Financial Administration Of Khrc

November 02, 2020 | Department | Reading time: 3 min

The Accounts department of KHRC provides accounting services and other financial support to the Centre. The accounts department currently has five (5) staff with various expertise and experience(s) for proper financial management of the Centre and multi-donor fund: the Financial Administrator who is the head of Accounts, two Accountants, one Finance/Payroll Officer and one Accounts Officer. Averagely we run about fifteen (15) projects annually concurrently.

The Accounts department is responsible for providing a number of pre-award and post-award services associated with the fiscal management of all projects, including, but not limited to budgeting and budget negotiations, establishing the accounting and budget records for all projects; interpreting sponsor and KHRC financial policies to staff; working with PIs/Project Managers to provide accurate and timely financial information in relation to sponsored projects; monitoring expenditures for compliance with sponsor and KHRC policies and procedures; preparing annual KHRC financial reports and financial reports for sponsors based on sponsor’s requirements as and when due; carrying out all cash-management responsibilities associated with all projects; preparing monthly reconciliation and acting as a liaison between KHRC and other collaborating institutions’ administrative support units, sponsors, and auditors. The department records accounts payable and receivable, inventory, payroll, fixed assets and all other financial elements. The Head of accounts department reviews the records of each unit under the accounts to determine the Centre’s financial position and any changes required to run the Centre cost effectively.

The payroll section ensures that KHRC pays its employees accurately, including bonuses, commissions and benefits. It pays the government taxes as well as Union dues and other withholding taxes from an employee’s pay. The Accounts department uses accounting software in managing its accounting records. All records from entry to bank reconciliation are all done electronically. We use Pastel Evolution for recording our accounting transactions and Sage VIP Premier Payroll software for processing employees’ salaries. Each project’s incomes and expenditures are tracked separately with these software. There is an internal Audit Unit that verifies every expenditure to ensure completeness of documentations and appropriateness before payment. We do have two major external audits every year: as a government institution we are audited annually by the Auditor General – Ghana and for best practices the Centre engages a private audit firm to audit its books annually. The Centre sometimes also receives auditors from other project sponsors for project specific audit. As a sponsor or potential sponsor, we assure you that your funds will be effectively and efficiently managed and used for the intended purpose(s).