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PREPARATION AND RELEASING OF PAYMENT (CHEQUE OR WIRETRANSFER) Policy


Name of Policy	PREPARATION AND RELEASING OF PAYMENT (CHEQUE OR WIRETRANSFER) Policy	Policy Number	IV.A-16
Owners	Financial Affairs	Original Policy Date	28/11/2013
Cosigners	_______________________	Last Revised Date	_______________________
Other Related Regulatory Rules Laws & Policies	_______________________	Next Scheduled review Date	_______________________
Associated Procedures & Forms (Attachments)	_______________________	Versioning	_______________________
Associated Procedures & Forms (Attachments)	_______________________	Cycle of Reviews	_______________________

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

Statement

Procedure
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.

Procedure

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.