The Finance Department is at the heart of Don Bosco Fambul as it supports all the Projects in Don Bosco Fambul in aiding them to achieve their set results. This department constitute of Four (4) staff, the Finance Manager, The Account Assistant and two Book keepers. This department performs the following functions:
Receiving Requests
The Finance Department, on a daily basis, receives request forms, from Project Coordinator, Social Workers and other auxiliary staff, which are either for Cash or Materials. These requests are later checked at the end of the day by one of the Finance officers.
For accuracy cost effectiveness and correctness he or she will see as to whether there is indeed a need for such request on behalf of beneficiaries. This checked request and then forwarded to the Director for final approval.
Disbursement of Funds
After the approval of request from the Director, the finance office will then disburse requested funds to individuals and upon doing so, a payment voucher is prepared which is prenumbered and contains the following details:
- Payment Voucher Number
- Amount in words and in figure.
- Budget Line of the expense
- Brief description of the transaction and purpose
- Signature of the receiver, etc
Booking of Daily Transactions
Also, we enter manaully and in the computer system, all transactions carried out in the finance, every day in an orderly and sequentially according to Payment Voucher Number and by project. This make the preparation of Monthly, quarterly and even yearly to be very simple with utmost convenience.
Monitoring of Project Funds
We monitor project funds properly in that budgeted cost, and thus, monitored with actual spending, to avoid the issue of over or underspending.
Reconciliation of Project Accounts
Also, on a monthly basis, we reconcile all project accounts to ascertain the accuracy of Bank Balances. This helps in detecting outstanding payment, outstanding lodgment, direct debit, credit transfer etc.
Preparation of Finance Reports
The departments prepare monthly, quarterly and annual Finance Reports for each project. These reports are use as guiding tools to project coordinators to see where they need to spend more, less or not to spend at all. Meanwhile, reports are also prepared for Donor partners and for external audit work as well.