Importance of Internal Financial Controls in Visual Studio .NET

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Importance of Internal Financial Controls
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Employee Advances Employee advances for expected expenses should have guidelines defining the maximum cash advance that can be given to an employee, documentation of the cash advance request, and approval of the request before the cash advance is made The loop does not close until final documentation regarding the use of the cash is received and verified For example, an employee might receive a cash advance to purchase an office printer based on a quote The transaction closes only after submission of final original receipts from the vendor to make sure there are no differences in the quote and final invoice, as well as safeguard that the employee does not return the purchase using the original receipt and exchange the item for something less costly Employee Travel Control guidelines for employee travel include specified modes of travel, travel notice, travel approvals from employee s managers, and documented justification of the need to travel If the employee makes the travel arrangements, the employee must provide proper documentation in terms of original receipts and a manager-approved form for reimbursement Payroll It is necessary to ensure that payments are made only to bona fide employees for authorized amounts The employees should be issued pay-slips showing their gross salary, all deductions including tax and insurance, and the net salary A separate payroll bank account should be maintained, and reconciliation of the net amounts of the pay-slips and the actual amounts paid by checks should be done every month by the payroll department to avoid fraud or misuse of organization s funds Payroll should also keep salary and expense reimbursement accounts separate for clarity Fixed Assets Fixed assets are those that are not easily converted into cash in the short term (ie, within one year) They are long-term assets whose value extends beyond the accounting period Fixed assets are both tangible and intangible assets Land, building, furniture and fixtures, and vehicles are examples of tangible assets, and goodwill, copyrights, licenses, and patents are examples of intangible fixed assets Tangible fixed assets are recorded at their original cost and are depreciated proportionately every year, while intangible fixed assets are recorded at their original cost and are amortized proportionately every year The procedure of recording fixed assets includes proper tracking and control of the assets Financial controls ensure that fixed assets are acquired and disposed of only on proper authorization and with adequate safeguard, and also that the transactions
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are properly recorded Also, due diligence should be performed and documented before any fixed asset is purchased to ensure that the purchase amount paid is as per expectation Bank Statement Reconciliation Bank statement reconciliation is the process of systematically comparing the cash balance as reported by the bank with the cash balance on the company s books and explaining any differences between them Reconciliation makes sure that the balance of the bank statement, checkbook balance, and the balance in the accounting book (ie, the ledger and the journal) all tally/agree with each other There frequently are differences in the balances of the checkbook and the bank statements The reasons are many: Checks may be issued by the nonprofit in one month, but might not be processed by the payee in the same month Interest may be credited or debited to the nonprofit s bank account, but it might not be recorded in the nonprofit s books The amount of the check may have been altered by the payee Transfers might be recorded in the books of accounts in a particular month, but not recorded in the same month in the bank account Checks could have been stolen from the nonprofit and forged There may be some arithmetic mistakes or other recording errors made by the nonprofit or by the bank Whatever the reason for differences between the amounts in the nonprofit s books and the bank statement, reconciliation of the statement should find it and prompt any necessary corrective action Fund Management or Funding Without good financial controls, an organization might consume its funding faster than anticipated It is therefore important to keep a close watch on how the funds are raised, and on how, where, and why are they used
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