Procedure for Finalisation

of Accounts
Doc No: P/F&A/06
Issue No: 01
Page: 01 of 02
Page Rev No. 00
Effective date:


Prepared & Reviewed
By:
Approved By: Issued By:
Management
Representative


1.0 Purpose: To establish and operate a procedure for dealing with
Preparation of Final Accounts in Finance & Accounts
Division at Head Office.

2.0 Scope: Procedure applicable for the preparation of Final
Accounts.

3.0 Overall responsibility: D.M(S) / Manager (Fin.)

4.0 Procedure for Finalisation of Accounts.

Sl.
No.
Activity Description Responsibility Ref.Doc./Record

4.0 Inter unit reconciliation of Funds &
Store stocks

4.1
(a)
Yearly Inter unit reconciliation of
funds and stock.
M(F) / M(Audit) Data of Units
4.1
(b)
Preparation of Trial Balance of H.O.
and schedules.
A.M(F) / M(F) Trial Balance of H.O.
4.1
(c)
Preparation of consolidated Trial
Balance of Units and H.O.
A.M(F) / M(F) Trial Balance
4.1
(d)
Scrutiny and consolidation of
Inventory statements of all Units
M(IA) Inventory statements of
Units
4.1
(e)
Valuation of stocks M(IA) Final Inventory
statements of Units, rate
circulars and other
financial data.
4.1
(f)
Preparation of groupings for Profit &
Loss Account and Balance Sheet
A.M(F) / M(F) Consolidated Trial
Balance
4.1
(g)
Preparation of Profit & Loss Account
and Balance Sheet
A.M(F) / M(F) Profit & Loss Account
and Balance Sheet
4.1
(h)
Preparation of Agenda of draft
accounts for placing before Board
A.M(F) / M(F) Draft P & L account and
Balance Sheet

5. Quality Plan for Finalisation of accounts.

Sl.
No.
Activity of procedure Measurable Parameters Responsibility
1 4.1 Inter Unit Reconciliation for
funds and stores
After the end of financial year 4
working days
A.M(F) / M(F) /
M(Audit)
2 4.1 (a) Inter Unit Reconciliation 4 working days in May of each
year.
A.M(F) / M(F)


Procedure for Finalisation
of Accounts
Doc No: P/F&A/06
Issue No: 01
Page: 02 of 02
Page Rev No. 00
Effective date:


Prepared & Reviewed
By:
Approved By: Issued By:
Management
Representative


3 4.1 (b) Head Office Trial
Balance and Schedules
15 working days after completion
of Inter Unit Reconciliation
A.M(F) / M(F)
4 (4.1(c) Feeding of all Trial
Balances and consolidation,
including Head Office.
10 working days after preparation
of Head Office Trial Balance
A.M(F) / M(F)
5 4.1 (d) Scrutiny and
consolidation of Inventory
statements
30 working days from completion
of Inter Unit Reconciliation
M(IA)
6 4.1 (e) Valuation of stocks 15 working days after
consolidation of Inventory
statements
M(IA)
7 4.1 (f) Preparation of groupings,
P&L and Balance sheet
10 working days after
consolidation of all Trial Balances
A.M(F) / M(F)
8 4.1(g) Draft accounts preparation
and agenda
5 working days after completion of
groupings, P&L account and
Balance Sheet
A.M(F) / M(F)

6. Reference Document/ Records
1) Trial balance with schedules of units at H.O
2) Stores records of units at Head Office .
7. Abbreviations
V.C & M. D: Vice Chairperson & Managing Director
M (F): Manager (Finance)
M(IA): Manager (Internal Audit)
D.M (S): District Manager (Seeds)
AM (F): Assistant Manager (Finance)
AAO: Asst.Accounts Officer
AA: Assistant Accountant
J A: J unior Assistant / J unior Assistant Accountant
DA: Dealing Assistant
DOP: Delegation of Powers
EPF: Employees Provident Fund
FPF: Family Pension Fund
ESI: Employees State Insurance
IT: Income Tax (Tax Deduction at Source)
ST: Service Tax
VAT: Value Added Tax
CST: Central Sales Tax