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Financial Management, Budget monitoring and control

AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS. Financial Management, Budget monitoring and control. Presented by Anta Jallow and Ibrahima Kebe at the ANCEFA CSEF Mid-term Review and Training Workshop Nairobi 5 th -10 th April 2010. AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS.

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Financial Management, Budget monitoring and control

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  1. AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS Financial Management, Budget monitoring and control Presented by Anta Jallow and Ibrahima Kebe at the ANCEFA CSEF Mid-term Review and Training Workshop Nairobi 5th-10th April 2010

  2. AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS Reflective questions PROPER FINANCIAL MANAGEMENT… WHAT IS IT? (ACCOUNTANTS ONLY) AND WHY IS IT IMPORTANT? (COORDINATORS ONLY)

  3. AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS Pervading themes • PROPER AUTHORIZATION AT ALL LEVELS • SEGREGATION OF DUTIES • TIMELY RECORDING AND CLASSIFICATION OF ALL TRANSACTIONS

  4. AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS KEY AREAS • CASH AND BANK MANAGEMENT • TRANSACTION RECORDING • ASSET MANAGEMENT • FILES AND DOCUMENTATION • MANAGEMENT REPORTING

  5. AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS CASH MANAGEMENT • BANK MANAGEMENT • Check handling • No blank checks • 2 Signatories per transaction (checks & transfers) • Security around custody of Checks • Proper disposal of voided checks • Authorization levels • CSEF Specific • Checking (current) account • CASHBOOK KEEPING

  6. AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS CASH MANAGEMENT (Cont’d) PETTY CASH & IMPRESS MANAGEMENT • Keep in secured area • One person responsibility • Written internal Procedure in place • Minimum level of cash • Minimize transactions • Appropriate supporting documents • Appropriate & timely retirement of impress • Petty Cashbook Keeping, Cash Count tool • OTHER IMPORTANT CONSIDERATIONS • Reconciliation of Cashbooks and bank statements Monthly • Daily recording of transactions • Ensure attaching supporting documents

  7. AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS TRANSACTION RECORDING • RECORD ALL TRANSACTIONS • DOCUMENTED AUTHORIZATION LEVELS • ENSURE PROPER AUTHORIZATION AT ALL LEVELS • ENSURE SEGREGATION OF DUTIES • ATTACH APPROPRIATE DOCUMENTATION SUPPORT • TOOLS – PURCHASE ORDER BOOKS, CASH BOOK TEMPLATE, BANK BOOK TEMPLATE, BANK REC TEMPLATE

  8. AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS ASSETS • Proper approvals of additions and disposals • Detailed registering of all assets • Appropriate tagging of all assets • Documented Verification twice a year • TOOL – FIXED ASSET REGISTER

  9. FILING AND DOCUMENTATION AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS • Physical filing of ALL DOCUMENTS • Electronic filing of KEY DOCUMENTS • Proper storage of CONFIDENTIAL DOCUMENTS • Finance documents filed separately 9

  10. MANAGEMENT REPORTING AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS • Coordinator to review Finance bi-Weekly • Coordinator to review and sign off monthly statements • Coordinator to justify all variances 10

  11. AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS OPEN FOR DISCUSSIONS…..

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