accounting function performed by the Accounts Section, that is responsible
to maintain the complete accounting records of all the economic
events in accordance with the GAAP and provisions of Govt: legislative.
Double entry accounting system based on accrual basis of accounting.
However to meet the requirements of AGPR a parallel accounting record
as per its requirements, computerized accounting system is adopted
in addition to manual bookkeeping system, and the manual system
continue at least for first 3-5 years.
accounts deptt: perform two major functions.
2. Financial Reporting.
This function of accounting performed by
each cost center and its end by the qualified accountants under
the administrative supervision of the concerned head of the department,
however functionally they are reporting to the head of accounts
section of the university. Each cost center perform the following
• To prepare vouchers, obtain approval from
internal auditor, get the same approved
for payment, and maintain a
chronological record of all the economic events in the books
of original entry
i.e.journal. (The number of journals
introduced decided on the basis of quantum of different transactions.
• To post the accounting entries into the
ledgers and compute the balances on daily bases.
• To prepare trial balance on daily basis
to check the accuracy mathematically.
• To provide the daily trial Balance to
Additional Treasurer on daily basis.
• Making adjusting entries periodically.
• Making closing entries and closing books
of accounts annually.
• Keeping accounting records updated for
all the external audits.
• Safe custody and secrecy of all the accounting
function of accounting performed by the Accounts Section. It include,
• Consolidation of all the accounting results
coming from different Cost Centers.
• Preparing a daily statement of Financial Position
and Cash Flow for perusal of the Treasurer.
• Keeping accounting records updated for all the
• Preparing audited financial statements getting
the same published and making the same available to the groups
interested in financial data.
• Satisfying all the enquires raised by different
• Assisting financial management deptt; in making
financial planning and reporting
to Govt: Agencies.