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This agenda covers an overview of financial processes including payable processes, asset processes, receivable processes, general ledger, budgeting, grants and budgeting, procurement process, DDO cycle, payroll processing, finance and payroll integration, and more.
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Implementation of Management Information System (MIS) including Financial Management System (FMS) in ICARUser Acceptance Testing – Financials
Agenda Financial Processes Overview: • Payable Processes a) Bill Creation b) Bill Payment 2) Asset Processes a) Asset Addition b) Asset Retirement 3) Receivable Processes a) Bill Creation & Receipt against the Bills b) Receipts without bills • General Ledger a) Journal Entry Creation b) Journal Entry Posting c) Journal Entry Search
ICAR Finance Solution Overview • EFC Budgeting Process • Annual Budgeting Process – Non Plan (BE/RE) • Annual Budgeting Process – Plan (Scheme wise) • Drawl and Disbursement of Funds Grants and Budgeting 1 Procurement Process • Requisitioning Process with Budgetary Control • PO Creation Process with Budgetary Control and EFC Linkage • Receiving of Material and Inspection process of Items • Tracking of Inventory Items maintained in Stores 2 • DDO - Bill Preparation, Expenditure Sanction • TDS Deductions, Bill Validation and Payment Processing • Cash Books Preparation • Handling of Advances • Employee Expense Reimbursements with Budgetary Controls • Revenue Bookings and Collections • Fixed Assets Maintenance • Trial Balance, Balance Sheet and Consolidated Financial Reporting Finance - DDO Cycle and Audit and Accounts 3 • Employee Payroll Processing • Pension Processing • GPF and Gratuity • Employee Loans and Advances 4 Finance and Payroll Integration
Payables Processes Payables processes are classified into two: 1) Bill Creation 2) Approval & Payment of the Bill
Bill Creation Bill Creation : Bill Creation will be done by DDO (Drawing and Disbursement Officer). 1) Bill Creation without PO a) Manual Bill Creation without PO b) Manual Bill Creation with TDS 2) Bill Creation for Advances a) Vendor Advance c) Employee Advance d) Petty Cash Advance 3) LC Creation 4) Bill Creation with PO a) Bill Creation – PO Matched b) Bill Creation with LC – PO Matched c) Bill Creation for Asset – PO Matched d) Bill Creation for TDS – PO Matched
Bill Creation - Manual Bill Creation Bill Creation
Bill Creation - Manual Bill Creation…..cont. Enter Invoice Line Details
Bill Creation - Manual Bill Creation…..cont Enter Distribution Details (Account Information)
Bill Creation - Manual Bill Creation…..cont If TDS is applicable, select the applicable TDS section
Bill Creation - Manual Bill Creation…..cont Automatic Funds checking
Bill Creation - Manual Bill Creation…..cont In case of TDS Invoices, 1 Credit Memo on Supplier and 1 TDS Invoice on Commissioner of Income Tax is generated automatically.
Bill Creation - Employee Advance …..cont Validate the Bill
Bill Creation - Employee Advance …..cont Initiate Approval Process
Objection Book Reports of Advances Given: Objection Book Report For Employees Objection Book Report For Petty Cash Objection Book Report For Contingencies
Settlement of Employee Advance After paying advances (shown in Payment Process), we need to adjust that advance.
Settlement of Employee Advance Bill Numbers generated automatically once you save the transaction. …..cont
Opening LC Account Basic steps (for LC Invoice) before entering Bill for LC
Bill Passing – Audit & Accounts Bill Processing: 1) Capturing the ‘File Received Date’ by Dealing Assistant 2) Bill passing by the SF & AO
Bill Payment Bill Payment: 1) Bill Payment to Supplier 2) Advance Payments to employee/supplier/LC
Bill Payment – For Bills with TDS After Receiving the Bill net payment to be paid to the supplier after deducting TDS and TDS amount need to be paid to Commisioner of Income tax.
