(parents) Bank Interest 500 60,500 Less Operating Expenditure School payroll 10,000 Central payroll 25,000 Superannuation 450 WorkSafe 150 Annual Leave 150 Long Service Leave 100 Advertising 50 Telephone 200 Utilities 100 Insurance 150 Other Admin Expenses 500 36,850 Net Profit/Loss 23,650 Reporting Profit and Loss Statements As outlined earlier a profit and loss statement is to be prepared annually for school council and audit purposes for all trading operations on a regular basis and at least annually. Budget versus Actual Regular monitoring is important to ensure all expected revenue and expenditure is accounted for and within budget. This involves comparing actual figures to budget figures to assess performance against expectations. Variances should be identified, investigated and reported with corrective action taken if required. The key report to use in monitoring budgeted versus actual revenue and expenditure is the Operating Statement Detailed (GL21150). – Trading Operations Coordinators can monitor the actual spending against individual budgets by using the Annual Subprogram Variance Report (KGLSUB21003) or the Annual Subprogram Budget Report (GL21157). Retention of financial records Schools are responsible for the creation, management and disposal of records relating to all aspects of school administration. These records include financial records. Schools should refer to, and become familiar with the two Retention and Disposal Authorities that are used to sentence school records. Schools General Retention & Disposal Authority (PROS 01/01) This RDA covers records specific to schools such as, but not limited to, reports, attendance rolls, enrolment records and school council records. General Retention & Disposal Authority for Records of Common Administrative Functions (PROS 07/01) This RDA covers records common to all public offices such as, but not limited to, financial records and personnel records. These documents can be found on the website. For more information on both Retention and Disposal Authorities, see: .
(parents) Bank Interest 500 60,500 Less Operating Expenditure School payroll 10,000 Central payroll 25,000 Superannuation 450 WorkSafe 150 Annual Leave 150 Long Service Leave 100 Advertising 50 Telephone 200 Utilities 100 Insurance 150 Other Admin Expenses 500 36,850 Net Profit/Loss 23,650 Reporting Profit and Loss Statements As outlined earlier a profit and loss statement is to be prepared annually for school council and audit purposes for all trading operations on a regular basis and at least annually. Budget versus Actual Regular monitoring is important to ensure all expected revenue and expenditure is accounted for and within budget. This involves comparing actual figures to budget figures to assess performance against expectations. Variances should be identified, investigated and reported with corrective action taken if required. The key report to use in monitoring budgeted versus actual revenue and expenditure is the Operating Statement – Detailed (GL21150). Trading Operations Coordinators can monitor the actual spending against individual budgets by using the Annual Subprogram Variance Report (KGLSUB21003) or the Annual Subprogram Budget Report (GL21157). Retention of financial records Schools are responsible for the creation, management and disposal of records relating to all aspects of school administration. These records include financial records. Schools should refer to, and become familiar with the two Retention and Disposal Authorities that are used to sentence school records. Schools General Retention & Disposal Authority (PROS 01/01) This RDA covers records specific to schools such as, but not limited to, reports, attendance rolls, enrolment records and school council records. General Retention & Disposal Authority for Records of Common Administrative Functions (PROS 07/01) This RDA covers records common to all public offices such as, but not limited to, financial records and personnel records. These documents can be found on the website. For more information on both Retention and Disposal Authorities, see: .