Financial Management

Last updated: 16th February 2023

The management of school finances is the responsibility of the School Principal under the direction of the Board of Management. Full details of regulations and procedures for such financial management are contained in the Governance Manual for Community and Comprehensive Schools and must be strictly adhered to.

The Financial Support Services Unit (FSSU) supports financial governance in community and comprehensive schools by providing a support mechanism to enable them to comply with the provisions the Education Act, 1998 in terms of accountability, transparency and financial responsibility for State funds.

It is open to schools to introduce an on-line system for the payment of all school expenses. The introduction of such an on-line payment system at a school will mean the reduction of or the end of all cheque payments and provide for an up-to-date means of recording and reporting all financial transactions.

Steps to be taken

  1. Officials from the School's Bank will supply its online payments system to the school for uploading to designated computers. All school accounts from which payments may be made must be designated within the system.

  2. The School must appoint an "Administrator" (the Principal) who will be required to designate those persons (Finance Secretary, Designated Staff members with particular responsibilities) who will be responsible for the administration of the system. Such persons may add payees and create payments as required but may not authorise a payment.

  3. All payments will require dual authorisation by:

    • A designated member of School Management (Principal or Deputy Principal)

    • and

    • A designated member of the Board of Management (e.g. Members of the Finance Committee?)

  4. Access to the online payments system must be made available to those responsible for the administration of the system and to those designated to authorise payments. Such access may be made available on a designated person's personal computer outside of the school premises.

  5. All access to the system must be subject to a secure password system, the security of which is the responsibility of each designated person

  6. Payment of Salaries

    • All employees are required to submit IBAN and BIC numbers for their Bank Accounts

    • All salaries must be prepared and submitted to the Bank in sufficient time for payment to arrive on the agreed payday. This submission must indicate the School Account from which such payments must be deducted

    • All such payments must be notified to the payee with details of all appropriate deductions of tax etc.

    • Payment of tax to the Revenue Department to be made on-line at agreed intervals.

  7. Payment of Bills

    • Payment of regular Bills (Electricity, Gas, ?) may be paid using Direct Debit authorisation. All such payments must be brought to the attention of the Board of Management in the monthly statement of Accounts.

    • Suppliers of all goods and services are required to supply IBAN and BIC numbers.

    • Regular on-line payment for goods and services to be prepared on receipt of invoices indicating the account from which such payments are due.

  8. All payments must be prepared by designated administrative staff and listed on the on-line programme. Notice of such payments must be sent to a designated School Manager who will approve the payments and forward notice to a designated Board of Management member who will complete the process and submit to the bank for payment.

  9. The system will allow for the printing of transactions and a full audit report.

Credit Card(s).

  1. The Board of Management may authorise the School Principal/Administrator to set up a Credit Card Account.

    • (Schools are advised not to use Debit Cards. The use of such cards does not require dual authorisation and as such are in contravention of the Governance Manual for C/C Schools.)

  2. Any such credit card must have a Board approved credit limit. There should only be one credit card in a school which must be the sole responsibility of the Administrator/Principal.

  3. In particular circumstances the Administrator may allow its use by other members of staff for designated purposes subject to the submission of detailed receipts.

  4. Credit card statements should be presented to the Chairperson of the Board monthly with accompanying receipts attached. The Chairperson should review and approve of the statement for filing. When approval has been given by the Chairperson, the credit card balance should be cleared.

  5. Credit card payments and their purpose must be included in the regular financial reports to the Board of Management.