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Below is a list of checks need to be adopted by NGOs in their financial management policy for passing vouchers and receipts of payment: Checks to be done before passing a voucher for payment Whether required supporting documents are present Checking the supporting document. Payment … [Read more...] about Types of Checks to be adopted for passing Vouchers for Payment – NGO Financial Management Policy

As NGOs manage expenditures through staff members, it is important to adopt a process to ensure that all expenses are valid and strict accounting procedures are adopted to check them. Such a process helps in maintaining a control on the expenditures and also ensuring the quality of your accounts … [Read more...] about How to validate bills, invoices, receipts & vouchers for effective NGO accounts management – NGO Financial Management Policy

It is also important to have systems for managing bank transactions and these systems need to be properly outlined in the financial management policy of the NGOs. Below are some of the standard systems followed and mentioned in the financial policy manual: Bank Transaction Bank Receipts … [Read more...] about How NGOs can manage Bank Transactions – NGO Financial Management Policy

All registered NGOs in most countries can operate bank accounts. Bank accounts are also required to receive funds mobilized by NGOs besides using them for administrative and project-based expenses. A procedure on how to operate these bank accounts would be relevant as part of the NGO financial … [Read more...] about How NGOs can operate bank accounts – NGO Financial Management Policy

It is important for NGOs to dedicate a section on the salary of the staff in their financial management policy. The staff needs to aware about the salary systems followed by the organization whether payment to them is made on a monthly basis or not, mode of the salary payment, procedures for giving … [Read more...] about What Procedures can be followed for Salaries and Advances in NGOs – NGO Financial Management Policy

Cash payments need to be documented firmly by NGOs in their financial management policy. Since small sums of cash payments are common on a day-to-day basis, a certain procedure needs to be developed and mentioned in the policy manual. An example is given below: Cash Handling Cash Account and … [Read more...] about How to Manage Cash Account and Transactions in NGOs – NGO Financial Management Policy

An important section of the NGO financial management policy is the ‘basis of accounting’ and maintaining the ‘accounting trail.’ Under here, you can define the basis on which the accounting will be started and the methods applied for maintaining accounts, including day-to-day transactions. Below is … [Read more...] about Basis of Accounting and how to maintain Accounting Trail in an NGO Financial Management Policy

As part of the financial management policy, NGOs need to maintain a Fixed Assets Register and below is the process for it, which can be included in your policy manual: Fixed Assets Register It is the responsibility of the Finance/Accounts manager to maintain a complete and accurate fixed asset … [Read more...] about How to maintain Fixed Assets Register – NGO Financial Management Policy

Further to developing different reports as part of the financial management, below are details on internal control measures and management information report: Internal Control Measures In addition to setting up adequate internal control measures, Management shall from time to time perform these … [Read more...] about Internal Control Measures and Management Information Report – NGO Financial Management Policy

Financial reports are developed for internal use such as monitoring expenses within the organization and also for external use such as for submitting reports to donor agencies. In many cases, there can be separate formats for both the uses. Nevertheless, it is important that the internal financial … [Read more...] about How to develop Financial Reports in NGOs – NGO Financial Management Policy

Further to planning budgets for specific activities by an NGO, below are the details outlined on how to manage the budget and what guidelines to be taken into consideration: Budget Management A Budget is an estimate of the amount of money to be received and to be spent for a specified … [Read more...] about Budget Management and Planning the Financials – NGO Financial Management Policy

A stock register is a records of goods purchased and/or stored. Usually there is a set format for this register and there are certain protocols to be followed while maintaining this register. Below are the guidelines that can be mentioned in the financial management policy: Maintaining a Stock … [Read more...] about How NGOs can maintain Stock Register – NGO Financial Management Policy

Below is an outline of control objectives and general procedures for making purchases which can be integrated into the financial management policy of NGOs: Control Objectives The control objectives here will be to ensure that: All  purchases  are  duly  authorized  and  approved  before  … [Read more...] about Objectives and Procedures for Purchases in NGOs – NGO Financial Management Policy

As NGOs receive funding, implement projects and expand their offices, they will be required to make purchases of goods and services. Ideally, it is better to draw up a plan for making such purchases and also outline it in the financial management policy. Procurement, Stock & … [Read more...] about Procurement, Stock and Inventory Management in NGOs – NGO Financial Management Policy

Following are listed the various types of books and documents (bookkeeping) to be maintained by NGOs for proper and systematic accounting. The same list can be mentioned in the financial management policy as well: Account Books and Documents to be maintained Cash Payment/Receipt Vouchers … [Read more...] about Types of Books and Documents to be maintained for accounts management in NGOs – NGO Financial Management Policy

A cash book generally records all types of financial transactions and it is an important bookkeeping document. Here is the procedure for maintaining a cash book in an NGO: Maintaining Cash Book A cashbook is a primary book of entry that is prepared after a voucher for a particular transaction. The … [Read more...] about How NGOs can maintain Cash Book – NGO Financial Management Policy

An NGO financial management policy is basically a manual that covers the accounting policies, systems and procedures of the organization. It is developed not only for governing the financial transactions of the organization so that its staff can follow the set systematic procedures but also to … [Read more...] about What goes into an NGO Financial Management Policy?

Before embarking upon the process of presenting the financial management policy for NGOs, it is important to outline the roles and responsibilities of the staff involved in developing and updating the policy. Usually, the Board of Directors or the NGO Board Members have appointed a financial … [Read more...] about Who develops and updates the Financial Management Policy in NGOs

According to the local laws and regulations of most countries, all registered NGOs are required to maintain a system for recording and submitting all types of financial transactions made by them for the purposes of implementing projects and running their organization. Since finances are a crucial … [Read more...] about How to manage Accounts & Finances in NGOs – A Manual for developing NGO Financial Management Policy