Education Fund Division

The Higher Education Fund Division aims to increase revenues to address financial bottlenecks and deficits. It also seeks to incentivize personnel across all educational activities through the distribution of annual performance incentives.

The division is responsible for recording, categorizing, and analyzing ongoing revenue and expenditure operations, maintaining financial control, and preparing the year-end financial budget to determine the fund’s financial position.

Key Administrative and Financial Tasks:

• Revenue Management: The division employs a dedicated accountant to receive all incoming funds using approved official receipts. These amounts are recorded in the receipts ledger based on serial numbers and deposited into the authorized government bank account assigned to the fund.

• General Ledger & Accounting: The division maintains the General Journal, where entries for closing receipts, payments, expenditures, bank commissions, adjusting entries, and advance settlements are posted.

• General Ledger Maintenance: This ledger is used to prepare the final accounts.

• Value-Document Accounting: Managing and recording price-sensitive documents, such as official receipt books and checks.

• Bank Reconciliation: Maintaining bank reconciliation records to ensure the current account matches the official bank statement.