Procedure for Finalisation of Accounts

Doc No: P/F&A/06 Issue No: 01 Page: 01 of 02 Page Rev No. 00 Effective date:

Prepared & Reviewed By:

Approved By: Issued By: Management Representative

1.0 Purpose: To establish and operate a procedure for dealing with Preparation of Final Accounts in Finance & Accounts Division at Head Office.

2.0 Scope: Procedure applicable for the preparation of Final Accounts.

3.0 Overall responsibility: D.M(S) / Manager (Fin.) 4.0 Procedure for Finalisation of Accounts.

Sl. No.

Activity Description Responsibility Ref.Doc./Record

4.0 Inter unit reconciliation of Funds & Store stocks

4.1 (a)

Yearly Inter unit reconciliation of funds and stock.

M(F) / M(Audit) Data of Units

4.1 (b)

Preparation of Trial Balance of H.O. and schedules.

A.M(F) / M(F) Trial Balance of H.O.

4.1 (c)

Preparation of consolidated Trial Balance of Units and H.O.

A.M(F) / M(F) Trial Balance

4.1 (d)

Scrutiny and consolidation of Inventory statements of all Units

M(IA) Inventory statements of Units

4.1 (e)

Valuation of stocks M(IA) Final Inventory statements of Units, rate circulars and other financial data.

4.1 (f)

Preparation of groupings for Profit & Loss Account and Balance Sheet

A.M(F) / M(F) Consolidated Trial Balance

4.1 (g)

Preparation of Profit & Loss Account and Balance Sheet

A.M(F) / M(F) Profit & Loss Account and Balance Sheet

4.1 (h)

Preparation of Agenda of draft accounts for placing before Board

A.M(F) / M(F) Draft P & L account and Balance Sheet

5. Quality Plan for Finalisation of accounts. Sl.No.

Activity of procedure Measurable Parameters Responsibility

1 4.1 Inter Unit Reconciliation for funds and stores

After the end of financial year – 4 working days

A.M(F) / M(F) / M(Audit)

2 4.1 (a) Inter Unit Reconciliation 4 working days in May of each year.

A.M(F) / M(F)

Procedure for Finalisation of Accounts

Doc No: P/F&A/06 Issue No: 01 Page: 02 of 02 Page Rev No. 00 Effective date:

Prepared & Reviewed By:

Approved By: Issued By: Management Representative

3 4.1 (b) Head Office Trial Balance and Schedules

15 working days after completion of Inter Unit Reconciliation

A.M(F) / M(F)

4 (4.1(c) Feeding of all Trial Balances and consolidation, including Head Office.

10 working days after preparation of Head Office Trial Balance

A.M(F) / M(F)

5 4.1 (d) Scrutiny and consolidation of Inventory statements

30 working days from completion of Inter Unit Reconciliation

M(IA)

6 4.1 (e) Valuation of stocks 15 working days after consolidation of Inventory statements

M(IA)

7 4.1 (f) Preparation of groupings, P&L and Balance sheet

10 working days after consolidation of all Trial Balances

A.M(F) / M(F)

8 4.1(g) Draft accounts preparation and agenda

5 working days after completion of groupings, P&L account and Balance Sheet

A.M(F) / M(F)

6. Reference Document/ Records

1) Trial balance with schedules of units at H.O 2) Stores records of units at Head Office .

7. Abbreviations V.C & M. D: Vice Chairperson & Managing Director M (F): Manager (Finance) M(IA): Manager (Internal Audit) D.M (S): District Manager (Seeds) AM (F): Assistant Manager (Finance) AAO: Asst.Accounts Officer AA: Assistant Accountant JA: Junior Assistant / Junior Assistant Accountant DA: Dealing Assistant DOP: Delegation of Powers EPF: Employees Provident Fund FPF: Family Pension Fund ESI: Employees State Insurance IT: Income Tax (Tax Deduction at Source) ST: Service Tax VAT: Value Added Tax CST: Central Sales Tax