Accounts Assistant – Receipts and Payments

GENERAL DESCRIPTION

The Accounts Assistant (Receipts and Payments) plays a pivotal role within the finance department of the University. This position primarily focuses on the accurate processing and recording of financial transactions related to receipts and payments. The incumbent will work closely with the Finance Manager to ensure the smooth operation of financial activities and compliance with university policies and procedures.

MAIN DUTIES AND RESPONSIBILITIES

1. Receipts Management:

Process incoming payments promptly and accurately through various channels which include cash and electronic payments.

Verify and record receipts in the accounting system ensuring proper coding and classification.

Undertake daily bank verification to ensure completeness of all student and other receipts.

Address any discrepancies or issues with receipts in a timely manner and collaborate with relevant departments for resolution

2. Payments Proces

Facilitate the processing of outgoing payments such as vendor invoices, employee reimbursements, and utility bills.

Verify payment requests against supporting documents and obtain necessary approvals as per university policies.

Prepare and process payments via electronic transfers, checks, or other approved methods.

Maintain accurate records of all outgoing payments and reconcile payments with respective accounts

Ensure completeness of payments records capture in the accounting system

3. Petty Cash Management

Process employee reimbursement requests for petty cash expenditures promptly and accurately.

Verify supporting documentation and receipts to ensure compliance with reimbursement policies.

Reconcile petty cash expenditures with reimbursement requests and maintain accurate records.

Adhere to established petty cash policies and procedures to maintain accuracy, integrity, and security of the fund.

4. Account Reconciliation

Perform regular reconciliation of bank statements, receipts, and payment records to ensure accuracy and completeness.

Investigate and resolve any discrepancies or variances identified during reconciliation processes.

Prepare reports summarizing reconciliation findings and present them to the finance team as required

5. Financial Reporting Support

Assist in the preparation of financial reports related to receipts, payments, and cash flow for management review.

Provide necessary data and support during internal and external audits to ensure compliance with regulatory requirements.

Generate ad-hoc financial reports and analysis as requested by supervisors or senior management

6. Documentation and Compliance

Maintain organized and up-to-date documentation of all financial transactions, receipts, and payment records in accordance with record-keeping policies.

Ensure compliance with university financial policies, procedures, and relevant accounting standards.

Stay informed about changes in financial regulations or policies that may impact receipts and payments processes

7. Team Collaboration

Collaborate effectively with colleagues within the finance department and other university departments to streamline financial processes and resolve issues.

Provide support and assistance to other team members as needed to ensure departmental goals are met

8. Perform other accounting and administrative functions as assigned from time to time.