FINANCE AND ACCOUNTS DEPARTMENT


The corporation shall keep accounts and records of its transactions and affairs and shall ensure that all monies received are properly brought to account, all payments out of its monies are correctly made and properly authorized adequate control is maintained over its property and over the incurring of liabilities by the corporation.

The Finance and Accounts Department handles financial management, an area that is devoted to a judicious allocation and use of resources. It handles stewardship of financial assets, financial control and risk assessment.

MISSION OF THE DEPARTMENT

“To provide timely and accurate financial information to facilitate financial decision making of the Organization.”

OBJECTIVES OF THE DEPARTMENT

To keep accurate financial records and transform all Corporation activities into performance reports. This s the primary objective of the department to put financial meaning to the Corporation’s activities.

To coordinate budgeting and forecasting of the Organization activities. Budgeting is the annual estimation of revenues and expenditures of the Organization.

Cash flow management enables the Organization to know when bills and payables are due for payment and when cash limit releases are due from the consolidated fund by Government of Uganda funding and receivables arising out of service charges billed to third party/development partners are to be received.

Tax planning by using proactive strategies to ensure that we pay what we are supposed to pay in conformity to the provisions of the various tax requirements.

To ensure focused investment by providing financial insights about the strategic value each investment provides

Debt service by keeping an eye on credit use in conformance with the Memoranda of Understanding with Development partners.

To operate an efficient and effective finance organization through finance planning and analysis.

THE REVENUE SECTION

The Department is divided into three sections the revenue section, the Cost management, and payables section and the General ledger section.

The revenue section handles billing, debt management and the treasury function. The section uploads health facility budgets on a cycle basis by the first week of every cycle.  Billing and collection of service charges for items handled by the Corporation on behalf of the Development partners (Third party items). Accountability for funds received from the Consolidated Fund in form of annual accountability report.

COST MANAGEMENT AND PAYABLES SECTION

The Cost management and payables section handles budget coordination and execution, handles all payments for suppliers, staff, sundry other than petty cash payments, spearheads the stock take exercise to appraise the inventory status (medicines and health supplies) and this is done twice every year.

It also conducts tax administration and files returns to URA in accordance with the provisions of the tax laws.

The section makes stock available for dispatch to health facilities by verifying the costing of medicines and health supplies in the Warehouse management system.

GENERAL LEDGER SECTION

The General Ledger section is responsible for the capture and recording of financial information. Verification and updating of accounting and financial information is done and this enables reconciliation of sub ledgers and general ledgers that inform the annual accounts.

The section does the reconciliation of bank accounts with the Corporation cash books to ensure that the two are in agreement.

The section also settles payment for petty cash expenses to cover the small payments done on a day to day basis.

FUNCTIONS AND ROLES OF FINANCE AND ACCOUNTS DEPARTMENT

  • Stewardship and custody of the Corporation assets. The Department is responsible for recording the acquired assets, preserve them on the fixed asset register and match their utility out of their usage with the investment in the asset.
  • Financial reporting through integrated financial reporting where all functions of the organization are reported
  • Cash flow forecasting and liquidity management
  • Financial analysis and data interpretation
  • Dispensing payment for goods and services
  • Execution of statutory financial requirements which include reporting according to PFMA Act and PERD Act, National Social Security Act requirements and tax requirements like withholding Tax, PAYE and VAT.
  • Transaction processing. All transactions that take place in the organization are put into financial meaning by the department of finance and accounts.
  • Development and maintenance of accounting and financial controls. This requires continuous reviewing of the appropriateness and adequacy of financial controls required to enable conformance to all standards and mitigate risks.

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