For more than a decade Victoria's public hospitals and health services have reduced cost, time and effort in financial reporting through more efficient, automated and real-time reporting. All health services have adapted their procedures and technology to support this.
Victorian health services report monthly financial data electronically to the Department of Health and Human Services through the F1 return. The F1 includes data from the income statement, balance sheet, performance indicators, statement of cash flows, notes and comments by the chief executive officer or chief financial officer. The financial data for revenue, expense, assets, liabilities and equity is provided in the form of a common chart of accounts. The common chart of accounts applies to all public hospitals and health services, denominational hospitals and multi-purpose services.
These online resources will help finance staff, board members and chief executive officers of public hospitals and health services to:
- use of the common chart of accounts
- meet the requirements of the F1 return
- address any major accounting and external financial reporting issues.
The department will continue to provide user-friendly, reliable and up-to-date information and resources for standardised accounting procedures and classifications.