The Finance department is mandated to manage finances of the Sigalagala National Polytechnic (SNP) in liaison with the Principal who is the CEO of the institution, according to the laid down rules and regulations. The regulations are hinged on legal guiding principles and documents such as the Constitution of Kenya 2010, Public Finance Management; PFM Act 2012, Sigalagala National Polytechnic Finance Policy 2018 and all other relevant laws governing the use of Public Finance in Kenya.
The SNP operates revenue collections through the following banks accounts:
- Barclays Bank – College Fund Account -8043551
- Co-operative Bank (Town campus)- 01120098473700
- Co-operativeBank(Enterprises Account)- 01139098473702
- Equity Bank (Fees collection account -0500277394606
- National Bank(Examination Account)-1021071653900
- Mpesa(Fees collection) – Pay bill No. 908008
The core function of the department is to prepare a master budget which details how revenue will accrue withing the year and the expenditure during the year with the guidance of the Governing Council and the Principal. The department prepares detailed reports on the execution of the budget in form of financial statements that are given quarterly and annually
Finance department is divided into the following operational sub-sections;
- Student Finance – with a mandate of handling student fees; invoicing and fees collection.
- Imprest and Cash Management – with mandate to undertake petty cash management.
- Payment and Expenditure- with a mandate to do payment transactions, expenditures control and expenditure summaries in weekly, monthly, quarterly and annually.
- Accounting – with a mandate to undertake general accounting of all transactions within the college and come up with accounting reports such as trial balances, quarterly and annual final accounts to be submitted to the Ministry and Treasury for quality and control checks
The SNP Finance department is headed by the Finance Manager and has eight members of staff, two of whom are members of the Institute of Public Accountants of Kenya (ICPAK) in good standing. Other department staff include; Finance Officer, Accountants and Accounts Assistants.
The Sigalagala National Polytechnic operates an ERP system known as Abno-Unisol which integrates all department’s accounting functions with other departments such as Procurement and Stores, Registry and Examination departments. Abno-Unisol facilitates invoicing and fees collection as registered at the Polytechnic Registry. It also facilitates payment of suppliers once services and goods are delivered and certified by the procurement and stores. The Abno-Unisol system is currently linked to the student accounts and when students make fees payments to the banks, their statements are automatically updated immediately and a receipt sent to their personal portal without them physically coming to finance office.
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