Income & Expenditure accounts (for larger councils)

For officers who want to understand how to prepare their council’s Annual Governance & Accountability Return on an income and expenditure basis (mandatory for councils regularly spending over £200,000) and comply with the requirements of the audit process.

This session explains how to convert receipts & payments accounts to income & expenditure accounts, how this affects the Annual Return and the timing of year-end activities and the audit process, enabling you to complete all the relevant steps correctly.

Topics include:
• Closing the accounts
• Debtors and creditors
• Assets and borrowing
• Internal audit
• Reviewing internal control
• The Annual Return
• Electors rights
• Publication requirements

By the end of this session you will:
• Be able to identify the difference between I&E and R&P accounts
• Know the steps needed to convert to I&E accounts

• Understand how to complete the Annual Return
• Be able to correctly allow the exercise of electors’ rights
• Recognise the need to review internal controls

Session leader: Steve Parkinson, The Parkinson Partnership LLP
Steve is a former Town Clerk and an accountant with 30 years’ experience in public and voluntary sector finance. He now specialises in delivering training and advice on VAT and finance matters for the local council sector.