Treasury Building

Business of the Treasury

In any organisation, the financial status is of prime importance in the making of any business decisions, either internally by the organisation or by external parties wishing to invest in or with the organisation.

The Treasury Department is the department in the public service with responsibility for ensuring that systems are in place to ensure the efficient monitoring and reporting of all Government’s transactions. This includes the supervision of the collection and disbursement of all funds on behalf of the Crown to ensure that timely, up-to-date information is available for use by its stakeholders.

To achieve this purpose a new computerised accounting system, SmartStream, was introduced. This documentation serves to give an outline of the major business processes of the Treasury Department and how SmartStream is incorporated into these processes.

Overview of the Business of the Treasury

The primary business of the Treasury is to provide efficient management and supervision of Government’s accounting operations and cash transactions. Generally, the activities can be classified in six major operational business processes:

1. Supervision of the Accounting Operations of Government
(i) General management of the activities of the
Consolidated Fund
• Record activities related to the Estimates of Expenditure
• Record collection of revenue based on the Estimates of Revenue
(ii) Manage activities in the Below- the- Line Accounts
• Record Payments and Receipts
• Reconcile these accounts to balances held by departments or institutions

2. Submit to Parliament monthly statements on all Government’s accounting activities and to the Auditor General, Annual Statements of Government’s accounting activity.

3. Manage and report on Government’s Public Debt
• Treasury Bills
• Treasury Notes
• Debentures
• Savings Bonds
• Loans from Financial Institutions and Other Governments
• Tax Reserve and Refund Certificates

4. The computation of pensions and the management of Retiring Benefits payable out of the Consolidated Fund
5. Manage Government’s Cash and Cash Equivalents
• Manage and reconcile all bank accounts
• Manage and reconcile the Paymaster Account
• Manage monies owed to and by the Government
• Manage Government’s overdraft facility at the Central Bank

6. Conduct periodic reviews of the accounting and internal control systems used in ministries and departments.

Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer