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
What goes into an NGO Financial Management Policy?
...continued (click here to know more) 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 … [Read more...] about What goes into an NGO Financial Management Policy?
Who develops and updates the Financial Management Policy in NGOs
...continued (click here to know more) 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 … [Read more...] about Who develops and updates the Financial Management Policy in NGOs
How to Manage Cash Account and Transactions in NGOs – NGO Financial Management Policy
...continued (click here to know more) 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 … [Read more...] about How to Manage Cash Account and Transactions in NGOs – NGO Financial Management Policy
What Procedures can be followed for Salaries and Advances in NGOs – NGO Financial Management Policy
...continued (click here to know more) 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 … [Read more...] about What Procedures can be followed for Salaries and Advances in NGOs – NGO Financial Management Policy
How NGOs can manage Bank Transactions – NGO Financial Management Policy
...continued (click here to know more) 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 … [Read more...] about How NGOs can manage Bank Transactions – NGO Financial Management Policy
How to validate bills, invoices, receipts & vouchers for effective NGO accounts management – NGO Financial Management Policy
...continued (click here to know more) 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 … [Read more...] about How to validate bills, invoices, receipts & vouchers for effective NGO accounts management – NGO Financial Management Policy
Types of Checks to be adopted for passing Vouchers for Payment – NGO Financial Management Policy
...continued (click here to know more) Below is a list of checks need to be adopted by NGOs in their financial management policy for passing vouchers and receipts of payment: "7.2 Checks to be done before passing a voucher for payment a) Whether required supporting documents are present b) … [Read more...] about Types of Checks to be adopted for passing Vouchers for Payment – NGO Financial Management Policy
How NGOs can maintain Cash Book – NGO Financial Management Policy
...continued (click here to know more) 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: "8. Maintaining Cash Book A cashbook is a primary book of entry that is prepared … [Read more...] about How NGOs can maintain Cash Book – NGO Financial Management Policy
Types of Books and Documents to be maintained for accounts management in NGOs – NGO Financial Management Policy
...continued (click here to know more) 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: "9. Account Books and Documents to be … [Read more...] about Types of Books and Documents to be maintained for accounts management in NGOs – NGO Financial Management Policy
