The accounts for a parish council (PC) are not complicated but the rules and regulations surrounding them are.
Take a look at the instructions on the first page of your Annual Governance Report to see what I mean!
At the beginning of the financial year (FY) the PC starts off with a set amount of money in its bank account.
Over the FY it will receive and spend money (trade) to conduct it business. At the end of the FY it will have either earned more money or spent more money and have a surplus or deficit. In the commercial world a profit or loss.
The diagram to the right tries to illustrate the idea.
The Financial Regulations tells PCs what the are responsible for and what they must record.
Financial software
Many parishes can keep their financial management records on standard software such as MS Word or MS Excel. Others use bespoke software of which, there are many. If you have 20 or less transactions a month a spreadsheet solution is more than sufficient. Unless your internal auditor telsls you otherwise! A simple solution like this used on a file sharing platform allows the parish clerk to share what the are managing with memers of the finance committee or parish council. DigiCerk has a a number of different level soltionssimple spreadsheet as an exmaple that you can download and use for freehave DigiClerk finacial software soltuions
Asset register
Introduction
This is where all the finance matters will be accessed.
The finances of a PC are governed by ///// and the PC’s Financial Regulations (FR) should reflect /////. Financial Regulations
Financial system available from DC
DC4PC can provide three levels of financial accounting system:
- A template for a stand alone spreadsheet system; or
- A customisable and shareable SaaS system; or
- A fully funtional SaaS system .
The different levels of functionality are described in the tab below.
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