ACCOUNTS DEPARTMENT

  

ACCOUNTS DEPARTMENT (MR. KEFA AMIMA)

  1. The need for the accounts office is entirely composed of different activities. It involves;-

(a) Planning the activities of the institution, on how funds are collected from the parents – inform of fees – for (students)

The amount of fees paid is reached at by drawing up a school budget before the start of the school financial period.

Our school has four (4) bank accounts where money is kept to run the day today activities

(a) Boarding account

(b) Operations account

(c)  Tuition account

(d) Savings account

Under (B&C) accounts above are funding from the ministry of education (to assist the occurring operations)

Boarding account is money meant for boarding activities

The savings account is meant for any savings made from the school (e.g bus savings)

Fees from parents is normally banked in the boarding account and a student submits a bank pay in slip to the accounts office upon which a school official receipt is issued.

EXPENDITURES

(i)           CASH

Before any expenditure is done an expenditure budget is drawn and approved by the Principal after which a cheque is written and signed by the principal and BOM signatories.

(ii)         CHEQUES

Normally suppliers deliver items or goods to school after meeting some tender requirements. Delivery of this goods and service are accompanied by a delivery note and invoice.

 

EXERCUTING RECORDING TRANSACTIONS

Under this, we have;-

(a) Procurement of goods and services

(b) Receiving, paying and accounting

(c)  Accounting documents

(d) Internal control records

OVERVIEW

The above processes are required to acquire and maintain accounting records and documents.

The purpose of each document related policy guidelines and contains a proforma of the record or document

 

NEED FOR RECORD KEEPING

Our institution follows guidelines of the FDSE under the ministry of education. Recording/book keeping is done through accounting records for future reference. Entry recordings are done through: -

(i)           Income accounts

(ii)         Expenditure accounts

(iii)       Deposit/clearance accounts

RESOURCE MANAGEMENT

The overall responsibility for resource management is done by the head of the institution who is the principal

Accountability of our institution is done to our school parents, students, the government and donors for the use of the institution resources.

The financial statement of our educational institution is audited once every year in accordance with the provisions of the education act.

 

FINANCIAL MANAGEMENT SYSTEM

Our school follows the following steps under financial management

(a) Authorization – For planning and expenditure authorization

(b) Execution /recording – funds raised are received and recorded I our institution accounting records i.e. funds spent only for budgeted and authorized purposes.

(c)  Financial statements – normally we prepare trial balances, income and expenditure statements, balance sheet, statement of assets and unpaid obligations (creditors) where appropriate.

REPORTING

Annual financial statements accounting for our institutions resources and utilization is prepared, audited and presented to stakeholders e.g. BOM and DEO)

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