Keeping accurate and up-to-date accounting records is crucial for Parish & Town Councils. It allows councils to make informed decisions about budgeting, spending, and resource allocation, as well as ensuring compliance with legal and regulatory requirements, avoiding unwanted penalties and maintaining transparency. Having up-to-date and accurate accounting records can also help to reduce stress and workload at Year End.

Here are some daily, monthly, quarterly and annual financial habits that will put you in good stead for 23/24!

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Daily Habits:

1. Add transactions to the cashbook
2. Ensure VAT is correctly accounted for
3. Pay/create invoices

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Monthly Habits:

1. Bank reconciliations
2. Reports for Council
3. Review actuals against budget
4. Council Meeting
5. Pay Salaries

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Quarterly Habits:

1. VAT Return/Reclaim
2. Budget Update

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Annual Habits:

1. AGAR (Annual Governance and Accountability Return) - April
2. Exercise of Public Rights
3. Sign and Publish Year-End Docs
4. Set Budget for the New Financial Year - Oct-Jan
5. Review Asset Register