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November 2021 2nd Edition
Keep up-to-date with us and what's happening in the education sector
- 2021 Annual Accounts & Audit
- End of year preparation
- New premises coming in 2022!
- Xero Tip of the Month - Business Snapshot & Analytics Plus
- Welcome to the team: Kelly & Nerissa
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2021 ANNUAL ACCOUNTS & AUDIT
The year-end audit process is well underway.
By now, many of you would have received a checklist and questionnaires to complete from the auditor; you may also have a confirmed date for an interim audit visit.
A folder has been created in Google Drive called "Audit Information & Checklist"; for which we would appreciate it if you could please upload the auditor checklist, fraud risk assessment, and any additional questionnaires (ideally completed, though we can help complete if required).
In the coming weeks, we will be reviewing the Google Drive folders in detail, to ensure we have as much information as possible to prepare the 2021 annual accounts.
To assist with this, can you please check if the following have been uploaded to Google Drive:
- All 2021 Ministry Funding Notices including Operational Grants, ORS, ESOL, etc
- All 2021 SUE and Banking Staffing Reports
- Copies of any new Lease Agreements
- Copies of all 5YA documentation, including project approvals and payment summaries
- Fixed Asset Invoices (unless these are already attached to transactions in Xero)
- Copy of the current 10YPP (or draft if being updated)
- Board Minutes for all of 2021
- List of all Board Members that held or hold office during 2021
- KiwiSport Statement for 2021
- Certificates for term deposits that will mature in 2022
- Invoices paid that relate to activities for 2022 e.g. subscriptions, courses, insurance
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END OF YEAR PREPARATION
As we approach the year-end, we would like to thank you for your continued support; we know it has been quite a challenging 2021 for everyone, and we are looking forward to some brighter times ahead in 2022.
We have put together a short to-do list below to help you best prepare for the upcoming holiday season.
- Plan for your upcoming payments and the school expenses over the holiday period. Remember that there is a payroll on 28 December, so please ensure there is enough cash to cover.
- Be aware of any direct debit payments that will come out over the holidays.
- Please reconcile all transactions you can prior to finishing up for the year; this allows us to complete the GST returns and December management reports while you're still enjoying the sun :-).
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NEW PREMISES COMING IN 2022!
Exciting things are happening here at Accounting For Schools, and we want to share some important news.
Continued support from Schools has made the move to new premises necessary, in order to accommodate our amazing team. We are moving all of 10 metres, staying in the same building here at 271 Willis Street.
Watch this newsletter for photos and updates in the new year!
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XERO TIP OF THE MONTH - BUSINESS SNAPSHOT & ANALYTICS PLUS
Want to see a Snapshot of how your School was tracking over the last 12 months – all on one page? Well you can! With Xero's Business Snapshot!
Business snapshot is a dashboard that shows you valuable financial information, such as profitability, income and expenses, plus much more allowing you to view your financial wellbeing and identify trends in a single snapshot! While designed with small businesses in mind, the Snapshot does provide some useful insights for Schools.
How to access Business Snapshot:
- In the Business menu, select Business snapshot
- To change the dashboard's reporting period, click Year to date. The text on the button changes to show the selected reporting period.
- You can change the reporting basis from accrual to cash basis by clicking on Accrual in the top right-hand corner.
- To print the snapshot, click Print. You can save the snapshot as a PDF when you're in the print preview.
To access extra features in Business Snapshot, upgrade to Analytics Plus!
Business Snapshot in Analytics Plus gives you a better insight into valuable school finances, such as cash flow, profitability and plenty more...
Business snapshot in Analytics Plus lets you:
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Use custom date ranges beyond the last month, quarter, financial year or year to date.
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Choose which accounts are included in the dashboard's calculations.
- Choose which expenses to track on the expenses table
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Drill down into a metric on the dashboard to see the underlying transactions.
If you are on a starter, standard or premium plan, you can try Analytics Plus for FREE until 31 January 2022. Once the free period has ended, Xero will be charging extra for this feature. So good option to try now while its free.
To access more information, including a short video on Analytics Plus,
Click the button below.
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WELCOME TO THE TEAM: KELLY & NERISSA
Kelly Zheng
Originally from China, Kelly has been in NZ for more than seven years and is currently studying towards her BCom at Victoria University while also undertaking an ACCA qualification.
Kelly has joined the AFS team as our summer intern, providing the team with extra support to service our clients over the busy season.
Kelly is looking forward to applying her existing skills and knowledge into practice. She is excited to help us provide and maintain excellent service standards for our clients.
In Kelly's spare time, she enjoys cooking for friends, swimming and table tennis.
Nerissa Heyrana
Born and raised in the Philippines, Nerissa moved to New Zealand two years ago, where she graduated from Auckland University with a graduate diploma in Accounting.
As our new business services accountant, Nerissa will be assisting our schools with their
management and annual reports.
Nerissa is looking forward to utilizing her skills and experience while providing and maintaining excellent service to our clients.
In Nerissa's spare time, she enjoys exploring the city of Wellington (having just moved here recently) and going on treks in the hills and mountains!
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