Finance & Accounts Wing

        Finance and Accounts Wing

  1. The Directorate of Finance and Accounts,  has the following Terms of Reference in KP-TEVTA
  2. Prepare Annual Budget Of The Authority.
    • Monitor and control budgetary allocations to various heads of accounts.
    •  Prepare payrolls of the employees of the Authority, pay their monthly salaries and distribute pay slips to them.
    •  Maintain the Contributory or General Provident Fund Accounts of the employees, shall process the claims in this respect and shall intimate to all the employees the position of the said Fund on monthly basis.
    •  Withdraw moneys from the Fund for various purposes, after sanction by the competent authority and pre-audit by the concerned official of the Wing.
    •  Maintain accounts, cash books, ledgers and other relevant record.
    •  Prepare monthly and annual accounts of receipts and payments.
    •  Process cases of creation, up-gradation, re-designation and abolition of posts in the Authority.
    •  Reconcile monthly  accounts of the Authority with the Banks where the Fund is kept.
    •  Maintain a “Current Account Register” in respect of each institute of the Authority and all moneys allocated and released to such institution shall be debited. Such Register shall be reconciled with the Wing on quarterly basis.
  3. In case money is received directly by the Authority, it shall be deposited in Bank account on the same day. If for certain unavoidable reasons, the money cannot be so deposited, it shall be recorded in the books and the matter shall be brought to the notice of the Managing Director for safe custody of the cash.All money received in the Authority accounts shall be analyzed date-wise on the classification sheet and recorded in the main cash book.
  4. All money received in the Authority accounts shall be analyzed date-wise on the classification sheet and recorded in the main cash book
  5. Postings to the ledger shall be made from the main cash book. Monthly total receipts, after having been analyzed head-wise, shall be posted to the ledger.
  6. The profit accruing on bank accounts and other investments shall be transferred to “KP-TEVTA Fund”. Amount of profit credited by the Bank shall be recalculated and reconciled. The difference, if any, shall be pursued with the Bank till settlement
  7. A collection account shall be maintained in the bank for each institute for deposit of all receipts on account of admission, tuition and other fees paid by the students/ trainees. 20% of the student fee and second shift fee shall be transferred to the “KP-TEVTA Fund”, while the remaining 80% shall be utilized by the Principal concerned, with the approval of the respective Institute Management Committee.
  8. For each project or program, there shall be a separate account and all receipts pertaining to such project or program shall be credited thereto. Other moneys not pertaining to certain project or program shall be credited to “KP-TEVTA Fund”.
  9. All cheques shall be issued under a proper payment voucher, duly numbered, dated and recorded in the cash books. The cheque number shall appear on the relevant voucher and in the expenditure ledger.
  10. Postings to the expenditure ledger shall be made in the light of sanctioned payment orders and vouchers.
  11. No overwriting or erasement shall be allowed in the cash book. In case of any correction, fresh entry shall be made after cancelling the wrong / corrected entry.
  12. Blank cheques shall never be signed by any of the signatories.
  13. Before signing an acknowledgment of new cheque book, its number of cheques shall be counted and confirmed.
  14. Before signing an acknowledgment of new cheque book, its number of cheques shall be counted and confirmed.
  15. At the end of each month, the bank balances shall be reconciled with the cash book and ledger accounts and a reconciliation statement shall be prepared by the Accounts section of the Wing and submitted by the Director Finance to the Managing Director.
  16. At the end of each financial year, a consolidated yearly bank statement shall be obtained from the bank(s) for further reconciliation of the annual accounts of the Authority.
  17. The following books shall be maintained in the Accounts section of the Wing for record and proper accounting treatment of transactions.
    • Main cash book.
    • Subsidiary cash Book.
    • Petty cash book.
    • Income and Expenditure Ledger.
    • Advances/loans register.
    • Utility bills register.
    • C. P.or g. P. Fund register.
    • Stock Register for Capital and Non-perishable Items.

    Stock Register for Consumable/Perishable Items

  18. Separate registers shall be maintained for the receipts and issue of all Consumable and Non-consumable items. A proper Goods Receiving Report (GRR) shall be prepared by the storekeeper with a certificate to the effect that the goods have been received in the requisite quantity, in good condition and quality in accordance with the specification in the invoice or bill and the supply order. The receipts shall be recorded from the invoices, bills and other relevant documents and stock on ground.
  19. For issuing of any item from the stock or store, a proper Material Issue Requisition (MIR)/Indent may be prepared, duly signed by the requiring officer/official.
  20. In case of transfer of any assets or store items from Head office to regional offices or vice-versa, a proper Assets Transfer Report (ATR) may be prepared and signed by the issuing and receiving officials/officers duly countersigned by the concerned store officers of the issuing and receiving offices.
  21. In case of transfer of any assets or store items from Head office to regional offices or vice-versa, a proper Assets Transfer Report (ATR) may be prepared and signed by the issuing and receiving officials/officers duly countersigned by the concerned store officers of the issuing and receiving offices.
  22. All discrepancies, shortages, and damages to the stock as well as unserviceable stores shall be reported to the Managing Director for fixation of responsibilities, assessing the extent of loss and recovery from the defaulting officer/official after proper procedure or writing off the same if deemed appropriate by the Managing Director.
  23. The Wing shall prepare the monthly salary bills of all employees of the Authority and distribution thereof to all concerned.
  24. The Wing shall ensure that changes, if any, made in salary bills have been duly supported by the order of the competent authority.
  25. The salary bills summary prepared shall be presented to the Managing Director for approval. The Wing shall prepare cheques or bank transfer vouchers, as the case may be, for all the employees well before the first of each month to ensure payment of salaries on the first day of every month.
  26. When a request for an advance is made for certain specific purpose, the Director Finance, with the approval of the Competent Authority, may allow the advance to the officer or official concerned.
  27. The employee receiving advance should render the statement of expenses within one month of incurring the expenditure duly supported by cash memos and evidence that all codal formalities have been duly observed for proper adjustment of the advance.
  28. Functions of the Audit section of the Wing shall be as follows, namely.
    • To conduct internal rowing audit of accounts of Head Office, colleges, institutions and centers under the administrative control of the Authority on completion of each financial year and submit,  through Director Finance, a complete audit report to the Managing Director within three months of succeeding financial year; and to follow up and obtain compliance of routine audit and   external audit; and to conduct special audit of any of the accounts/matters assigned to it by the Competent Authority
  29. The officers of the Wing shall also coordinate with and extend full cooperation to the External Audit Party to visit any office, institution, college or center of the Authority in order to carry out audit of the respective accounts thereof.
  30. The Principal Accounting Officer of the Authority may declare any officer of the Authority not below the rank of BPS-17, including Administrator, as the Drawing and Disbursing Officer.
  31. In all other matters not expressly provided for in this Regulation, the rules made by the Govt. for its own employees, so for as may be applicable, shall apply to the employees of the Authority.