Finance Management Module

The purpose this module is to plan budget, record fund allocations, record expenditure and track the funds made available for each of the activity items in MIS. This module will also facilitate record keeping of findings of internal and external auditors.

Based on the Procurement Plan approved by the WB, Budget estimates are prepared by all the accounting centres for the overall MACP Project down to each granular activity for the next Financial Year. The Budget once approved by Govt. of Maharashtra and World Bank triggers release of funds to be allocated for implementing various activities. Based on the available funds, expenditures are made by various accounting centres and spending units and relevant data is captured in the system. As the financial year progress, the budget review & revision exercise is conducted. This exercise may result in revision of budget and allocations for the remaining months of the current financial year.

While processes relating to financial management are going on, Internal and External audits may take place periodically. The Auditors periodically may audit the finance accounts (Budget and Expenditure) and document their observations. These observations are required to be recorded in the MIS system for further analysis by the project stakeholders.
Using this module the users will be able to carry out the following broad level activities:

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The purpose this module is to plan budget, record fund allocations, record expenditure and track the funds made available for each of the activity items in MIS. This module will also facilitate record keeping of findings of internal and external auditors.

Based on the Procurement Plan approved by the WB, Budget estimates are prepared by all the accounting centres for the overall MACP Project down to each granular activity for the next Financial Year. The Budget once approved by Govt. of Maharashtra and World Bank triggers release of funds to be allocated for implementing various activities. Based on the available funds, expenditures are made by various accounting centres and spending units and relevant data is captured in the system. As the financial year progress, the budget review & revision exercise is conducted. This exercise may result in revision of budget and allocations for the remaining months of the current financial year.

While processes relating to financial management are going on, Internal and External audits may take place periodically. The Auditors periodically may audit the finance accounts (Budget and Expenditure) and document their observations. These observations are required to be recorded in the MIS system for further analysis by the project stakeholders.
Using this module the users will be able to carry out the following broad level activities:

  1. Budgeting: In this sub-section, the PCU, PIU and the Accounting Centers will be able to formulate and finalize their annual budgets and revise budgets on a quarterly basis.
  2. Fund Allocations: In this sub-section, PIU and the Accounting Centers will be able to enter details of amounts of Funds received from the project or a beneficiary on a day-to-day basis.
  3. Expenditure Entries: In this subsection, the accounting centers will be able to enter details of expenditures incurred towards carrying out various project level activities.
  4. Audit Cycles: In this sub-section, the PCU, PIU and the accounting centers will be able to track various audit cycles and close para remarks raised by the auditors.
  5. Reports: In this sub-section, various custom reports (Budget / Allocation / Expenditure / IUFR / Review Reports (Tgt Vs Ach).
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