Finance and accounting

Key items:
  • General Ledger
  • Accounts Payable
  • Accounts Receivable
  • Fixed Assets
  • Bank Reconciliation
  • Month end and Year end procedures
  • Commitment accounting
  • Funds checking

Financial management - The system allows you to capture, monitor and manipulate vast amounts of critical financial data. With several ledgers, it incorporates key workflow elements that help reduce the time taken to perform everyday tasks such as data entry, reporting and transaction management. Production of real-time reports to show the financial status of budgets (commitments, accruals and expenses, cash flow, balance sheet, income and expenditure reports, financial forecasts, and ageing reports).

At the Addis OCS open day (13 August 2015) someone asked the OCS finance/accounting team: "Will OCS make your life easy?".
Their answer was: Yes much of the burden shared with requestors e.g. around an RFP, means we skip inserting all the stuff manually. All cost centres and details are in. It will provide much process efficiency. Even for you it means real time update about whether the Purchase Order is raised etc. It will reduce the amount of phone calls on status etc. and reduce printing etc."

See frequently asked questions about finance and accounting

Read the general guide 'General ledger registration and posting'
Read the general guide 'Incoming invoices registration and posting'
Read the general guide 'Invoice registration - Document load'

Some additional questions that will need answering (based on Nairobi open day)
1. What is commitment accounting? The budget, soft and hard commitments where one will see when an order is placed to finality.

2. What are soft commitment and hard commitments? Soft is that you have made the order request, so the process has started. Hard Commitment is it moves to the third party i.e. LPO to third party.

3. Who has rights to budgets? All the accountants and budget holders. However an analysis will be done to determine if different roles need this information and we will work on a case to case bases.

4. Will the system hold order if the budget holder has gone over budget?

5. Annual Reporting, how will this be done? OCS will reduce the black holding for finance and procurement, which is currently in 3 months, to one month. Efficiency will increase. Reports can be generated.

6. How will this improve budgeting? OCS give real time budgets. Efficiencies will be improved.

7. Is the system desktop or web based? Both

8. Can I work remotely? Yes

9. In regards to travel, if there is an error in the TA with the grant code but you realize that there is an error can you fix it in the accounting stage? The grant approver needs to take ownership when it still at the soft commitment.

10. How will the system manage contractor commitments that affect payments (credit control)? The system will alert the payables accountants so that the LPO agreements are maintained.

11. Have the auditors agreed that this is an appropriate method to do out accounting?

12. How will it manage internal training, but not personal services? People and project planner

13. How will the system articulate partner advances, is it an hard or soft commitment?

14. How will the system address project reversal expenses in regards to changes in activity goods?

15. With the current process can the system amend changes in allocating staff allocation time?

16. How will the system link staff time to proposal development?

17. When will the trainings start?

18. How do our CRP bus compare with other CRP compare?

19. Do people need to have finance generate remotes for them or can they do it themselves?

20. Will the financial annual report be easier to generate?

21. Will the reports now cover soft commitments?

22. Are you are able to see documents archives to support processes like purchase orders e.g. contracts, during payment process?