FAQ

The Organization’s Financial Management Policy describes the accounting policies, systems and procedures to be used by the organization. The Policy willcover the input, processing, output, ...

Basis of Accountinga) The organization shall prepare its accounts on the basis of historical basis of accounting but assets shall be re-valued from their historic ...

Cash Account and TransactionsCash transactions are to be resorted only for petty expenses and when /where banking facilities are not available. As per Income Tax ...

Salaries  The following is the procedure on salaries:- a) All permanent employees shall be issued with appointment letters signed by the organization head and employee-signifying acceptance of ...

Bank AccountBank account for the project funds shall be opened only in a nationally recognized bank or any other bank authorized by the central bank ...

Bank Receiptsa) All receipts will be acknowledged by issuing an official receipt. The date of receipt, its accounting and the date of deposit of the ...

Invoice Validation Essentials of a Voucher  a) Project name – in order to identify that the voucher belongs to a particular project, the project name needs to ...

Maintaining Cash BookA cashbook is a primary book of entry that is prepared after a voucher for a particular transaction. The cash book records all ...

Purchasing The purchasing function involves:a) Identification of needs, for goods and services,b) Identification of costs to cover the needs for those goods and services,c) Identifying the ...

Organization receives specific grants to implement activities but it may not be necessary that the entire allocated grant will be spent for a certain activity. ...

Further to developing different reports as part of the financial management, below are details on internal control measures and management information report: Internal Control MeasuresIn addition ...

Fixed Assets RegisterIt is the responsibility of the Finance/Accounts manager to maintain a complete and accurate fixed asset register. The fixed assets register will be ...