Financial Management

Financial Management System

The financial management will be performed with following the proper accounts keeping and financial management policies aimed in the organization. In financial management and procurement of equipments & materials and other inputs implicated in project management, UDDIPAN will collect purchase request from the implementation staffs. After collecting purchase request the procurement team including different level staffs and project participants will collect quotation from different traders and enterprises. As per quality and lower price of the quotation products will be purchased accordingly. All financial disbursements will be done through bank payment. In staff remuneration, all payments and ways are managed to pay through account pay system.
In resources management including resources leveling, resources scheduling and resources allocation that always are participatory executed by all level staffs and project stakeholders. Management and financial personnel manage resources and monitor its effective use in implementation. In managing accounts and resources different ledgers and books are to be practiced according to the best accounts keeping policies. Banking transaction is to be done through joint signatures, of any two of the organization (one by Executive Director and other by Chairperson or Treasure). Here UDDIPAN Accounts rules & regulation of accounts management will be followed. All financial resources, project resources and accounts are audited regularly yearly basis by internal & external auditors / audit firms.
Planning, Monitoring, Evaluation and Reporting System of UDDIPAN:

Planning and Monitoring is the essential component in project management to measure the progress of the activities and to show the management how (in) effective the services are, so that management can take necessary initiative accordingly and immediately.

Accounts Maintaining System of UDDIPAN

The accounting system is based on accrual basis and on the system of double entry book keeping. It may be mentioned here that sue of journal Voucher should be introduced to make the accounting system as ‘accrual’.

The method for any expenditure or income which has not been met up by cash money for certain period but recorded in the books of account through Journal Voucher (J/V) is called “accrual basis”. e.g. an amount for ‘salary’ and ‘Cr.” under ‘Provision for Salary head.

According to the rules of double entry system, each entry is always entered in two different account i.e., every debit must have it s corresponding credit. The primary books of account like cash book, general ledger etc. has to be maintained at all accounting affairs following the principles of double entry system.

The primary documents are:
a) Money Receipts
b) Debit Vouchers and
c) Journal Vouchers

The information on the above mentioned documents are recorded Receipts/Payments Statements, (ii) Cash/Bank Books by each and every UDDIPAN where financial activities take place.