Bank Accounts of NGOs

NGOs need to open a General Account and a F.C. Record (if the association is enlisted under FCR (Foreign Contributions Regulation) Act. F.C. Record: Under FCR (Foreign Contributions Regulations)Act each affiliation is required to keep up a different financial balance which is implied for getting and usage of outside gifts.

Assets got from outside sources ought to be saved in the FC Account of an organization.In case stores are exchanged electronically the assets ought to be exchanged to your FC Account as it were.

Any unutilized adjusts identified with awards/gifts from remote sources ought to be stored once again into the FC Account.

• now and again, associations open auxiliary ledgers for venture operational accommodation reason where the operational territory is situated in a separation put than that of the area where the FC Account is opened.

For the most part this ought not be finished. Be that as it may, due to the above reason in the event that it is more secure than conveying money from one place to the next, in which case all the outside gifts should be saved in the FC Account. The association may issue a check to be kept in the record at venture range. Be that as it may, toward the finish of the task time frame or monetary year, whatever cash is there in this record should be saved back in the F.C. Record.

In spite of the fact that it is fitting not to change the Bank F.C. Record, as a result of outside hierarchical ability to control on the off chance that it must be changed, a determination should be received and with a duplicate of the minutes an application should be composed to the Ministry of Home Affairs about the progressions and that should be endorsed by the Ministry of Home Affairs (FCRA Cell).

General Account: This record is utilized for in-nation reserves. ThouInitially a solitary record is opened, while getting reserves from various wear contributors, on occasion they may request that the associations open separate bank accoaccounts for their ventures for conveinence purpose. Thus, over some undefined time frame the NGOs concerned will have more financial balances openopened. In such a circumstance, the NGO concerned should close the acacaccounts as and when the undertaking is finished and there is little probability of gegetting further finances soon from that association for that projeproject. Refreshing Pass Book:It is exhorted that the undertaking should refresh tthe Pass Books as and when the exchanges are made. Regardless of the possibility that there are no exchanges likewise, the Pass Book need to get refreshed no less than twice in a month. The task ought to likewise get Bank Statement toward the finish of the month and ddo the Reconciliation. The refresh of Pass Books ought to be improved the situation every one of the records both FC and non-FC.