Upgraded IFMAS system to be fully implemented in 2018

Nov 13, 2017 News

– Finance Ministry

An upgraded version of the Integrated Financial Management and Accounting System, (IFMAS) is expected to be fully implemented in 2018.
This is according to the Ministry of Finance. This significant move was also documented by Auditor General, Deodat Sharma in his recent report.
Sharma reminded that in modernising the public administration sector and improving public financial management and accountability, the Government of Guyana introduced the Integrated Financial Management and Accounting System in January 2004.
He explained that IFMAS is an electronic financial application software suite developed by Free Balance in 1984. The IFMAS project was funded by the Canadian International Development Agency (CIDA), the Inter-American Development Bank (IDB), the World Bank, and the International Monetary Fund (IMF).
With the introduction of IFMAS, the Financial Management and Accounting Systems of all Government agencies were integrated and a standard system configuration activated a new Chart of Accounts (COA) divided into funds, organisations, programmes, projects, locations, and objects.
Also, the Smart Stream application used to process payroll from all the agencies was interfaced with IFMAS to automate the processing of cheques and enhance the security of printing. The IFMAS also operates a single Bank Account which was reconciled for the period under review.
Eight modules were acquired but only six have been implemented. Details of the modules are as follows:
The Finance Ministry noted that it is currently engaged in an intensive training programme conducted by the software company, Free Balance. The training is as a result of the current Modules being upgraded to that of a Version 7. The unutilised Assets and Inventory Module as well as the Purchasing Module of the previous version are expected to be operationalised in 2018.
The Audit Office nonetheless recommended that the Ministry continues its efforts to have these modules in operation in 2018.

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