Finance Terminology Help Guide

Below are frequent used purchasing terms /acronyms

Purchasing - IRIS Purchasing and Accounting 

PSF and or IRIS - you may hear both PSF and or IRIS being referred to within WMAT Finance, this is the purchasing and accounting system that is used by the trust

REQ - Requisition this is the initial order request for an item/service, once submitted this is electronically sent for approval to the school budget holder. 

PO - Purchase Order this is the purchase order that is raised once the budget holder has approved the REQ above. The PO is then approved within WMAT approval authorisation limits.  Once the PO has been approved, it is this PO order that is sent electronically to the supplier by WMAT Finance for placing the order

GRN - Goods Received Note once the order has been physically received or service happened, by electronically receiving this via IRIS the school is authorising WMAT Finance to pay the invoice. Without this process being completed within IRIS, the supplier can not be paid.

Acronyms 

DFE - Department of Education

RO - Responsible Officer (CEFM is the company that is the Trust's RO)

EVC - Educational Visits Coordinator (Each school will have their own EVC for school trips, this is not at Trust level)

VAT - Valued Added Tax 

HMRC - HM Revenue and Customs 

GAG - General Annual Grant

BACS - Bank payment run to suppliers

PAN - Published Admissions Number 

NOR - Number on Role 

TPS - Teachers Pension Scheme (Teachers)

LGPS - Local Government Pension Scheme (Associate staff Surrey and Hampshire)

VRO - Value Reducing Order 

RPA - Risk Protection Arrangement (Insurance) 

OBU - Occasional Business Use (insurance for car)