Mafikeng - The North West Provincial Treasury on Monday announced a new accounting system that will help provincial departments submit their financial performances to National Treasury on time.
The new Basic Accounting System (BAS) has replaced the Walker System that was incompatible with BAS. The system will also enable the department to submit annual reports on time to the Provincial Legislature.
Speaking to journalists in Mafikeng on Monday, Finance MEC Louisa Mabe said this new system will improve accessibility to financial information and provide high levels of financial control.
"The implementation of BAS is a huge victory. It will make it easy for our province to report to national treasury without delay," Mabe said.
The new system, she said, will see the provincial treasury decentralising payment of salaries and creditors to the departments, which is in line with the Public Finance Management Act (PFMA). She said the system will also assist the Provincial Treasury in effectively monitoring other departments.
Mabe said the province will now be able to close its books within five days after the last day of the month.
"This will enable the province to submit the books to the Auditor-General for auditing, which will enable the department to submit annual reports in time to the Provincial Legislature," she said.
