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You are here: Home / imp / What should one keep in mind while managing NGO finances?

What should one keep in mind while managing NGO finances?

Below are some of the standard systems followed and mentioned in the financial policy manual:

Bank Receipts

a) All receipts are to be acknowledged by issuing an official receipt. The date of receipt, its accounting and the date of deposit of the check/draft to the bank account should be the same. The relaxation can be only in view of banking hours or bank holidays.

b) The bank deposit slip should be attached with the Receipt Voucher.

c) No receipt should be issued on the last day of the month if the instrument cannot be deposited with the bank on the same day.

Bank Payments

a) Payment Voucher has to be prepared before preparing any check.

b) Check should not be prepared, for whatever reason, if sufficient balance is not available with bank.

c) All Vouchers have to be verified and approved before payment is released.

d) Payment has to be made only against original bills and claims. Any type of copy of bill or claim should not be entertained.

e) All supporting documents should be attached with the Payment Voucher and filed according to serial number.

f) Checks should be written legibly and doubly ensure that the amount in words and figures are the same.

g) All checks have to be crossed. A Rubber Stamp stating “A/c Payee Only”

h) Post-dated checks are not to be issued.

i) All checks are stamped “for the Name of the Organization”

Controls to be exercised

a) All letters/instructions to the bank should be signed by the authorized signatories only.

b) Checks in advance or in blank should never be signed.

c) Un-cashed checks should be cancelled within a reasonable period.

d) Specimen signatures should not be left unsupervised.

e) Check books should always be kept under lock and key. Only authorized persons should be allowed to handle them.

f) Using a carbon (black side up) under the check will leave an impression on the reverse of the check making it difficult to alter.

g) A receipt after payment by check should be insisted.

h) Bank reconciliation statement has to be done on a monthly basis.

Bank Reconciliation Statement

This has to be done every month to ensure the balances as per the bankbook and the passbook tally. Following the reconciliation make sure that entries are passed (if any) for bank charges, interest received etc. in the books immediately.”

Ref: https://www.fundsforngos.org/financial-management-for-ngos/ngos-manage-bank-transactions-ngo-financial-management-policy/

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