Ministry of Finance and Economic Planning

Finance and Economic Department.

Head of finance treasuary:   Mrs Nuru .s. Khamisi

Head of accounts:     Mr. Robert

Objectives

  1. To ensure proper books of accounts are kept.
  2. To ensure reports that aid management in decision making are produced on a timely basis.
  3. To control expendinture.
  4. To consolidated information from othe departments.
  5. To advice and give general direction to other departments through the head of treasury on all accounting matters.
  6. Meet and facilitate all statutory requirements as regards financial reporting.

 

Department     Finance and Economic
Unit Accounts
Bank Reconciliation
General Policy To maintain the Bank accounts and General ledger systems of Mombasa County to ensure accurate financial reporting.
This includes operating both Spreadsheets(excel) and Manual reconciliations.

Bank Reconciliation Process

A bank reconciliation statement offers checks and balances for Mombasa County accounting and the bank’s accounting. If an employee has been writing cheques or stealing money from an account, the bank reconciliation statement will reveal it. This is why an important accounting rule is the person who handles payables and writes cheques never reconciles the account. Bank reconciliation statements should always be reconciled by another person to have a separation of job duties.

Bank reconciliation statements will show if there are any outstanding cheques or wires that have not been cleared by the bank or deposits that have not been recorded. This can indicate problems with the delivery of these payments, or the deposit of items. If an item is outstanding for more than a month, the payee should be contacted or the mailing address or bank account numbers should be checked. Voiding and reissue of cheques or wires may be done, if they are not received after several months. Missing deposits will require a deposit receipt if it is a bank error or an audit if it is an employee error.

Occasionally, the bank will make errors. Wires might be duplicated or cheques from someone else’s account might be hitting your account. Bank reconciliations statements give the detailed transaction history to help you find those errors to have the bank correct them.

Bank reconciliation statements will list all bank fees that were charged to your account. You will need to enter those bank fees into your general ledger to reconcile the statement. It is always a good idea to check the fees to make sure your bank account is not being overcharged in error.

Establishment of county treasuries.

  1. (1) There is established for each county government,an entity to be known as County Treasury.

(2) The County Treasury shall comprise —

(a) the County Executive Committee member for finance;

(b) the Chief Officer; and

(c) the department or departments of the County

 

General responsibilities of a County Treasury.

  1. (1) Subject to the Constitution, a County Treasury shall monitor, evaluate and oversee the management of public finances and economic affairs of the county government including—

(a) Developing and implementing financial and economic policies in the county;

(b) Preparing the annual budget for the county and coordinating the preparation of estimates of revenue and expenditure of the county government;

(c) Co-ordinating the implementation of the budget of the county government;

(d) mobilising resources for funding the budgetary requirements of the county government and putting in place mechanisms to raise revenue and resources;

(e) managing the county government’s public debt and other obligations and developing a framework of debt control for the county;

(f) consolidating the annual appropriation accounts and other financial statements of the county government in a format determined by the Accounting Standards Board;

(g) acting as custodian of the inventory of the county government’s assets except where provided otherwise by other legislation or the Constitution;

(h) ensuring compliance with accounting standards prescribed and published by the Accounting Standards Board from time to time;

(i) ensuring proper management and control of, and accounting for the finances of the county government and its entities in order to promote efficient and effective use of the county’s budgetary resources

(j) maintaining proper accounts and other records in respect of the County Revenue Fund, the County Emergencies Fund and other public funds administered by the county government;

(k) monitoring the county government’s entities to ensure compliance with this Act and effective management of their funds, efficiency and transparency and, in particular, proper accountability for the expenditure of those funds;

(l) assisting county government entities in developing their capacity for efficient, effective and transparent financial management, upon request;

(m) providing the National Treasury with information which it may require to carry out its responsibilities under the Constitution and this Act;

(n) issuing circulars with respect to financial matters relating to county government entities;

(o) advising the county government entities, the County Executive Committee and the county assembly on financial matters;

(q) strengthening financial and fiscal relations between the national government and county governments in performing their functions;

(r) reporting regularly to the county assembly on the implementation of the annual county budget; and

(s) taking any other action to further the implementation of this Act in relation to the county.

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