Accounts Payable And Disbursement Functions.docx

Accounts Payable and Disbursement Functions Objective: To ensure that all disbursements are properly recorded, process and made only for approved and legitimate purposes Process and procedures: 1) Process payables and other liabilities including tax payment, remittances and other obligations due to the company. 2) Check preparation and voucher generation for review and approval of the assigned signatory. 3) Check releasing based on the prescribed instruction by the approving authority. 4) Report generation as follows: a. Open payable due monthly report b. Monthly Disbursement report summary. Procurement/Purchasing Functions Objective: To ensure that all goods, services, supplies, capital expenditures is being processed in a costeffective manner in a legal and ethical way. Process and procedures: 1) Review department requests and look for accredited suppliers and request a quotation within the recognized budget and seek approval and authorization 2) To issue to prospective supplier an approved purchase order and monitor the same. 3) To receive deliveries from supplier and ensure that the deliveries are in accordance with the PO issued and ensure proper documentation 4) To endorse to requesting department the items received and endorse the documentation to the accounting and disbursement team. 5) Report generated: a. Monthly list of PO issued b. Monthly report on received items Credit and Collection and Account Receivable Functions Objective: To ensure that all rental related collections are being billed and collected on a timely manner and to reflect penalties to be charged in case of delayed payments Process and procedures: 1) Billed all tenants for their monthly rentals, reimbursable costs such as utilities advance by the company in a timely manner 2) Ensure the all collections are recorded and properly receipted. 3) All collections and billing are properly recorded in the loan and accounting systems 4) Communicate with the tenants and leasing managers for any changes in the contractual obligations including completeness of rental contracts and documentations vis a vis rental and other collections

5) Endorse to accounting the utilities and other payments in behalf of tenant paid in advance by the company which is subject for reimbursement from tenants 6) Reports generated a. Semi monthly Aging of Receivables b. Collection summary. c. Monthly Occupancy rate.

Cash Receipts Functions Objective: To ensure that all collections be receipted, deposited and recorded properly on daily basis. Process and procedures: 1) Cash and checks received and collected are recorded daily. 2) To issue official receipts on rental income and issue provisional receipts for rental post dated checks and acknowledgement receipts for non – revenue reimbursable collections 3) Report generations a. Daily Cash collections and deposit report General Accounting functions Objective: To provide information about the company’s financial performance and financial positions that is useful to a wide range of users for assessing the stewardship of the management and for making economic decision. Process and procedures: 1) 2) 3) 4) 5) 6) 7) 8)

Oversee other areas of accounting functions Preparation of Operational budget and other top management sponsored budget items Preparation and completeness of accounting journals and ledgers Preparation of Tax reports and reconciling accounting schedules Represents the company for tax investigation and annual financial audit. Keeping systematic records of all transactions Ensure legal and business regulatory compliance. Reports generations: a. Monthly or quarterly financial statements b. Operational Profit and loss c. Actual vs. Budget variance report,