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DOs and DONTs of Financial Reporting


  • Harmonize/Reconcile your cashbook with your bank account statement
  • Payment Vouchers MUST be raised, approved and signed by the appropriate officer for every expense to be made
  • Grantees MUST pay 5% withholding tax on behalf of consultants and provide copies of IRS receipts when reporting back to BUSAC
  • Provide receipts to support all expenditures involving 3rd parties, all expenses must have justifying documentation: invoices, PVs and receipts plus the bank reconciliation statement and the list of all cash transactions.
  • All receipts submitted must be ORGINALS. On the 5% withholding tax, the IRS will issue a receipt, an original and duplicate slip covering the amount withheld. The receipt should be sent to us with other justification documents and the slip issued by IRS on the name of the consultant should be given back the consultant.
  • Any member who receives project funds for the purpose of grant activities must appropriately sign for them
  • Make and keep photocopies of all documents submitted to the BUSAC Fund for your own records and submit originals to BUSAC Fund. Copies are not allowed and if copies are submitted your next advance will not be processed until the originals are received.
  • When preparing your financial report, pay particular attention to the description of the units, as much as possible it must correspond to what was indicated on the approved budget and provide accurate figures. We will review very carefully what you submit. Delays will occur if your justifying documentation is not correct or complete.
  • Ensure all justification documents submitted agree with figures reported on the financial report
  • When in doubt, ASK! You can talk to your BSP, Grant Monitor or contact the BUSAC Fund Secretariat if you need advice on any issue.


  • Don’t make any expenses which are not covered in the budget by a specific line item. Expenses made by you that cannot be linked to a specific line item will be rejected and you will be asked to either reimburse the funds or we will stop funding your grant. This is particularly important to follow your budget. Again if you are unsure about your budget constraints ask for assistance as we have advised in point #10 above.
  • Don’t pay sitting allowance to PSO members for working on project implementation
  • Don’t tamper with figures on PVs or receipts – all cancellations must be signed against by the one responsible. Do not use correction fluid on any voucher or receipt.
  • Don’t charge any expenses whatsoever to the application preparation stage except payment of fees to consultant for application development. Grantees are NOT entitled to any payments for writing an application.
  • Don’t co – mingle your organization’s general expenses with those specific to the BUSAC grant
  • As much as possible, don’t keep a traditional hard – copy notebook type ledger as a cashbook. Contact your BSP or Grant Monitor to help you develop an electronic spreadsheet that meets your needs.
  • Don’t purchase equipments or assets with grant funds.
  • Don’t submit hard copies of reports, they must be sent electronically.
  • Don’t leave PV’s unlabelled, all PVs must have PV numbers for reference and all other information provided such as signatures (authorizations), the subject of the expenditure, the date etc.
  • Don’t submit fake/altered justification documents, we randomly verify them! All documents found to be faked, or altered will be rejected and you will be subjected to audits. Unjustified expenditures using our funds can lead to cancelation of your grant and black listing for any further grants. Again please pay serious attention to this and if you are unsure about anything, ask us first.

Date Updated: 2-12-2011

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