SS Forms

This division is responsible for the overall formulation and implementation of financial policy of the Trust and manages the fund of the Scheme. It is also responsible for the preparation of timely reports for management and the Board of Trustees. These reports include the annual budget, the annual financial statement of accounts, periodic financial accounts and quarterly budgetary performance reports.

Terms of Reference

Accounting for all contributions received on behalf of the Trust and ensuring that they are properly and accurately accounted for in the system.
This includes contributions from all the area offices. The Finance Department works closely with the Operation Department to ensure that there are adequate financial controls within the system to account for all the contributions received from numerous employers.
Relevant information and analysis is recorded within the Sun Accounting system in order to reconcile both with the bank accounts and the Napos Operational system maintained by the Operation Department.

The Division liaises with the Operation Division to ensure that social security benefits and pension payments are accurately captured in the system and properly accounted for.

In collaboration with the Investment Department, bids for weekly and monthly auctions for Treasury bills and Treasury bearer bonds respectively are place through the Central Bank. Deals are also placed for call deposits with the First Discount House.

Coordinates the Treasury management to ensure proper and effective utilization of cash reserves with the Banks and the Discount House.

Regularly represents NASSIT on the Stock Exchange Technical Committee.

All investment transactions are captured and recorded properly in the accounting system.

Maintains the Fixed Asset Register using the fixed asset module of the sun accounting system.

Preparation of periodic financial statements for management, board of trustees and the external auditors.

Preparation of the annual budget and periodic reports on budgetary performance and variance.

Others

Maintaining, accounting and disbursement of the petty cash transactions.
Preparation of monthly staff salaries and wages.
Preparation of monthly board fees and allowances.
Reconciliation of various bank accounts held by NASSIT.
Writing and distribution of accounts payables.
Maintaining accounts for all prepayments and accruals.
Monthly write-off of all prepayments and accruals.
Reconciliation of ledger balances to control accounts.