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CDA launches double entry accounting system.

ISLAMABAD, July 01, 2010 (Balochistan Times): To ensure transparency in its accounts books and strengthen financial management and reporting, the Capital Development Authority has launched a project of automated double entry accounting system. The system was launched by Chairman CDA Imtiaz Inayat Elahi on Thursday. According to Wikipedia, a web-based encyclopedia, the double-entry bookkeeping system was codified in the 15th century and refers to a set of rules for recording financial information in a financial accounting system in which every transaction or event changes at least two different accounts. In modern accounting this is done using debits and credits within the accounting equation: assets = liabilities + equity. The accounting equation serves as a kind of error-detection system: if at any point the sum of debits does not equal the corresponding sum of credits, an error has occurred. Speaking on the occasion, Chairman CDA said the Authority is taking concrete steps to strengthen the financial mechanism and improving transparency. Integration of the new system is a solid step in connection with the Golden Jubilee Celebrations of Islamabad. Shifting to the latest techniques of financial management is the need of hour, said the Chairman. He said implementation of computerized double entry accounting is part of major project Integrated Resources Management. He said that all the formations should work in better coordination to make this modernize venture a success. Conversion to the Double Entry Accounting system will further strengthen the quality of financial information through accurate and complete recording of transactions. It will provide the CDA Management better tools for planning and forecasting of its operations and observe better fiscal and budgetary controls, said the chairman. He said the Automation of Accounting System will eliminate risks of delay and improve the integrity of data and information. Important information will instantly be available to the management according to its needs and requirements. The new automated Double Entry system complies with the well established standards of financial management and reporting as prescribed by the Government. The implementation of the new system has been in pipeline for quite some time, it has finally been accomplished by the efforts and team work of both the CDA and the Free Balance EGS software manufacturers.

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Publication:Balochistan Times (Baluchistan Province, Pakistan)
Date:Jul 1, 2010
Words:368
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