Financial Management, Cash and Fixed Assets
Fixed assets are items with a useful life of more than one 12 months. They are both tangible and intangible assets, which may comprise of property, plant and equipment and they cannot be easily converted into cash. For the Agency to achieve its operational and strategic objectives effectively, it needs these tools of trade (computer equipment with software, furniture, and office equipment including photocopiers)
Financial Management Process of Cash and Fixed Assets
- Cash and Bank: The Agency uses First National Bank (FNB) to receive money collected from revenue generated. Excess cash is invested into short-term deposit with South African Reserve Bank. Bank reconciliations are done weekly.
- Petty Cash: There is petty cash for immediate expenditure with a float limited to R15,000.00. Petty cash request for is limited R2,000.00 per voucher. Requests are authorised by delegated officials before cash can be issued and slips are to be reconciled and returned to Finance within 24 hours of the money being paid out.
- Fixed Assets: New assets must be barcoded before they can be issued to employees. Transactions relating to the assets processed in the Accounting system must agree to the Fixed Asset Register and the General Ledger Physical verification of assets is done bi-annually and the Fixed Asset Register updated Lost assets must be reported to Tumelo Motau and investigations will unfold.
- Financial Planning: Financial planning is the budget process undertaken annually in September sourcing divisional inputs before finalisation. The budget is critical to enable the divisions to meet their targets. Procurement subject to budget confirmation and availability.
- Financial Reporting: Financial reporting is done monthly, quarterly, bi-annually and annually as part of management reporting and statutory reporting for audit purposes.
Cash and Fixed Assets Team
- Finance Manager: Margaret Maesela
- Reporting Accountant: Darryl Rebello
- Cash and Bank Officer: Tumelo Motau