A financial guide helps you remain sorted and stable, financially. It helps you be in absolute charge of your money and how you spend it. Read the complete article to know the perfect financial guide for you.
What will you learn from this article?
This article intends to address the most frequently visited sections of the GTFM (Guide to Financial Management). This guide is an essential resource for economic administrators, faculty and staff on ways of handling financial matters.
Budgeting- The budgeting section offers a window to users into budgeting the multiple funds and also includes topics like how the people in charge create budgets, what are the policies that are applicable, what are the conditions that affect changes in budget and how. Apart from these factors, it also covers topics like authorizations required and therefrom one can obtain extra assistance.
Capital projects and renovations- This section encapsulates all those activities that fall under the vast category of renovations and capital projects. This includes overview of all capital projects based on type and size, the several approvals that apply to specific projects, the main points in initiating any application for renovations and capital projects.
Capital assets- This sections deals with the security over ‘Capital Assets’ which is the class of bought goods (previously known as ‘Fixed Assets’), along with optimal and full use of those capital assets. For instance, capital assets possessed by a University include books, land, furniture, equipment, buildings, artwork etc.
Cash, recipients and banking- This section takes care of numerous money related procedures and policies such as Recipients’ processing Responsibilities, function of the Cashier, Incoming Wire Payments, and Direct Deposits. This section also gives a link to assistance and guidance in setting up a credit card or debit card facility for the first time.
Financial Information System or FIS- This section deals with all the aspects of FIS (Financial Information System). This also covers an overview of AMS (Administrative Management System), a brief introduction to the SAP screens and FIS.
Financial Management- These are the topics covered by this section: the responsibilities and objectives for Financial Management, Financial Accountability (this includes proper guidelines to complete the report forms of financial accountability); Reporting cases of Financial impropriety; establishing, deactivating, and changing of FIS Accounts, Reporting, Divisional Carry-forward, Managing Risk – Contracts and Insurance, Audit Trail and Source Documents; and Fund Accounting.
Donations and fundraising- This section deals with the activities that surround donor contributions along with private funding, especially the Solicitation Programs, contact information, Donor Relations, and also financial guidelines.
Restricted Funds- Restricted funds are among the major fund groups for any organization or company. Major sources of restricted funds include charitable donations from government and non-government organizations. These funds help them in times of need.
We have tried our best to cover all the important aspects that a financial guide needs to address. After reading this article, planning your finances need not be as intimidating as you assumed it to be as a beginner.