- The ADUC revenues consist of student’s tuition and other fees.
- Each Semester, the Admissions and Registrar Office communicate a list of prospective students joining the ADUC to the Accounts.
- The Registrar also communicates a list of continuing students to the Accounts.
- Based on the above lists, Revenues are collected by the Accounts and registered in the EIAS.
- Fees are either payable in full before each Academic Semester’s commencement or in installments during the Academic Semester.
- All items received by the ADUC will be verified against the Purchase Order and Delivery Order.
- A Received Note is prepared by the receiving department and forward to the Accounts Department
- Proper entry is made in the EIAS with a unique reference number.
- Daily, the cash is deposited in the ADUC bank account
- At the end of the day, all visa transactions are transferred through the POS machine and will be credited to the ADUC bank account after one working day.
- Post Dated Cheques are scanned on their maturity through the cheque scanning machine provided by the Bank; the amount will be credited after two working days in the ADUC bank Account.
- Online transaction is credited to the ADUC bank account after one working day.
- To withdraw the Post-dated Cheque (PDC) previously submitted, the equivalent amount must be paid three days before the PDC date.
- PDC previously submitted cannot behold for more than ten days; otherwise, a penalty will be AED 250+VAT.
- Any purchase of equipment with an estimated useful life of more than one year is considered a capital expenditure
- All capital expenditures will be recorded as Property, Plant, and Equipment.
- Any capital expenditure above the budgeted amounts will have to be approved by the Board of Trustees.
Any purchase of equipment with a useful life of less than one year will be considered revenue expenditure.
Authority to Enter into Contracts
- The sole authority to enter into formal contracts is the President of ADUC.
- Bank reconciliation is prepared daily.
- Daily reconciliation statements are prepared by the Accounts checking the balance as per books with banks statement balance.
Production of Regular Financial Reports
- All books of accounts are updated for every transaction on a timely basis.
- Cash and bank balance
- Income summary
- Expenditure summary
- Post Dated Cheque report
- Cheque return Analysis report
- Monthly updates of accounts and financial reports are prepared and submitted to the President.
- At the end of each fiscal year, annual financial statements are prepared and submitted to the President and the Board of Trustees.
- The Annual accounts include reconciliation, confirmation of balances, adjustments, physical counts.
- Authorized signatories sign all cheques for the disbursement of ADUC funds.
Accounting System and Controls
- ADUC will maintain an accounting system per the laws of the UAE / International Accounting Standards.
- Strict controls over the accounting and record-keeping process have been established, such as segregation of duties, daily cash counts, daily bank reconciliation, monthly reconciliation of supplier, and students’ balances.
- Access to the accounts department is strictly monitored to avoid/minimize fraud, disruptions, and unauthorized transaction risks.
- Fireproof safe deposit at ADUC premises for the storage of assets such as cash and cheques.
Dishonored cheque and payment against the cheque
- The accounting head cancels a cheque in the system if the student pays the amount against the Post-dated Cheque.
- After receiving the online notification of the dishonored cheque from the Bank, the assistant accountant un-post the cheque in the system and forward the payment from the students to the cashier for follow-up.
- Every month Assistant Accountant should receive the employees’ data from the Human Resource Department.
- Based on the data received from HR, the Assistant Accountant checks & prepares salaries in the EIAS accounting module.
- Once salaries are finalized by the Accounting Head, Admin & Finance Director reviews and signs the salary sheet.
- Finance & Administration Director submits the salary sheet to President for approval.
- Upon the President’s approval of the salaries, the Accounting Head prepares the bank transfer letter and uploads it online in the bank portal.
- For employees who do not have a bank account, their salary will be transferred through Al Ansari Exchange.
- Payment of supplier’s goods and services to the ADUC will be processed after receiving and verifying the invoices with Purchase Order / MRF signed by the concerned person as per the authorization limits.
- A Cheque or online transfer is prepared. In the case of a cheque, it is submitted to the authorized signatory for signature.
- Payment vouchers with receipt vouchers and supporting documents are kept in the file.
- After receiving all the refund/cancellation forms regarding the Academic / Short course, the Assistant accountant verifies the forms, makes a calculation and attaches all the supporting documents. It is then submitted to the Accounting Head for approval. Once approved by the President, a cheque or online transfer is made.
- In case of a cheque, it is submitted to the authorized signatory for signature.
- Payment vouchers with the receiver’s signature and supporting documents are kept in the file.
- In case the visa is rejected, administrative charges are applicable as per ADUC policy.
Note: All the cheques should be under the name of Students / Supplier. No cheque will be issued in cash.
Part-time faculty and overload to permanent faculty
- After receiving the attendance sheet and clearance form signed by the Faculty, Dean, Vice President for Academic Affairs, and IE Unit, the Finance & Administration Director verifies & attaches all the supporting documents and submits them to the President for approval. Once approved, a cheque or online transfer is made.
- In the case of a cheque, it is submitted to the authorized signatory for signature.
- Payment vouchers with the receiver’s signature and supporting document are kept in the file.