Account System

Account System

Account System of SEDAD

(Socio Economic Development Association for Disable)

The account system of the Socio Economic Development Association for Disable (SEDAD) is designed to ensure transparency, accuracy, and accountability in all financial transactions. A robust accounting system is critical for maintaining donor confidence, regulatory compliance, and effective management of resources, enabling SEDAD to implement its programs efficiently for the empowerment of persons with disabilities.

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Key Features of SEDAD’s Account System

1. Bank Accounts:
   • SEDAD maintains official bank accounts for all organizational and project-related funds.
   • Example: Rupali Bank Limited, Tongi Branch, Gazipur, Bangladesh – A/C No. 10226.
   • All incoming and outgoing funds are routed through these accounts to ensure full traceability and security.
2. Accounting Principles:
   • SEDAD follows standard accounting principles, including double-entry bookkeeping, proper documentation, and reconciliation of accounts.
   • Financial records are maintained to facilitate accurate reporting and auditing.
3. Budgeting and Expenditure Control:
   • All projects operate under approved budgets, and expenditures are strictly monitored.
   • Project coordinators and finance staff ensure that spending aligns with approved program objectives and donor agreements.
4. Financial Reporting:
   • Internal reporting: Monthly progress and financial reports are prepared for management review.
   • External reporting: Consolidated financial statements are submitted to donors, government authorities, and other stakeholders periodically.
5. Auditing:
   • SEDAD undergoes regular audits by government-approved Chartered Accountants (C/A firms).
   • Audits cover project-specific funds as well as organizational accounts, ensuring compliance with national laws and donor requirements.
6. Record Keeping:
   • Complete records of receipts, payments, invoices, and vouchers are maintained systematically.
   • Documentation supports transparency, accountability, and easy retrieval for future reference or inspection.

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Significance of the Account System

• Ensures financial transparency and accountability, building trust with donors and stakeholders.
• Enables efficient resource allocation, ensuring maximum impact of programs.
• Supports regulatory compliance, including NGO Affairs Bureau, Ministry of Social Welfare, and foreign donor requirements.
• Provides a framework for auditing, monitoring, and evaluation, strengthening organizational governance.