The Importance Of Departmental Vote Analysis Book

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The Importance Of Departmental Vote Analysis Book

Abstract

This study aims to assess the importance of departmental vote analysis in public enterprises in the case of Institute of Management and Technology by studying the financial recording and vote analysis in the department. The study has employed a descriptive survey design. In order to gather the required data, questionnaireand key informant interview have been used. A sample size of 86 were used from a population of 110 staff of finance department Institute of Management and Technology in Enugu. To ensure the representativeness of the direct users of the vote analysis, simple random sampling technique was adopted. Data for this study was collected using self-administered questionnaires to the direct users of the vote analysis in finance department of Institute of Management and Technology questioners and interviews to heads of finance department and staffs of financial analyst/experts in Institute of Management and Technology.

Chapter One

1.0 Introduction

1.1 Background of the Study

The Institute of Management and Technology (IMT) Enugu came into existence under the then Eastern Central State Edict N0 10 of 1973, promulgated in the Administrator of East Central State. Ajie Ukpabi Asika.

The edict took effect from ist July 1973 and thus give birth to what is now known as the Institute of Management and Technology (IMT) Enugu. Dr. Ukwu I. Ukwu became the first chairman of council while professor M. O. chijoke became the fist rector.

The IMT Enugu has seven Academia’s school and 27 Academic departments and five administrative divisions as follows:

School of Engineering has four departments,

  1. Civil Engineering,
  2. Mechanical,
  3. Electrical and
  4. Chemical Engineering technology.

School of Science Technology has four departments. Science Technology, Building and Quantity Surveying, Food Technology, Statistics, Computer Science, Printing Technology.

The school of Communication Arts: It has two departments Mass Communication, Fine and Applied Arts.

The school of Financial Studies: This school comprises of Accountancy, Banking, Finance and Insurance.

School of Business Studies: Marketing, Purchasing & Supply, Business Administration and Management, Co-operative Economics and Management Secretarial Studies and Public Administration.

School of General Studies: It has four department, languages studies, social sciences and humanities, Basic Science and Preliminary Studies.

School of Technical Teachers Education: This school has the following departments foundation of Education. Business Education and Education.

School of continuing Education: This school is made up of the following departments. Staff development or distance education (Uni-Air programme) part time programme.

The Administrative Divisions: The rector, Registry, Bursary, Library, Estate and Works, Medical Centre.

The Bursary department has been recording the expenditure of these various department from the data of existence to date. The accounts are recorded in the Departmental office expenditure Analysis Book kept by the Bursar at the Institute.

But we shall lay more emphasis on the year 2000 to 2004 vote expenditure accounting books.

1.2 Statementof Problems

  1. The institute has a problem of wrong naming of the vote books. The subheads are not properly coded.
  2. There are misplacement of some vouchers which has not been recorded in the vote books.
  3. There is attitudes of favouritism in the recording of vouchers in the vote books.
  4. Some of the staff especially the Head of Department usually do not allow their vouchers to go through the due process. They prefer themselves going from office to office for collection of the money assigned to them.

1.3 Purpose of the Study

In the purpose of the study, the researcher intends to identify the mistakes and possible solutions to such.

  1. To find out the reason for wrong coding of vouchers in the vote book.
  2. To find out why should there be a misplacement of vouchers.
  3. To find out what are the attitudes of the offices in recording he vouchers in the vote book.
  4. To find out the impatience of the head of department in processing their vouchers in the vote book.

1.4 The Scope of the Study

The researcher encountered numerous difficulties raising from finance, time consuming and personal effort.

In as much as the research is a student and carries out the research work with a limited amount of money, he is bound to have financial problems hence the research work required much money for producing questionnaire or interview guides and transportation.

The financial problem prevented the researcher from traveling to other parts of the country for effective data collection housed only in Enugu Metropolis was used.

1.5 Research Questions

  1. Does the officer incharge has the problem of wrong coding of vouchers in respect of vote books?
  2. Does the officer misplace some vouchers during recording mails?
  3. What are the attitude of the officer in charge when recording vouchers in the vote books?
  4. What causes the impatience of the head of department in processing the vouchers in the vote book?

1.6 The Significance of the Study

There is a strong need to study the importance of departmental vote analysis book. The relevance of this study can never be over emphasized. The study is therefore rationalized on many ground.

  1. To provide a simple record for controlling expenditure
  2. To ensure that the amount sanction or voted is not exceed or over spent.
  3. To ensure that the amount is actually utilized for the authorized expenditure.
  4. To portray uncommitted balance at a glance. This objective is made possible by the adoption of the commitment basis in keeping the department vote expenditure analysis book.

1.7 Definition of Terms

  1. Departmental vote expenditure analysis is a tool used to ensure control of government expenditure.
  2. Vote book: This is the entry where the actual amount charged for expenditure will be entered.
  3. Payment vouchers: This is a document that has been authorized by the officer in charge to pay the person whose name is written on it.
  4. Codes: This is an office terminology used on the files for getting tiles.
  5. Payments: Gross payment on each vouchers.
  6. Particulars: Payee’s name and addresses .
  7. Voucher Number: Departmental Vouchers number are given from the voucher registry and should start from 1 at the beginning of the year.
  8. Balance: Amount remaining after payment up to date must have deducted.
  9. Total: Cumulative Payment
  10. An Accounting Unit: This is an entity through which accounts and records are maintained and prepared.
  11. Records: This is a document where all expenditures are entered.
  12. L.P.O.: Local Purchase Order.

Chapter Five

Summary of Findings, Conclusion and Recommendation

5.1 Summary of Findings

The importance of departmental of vote analysis book in the Institute of Management and Technology was the study carried out in the research.

The researches study in consideration of its objectives had made some useful findings from the data collected through personal interviews, questionnaire administration and document reviewed research and also from the focus group discussions formulated and accomplished.

Based on the outcome of the investigation, a summary of the findings made are as follows:

  1. There is a relationship between the application of the computerized vote analysis and manual vote analysis in the vote analysis of the Institute of Management and Technology. This was found to be true because the application of a computerized vote analysis in Institute of Management and Technology operations aids quick customer services decision making process and produce financial recording, financial report and financial presentation any report than in manual vote analysis of the department. Also, the installation of accounting software in the computer, processes data and creates reports much faster than manual system which is slow.
  2. It is understandable that the impact of vote analysis enhances higher transaction process and financial records to produce financial report in Institute of Management and Technology. The vote analysis Through this was confirmed/ corroborated by the examination carried out, it was observed that some department accounting departments are yet to take advantage of the excellent benefits provided by it transaction process and it gives more attention the reports from electric department operations carried out have remained interested and reliable.
  3. It is comprehensible that the accounting system, chart of account connected with computerized vote analysis is an effective means of keeping accounting records. Because computerized vote analysis provides a means for them to record; very high volume of transactions with the great speed and financial and prepare a wide range of detailed financial report. It also provides information to management with current account balance information since balance is posted as the transactions occur and produce financialreports.
  4. The application of computerized vote analysis related with a good vote analysis is effective in strengthening the control system and accountability in Institute of Management and Technology.
  5. There was needs co-ordination in vote analysis with the entire department operations through the use of computerized vote analysis and otherdepartments.

5.2 Conclusions

Vote analysis has been recognized in most important part of any department as a means of meeting economic growth. For a business to survive, grow and achieve status, it should have a dynamic purposeful and efficient vote analysis with integrated to computerized vote analysis which vote analysis is an integrated, computer-based used machine system which allows the user to enter the transaction into the program once and all accounts are updated as necessary. It is also a specialized machine system use in gathering information. It also provides information for decision making functions and has been of wonderful benefits not only in department also to all manner of firms and organizations. Vote analysis has good integration with Computerized vote analysis and good posting system it has helped in facilitating the provision of timely, quick customer service delivery, accurate and reliable information, required by them i.e. (not only department but also other firms andorganizations).

It has also brought about quality financial report and good financial presentation in department operations by abiding the accounting instructions and guidelines which help them to minimize risk/challenges that are likely to be encountered in the course of their duties as well as evolves adequate measures to combat such challenges and achieve success.

Though the department cost of maintenance and designing an effective vote analysis with the integration of computerized vote analysis and the purchase of the associated facilities needed for it is high, if the department are well committed to improving their financial report and financial presentation and enhancing higher quality of work performed for higher financial position of the department, they should go for it as well as ensure that the recommendations are rigidly followed in the use of qualified human resources which is related to the vote analysis of theorganization.

5.3 Recommendations

From the findings of this study the following recommendations are therefore made to enhance the financial recording, financial report and financial presentation by the selected department in the financial vote analysis operations.

The recommendations are:

  1. Institute of Management and Technology doesn’t use properly its computerized vote analysis but it must be use computerized vote analysis as take advantage of the exceptional benefits derived from the adoption of the designed vote analysis with relate to computerized vote analysis. This will help it to achieve a high and acceptable standard of quality in the financial recording, financial report and the financial report presentation of the department operations.
  2. Institute of Management and Technology can’t utilize the resource properly but it must use resources reasonable proportion of their efforts and resources to the use of computer. Vote analysis so as to promote efficiency in department financial system operations and in their statement of financial position ensure accurate, timely and much easier and reliable for use of decision making for stakeholders and other benefited parties from the department.
  3. Institute of Management and Technology vote analysis hasn’t a good integration. But Vote analysis with good integrated dynamic nature of computerized Vote analysis and in line with the present global trends of events which is now widespread and mostly known computer vote analysis. It is recommended than department and other firms and organizations that are still in the operations of manual system of accounting to adopt specifically the computer based vote analysis and this will in no small way aid in quick customer services delivery, produce a wide range of detailed report at short interval and provide management with current information to support decision making and aids collection storage, retrieval, communication and adequate security of information from unauthorized persons or fraudulent purpose and for the purpose of efficient financial report and management and the achievement of the relationships of their objectives.

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