Financial management concept

• Accounting management revolves around individual management concerning accounting principles and controlling them through a form of planning, organization, and control.

  Sections of Financial Management

  General Treasury Department: This department is responsible for the following:

  a) Inventory: Receiving all payment orders submitted to the financial department and delivering them to specialists, and following up on their completion procedures until they are referred to the treasury or the payment order writer.

  b) Incoming and outgoing correspondence, copying, and archiving: Receiving transactions incoming to the financial department, recording them, completing their entries, and exporting transactions issued from the financial department to various university entities, in addition to copying, duplicating, organizing files, and archiving them.

  c) Financial archive: Retaining payment orders and settlements with their attachments in special files according to their entry order and retrieving them when needed.

  Auditing Department

  This department is responsible for auditing all financial documents and transactions submitted to the financial department for disbursement, such as the entitlements of university employees and students (such as salaries, additional payments, allowances, monthly bonuses, etc.), in addition to financial transactions related to university units (such as securing purchases or issuing permanent or temporary advances, or settling these units’ advances, etc.). The department also audits all payment orders related to contractors’ entitlements for contracts (supply, rent, catering, operation, maintenance, cleaning, transportation, etc.).

  Liaison Department

  This department records the approved budget allocations after distributing them as appropriations and enters the necessary financial amendments on the allocations of items and transfers between them based on decisions of transfers and amendments issued during the current financial year. It then takes the necessary actions for financial linkage with all transactions and payment orders submitted to the financial department for linkage with the various approved items in the budget. It also matches the linkage records with what corresponds to them from accounts for each item in the approved budget. In addition, the liaison department prepares a monthly report on the financial status of spending from the items and provides the necessary data for preparing the final accounts at the end of the financial year.

  General Treasury Department

  This department is responsible for receiving treasury funding and depositing it into the account, as well as disbursing salaries of general administration employees and paying entitlements of individuals that are less than 20,000 Riyals.

  It also deposits entitlements that have not been collected by their owners within the legal timeframe into the trust account. The department records the cash movements incoming and outgoing in the treasury movement record.

  Department for Preparing Payment Orders and Checks: This department is responsible for the following:

  a- Preparing payment orders for all entitlements that amount to 20,000 Riyals or more across the four budget items.
  b- Ensuring the accuracy of the data and information recorded on payment orders.
  c- Following up on printing payment orders and reviewing them after printing.
  d- Following up on the approval of payment orders from the financial department manager, the financial auditor, and the university president.
  e- Coordinating with representatives of the financial department to deliver payment orders to the Ministry of Finance and receiving checks from the ministry to deliver them to their owners.
  f- Preparing cash checks from the available funds in the university accounts.
  g- Delivering checks to their legitimate owners, or to money exchangers, or to representatives of companies.
  h- Retrieving payment vouchers from exchangers in various sectors and ensuring that there are signatures from the rightful owners and receipts for the deposited amounts that have not been collected by their owners.

  Accounting Department

  This department is responsible for preparing accounting entries and reconciliations in various records and accounts and conducting reconciliations, including:

  a) General journal: Responsible for the following:

   Recording payment orders that have been prepared for checks or payment orders according to the priority of their completion.
   Recording payment orders that have been disbursed from the cash treasury according to their entry order in the treasury.
   Recording accounting amendments after their approval by the financial auditor.
   Numbering payment orders and amendments with a serial number according to their entry priority.
   Accumulating debit and credit amounts in all areas of the journal and ensuring their balance on each page, which is done daily.
   Matching daily with the cash account and the various accounts and the data entered into the computer.
   Preparing the monthly trial balance.

  b) Computerized accounting: Responsible for the following:

   Entering all information related to payment orders and amendments recorded in the general journal into various accounts.
   Matching groups and balances of different accounts with the balances and inverted groups in the general journal.
   Coordinating and following up with the computer center to ensure the continuity of financial programs.
   Following up on printing various accounting reports.
   Maintaining a complete copy of accounting reports in a suitable and organized manner, considering it a substitute for manual records.
   Following up on the development of financial programs on the computer.
   Extracting all the necessary data to prepare the final accounts of the university.

  c) Bank accounts, monetary authority, and the Ministry of Finance: Responsible for the following:

   Following up on the movement of the university’s accounts in banks, authorities, and the Ministry of Finance, whether in withdrawals or deposits.
   Ensuring the matching of the balances of the university’s accounts with the banks, authority, and the Ministry of Finance.
   Preparing the necessary amendments to match the university’s accounts with the banks, authority, and the Ministry of Finance.
   Preparing matching letters after ensuring that and obtaining balance certificates.

  d) Advances – Trust – Insurance – General modifications Model 20

  Responsible for the following:
   Preparing amendments related to advances, trust, insurance, revenues, and any other amendments related to currency differences or correcting accounting errors.
   Following up on the repayment of advances and preparing the necessary reports on defaulters and maintaining an organized file for advances.
   Matching advances balances with records and balances displayed in the computer.
   Preparing letters for depositing amounts.
   Preparing payment orders for trust after ensuring their documentation and entitlement of the rightful owners to receive them.
   Returning guarantees to their owners upon the end of their holding purpose based on payment orders.
   Preparing monthly reports on collected revenues and their payment orders to the Ministry of Finance.
   Preparing payment orders for exclusion from revenues based on exclusion decisions.
   Preparing revenue data to be included in the university’s final accounts.
   Matching the revenue account with the Ministry of Finance statement.
   Preparing Model 20 monthly and the monthly balance sheet.
   Preparing letters to the Ministry of Finance, the General Court of Audit, and sending the monthly Model 20 after being approved by the financial department manager, the financial auditor, and the general manager of financial affairs.

  Guarantee Department

  This department is responsible for receiving the guarantees referred to the financial department, opening files for them, recording them in special records, following up on renewing them by sending letters to the banks that issued them according to the designated model for this purpose, receiving their renewals, and archiving them in the basic guarantee files. It also follows up with the banks that send renewals, releases guarantees that have expired their purposes, retains letters that prove that, in addition to preparing necessary reports about guarantees and studying investments to ensure that appropriate decisions regarding investments and financial positions are taken based on financial conditions.