Financial Management

Advances

Advances • Advances needs to be entered in the Cash Book even if the advance given is for a short-while. E.g. an advance is given to buy stationery and the concerned person will get back with stationery and receipt say. Within an hour, even if it needs preparation of voucher and settlement of advance, one should do that rather than directly booking the expenses.  ·         For any programme related  expenses it is always advisable to give the advances to the person concerned i.e. if an Women’s Co-ordinator is organizing an awareness camp – he/she should be given the advance and they need to settle. ·         It is advisable not to give all the advances to one person or show the advances in the name of Chief Functionary.  ·         For advances a proper requisition form giving details of the nature of advance should be prepared and should be recommended by the concerned Line Manager and approved by an authorized person of the organization ·         Unless a particular advance is settled, further advances should not be given to a particular staff member.  Under exceptional circumstances advance may be given.  ·         Advances need to be settled as soon as the programme for which the advances are taken, is over.   All the advances needs to be settled within the month 

« Back