The Rex Public Sector Accounting System [Rex-PSAS] is designed to automate and generate the Accountant Generals final report and provide approval process quickly and instantly.
Public sector accounting is the process government agencies and municipalities use to record financial transactions. Most government agencies and municipalities need to track funds generated from tax revenues and expenditures related to projects or appropriations.
It is a government accounting. It is also defined as composite activity of collection, analyzing, recording, summarizing, reporting and interpreting the financial transaction of government units. The government either provides services on natural scale or else redistributes funds, which are managed on semi-autonomous basis.
Public sector is that sector of the economy established and operated by government or agencies distinguishable from the private sector organized on behalf of the whole citizens.
The public sector is devised despite the privatization and commercialization of some government agencies and parastatals; the sector is still large. Almost all the activities in the public sector have to do with political choice, which plays a vital role in resource allocation.
In Nigeria for instance, public sector accounting is based on the principal of fiscal federalism. This implies that the fiscal structure of the government reflects its federal and political structure.
The Federal Republic of Nigeria is made up of three levels of government namely Federal, State and Local governments otherwise known as the three tiers of the political structure. All the three tiers of government are guided by the constitution of the Federal Republic of Nigeria form which the government decides on who gets what and how. Allocation of resources to the three tiers of government is granted and this is executed through the process of budgeting. Unique thing about public sector accounting is that legal instruments demand and delimits the form the financial statement should take; many a time they follow budgeting classification.