ACCOUNTS

  1. INWARD TRANSACTION

1.1. Fees Collection (All kind of fees from stakeholders)

1.2. Fine Collection

1.3. Other remittance

1.4. Inward transactions must be maintained under respective categories such as CET, COMED-K, Management and within these categories heads such as “student fee (tuition fees, college fees (development fees, bus fees, uniform fees, etc))”, “library fee and fine”, “examination fees and fine”, “revaluation fee and fine”, “penalty (other fee and fine)”, etc

1.5. Raise computerized receipts/ manual receipts to stakeholders for the cash remittance of fees and fine and consolidated report of the same to be reported to the Registrar/AO/Principal.

1.6. Raise computerized receipts/ manual receipts to stakeholders for the remittance of DD and Cheques report the consolidated information of the same to the Registrar/AO/Principal on daily basis.

1.7. Online transaction details will be handed over to the “Account-Superintendent” on daily basis by the “Account Viewing Authority”.

   1.7.1. Computerized/manual receipts for the confirmed transaction will then be generated by the accounts section and handed over to the respective stakeholder.

1.8. Clause no 1.5 must be consolidated in “Cash Book” and submitted to the Registrar/AO/Principal on daily basis and take the authentication of the Registrar/AO/Principal.

1.9. Clause no 1.6 must be consolidated in “cheque book (Similar to Cash Book)” and submitted to the Registrar/AO/Principal on daily basis and take authentication. The Received cheques / DD on a day must be deposited in to a single account as instructed by the Principal the next day.

1.10. Prepare bank reconciliation for any transaction in the form of cheques/DD/online by Accounts section. Any discrepancy in these transactions will be reported to the Registrar AO / Principal.

1.11. Other income such as remuneration received from external agencies (exams conducted, rent received, interest from various sources, etc) is maintained and updated to the Registrar/AO/Principal as and when they occur.

    2. OUTWARD TRANSACTION

2.1 Cash Mode of Payment:-

         a) Receive Payment request from the concerned head of the section that is approved by the Principal.

1.  Prepare cash voucher against the received payment request and submit the same for approval of the paying authority  i.e Principal (MITM) or Secretary (MET) or President (MET) or any Trustee of MET.

2.  Upon approval of the Cash Voucher, make arrangements to pay the concerned party and take his/her acknowledgement in the cash voucher.

2.2. Cheque/DD  payment

a) Receive Payment request from the concerned head of the section that is approved by the Principal/Management.

  1. Prepare payment advice as against the payment request and submit the same for approval from the authority inclusive of the Principal (MITM), Secretary (MET) and President (MET).
  2. Upon Approval of the authority, prepare Cheque/DD in the name of the concerned party and submit the same for attestation of the authority inclusive of the Principal (MITM) and Secretary (MET)
  3. Make arrangements to handover the cheque/DD to the concerned party and take acknowledgement in the payment voucher.

2.3. Online payment

a) Receive Payment request from the concerned head of the section that is approved by the Principal/Management.

  1. Prepare payment advice as against the payment request and submit the same for approval from the authority inclusive of the Principal (MITM), Secretary (MET) and President (MET).
  2. Upon Approval of the authority, Principal (MITM) will initiate the online payment and payment acknowledgment will be maintained.

2.4. Salary payment

a) Receive the hard & soft salary statement from establishment section (duly signed by Principal/Authority)

b) Prepare payment advice as against the salary payment request and submit the same for approval from the authority inclusive of the Principal (MITM), Secretary (MET) and President (MET).

c) On approval payment cheque will send to the bank along with the staff salary distribution hard copy for salary disbursement.

d) Entry of salary payroll statement to Tally ERP9 software.

e) Uploading of monthly data to statutory Govt. bodies & making payment after getting management approvals ( within due dates)

f) Handover the payment advice, payment confirmation copy & other monthly challans to establishment dept for record maintenance.

g) Issue of salary slip (on request by staff).

   3. OTHER PROCESS

3.1. Keeping Accounts ready for CA to Audit on periodical basis

3.2.  Maintenance of accounting ledgers by verifying posting accounting transactions.

3.3. Preparation of monthly TDS statement & issue of form16 to employees & other parties.