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Policy & Procedure
Policy Title :
Policy Number :
Responsible Party :
Financial Affairs
Effective Date :
Revised Date :


To ensure all disbursements have approval of the authorized signatories and are properly paid.

Statement :
Procedure :
  • Receive the documents from the Payable Accountant together with the accounting entry.
  • Ensure that the document received has the approval of the Rector.
  • Check the amount to be paid and the name of the vendor/supplier.
  • Check the mode of payment to be made (if it is thru check or wire transfer).
  • Print the check or Bank Transfer Form.
  • Prepare the accounting entry for that particular transaction.
  • Enter the transaction in the Budget Control in the Excel Sheet.
  • Log the transaction in Record Book for monitoring and transmittal purposes.
  • Transmit the prepared check or transfer form together with the documents received and the accounting entries for signature of the Director of Financial Affairs and Rector (being the authorized signatories).
  • Receive the signed check or Transfer Form from the Director of Financial Affairs.
  • Photocopy the signed check.
  • Inform the person or vendor/supplier that the check is ready for collection.
  • Release the check to the person or authorized representative and ask for the receipt voucher.
  • Ask the person or representative to sign on the photocopy of check as a proof of receipt.
  • Log the date of release in Record Book for monitoring purposes.
  • Prepare the accounting entry for all released checks for the day. 
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