# Finance at NFE

# Finance at NFE

**Owner:** Aaron Tushabe · **Last reviewed:** 29 Oct 2026

> This book is adapted from the [Finance section of the GitLab Handbook](https://handbook.gitlab.com/handbook/finance/) (CC BY-SA 4.0), scaled down for a small team. As at GitLab, it describes what we do **now**, not what we hope to do. Anything not yet decided is marked **PROPOSED** or is a stub labelled **Planned**.

Nearly Free Energy (NFE) trades as **Watt Works Foundation Limited**. This page is the front door to NFE's money: who decides, where the numbers live, which rules apply, and where to go next.

## Who does what

| Area (GitLab equivalent) | At NFE | Who |
|---|---|---|
| Accounting and reporting | Books in ERPNext, monthly close | Aaron Tushabe |
| Review and second approval | Reviews the close; approves Aaron's spending | Hillary Arinda |
| Tax | EFRIS invoicing and the monthly VAT return | Aaron Tushabe (backup: *to be named*) |
| Tax review and year-end | VAT review, annual return, year-end adjustments | External accountant |
| Investor relations | Funders, grants and owner capital | Aaron Tushabe |

## Where the numbers live

- **ERPNext** is the system of record for every figure: balances, invoices, fixed assets and profit and loss by site (cost centre). This book holds the rules, decisions and how-tos. It links to ERPNext and **never copies balances**.
- **EFRIS** and **eTax** (URA) hold fiscal invoices and filed returns.
- **Nextcloud, Accounting folder** holds source documents: receipts, bank statements, URA acknowledgements.
- **Open Collective** ([opencollective.com/nfe](https://opencollective.com/nfe)) is history only. It was replaced by ERPNext in Oct 2026; see [the migration record](/link/208).
- TINs, bank account numbers, signatories and logins **never go in the Library**. They're in the password manager.

## Financial year

1 July to 30 June, named for the year it ends: **FY27** = 1 Jul 2026 – 30 Jun 2027.

| Quarter | FY27 dates |
|---|---|
| Q1 | 1 Jul – 30 Sep 2026 |
| Q2 | 1 Oct – 31 Dec 2026 |
| Q3 | 1 Jan – 31 Mar 2027 |
| Q4 | 1 Apr – 30 Jun 2027 |

Refresh this table each July, when the policy register below is reviewed.

## Policy register

Policies are **controlled**: they change only with both owners' sign-off, recorded as a dated line on the page. Every other page in this book is a procedure that whoever does the work can edit.

| Policy | Owner | Status | Last reviewed | Next review | Summary |
|---|---|---|---|---|---|
| [Fixed assets and depreciation policy](/link/213) | Aaron Tushabe | Approved | 29 Oct 2026 | Jul 2027 | What gets capitalised and how it's depreciated (URA rates) |
| [Spending and approvals policy](/link/214) | Aaron Tushabe | Planned | – | – | Who approves what, quotes, receipts, no self-approval |
| [Chart of accounts change control](/link/215) | Aaron Tushabe | Approved | 29 Oct 2026 | Jul 2027 | Who can add accounts and cost centres |
| [Access Management Policy](/link/176) (Security) | – | Approved | see page | see page | Who gets access to ERPNext, EFRIS and eTax |

## Where to send things

| You have… | Send it to |
|---|---|
| A supplier invoice or receipt | Aaron, in the Nextcloud Accounting inbox folder |
| A customer billing question | Aaron |
| A request to spend money | An owner, **only once it's complete**: the quote or receipt, the site (cost centre) and what it's for |
| A question about a rule in this book | Comment on the page |

## Transparency

NFE works in the open ([Transparency by Default](/link/179)). Finance pages in this book can be read by all contributors. Personal data and credentials stay out.

## What's in this book

- **Policies:** the controlled rules for spending and capitalising money.
- **Accounting:** how the books are kept in ERPNext, the migration record, and the monthly and year-end close.
- **Tax and URA:** EFRIS invoicing, the monthly VAT return, and NFE's other URA obligations.
- **Funding:** funders, term sheets, grant applications, the capital target, and how owner and grant money is recorded.

Related glossaries: [NFE Commercial RPM Finance Glossary](/link/147) and the [Team glossary](/link/24).

## About this book

Please improve it: edit any procedure page directly, or ask Claude to update it using the NFE Library skill. To change a policy, propose the change in a page comment and get both owners' sign-off.