Page 29 - DOF Annual Report 2018

Annual Report 2018 - Department of Finance 29 06 Third outputs group: Treasury and Government Accounts
This output group aims to manage the treasury, organise bank accounts for the Government and Government Entities, Corporations and Companies in addition to the development of the unified accounting policies and general rules of organizing and closing accounts and accounting records.
The Treasury and Government Accounts outputs group comprises of the following main outputs:
Treasury Government Accounts Treasury
This output aims to plan financial resources, secure the required liquidity to finance public expenditure, and meet all the financial obligations in accordance with the approved financial appropriations stipulated in the General Budget and according to the relevant resolutions.
It also aims to manage short and long-term cash flows, invest cash surplus to achieve returns for the treasury, organise Government accounts including opening, managing and closing Government accounts in different currencies and prepare settlement statements and monthly reconciliations.
This output also encompasses the organisation of trust funds, which are third parties funds deposited in the bank accounts of the Government or Government Entities. These funds shall be payable to the depositor or any other party upon the satisfaction of the purpose for which they have been retained.
Government Accounts
This output includes developing unified accounting policies, which are set by the Department, taking into consideration the adopted accounting standards for preparation and issuance of financial statements, and the preparation of unified chart of accounts; which is the list of accounts used for financial transactions as determined by the Department and according to the approved accounting policies.
This output also includes preparing general rules to open, operate and close accounts and related records, and ensuring the accuracy in recording revenue, expenditure, assets and Government commitments. It also encompasses the organisation of accounting adjustments, reconciliation entries, and the completion of the general ledger and trial balance to prepare the financial reports (see Financial Reporting and Control) and retaining all documents supporting different financial transactions.