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Accounts Department

 

The functions of the Accounts Department are as follows.

  • accounts3 The Accounts Department will be headed by Chief Accountant.
  • The purpose of the accounting department is to provide reliable information which can be relied by the management while making decisions. The department ensures that the information is valid, reliable and justifiable. It is also the department’s objective to provide and integrate the organizational strategies.
  • Accounting departments are expected to perform, not only to relay all the needed financial reports and book-entering, but to also participate in making a sound decision. The shares of economics, logic, and mathematics in the accounting make the department effective in the functioning of TCODL.
  • Cash/D.D./Cheque collections: All cash, D.D. and cheque received from sales and from all other sources will be carefully identified and recorded, not only in the cash account but also in the appropriate account for the source of the cash received. The accounting department makes sure that the cash is deposited in the appropriate checking accounts of the business and also D.D. and cheques are deposited in the respective accounts.
  • Accountant balances the cheque book of the business and control who has access to incoming cash receipts.
  • Cash payments (disbursements): In addition to payroll cheques, a business writes many other checks during the course oaccounts2f a year — to pay for a wide variety of purchases, to pay property taxes, to pay on loans, and to distribute some of its profit to the owners of the business.
  • The accounting department prepares all these cheques for the signatures of the business officers who are authorized to sign cheques. The accounting department keeps all the supporting business documents and files to know when the cheques should be paid, makes sure that the amount to be paid is correct, and forwards the cheques for signature.
  • Procurement and inventory: Accounting departments usually are responsible for keeping track of all purchase orders that have been placed for inventory and all other assets and services that TCODL buys.
  • A typical business makes many purchases during the course of a year, many of them on credit, which means that the items bought are received today but paid for later. So this area of responsibility includes keeping files on all liabilities that arise from purchases on credit so that cash payments can be processed on time.

 

 

 

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