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Banking Section

Posted in Office of Accountant General

Banking Section The Banking Section provides a service to the rest of Government by arranging for expenditure be paid, whether locally or in foreign payments. Payments are brought to Banking Section by ministries to be made by cheque and through Electronic Funds Transfer In addition, it monitors cash flow and manages the investment out of special Funds. Banking Section has the following functions:

  • Banking Hall
  • Remittances Section
  • Bank Reconciliation Unit
  • Revenue Reconciliation Unit
  • Letters of Credit

Banking Hall Process Government payments to various payees.

  • Payments are categorized into Pula and foreign payments
  • Payments are made in cheques and through Electronic Funds Transfer facilities.

Remittances Section Maintains Remittances Account. This is the main account of Government. All Government revenues and other Public moneys from both local and foreign sources are deposited into this account. All other Accounts are fed from this account.

Bank Reconciliation Unit This unit is responsible for the reconciliation and management of all government central accounts used for payments of goods and services to ensure accuracy and consistency in accounting procedures section reconciles the total cheques paid by Government.

Revenue Reconciliation Unit Revenue Reconciliation Unit maintains and reconciles the Kalamazoo accounts operating Kalamazoo accounts, five of them are with Bank of Botswana and the rest with commercial banks. The twenty-two stations where accounts are maintained with commercial banks operate a call account alongside with current account.

Letter Credit Deals with establishment of Letters of Credit and Deed of Cession Agreements. Deeds of Cession are used by local contractors while Letters of Credit are used by Ministries and Government Departments to procure goods from outside the country.

Achievements Installation of Point of Sale Machines As part of its efforts to towards modernizing payment systems, the Office of Accountant General is in installing Point of Sale machine at collection points at various Ministries and departments.

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