Cash/Treasury and Investment Unit
This section is subdivided into two to comply with sections of the financial regulations which require the separation of staff that pay or receive money from those who keep and reconcile the records of the financial transactions. The two sections are the cash and the records and reconciliation office made up of the Receiving Cashier, the Paying Cashier and the Reconciliation Officer. The two sections work hand in hand to fulfil the following functions for which the unit exists.
- To receive all monies due to the University and issue receipts for the money.
- To ensure that all such monies are kept in secure custody until lodged into the institution’s bank account
- To produce the receipt analysis and summary registers from where the Main Cash Book is prepared.
- To pay all staff and student claims.
- To pay all duly authorized vouchers relating to supplies of goods and services from contractors.
- To pay staff salaries, pensions and gratuity claims as duly processed and approved.
- To prepare the Cashbook for all cash and bank transactions and ensure agreement with cash at hand.
- To draw up the daily or weekly fund position statements for the attention of the Bursar and the Vice-Chancellor.
- To prepare the Monthly Bank Reconciliation Statements.
- To keep custody of all original payment vouchers and book copies of all receipt vouchers, as well as a record of their movement to other Units until the Internal and External Auditors, have acted on them.
- To prepare other reports on demand.