Financial Statement

Three kinds of financial statements are made. These are as follows:

  • Monthly statement
  • Quarterly statement
  • Yearly statement

Monthly Statement:

Financial operating report, Bank reconciliation statement and loan liquidation report are made at the end of each month. Financial operating report is made from general ledger under the supervision of an Accounts Officer. Monthly financial income and expenditure statement is derived from it. Bank reconciliation statement is made from cheque disbursement book and daily cash/bank record under the supervision of two assistant accountant and both encashment  and un-encashment (non-cashment) amount are prepared from it Loan liquidation report is made from cash receipt book and cheque disbursement book under the supervision of an accounts officer.

Quarterly Statement:

Statement of change in financial position, cash flow statement, loan liquidation report and project status report are made at the end of each quarter. Statement of change in financial position is made from monthly financial operating reports and also cash flow statement is made from monthly financial operating reports. Loan liquidation report is prepared from cash receipts book and cheque disbursement book and project status report is derived from the result of project activities. All the above statements are made under the supervision of an accounts Officer.

Yearly Statement:

Balance sheet, receipt and payments accounts, statement of change in financial position, cash flow statement, loan liquidation report and project status reports are prepared at the end of the every year. Balance sheet is made from general ledger, subsidiary ledger and other sources of the corporation’s financial operation. Receipts and Payments accounts is made from monthly financial operation reports. Statement of change in financial position, cash flow statements, loan liquidation report and project status report are prepared from quarterly statement under the supervision of the Chief Accounts Officer.