The National Root Crops Research Institute Umudike also has a world class Finance and Accounts Department which does all the recording, summarizing, analyzing, and reporting financial transactions of the institute to the Federal Government and other stakeholders that aid in decision making..

The Department has the head of Finance and Accounts as the overall head of the department with two divisions under it, which are the Finance Division and Accounts Division, headed by two different staff of the department..
The FINANCE AND ACCOUNTS Department comprises of a total of ELEVEN (11 )UNITS with ELEVEN (11) UNIT HEADS.

The Finance Division consists of four ( 4 ) units while the ACCOUNTS Division has SEVEN ( 7 ) units .

The Four ( 4 )units of the Finance Division are;

1: CASH OFFICE UNIT :- Where the cashier’s office is and all the cash transactions of the institute are made.. They keep cash book records including petty cash book.
And it’s where every approved payment of all staff, creditors and third parties are made.

2. Revenue Unit : Where all sales records are kept . They make sure all sales made from research findings and other revenue points are remitted to the office and they in return remit into the institute’s account

3. Grants unit :- Where all the externally funded project records are kept and accounted for.

4. IPPIS unit :-
The office act as a go between, between staff of the institute and IPPIS.. to make sure every staff salaries are received and any personnel emoluments.. Incase of errors, they make sure it’s rectified

The SEVEN ( 7 ) units of the Accounts Division are:
1 . OTHER CHARGES UNIT :
Job Description:

a).Receiving and sorting of mails.

b).Preparation and processing of various vouchers, such as:

i. Cash Advance.
ii. Duty Tour Allowance (DTA).
iii. Out-of-Pocket Expenses (OPE)
iv. Standing Imprest.
v. Reimbursement of imprest
vi. Contract Vouchers
vii. Retirement/Journal Vouchers

c.Maintenance and updating of votebook to ensure accurate financial records.

d.Checking, and controlling of vouchers.

e.Dispatching of Vouchers

2 . PAYROLL UNIT
.Job Description

a) update of P.E cards with the payslip every month.
b) given out payslip to staff.
c) calculation of tax clearance
d) calculation of National Housing Fund ( NHF ) and issuance of same to retired staff.

3. CENTRAL STORES UNIT
Job description

a) Managing institute inventory

b) Receiving of items

c) Issuing of items

d) Safe keeping of items

e) Recovery of institute properties

f) Writing of daily issues

g) Yearly returns

h) Yearly stock taking

4. RECONCILIATION UNIT

Job description:

Yearly reconciliation of institute’s cash book with that of the bank statements of all the cash books eg:
1) Capital
2) Overhead

5. FINAL ACCOUNTS UNIT

Job description:

a)Keeping of every staff’s ledger

b)Keeping records of staff advances and their retirements.

c Keeping records of institute’s assets

d.Preparations of the institute’s yearly Financial Statements/ Reports

6: PURCHASING UNIT :

Job description:

a.Making purchases for staff who apply for work materials..

b.Keeping records of purchases.

7.. BUDGET UNIT
Job description:

a) Preparing institute’s budget along side with the staff in the the Budget and Planning unit

ACCOMPLISHMENTS :-

Some notable key significant progress or achievements made .

The FINANCE AND ACCOUNTS DEPARTMENT HAS MADE VERY REMARKABLE ACHIEVEMENTS AND IMPROVEMENTS IN THE PAST FEW YEARS.

They are as follows:

1. Developed and implemented digitalization of payment systems

2. Timely mgt financial reporting

3 improved budget utilization*

4 enhanced financial transparency

5 efficient and effective payment process

6. Increased revenue collection

7. Enhancing efficiency, accuracy, and financial control

8. Strengthening internal controls to reduce fraud risk

9. And streamlining account payables/receivables

10. Lowering of operational costs by implementation of new accounting softwares

11. Accuracy and compliance with an auditng of near zero findings in financial reporting

All these and more accomplishments highlighted above have yielded positive results in the areas of better cash flow and significant cost mgt/ savings to the institute as seen in the provision of infrastructures etc