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| College Bye Laws CHAPTER-13 |
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| Accounts Rules. |
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13.1 General Rules
These rules may be called the Beant College of Engineering & Technology, Gurdaspur Account Rules. Unless there be anything repugnant in the subject or context, the terms defined in these rules are used in the sense here-under explained.
- “Competent Authority” means the Board of Governors of the BEANT College of Engineering & Technology, Gurdaspur and includes such officers or authorities to whom the Board may authorise for all or any purpose of these rules.
- “Appropriation” means the assignment to meet specified expenditure of funds at the disposal of the assigning authority.
- “Bank” means any Nationalised Bank at Gurdaspur where the account of the College is maintained.
- “Book Transfer” denotes the process whereby financial transaction which do not involve the giving or receiving of cash, or of stock materials, are brought to account. Such transaction usually represent liabilities and assests brought to account either by way of settlement or otherwise but may also represent corrections and amendments made in cash, stock or book transfer transactions previously taken in account.
- “Cash” includes legal tender coins, currency and bank notes, cheques payable on demand, and demand drafts/ Indian postal Orders and also 20 paise revenue stamps. Govt. Securities, deposit receipt of banks, debentures and Bonds accepted as security deposits are not treated as cash.
- “Employee” means an officer or person employed by the College and includes Govt. servants on foreign Service with the College.
- “Financial Year” means the year beginning on 1st April and ending on the following 31st March.
- “Government” means the Govt. of Punjab or the Govt. of India as the context may imply.
- “Grant in Aid” means any contribution or grant which may be made by the Govt of India or Govt. of Punjab on such conditions which it may impose.
- “Head of Department” means an employee of the College declared as such by the competent authority.
- “Major Head” means a main unit of classification of revenue and expenditure.
- “Minor Head” means sub division of a major head.
- “Non-Recurring Expenditure” means expenditure sanctioned as a lump-sum charge where the amount may be paid as lump- sum or by installments.
Note:- Sanction to any item of expenditure which is of a fixed recurring nature and does not vary periodically and which is chargeable to contingencies or to pay of establishment and which does not extend beyond the financial year or beyond six months within the financial year is deemed to be a sanction for non- recurring expenditure.
- “Recurring Expenditure” means expenditure which is not non-recurring.
- “Reappropriation” means the transfer of funds from one unit of appropriation to another such unit.
- “College Account” means the Bank Account opened in any Nationalised Bank at Gurdaspur in which all the Grant-in-Aid and other revenues of the College are credited. It does not include current accounts maintained for Amalgamated Funds or Mess Funds.
Note:- Other terms used in these rules derive their meaning from Beant College of Engineering and Technology, Gurdaspur, Society Rules. In the matter of details connected with accounts not provided for in these rules, the employee of the College shall comply with the instructions of the Principal.
13.2. MAnner of Keeping Accounts
- Books of Accounts, Forms and Registers shall be subsequently bound and page-numbered before being brought to use.
- No alteration, cutting or erasion shall be made in any book, register forms, vouchers or cheques. If any correction has to be made, it shall be made neatly in ink and attested by the dated initials of the employee concerned or in case of a cheque by the signatures of the officer signing the cheque.
13.3 Destruction of Record
Vouchers, Registers and other Forms prescribed in these rules shall not be weeded or destroyed other wise than in accordance with the rules as laid down by the State Govt. of Punjab in respect of disposal of its own records, provided that no Voucher, register or form relating to an audit objection shall be destroyed or weeded until the audit objection has been got settled.
13.4 Audit of Accounts
The accounts of the College shall be preaudited by the internal Auditors/Deputy Registrar (A/Cs.)
The post audit of accounts will be conducted by the A.G. Pb.
13.5 MAintenance of Account
There shall be the following accounts of the College:
- General Current Account
- CPF Account/ GPF Account
- Security deposit Account
- Any other account, to be opened with the approval of Principal.
- Income from fees, grants from Govts., income from property and hostels and other misc. services of the College will be deposited in the current account of the College.
- All subscriptions of the employees and contributions by the College to C.P.F. and interest there-on will be deposited in the C.P.F. account subject to the general policy of the College approved for the investment of balance in long term security deposit.
- The security deposit of the employees and security deposit of any other kind will be deposited in the security deposits accounts.
Every employee is personally responsible for the money which passes through his hands and for the prompt record of the receipts and payments in the relevant accounts, as well as for the correctness of account in every respect. The private cash or account of members of office or departments should not be mixed up with the College cash or account.
The account of receipts and payments will be maintained in cash books.
Note:
The cash books shall be bound in convenient volumes and the pages machine numbered. Before bringing the cash book into use, the Deputy Registrar (A/Cs) shall count the number of pages and record a certificate of count on the first page of the cash book.
All monetary transactions as well as book transfers shall be entered in the cash book as they occur. The receipt as the case may be will be issued for the money received on behalf of the College. The receipts upto Rs.200/- will be signed by the Cashier/ Head Cashier and the receipts for the amount more than Rs.200/- will be counter- signed by the Superintendent/ Dy. Registrar (A/Cs).
All money received in the College shall ordinarily be deposited in the bank on the same day. However, in exceptional circumstances, money received after banking hours will be kept in the strong chest of the College.
The Cash Book should be closed and completely checked. The Suptd./ Dy. Registrar (A/Cs) should verify and sign the totaling of cash book every day besides checking the individual entries.
The Cash Book will be checked by the Registrar at the end of every month.
When the College money is paid into the Bank, Supdt./Dy. Registrar (A/Cs) should compare the Bank receipt, the challan with the entries in the cash book and satisfy themselves that the amounts have been actually credited in the Bank. By the last date of every month a bank reconciliation statement should be prepared on the basis of the Cash book and the balance tallied with Bank. The Dy. Registrar (A/Cs) will be responsible for the regular reconciliation of accounts.
Any erasure or over- writing of entry in the cash book is strictly prohibited. If a mistake is discovered it should be corrected by drawing the pen through the incorrect entry and inserting the correct amount in red ink between the lines. The Supt./ Dy. Registrar (A/Cs) should initial every such correction and invariably date his initials.
When a cheque is drawn in favour of the cashier of the head cashier for disbursement of salaries to class IV staff or work charged staff or petty payments to be made in cash, its amount should at once be entered as a receipt in the subsidiary cash book.
All receipts, disbursements and charges of whatever sort connected with the College service must be and, no other may be ,shown in the Cash Book.
Sufficient details should be given in column ‘particulars’ to admit of main points of each transaction being readily ascertainable without reference to the detailed vouchers.
Classified abstracts in parts will be maintained separately for income and expenditure for all heads of account. Entries in the Abstract Register will be transferred from the cash book daily. Monthly totals will be made in the Abstract Register for each head of account and monthly account will then be prepared from the totals so struck in Abstract Register in the proforma of monthly account.
All the temporary advances given to staff for various purposes will be entered in a register to be maintained in the prescribed form. This register will be posted monthly and balances struck at the end of every month and tallied with the figures in monthly account. It will be obligatory on the part of the Heads of Deptts. to ensure clearing the accounts of temporary advances within 30 days of the issue of advance. Unspent balances out of these advances must be deposited by the employees concerned within 7 days of the finalization of cash purchases. Undue retention of College money beyond this period without proper justification will be seriously reviewed by the Registrar every month, and action taken against the defaulters.
13.6 Receipt of Money
When the money is received by the College employee on behalf of College, it should at once be brought to account in cash book and receipt be issued to the payer. If ,however, an amount is realised by recovery from a payment made by a bill or other vouchers setting forth full particulars of the deductions, a receipt should be issued only if specially desired by the payer. But the fact of recovery having been made by deduction from the payment vouchers should be clearly recorded on the receipt.
NOTE: Final acquittance for private cheques and drafts on local banks accepted under proper authority should not be given to the payer until these have been cleared.
Cheques of private individuals if accepted, in payment of College dues, should be sent to bank for encashment and be shown in appropriate column of the cash book as remittance into bank.
A register in the prescribed form should be maintained for the cheques and drafts received from outside parties and credit of the amount of cheques/ drafts should be watched through this register.
A register in the prescribed form should be maintained in respect of investment held by the College.
The account of security deposits from employees and other misc. deposits will be maintained in the prescribed form. This register should be closed every month and debit/ credit tallied with the figures of monthly account.
In addition, a separate detailed account for the individual students in respect of College/ Mess security will be maintained.
13.7 Payments
All payments should as far as possible be made by cheque. However, petty sums under Rs.100/- may not be made by cheque. Similarly, other charges which are paid in cash e.g. wages of labourers and pay of class IV establishment etc. may be made in cash after drawing the amount from the bank. All bills whether for the supplies received or for advance payments against dispatched documents or otherwise should be verified by the Head of Deptts. and the payment should be arranged by the accounts departments/ branch which are operating budget grants of respective departments. Record of 90% or 100% advance payment will be maintained separately in a register in the prescribed proforma. It will be the responsibility of the Heads of the Deptts./ Branch to ensure expenditures and clearance of such advances and all the advance should be brought to the notice of Principal for proper action.
13.8 Vouchers
As a general rule, every payment including repayment of money previously lodged with College for whatever purpose must be supported by a voucher setting forth full and clear particulars of the claim and all information necessary for its proper classification and identification in the account. The particular Head of Accounts to which the charges are debitable or to which the deduction or other credits shown in the vouchers are creditable should be clearly indicated on it on proper and prominent place.
Voucher must bear a pass order signed by authorised officer of the College.
Every voucher should also bear or have attached to it an acknowledgement of payment signed by the person by whom or in whose behalf the claim is put forward.
13.9. Remittance to Bank
All remittance to Bank should be shown in main cash book. These entries should be verified with reference to the challan no. of the bank by Supdt./Dy. Registrar (A/Cs).
13.10 Imprest
The account of imprest given to the Registrar, Cashier/Head Cashier and Head of Deptt./ Branch will be maintained in the prescribed Register. The imprest account will be got adjusted before the closing month so that payments are brought in account during the month of payment.
13.11 Receipt from students
The fees and other dues received from the students will at once be recorded in the Demand and Collection Register. A receipt in prescribed form will be issued to the students. The total cash received as worked out in Collection Register daily will be posted in the Main Cash Book and deposited in the bank same day.
13.12 Payment of ScholarshipS/Loans
All amount of scholarships and loan received from various authorities for payment to the students of the College as scholarship or loans will be credited in the Main Cash Book under the proper Sub Heads of accounts. A Scholarship Register will be maintained. A page shall be allotted in respect of each student. A scholarship Deposit Register to show the amount received and paid to the students will also be maintained. The undisbursed amount of these scholarship and loans will be refundable to the concerned authorities as soon as possible after the close of academic year.
13.13 Pay and allowance to the Staff
Each department of the College will send to the Account Section by 20th of every month the statement showing the staff on duty and on leave during a particular month. Pay bill of the staff will be prepared by the Accounts Section on the basis of the duty reports etc. The Dy. Registrar(A/Cs) will sign and pass the pay bills of all the staff.
An Establishment Check Register will be maintained in respect of the employees. All entries in the Establishment Check Register will be attested by the Registrar.
Payment to all staff except class IV will ordinarily be made through bank. Payment to class IV will be made through cash. A cheque for the amount of bill passed in respect of class IV employees will be prepared in the name of Cashier/Head Cashier who will enter it at once in Sub-Cash Book. The details of the money will be kept by him in the voucher and the sub-cash book. The cash book will be daily checked by Supdt./Dy Registrar(A/Cs).
Misc. recoveries and event register will also be maintained in Accounts Section for purpose of nothing down changes in staff or any other deduction or payment to be made to the staff.
A Rent Register on account of recoveries effected from the employees will be maintained. This register will also include residence occupied by Non-employees and will show the assessment and realisation of rent during the month.
13.14 Traveling Allowances
The employees of the College are entitled to traveling allowances according to rules framed by Board from time to time. The employees will submit their T.A. bills. A T.A. Check Register will be maintained to show the total grant for T.A. and the amount spent out of this grant and balance amount available.
13.15 Contributory Provident Fund
The account of C.P.F of the employees will be maintained in the prescribed form. This register will be posted every month and will show the payment of temporary loans and recoveries of C.P.F. Separate Pass Book will be issued to the subscribers. Interest will be calculated half yearly and credited to the accounts of the subscribers.
13.16 Payments to suppliers and Contractors
Purchase of consumable and non-consumable articles in the College will be arranged in accordance with the approved purchase rules. As soon as supply of any material is received, the same should be checked according to the specifications and orders. The bill of the suppliers duly verified by the Head on the bill may be submitted to the Accounts Section for arranging payment.
The articles of stock received should at once be taken in the stock register according to the nature of material.
The College will arrange stock-taking of all departments. This will be arranged by the Principal in such a manner that the stock of each department is checked by a staff member of another department. The store checking staff members will also report about the material which has been unserviceable or short and or surplus.
13.17 Budget Estimates
The Budget Estimate of the College will be prepared every year in the month of September in the form as approved by the Central/State Govt. The budget will show separately the expenditure under the following fields.
- Recurring Expenditure
- Non- Recurring Expenditure
There will be the following major Heads:-
(a) Pay
(b) Allowances
(c) Travelling Allowance
(d) Contingencies
The major Heads of the Budget Estimates may be changed by the Board of Governors/ Finance Committee according to the needs of the College.
The budget will show the estimated receipt and expenditure of various heads. An abstract showing the total expenditure and the share payable by Central/ State Govt. will also be prepared. It will also include necessary explanatory note for the various grants. The budget prepared in the month of September will include the Revised Budget Estimates of the current year, as well as, new estimates of next financial year.
After the budget is approved by the F.C./B.O.G., the same will be sent to the Govt. of India and the State Govt. for their information as laid down in the Bye-Laws of the College.
13.18 Grants/Loans received from Central/ State Govt.
A register in the prescribed form will be maintained showing the details of the grants received from the Central as well as State Govt. The balance will be worked out at the end of each financial year to show the unspent/ unpaid balance of grants in respect of Central/ State Govt. separately. A separate register in form will be maintained to show the loans received from the Govt. of India for the construction of buildings and due dates of repayments and actual dates of repayments. All entries in register will be attested by the Deputy Register (Accounts).
13.19 Residuary matters:
In the matters mentioned above, where rules are not specific, the rules of Punjab Govt. as applicable from time to time shall apply.
13.20 Re-appropriation
Principal is empowered to reappropriate funds between the different Heads with in the Department without affecting the total sanction of grant for that Department or under the major Heads. Every such reappropriation shall as soon as possible be reported to the FC/ Board of Governors.
13.21 The College shall prepare an annual statement of receipts and exp. of the Society and place the same before the Board of Governors for information and consideration. |
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| End of Chapter 13 |
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