Accounting Policy

Shah Abdul Latif Bhitai Welfare Society (SALBWS) has an accounting policy based upon international accounting standards which uses the accruals accounting system which involves “Double Entry” book keeping and refers to the dual aspects of recording financial transaction to recognize that there are always two parties involved: the giver and receiver. The dual aspects are referred to as debits and credits. To assure the transparency in the accounts Shah Abdul Latif Bhitai Welfare Society (SALBWS) is uses a well known Financial Software which is operational atHead Office level and at all the provincial offices as well. This software produces monthly, quarterly and yearly Financial Reports.

Shah Abdul Latif Bhitai Welfare Society (SALBWS) has developed its own chart of accounts under which all the expenses are booked under the proper head of account and financial statement showing a true and fair view to its readers. The internal control system for all the financial transaction ensures proper monitoring of the funds and transparency.

Separate bank accounts are maintained for each project/donor. All the bank accounts are reconciled on monthly basis. The bank reconciliation statement are prepared by the Finance Assistant and verified by the General Manger Finance. Quarterly Funds statement are being prepared and shared with the Chief Executive Officer (CEO) to give him a close look on the liquidity position of the organization.

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