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Published byJennifer Fields Modified over 8 years ago
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The National Treasury WORKSHOP ON LESSONS LEARNT YEAR 2014/15 IN THE PREPARATION OF THE FINANCIAL STATEMENTS OF MDAs
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DAY 2 1 DECEMBER 2015 IFMIS GENERATION OF REPORTS AND CASH MODULE
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Page 3 ADDRESSING IFMIS CHALLENGES 1. Generation of financial statement reports in IFMIS – Step by step process 2. Interactive session: Live Interaction around Posting of journals (opening balances and other non-cash entries), 3. Interactive session: Live Interaction with the Cash Module -(Auto bank reconciliations live demonstrations - Clearing accounts – causes and resolutions) 4. Interactive session: Live Interaction with the Accounts Receivable module (Imprest accounting, Salary Advances, exchequer posting and recoveries –live demonstrations)
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Page 4 IFMIS CHALLENGES 1. Capturing of Receipts through AR 2. Expenditures not captured in IFMIS 3. Reconciliation of Revenue and Expenditure to IFMIS 4. Recording of AIA Revenues. 5. Failure to maintain an asset register for all payments made under “assets acquisition. 6. Incomplete/ inaccuracies in the Financial Statements 7. Access to AR and the Cash Management Module 8. Failure to segregate retention payment amounts 9. Failure to prepare Bank Reconciliation statements
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Page 5 AR Module should be used to capture Exchequer releases, all Revenues and AIAs. Below is a summary of the steps to capture receipts. Capturing of Receipts through AR Log in to AR user- Receipts Select Budget Type e.g NT REC or DEV Enter Receipt Amount Choose Receivable Activity e.g Exchequer Receipt, Sale of Tender Document Provide a Brief Description Of the Receipt being Captured Save Twice (System will generate a document No/ Receipt No.)
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Page 6 Capturing Receipts - Screenshot
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Page 7 Capturing Receipts - AR Screenshot
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Page 8 IFMIS CHALLENGES 1. Expenditures not captured in IFMIS
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Page 9 IFMIS CHALLENGES 1. Recording of AIA Revenues. ► Case scenario: ► Ministry of Health has received Exchequer Release for Quarter 1 KSh 602,000,000 and Quarter 4- KShs 700,000,000 ► Record these in the IFMIS system ► Key considerations: 1. Who has rights to record? 2. Which class of the SCOA should be uses? 3. Which module of IFMIS should be applied? 4. What double entries should be considered? 5. Which revenue code of SCOA should be applied?
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Page 10 IFMIS CHALLENGES 1. Generation of Financial Statements
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Page 11 The process of generating FS is the same as used to run all other reports. Generation of Financial Statements Log into GL Go to View – Submit new Request Select Single Request and Ok Select the Name of the Report eg. GoK TB Select Parameters eg Vote, period and Item level Run the report
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Page 12 Generation of FS – GL user Screen Shot
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Page 13 View- request-submit a new request Screen shot
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Page 14 IFMIS CHALLENGES 1. Reconciliation of Revenue and Expenditure to IFMIS
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Page 15 IFMIS CHALLENGES 1. Failure to maintain an asset register for all payments made under “assets acquisition.
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Page 16 IFMIS CHALLENGES Correction of Errors ► Revenues Captured in the wrong accounts ► Expenditures down in the wrong accounts ► Expenditures and Revenues omitted 1..
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Page 17 IFMIS CHALLENGES 1. Recording of AIA Revenues. ► Case scenario: ► Ministry of Health has received AIA for KSh 112,000,000. ► Record these in the IFMIS system ► Key considerations: 1. Who has rights to record? 2. Which class of the SCOA should be uses? 3. Which module of IFMIS should be applied? 4. What double entries should be considered? 5. Which revenue code of SCOA should be applied?
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Page 18 Note: » For Cheque payments, under Cash/ Cheque column, type the Cheque Number but if its cash leave the field blank and save twice. » For other Receipts other than Exchequer, Remittance should be done. » Remittance is the process of capturing the money transmitted to the bank. Other AIA/ Receipts
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DAY 3 2 DECEMBER 2015
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Page 20 IFMIS CHALLENGES 1. Incomplete/ inaccuracies in the Financial Statements
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Page 21 IFMIS CHALLENGES 1. Access to AR and the Cash Management Module
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Page 22 IFMIS CHALLENGES 1. Failure to segregate retention payment amounts
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Page 23 The process of performing Bank Reconciliation is summarized in the steps below: i. Select bank statement loader (All Files) ii. Under process option- Load, Import and Auto- reconciliation. iii. Under loading name: GOKSWIFT940 iv. GL Date: Select Date e.g. 30-JUN-2015 v. Account Number: Select Bank Account Whether Recurrent Or Development vi. Submit the report Auto Bank Reconciliation
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Page 24 Bank Reconciliation – Screen Shot
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Page 25 Bank Reconciliation – Screen Shot
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Page 26 IFMIS CHALLENGES 1. Failure to prepare Bank Reconciliation statements
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DAY 4 3 DECEMBER 2015
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Page 28 ADDRESSING IFMIS CHALLENGES Interactive session: - Live Interaction around Posting of journals (opening balances and other non-cash entries)
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Page 29 ADDRESSING IFMIS CHALLENGES Generation of financial statement reports in IFMIS - Step by step process
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Page 30 ADDRESSING IFMIS CHALLENGES Interactive session: Live Interaction with the Cash Module - (Auto bank reconciliations live demonstrations - Clearing accounts – causes and resolutions)
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Page 31 ADDRESSING IFMIS CHALLENGES Interactive session: Live Interaction with the Accounts Receivable module (Imprest accounting, Salary Advances, exchequer posting and recoveries –live demonstrations)
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Questions?
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Page 33 Audit Process - How to prepare for an audit including pre-audit by EY
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Page 34 FIRE AWARD Evaluation Process and Results by ICPAK
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Page 35 Peer Presentation by Fire Award Winners
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Page 36 Peer Presentation Demonstration on generation of FS Reports including posting of opening balances ► Controller of Budget, Ministry of Energy and Petroleum and Office of the Director of Public Prosecutions
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Page 37 In-year Reporting Timelines, Quarterly Consolidation, Reporting Template, Support Available and use of IFMIS for quarterly reporting
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Page 38 Auditors Work Plan and Expectations by OAG
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Page 39 Way Forward
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Questions?
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