This unit operates to grant loans and advances that have been approved for staff and keeps such individual records to explain the balances of the control accounts of the institutions general or nominal ledger. Loans and advances are facilities granted to staff either as welfare, or, to assist in furthering a particular course or for the purchase of a specific item for official use. These include Salary, Rent, Touring, Purchase Advances etc.
(i) Processing Advance
Advances are paid to officers to ensure the success of official engagements. The processing procedure is as follows:
- The necessary documents of advances are entered in the vote book and forwarded to the Advances section for processing of the payment voucher.
- Payment voucher is sent for prepayment audit.
- Payment voucher is sent to the cash office by Internal Audit unit for payment.
When touring or purchase is completed, the advance is retired (accounted for), by attaching relevant receipts to justify the expenditure.
When there is overspending, approval is required from the relevant authority to process a refund.
Where a member of staff fails to retire within the stipulated period, send a letter of reminder. If there is no response, Salaries and Wages Unit is informed to commence a deduction from the salary of the concerned staff for recovery.
(ii) Retirement of Advance
At retirement, the papers will be sent to the Creditors, Debtors and Advances Unit. On receipt of the documents, check to make sure that only original receipts are attached and the amount is not less than the advance collected.
Attach the earlier copy of the advance sent to the Unit and input accordingly.
Where there is overspending, approval is required from the relevant authority to process a refund.
Where a member of staff fails to retire within the stipulated period, send a letter of reminder. If there is no response, Salaries and Wages Unit is informed to commence a deduction from the salary of the concerned staff for the purpose of recovery.
These are like purchase advances but are given at the beginning of every financial year. The first imprest is paid based on the request from the Dean/Head of Department/Unit. Subsequently, requests are made for replenishment which is treated as the retirement of the previous one. Enter expenditure in the vote book, raise payment vouchers and journals, a process to Audit and then the Cash office.