ABSTRACT
The maintenance of clear, accurate and up-to-date records of all of the department/ team finances, whatever the source of that finance, is most important. The school’s management information system is likely to maintain the records of finance of each department or subject area but it is important that someone in the department/team takes responsibility for the monitoring of expenditure and income. It should not be necessary to replicate the records which are held centrally, providing these are readily accessible, but there is a need to maintain some form of record to avoid overspending or underspending towards the end of the financial year. The team should also carry out its own internal audit as well as the external audit of all finances that the school will face.
