Council of Newcomer Organization

Responsibilities of a Finance Department
Finance Department is the part of an organization that is responsible for acquiring funds for the firm, managing funds within the organization and planning for the expenditure of funds on various assets. It is the part of an organization that ensures efficient financial management and financial control necessary to support all business activities

The contributions of finance department to any originations and how these contributions positively affect organisational performance will greatly depend on factors such as the extent to which the owner/ manager is involved in originations. The roles and responsibilities of a finance department include but are not limited to:

The most basic of functions-day to day recording information
Process payment and payroll and
Monitor the organization cash flow
Work with Head of Event with budget and forecast, budget control and feedback
Annual financial statement and Tax filing
Assist Top management team in making key strategic decisions

Council of Newcomer Organization AP Policy and Process
Introduction:
The accounts payable process or function is immensely important since it relate company expense control and fraudulent invoice. It helps organization safe guard their treasury. Regardless of our organization development, the mission of this policy is to pay only the organization’s bills and invoices that are legitimate and accurate.
Overall process of procuring goods and services at CONCO is shown as follows. This policy covers the activities and actions required in second box:

This chart clarifies the key roles and functions in the accounts payable process as further shown in the flow Charts.

Roles Description

  1. Requesting unit (budget owner) The requesting unit ‘needs’ a good or service and initiates the purchase process to obtain the items or services.
  2. Finance or administrative main point processing payment transaction for requesting unit
  3. manual Approver typically, the “head of office/unit” in the requesting unit, is responsible for signing off on the ‘Payment Request Checklist’ which authorizes the release for payment

I. Policy

  1. Before the payment, the invoice must reflect:
    What organization had ordered
    What the organization has received
    The proper unit costs, calculations, total, term, etc
    Any expense and purchase should be agreed by Department and Accounting based on our budget before accrual
    Original invoices must be included, only amount up to $30 can be qualified for Petty Cash
    Requests for payment must contain 3 signatures (volunteer, Supervisor, Accounting Division)
    Requests for payment must be received in Accounting within 2 weeks from the end of Event
    Compare with your budget or purchase order (if related to events) and report the discrepancy if over 10%
    Over $1000 purchase or costs, approved by Financial Head and Directors
    All expense, over $300 for meals must be approved by Head of Department and CFO
  2. Three -way match in Financial department

II. Procedures
Step 1: Verify details of invoice and ensure within allowable limit
Step 2: Create ‘receipt’ and complete Payment Request Checklist
Step 3: Review Payment Request Checklist, create payment voucher
Step 4: Payment is processed
Step 5: Copy of Chq and stapled with invoices and supporting document.

Leave a Reply

Your email address will not be published. Required fields are marked *