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Receive Annual Budget
Finance Policy 001
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1. PURPOSE
Allocate annual budget item amounts to cost centers and enter budget items on the system.
2. APPLICABILITY
2.1. All departments / Budget Steering Committee under Team One.
3. DEFINITIONS
3.1. N/A
3.2. POLICY
  • 3.3. The Budget Steering Committee has to suggest the distribution of annual budget items.
  • 3.4. The distribution on cost centers is according to the requirements of departments.
  • 3.5. The Manager, Finance reviews and approves the budget entries to start working with the new budget.
4. PROCEDURE
  • 4.1. After receiving approved annual budget and suggestion of the distribution of annual budget items. Manager finance approves the allocation of items based on submitted suggestion and requirements that are sent by concerned departments while preparing the draft budget.
  • 4.2. Then, the budgeting analyst enters budget items in the system and determines cost centers, then prints the items status report to review entries against approved budget booklet.
  • 4.3. The manager finance reviews the budget entries through comparing the items status report against the budget booklet. He also reviews the amounts entered on each cost center according to what was approved by the Budget Steering Committee.
  • 4.3.1. In case there are comments on budget entries, the manager finance sends the comments to the budget accountant to do the recommended changes. After that, the item status report is printed and sent to the manager finance for review.
  • 4.4. If there are no comments on budget entries, the budget booklet is saved, and the Manager Finance notifies concerned departments of their allocated amounts of the budget items.
5. RESPONSIBILITIES
  • 5.1. Manager finance reviews and approves the recommended allocation of budget entries.
  • 5.2. Budget accountant executes the allocation of approved budget.
  • 5.3. Manager finance notifies concerned departments.
  • 5.4. Budget Steering Committee recommends the allocation of approved budget.
6. APPENDICES
  • 6.1. Process graphic: Receive Annual Budget (Appendix A.)
  • 6.2. Process steps: Receive Annual Budget (Appendix B).
7. REFERENCES
7.1. N/A.
8. DEVELOPMENT TEAM
  • 8.1. Accountant, Financial Control
  • 8.2. Accountant, Budgeting
  • 8.3. Accounting, Financial Accounting