State how often bank reconciliations must be made (at least monthly), who should validate and approve them and how to follow up on differences in the reconciliations. At least monthly bank reconciliations are important to ensure cash flow management and to ensure that the project never exhausts the cash funds on the project account. Annual Accounts The format for annual accounts to DFC is available The project will submit the project accounts for the previous fiscal year as Appendix 5 to the General to DFC electronically. Conditions. Reporting deadlines The project coordinator (together with the project Internal deadlines are defined for internal accounts reporting in order to accountant) must ensure meet the external deadline for the presentation of annual accounts. sufficient time to validate and accumulate the accounts. The [Project to fill in] internal deadlines should be communicated to all project the deadline for internal accounts reporting in order to meet the researchers and should be deadline for submission thereof to DFC (e.g. two weeks before DFC’s part of the partnership deadline). State possible sanctions if accounts are not submitted within the agreement with the Danish research partners. Possible deadline. sanctions for not reporting as agreed could also be defined. The deadline for submitting annual accounts to DFC is April 1. The accounts must also It is the responsibility of the project coordinator to ensure that the annual contain a report on the amount of funds unused at the accounts to DFC are submitted on time. In order to meet the deadline, the end of the year, and any project coordinator has agreed on some internal deadlines with the project interest earned must be researchers, collaborating institutions and the Danish research partners. declared separately. The Danish research partners The annual accounts to DFC include: subject to the Danish Audit of annual accounts (covering the RI and Danish research the State Accounts are only partners’ part of the budget) signed by the project coordinator. required to have their final Annual accounts of the RI covering the RI part of the budget signed by project accounts audited by an external auditor. the project coordinator and the RI’s relevant accounting officer. With his/her signature, the RI accounting officer endorses that the annual accounts are true and accurate, that the total amount transferred by DFC
State how often bank reconciliations must be made (at least monthly), who should validate and approve them and how to follow up on differences in the reconciliations. At least monthly bank reconciliations are important to ensure cash flow management and to ensure that the project never exhausts the cash funds on the project account. Annual Accounts The project will submit the project accounts for the previous fiscal year to DFC electronically. The format for annual accounts to DFC is available as Appendix 5 to the General Conditions. Reporting deadlines Internal deadlines are defined for internal accounts reporting in order to meet the external deadline for the presentation of annual accounts. [Project to fill in] the deadline for internal accounts reporting in order to meet the deadline for submission thereof to DFC (e.g. two weeks before DFC’s deadline). State possible sanctions if accounts are not submitted within the deadline. The deadline for submitting annual accounts to DFC is April 1. It is the responsibility of the project coordinator to ensure that the annual accounts to DFC are submitted on time. In order to meet the deadline, the project coordinator has agreed on some internal deadlines with the project researchers, collaborating institutions and the Danish research partners. The annual accounts to DFC include: annual accounts (covering the RI and Danish research partners’ part of the budget) signed by the project coordinator. Annual accounts of the RI covering the RI part of the budget signed by the project coordinator and the RI’s relevant accounting officer. With his/her signature, the RI accounting officer endorses that the annual accounts are true and accurate, that the total amount transferred by DFC The project coordinator (together with the project accountant) must ensure sufficient time to validate and accumulate the accounts. The internal deadlines should be communicated to all project researchers and should be part of the partnership agreement with the Danish research partners. Possible sanctions for not reporting as agreed could also be defined. The accounts must also contain a report on the amount of funds unused at the end of the year, and any interest earned must be declared separately. The Danish research partners subject to the Danish Audit of the State Accounts are only required to have their final project accounts audited by an external auditor.
2017-App-11-Accounting-Manual-template.docx