PFS - Panama Financial Services

 

Panama Financial Services (PFS)

The Panama Financial Services has two main areas under its responsibility: Regional Accounting Support and PRISM Central Support Team.  PFS offers global services, with special attention to America´s region, and L3 donor financial reports endorsements.

 

Regional Accounting Support - RAS

The RAS team performs advisory, review and support functions for country offices, Manila Administrative Center, Geneva HQ  and L3 donor financial reports endorsements. RAS is responsible for the validation of the accounts from the country offices, review and reconciliation of accounts, monitoring and payment of outstanding accounts, bank reconciliations and support with the monthly closures and year end processes. RAS also assists in the review and endorsement of project financial reports, supports with the opening and closing of projects. In addition, RAS offers advices and support to the offices for audit recommendations in financial and accounting matters.

Some of the reviews that are carried out in RAS include:

  1. Monitoring and review of accounts for monthly closure.
  2. Review of the accounts of the field offices.
  3. Review and endorsement of donor financial reports.
  4. Monitoring and review of projects information and balances.

The main objective of the reviews is to guarantee the integrity and transparency of IOM's financial statements, ensuring compliance with the financial rules and regulations.

The unit also conducts face-to-face and virtual trainings for financial staff on various accounting topics in English and Spanish, in coordination with the Regional Offices.

 

PRISM Central Support Team - PCST

PCST in Panama manages and maintains data in the PRISM accounting system: general ledger, donors and vendors information, bank accounts, project codes, general project information, among others. The unit works in close coordination with the PCST unit in Manila. It also guarantees the consistency and accuracy of centralized data, in order to facilitate the presentation of financial reports.