Common use of Annual Accounts Clause in Contracts

Annual Accounts. 3.1. Annual accounts should be prepared at the end of each year of the council’s operations, summarising the receipts and payments made during that year. The financial year of the community council will be specified within their Constitution. 3.2. The use of receipts and payments accounts is recommended. By definition this will only include physical receipts and payments made during the period, not transactions which still have to be concluded. Any transactions not concluded by close-of-business on the final day of the financial period must be accounted for in the following financial year. Ideally, every effort should be made to make all payments and receive all income before close of business on the last day of the relevant accounting year. If exceptionally there was a significant payment due but not made by the year-end then an appropriate note should be made to the accounts. 3.3. The annual accounts should show opening bank and cash balances, summarised details of receipts and payments for the year and the closing bank and cash balances. Appropriate vouchers should be retained as evidence for each transaction. 3.4. A suggested sample layout for annual accounts is included at the end of the document.

Annual Accounts. 3.1. Annual accounts should be prepared at the end of each year of the councilCouncil’s operations, summarising the receipts and payments made during that year. The financial year Financial Year of the community council Community Council will be specified within their Constitution. 3.2. The use of receipts and payments accounts is recommended. By definition this will only include physical receipts and payments made during the period, not transactions which still have to be concluded. Any transactions not concluded by close-of-business on the final day of the financial period must be accounted for in the following financial year. Ideally, every effort should be made to make all payments and receive all income before close of business on the last day of the relevant accounting year. If exceptionally there was a significant payment due but not made by the year-end then an appropriate note should be made to the accounts. 3.3. The annual accounts should show opening bank and cash balances, summarised details of receipts and payments for the year and the closing bank and cash balances. Appropriate vouchers should be retained as evidence for each transaction. 3.4. A suggested sample layout for annual accounts is included at the end of the document.

Annual Accounts. 3.1. Annual accounts should be prepared at the end of each year of the council’s operations, summarising the receipts and payments made during that year. .The financial year of the community council will be specified within their Constitution. 3.2. The use of receipts and payments accounts is recommended. By definition this will thiswill only include physical receipts and payments made during the period, not transactions which still have to be concluded. Any transactions not concluded by close-of-business on the final day of the financial period must be accounted for in the following financial year. Ideally, every effort should be made to make all payments and receive all income before close of business on the last day of the ofthe relevant accounting year. If exceptionally there was a significant payment due but not made by the year-end then an appropriate note should be made to the accounts. 3.3. The annual accounts should show opening bank and cash balances, summarised details of receipts and payments for the year and the closing bank and cash balances. Appropriate vouchers should be retained as evidence for each transaction. 3.4. A suggested sample layout for annual accounts is included at the end of the document.

Annual Accounts. 3.1. Annual accounts should be prepared at the end of each year of the council’s operations, summarising the receipts and payments made during that year. .The financial year of the community council will be specified within their Constitution. 3.2. The use of receipts and payments accounts is recommended. By definition this will thiswill only include physical receipts and payments made during the period, not transactions which still have to be concluded. Any transactions not concluded by close-of-business on the final day of the financial period must be accounted for in the following financial year. Ideally, every effort should be made to make all payments and receive all income before close of business on the last day of the ofthe relevant accounting year. If exceptionally there was a significant payment due but not made by the year-end then an appropriate note should be made to the accounts. 3.3. The annual accounts should show opening bank and cash balances, summarised details of receipts and payments for the year and the closing bank and cash balances. Appropriate vouchers should be retained as evidence for each foreach transaction. 3.4. A suggested sample layout for annual accounts is included at the end of the document.