In this newsletter:
1. BOT Meeting Visits
2. Trading Accounts
3. Feedback please!
4. Asset Registers
5. Xero Multi-Factor Authentication
BOT meeting visits
We will be visiting schools outside of Auckland during term 2. Let us know if you would like us to attend a BOT meeting, or meet with your BOT chair or treasurer. We’ll try our best to arrange our schedule to accommodate your requests if we are able to.
If you are an Auckland school, we are available to visit with your BOT at a meeting during terms 2 and 3 – just let us know so we can book you in.
Trading accounts – Stationery and Uniforms
One thing that has come out of the audit queries is that if your school is in the donation scheme, you are not expected to make a profit from the sale of stationery and uniforms. You should only be recovering your costs.
Something to be aware of when setting your budgets and prices.
If you are currently showing a large surplus in these areas, we may ask you to perform a stock take, so we can reverse your opening stock take figure. That way we can ascertain exactly how large your actual surplus is.
Feedback please!
We would like our monthly BOT report to include information that is important and useful for your Boards and for you. Is there anything in our reports that we could add, change or eliminate? Any feedback would be welcome. There could be a chocolate fish in it for you!
Asset Registers
Schools should do an asset stocktake at least annually. However, that’s in an ideal world and often you barely have time to breathe, let alone do a stocktake. So… if you can’t get someone else to do the stocktake for you, and you haven’t performed a stocktake in however long, start with this.
https://askaccounting.co.nz/newsletters/asset-stocktakes/
Xero Multi-Factor Authentication
You will have received during the holidays an email from Xero about multi-factor authentication (MFA) to log into Xero. This will become mandatory in a couple of months, so you can delay setting this up until it is absolutely necessary or set it up anytime from 4th May.
We are using MFA to log into our Xero accounts and it’s not too bad. There is an option to stay signed in for 30 days, and the Xero Verify app is simple to use. You also have the option of having codes sent to your email.
