The IEBC has asked political parties and candidates who will contest in next year's elections to open campaign financing accounts by Thursday.
Those who want to support a political party or a candidate also have until tomorrow to make their contributions.
The commission said that the Election Campaign Act requires that this is done at least eight months to the day of the general election.
In addition to the accounts, political parties and candidates are to establish campaign financing-expenditure committees and appoint authorised persons who will manage the funds.
"All political parties and candidates are required to register with the commission the details of their campaign financing accounts, including particulars of the authorised persons," the guidelines state.
Any person or organisation seeking to contribute to a candidate or political party will channel such contributions through the independent candidate/political party expenditure accounts.
An organisation which intends to campaign in support of a candidate or political party will seek consent in writing from the political party or independent candidate that they intend to support.
They are also to register their consent with the IEBC and open a campaign financing account into which contributions shall be deposited before polling day.
The IEBC said a political Party Campaign Financing/Expenditure committee should consist of nine members.
Three of them are to be nominated by the governing body of the political party while one must be the secretary general.
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Other guidelines are that not more than one member shall be from the same region and that not more than two thirds shall be of one gender.
"Three members of the committee shall be signatories to the party campaign financing/expenditure committee," the IEBC said.
Independent candidates are also required to set up a financing/expenditure committee consisting of three members nominated by the candidate, and who shall be signatories.
The duties of the committees for party and independent candidates' campaigns
include advising the party/candidate on all financial matters related to expenditure.
They are also to manage the expenditure account of the party/candidate and keep updated books of account and avail them for inspection.
They will further receive expenditure reports on monies spent by party or independent candidates.
The committees are to compile, and submit to the commission, the final expenditure report with respect to that nomination or election period.
"For purposes of regulating election campaign financing during the expenditure period, the authorised persons shall be: a Candidate; an agent of the candidate; or a political party campaign financing/expenditure committee in the case of political parties," said the electoral body.
An independent candidate or political party shall, upon registration, provide the details of the authorised persons indicating name, bank details, postal address and telephone contact.
"An independent candidate or political party will give details of the campaign financing account indicating: (name of bank, branch, account number, signatories, postal address, currencies to be used)," the IEBC said.