equivalent (staffing).

Fund

SAP field used to represent the department funding source.

Fund type

Source of funding for specific programs eg commonwealth and state.

Funding management

Supports the management of fund allocation (fund, grant, sponsorship) to a school. Funding management captures the processes for preparing requesting, receiving, monitoring and finalising various fund sources.

Funding source

The department (DoE) data dimension reflecting the origin of the funding eg commonwealth, state recurrent, etc.

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