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Questions and Answers
What is the maximum amount of cash that can be withdrawn per transaction?
What is the maximum amount of cash that can be withdrawn per transaction?
Who is responsible for emailing the authorized cash withdrawal letter to the bank?
Who is responsible for emailing the authorized cash withdrawal letter to the bank?
What is the primary purpose of this Standard Operating Procedure (SOP)?
What is the primary purpose of this Standard Operating Procedure (SOP)?
What should the PFAA/DAAD/Designated Official do before leaving the bank counter?
What should the PFAA/DAAD/Designated Official do before leaving the bank counter?
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Where can staff obtain the chart of accounts applicable for each project?
Where can staff obtain the chart of accounts applicable for each project?
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What is the condition for the PFAA to disburse funds to district staff?
What is the condition for the PFAA to disburse funds to district staff?
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What is the primary objective of segregating duties in the internal control structure?
What is the primary objective of segregating duties in the internal control structure?
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What should be recorded in the cash handover register?
What should be recorded in the cash handover register?
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What is the maximum amount of cash withdrawals allowed per transaction?
What is the maximum amount of cash withdrawals allowed per transaction?
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What is the recommended time for cash withdrawals for cash in transit to districts?
What is the recommended time for cash withdrawals for cash in transit to districts?
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Study Notes
Introduction to Standard Operating Procedure (SOP)
- The SOP is a subset of four OPHID policies: Financial Policies and Procedures Manual, Human Resources Manual, Procurement and Logistics Manual, and Transport Policy.
- The SOP aims to aid in transaction preparation and processing, provide training and direction to staff, increase efficiency, facilitate backup staffing, and offer a repository of reference information.
Chart of Accounts and Budget Codes
- Staff must familiarize themselves with the chart of accounts, which is obtained from the Finance Manager and applicable for each project.
- Budget codes are obtained from the chart of accounts, enabling staff to effectively raise and review requisitions with the correct budget code for related expenditures.
- In doubt, reference must be made to the Project budget to determine the applicable account.
Segregation of Duties
- An effective internal control structure includes a series of checks and balances to ensure proper recording and authorization of transactions and limited access to assets.
- Each transaction should be divided into component tasks completed by different staff members to detect unintentional errors and prevent misappropriation of OPHID assets.
- Each District level/Provincial level transaction should have the following sections: Prepared by, Checked/Verified by, Approved by, and Authorized by.
Cash Management
Cash Withdrawals
- Cash withdrawals should be limited to a maximum amount of $5,000 per transaction and load for OPHID staff.
- Cash withdrawals for cash in transit to districts must be done before 10am.
- Cash withdrawals through CIT services should be kept to a maximum of $50,000 per transaction and load.
- Cash withdrawals should be done by at least two (at most three) OPHID staff members using an authorized cash withdrawal letter.
- The OPHID withdrawal letter is emailed from Central Office to the bank and a bank printout is confirmed by the bank, which is then signed by the Provincial Finance and Administration Assistant (PFAA)/District Administration Assistant Driver (DAAD)/Designated official for the withdrawal.
- Before leaving the bank counter, the PFAA/DAAD/Designated Official must ensure:
- Correct cash counting by the bank teller.
- Withdrawal from the correct account.
- Copy of withdrawal slip (bank till printout) is referenced correctly, stamped, and signed by the teller.
Cash Disbursements from Provincial Office to Districts
- The PFAA will disburse funds to district staff if:
- At least two OPHID staff members from the district will accompany the cash.
- The district team collects the cash before 1pm or in time to arrive at the district office during business hours.
- The PFAA should count the cash for disbursement to the district team in the presence of at least one provincial witness.
- Upon handover of cash, the district team should confirm the amount by doing an independent recount in the presence and witness of the provincial staff handing over.
- The STN or CTN or SAV reference numbers of the cash handed over must be recorded in the cash handover register by the receiving staff, supported by appended names and signatures of the receiving staff.
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Description
This quiz covers the Standard Operating Procedure for financial and administrative processes, including transaction preparation, staff training, and standardization. It is based on OPHID's policies and manuals. Take this quiz to test your knowledge of these procedures.
