Bursary
The Final Accounts Unit:
1 The Unit consists of the following Sub-Units:
2 Ledger Accounts
3 Reconciliation
4 Fixed Asset
5 Central Processing
FUNCTIONS OF THE FINAL ACCOUNTS UNIT
This Unit has been reorganized, and partially computerized.
a. General coordination and supervision of all matters and responsibilities relating to Ledger Accounts, Central Processing Office, Reconciliation and Fixed Assets,
b. Preparation of the University of Ilorin Financial information need for Management decision making,
c. Preparation of Financial statements with relevant supporting schedules of the University.
d. Co-coordinating and liaising with External Auditors for statutory auditing.
e. Preparation of Monthly Bank reconciliation of the University Accounts,
f. Coordinating the Bank reconciliation observations and ensure its correctness.
g. Responsible for creating and assigning codes for new accounting transaction;
h. Filing and custody of relevant documents for producing the accounts.
Ledger Account:
Specific Functions of the Sub-Unit are as follows:
(a) Checking of Posted Receipts and Payment Vouchers with the hard copies
Check receipts and payment vouchers posted into Cash Book to ensure that codes and amounts are correctly posted
Raise journal vouchers to correct errors observed and or edit on system where possible
(b) Finalizing the preparation of financial statement.
i Prepare and report on management account and financial statement
ii Check summary and detailed Trial Balance for unusual balances.
iii Investigate unusual balances in the Ledger
iv Correct the unusual balances or errors by raising necessary journal voucher
v Prepare monthly, quarterly, half yearly and annual management accounts for the Management and Council.
vi Prepare financial statement of the University for Statutory Audit.
(c) Co-ordination of Statutory Audit of University’s Financial Statements
i Co-coordinating and liaison with the External Auditors for the annual audit exercise ,arrange for pre-audit meeting with External Auditors.
ii Agree on a date with the External Auditors for the commencement of the audit exercise.
iii Attend to issues raised by the External Auditors during the course of the audit exercise
iv Coordinate the response to Management Letters from the Auditors.
(d) Visitation of various Government Financial Regulatory and Monitoring Bodies & Agencies
i Coordinate activities officials from Office of Accountant General of the Federation, Auditor General for the Federation, NUC and other government agencies, e.g. ICPC and EFCC.
ii Attend to various issues raised during the period of the visitation especially as it affects the Unit.
Respond to queries raised (if any)
(e) Maintenance of Accounting Codes and Chart of Accounts
i Relating with other Bursary Units – Budget and Expenditure Control; Salary, Loan and Advances and ii Revenue for the creation of additional Account codes as the need arises.
iii Create other ledger account code when necessary.
iv Communicate generated new code to various units;
(f) Filing and Documentation
Receive payment vouchers and receipts from Central Processing Sub-Unit
i Arrange both payment vouchers and receipts by bank account name for ease of exercise
ii File both payment vouchers and receipts according to their respective bank account name.
iii Retrieve past records for use of External Auditors and Government monitoring agencies (Auditor-General, Accountant General of the Federation) from archives or any other source.
2.Bank Reconciliation.
Bank reconciliation of all Account of the University Banks Statement with the cash books by:
i. Collection of all University Bank account Statement from relevant Banks
ii. Ticking the figures in the specific bank statement figure to its cash book nearest figure.
iii. Extracting the differences arising from (i) and (ii) above inform of unpresented mandate and uncredited Lodgement.
iv. Any other errors in bank statement or in the cash book will also be identify and use to adjust the cash book where necessary.
v. Reconciling the balance of the cash book, bank statement and the ledger
vi. Signing and filing of Bank Reconciliation Statement of each of the Accounts.
3.Maintenance of Fixed Assets Register
The fixed assets of the University are captured at the point of acquisition classified, recorded, accurately and completely including the calculation of their depreciation at the following rate. Fixed Assets Register is maintained for each class of fixed assets purchased/acquired and donated by:
i. Receiving of fixed asset register sheet from Stores Unit.
ii. Ensuring prompt update of the fixed asset register as received from stores unit.
iii. Processing donated asset to ensure the recording and update in the fixed asset register.
iv. Monthly reconciliation of fixed asset register and fixed asset ledger.
The details on the Fixed Assets Register include
1 Date of purchase
2 Description of item
3 Mode of acquisition i.e. purchased or donated
4 Cost of purchase
5 Funding source
6 Identification / serial number
7 Location of assets
8 Cost at time of purchase/acquisition
9 Depreciation method and rate
10 Vendor’s name and address
11 Date of disposal
12 Realized value at disposal
4.Central Processing Office
Main Activities:
i. Collection of source document – Receipt, Payment and Journal Vouchers, Cash Book and other memorandum records;
ii. Posting of Receipt, Payment and Journal Vouchers into Ledgers monthly;
iii. Ledger –Cashbook reconciliation monthly.
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