Finance & Accounts

Functions

All the transactions of any institution either begin from the Accounts Department or end with the Accounts Department. Considering this, the Finance & Accounts Department plays a vital role in the day to day functioning of the institution. In our university as well, the Accounts Department plays the same role and the activities of the department can be bifurcated into Day to day activities and other activities broad segments:

Day to day activities

Day to day or routine activities can be depicted with the help of a flow chart as under for payments of bill of contractors, construction, TA/DA, stationery, advertisement, salary and wages, advances, colleges refund etc.

  • Receipt of Bill/Payment Order

  • Checking/Processing of the Bill

  • Preparation of Voucher

  • Checking of Voucher

  • Passing of Voucher

  • Entry into Cash Book

  • Posting in the Ledger

  • Release of payment

  • Computerized Entry

  • Preparation of monthly Trial Balance

  • Preparation of Annual Accounts at the end of the year

Other activities of the Department:

The other activities of the Finance & Accounts Department can broadly be classified as under:

  • Preparation of budget estimates.

  • Maintenance of Provident fund accounts

  • Reconciliation of books of accounts.

  • Investment of fund.

  • Conduct of internal and statutory audit.

  • Finalization of Income & Expenditure accounts and Balance Sheet.

  • Maintenance of security and advance registers

  • Providing information to authority and other department.

Objectives

  • To maintain transparency in working system

  • To provide adequate information and prompt services

  • To provide adequate support of services to the Academia

  • To prepare data based information of the staff.

  • To develop paper less office.