Managing the daily Cash Movement The WASHCO will keep its own FINANCIAL RECORDS. The record-keeping
system should be simple
– mainly a record of payees and an account book to
record monies collected and used.
Basic Elements of Financial Records The basic account registration and documentation instruments required in financial
management system are presented below.
This book is maintained and kept in the hand of the casher or secretary of the
WASHCO. The casher or secretary keep copies of receipts and payments and
reconcile records in the income and expense books. Accordingly receipts and
expenses are recorded by date, reasons and amounts and serial numbers in the
income and expense books. In the income and expenses books, invoices of
receipts and payment vouchers are recorded according to their sequential serial
numbers and coded to their budget line numbers.
Records are kept daily in the income and expenses book and closing are
processed on monthly basis.
The differences between income and expenses recorded in the account book are
reconciled against cash in the hand and bank account.
Payment vouchers and receipt invoices should be maintained in separate files;
payment vouchers in payment box files and receipts in a receipt box files. Filing
should be according to sequenced numbers and box files should be labeled
according to their orders say 1, 2, 3, - - - this will facilitate and expedite processes
for internal audit and control activity. An explanatory of the income and expenses
book model are show below.
Tool - 1: Income and Expenses Book
Ministry of Water, Irrigation and Electricity Operation and Maintenance Management Manual
