School account made out by the end of July (7)
I believe the answer is:
academy
'school' is the definition.
(I know that academy is a type of school)
'account made out by the end of july' is the wordplay.
'account' becomes 'ac' (abbreviation for account).
'out' is an anagram indicator (out can mean wrong or inaccurate).
'by' means one lot of letters go next to another.
'the end of' suggests the final letters.
The final letter of 'july' is 'y'.
'made' with letters rearranged gives 'adem'.
'ac'+'adem'+'y'='ACADEMY'
(Other definitions for academy that I've seen before include "University" , "institute" , "Specialised educational establishment" , "Learning institution" , "Type of school" .)