Policy: Project Accounting
According to the general principle of the EU Funded projects the eligible costs must "be identifiable and verifiable, in particular be recorded in the accounts of the beneficiary...according to the usual cost-accounting practices of the beneficiary".
In compliance with this requirement, Future Worlds Center uses a cost code based double entry accounting system (Pastel Partner Version 11) which allows to assign every expenditure and income to the relevant project. The maintenance of the cost codes and the recording of the expenditures/incomes are done by the Financial Officer of the organization.
Every project has two cost code in order to identify the real total cost of the project implementation:
- Eligible: to collect every expenditure and income included in the submitted financial reports
- Ineligible: to collect every expenditure and income not included in the submitted financial reports