s Accountant Fin Manual Sect d

7/31/2019 s Accountant Fin Manual Sect d

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Scheme Accountant Training

Financial Manual


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Objectives

Accounting Cycle Section D


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Accounting Cycle

Identify transaction

Analyze transaction

Receipt and payment/ cash book entries

Post to ledger

Trial balance

Adjusting entries

Adjusted trial balance

Financial statement

Close temporary accounts

Generate balance sheet


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Compliance with Manual

Procedures binding on the NHIA

Compliance mandated by Board

Scheme failing to comply will be subject to

disciplinary action


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Purpose of Manual Enable consistent classifications of

transactions Enable comparable information for assessing

performance

Provide uniform method of accounting andreporting

Ensure accountability and stewardship of

transaction undertake by staff


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Scope of Manual

Covers processes and procedures to

guide staff in the discharge of their

duties

Source of financial guidance for the NHIA

and MHIS


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Guiding Principles

Compliance with applicable legislations

Reporting in accordance with GAAP

Maintaining appropriate and effectiveinternal control systems


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Abbreviations Used

See handout


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Important Concepts

Accounting process

Chart of Accounts

Ledger

General ledger

Subsidiary ledger


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Underlying Concept and Policies for Manual

Going concern

Accrual basis

Consistency

Materiality and aggregation

Comparative information

Off-setting concept

Realization

Prudence


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Other Policies

NHIA and MHIS shall conform to the COA

Accounting shall conform to NHIA

Financial year shall be January to

December


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u ge repara on -Section B

Budget Policy indicates that1.MHIS shall operate within a financial

plan for the year

2.Budget shall be in place before the

beginning of the year

3.Responsibility rests with schememanager and finance officer


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Budget Time Table and Procedures

August1. Scheme manager gives budget forms to various units

to complete

2. They provide spending for past 12 months

September

1. Finance manager compiles initial budget

2. Scheme management reviews initial budget


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Budget Time Table and Procedures

September contd:

1. Scheme manager submits draft to board

2. The board approves if there are no queries

3. Scheme manager informs management on approved

budget

4. A copy of budget lodged with the NHIA


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Budget Document - Contents

The budget

Summary of income

Summary of administrative expenses

Subsidies budget

Salaries budget

Other staff costs

Capital expenditure budget

Public relations budget


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Chart of Accounts Sect C

Policy: GL accounts shall be assigned adescriptive accounts title and code

Purpose: organizes assets, liabilities,

income and expenses into a format that

facilitates examination and

reconciliation Scope: procedures apply to all GL

accounts


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Standards for the COA

Each account assigned a name andnumber

Accounts are arranged in sequence in

which they appear financial statements

Unassigned codes left opened for later

use


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Chart of Accounts


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THANK YOU

Documents

s Accountant Fin Manual Sect d