Introduction
Account Section is one of the main organs of the department of education and operates as a financial entity to carry out all financial activities of the department, including the management of financial operations of all other sections established within the framework of the department of education. The Account Section performs the following finance activities.
- Planning & budgeting are those processes whereby the organization sets goals and objectives, allocates its resources among its activities and decides how those activities will be operated. Budgeting is a process that relies both on financial information about past performance and the organization’s future plans.
- Transaction handling and record-keeping is the bookkeeping/accounting area of financial activities. Checks must be written to pay bills; incoming checks must be deposited, commitments of the organization and commitments to the organization must be recorded, an ongoing record of financial activities must be kept and the information must be presented to executives of the organization in an understandable and useful manner.
- Financial management is the management of current financial operations based on analysis of financial information and knowledge of the organization’s objectives and plans. The chief accountant oversees and directs the accounting process and participates in budget development and revision. In addition, the accountant is responsible for such activities as cash flow management, cost allocation, cost analysis and asset management.
- Internal auditing is the examination of the department of education’s Rector offices financial records and assessment of its financial activities in terms of effectiveness, efficiency and timely execution.