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Mikhael Petito

on 8 May 2013

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SYSTEM Basic Features
and Policies MAJOR
FINANCIAL TRANSACTIONS Appropriations and Commitments Disbursements Receipts
Deposits Supplies
Materials PPE, Public Infrastructure/ Reforestation Project *Accounting method -modified accrual *Purchase of supplies and materials
and small items -with more than one year of serviceable life shall be recorded as INVENTORIES *Audit Disallowances *Cash advances – “Payroll Fund” and “Advances to Officers and Employees” -final and executory *Processing of transaction and recording
in the books *Barangay Accounts -New Government Accounting System Processing
Transactions Recording
Transactions Barangay level Office of the Municipal accountant *Certified Registers a. Cash Registers

b. Cash on Hand and in Bank Registers

c. Cash Disbursement Registers

d. Check Disbursement Registers

e. Petty Cash fund Registers *Status of Appropriations, Commitments and Balances -consolidated by Municipal Accountant *Trial Balance -two-money column trial balance *Balance Sheet
- detailed and condensed
*Statement Of Income and Expenses
- detailed and condensed
*Statement of Cash Flows
- Direct Method
*Statement of Changes in Government’s Equity *Notes to Financial Statements Financial Statements *Financial Statements and supporting Schedules 1.Appropriations and

2.Receipts and Deposits


4.Supplies and Materials, Property, Plant and Equipment, Public Infrastructure/ Reforestation Project General Fund -only fund maintained by Barangay APPROPRIATIONS -General Fund
-20% Development Fund
-Calamity Fund
-Sangguniang Kabataan Fund
-Gender And Development Fund FOUR (4) Registries of Appropriations and Commitments: 1. Personal Services
2. Maintenance and Other Operating Expenses
3. Financial Expenses
4. Capital Outlay - 20% Development Fund -no less than twenty percent (20%) of its annual internal revenue Calamity Fund -Local Disaster Risk Reduction and Management Fund (LDRRMF)

- five percent (5%) of the estimated revenue from regular sources shall be set aside as an annual lump sum appropriation -ten percent (10%) of the general fund of the barangay shall be set aside for sangguniang kabataan -at least 5% of the total annual appropriation that must be implemented for women Sangguniang Kabataan Fund Gender and Development Fund Duties and Responsibilities of the Municipal Accountant and Budget Officer Municipal Accountant •Maintain the General Journal, General Ledger, Subsidiary Ledgers, and Registries of Public Infrastructures/Reforestation Projects for each of the barangays under the city/municipality.

•Prepare the Journal Entry Voucher.

•Record and post the Journal Entry Vouchers. •Prepare the required monthly and year-end Trial Balances, Financial Statements and reports/schedules for each of the barangays.

•Prepare and submit the Bank Reconciliation Statement to COA auditor/audit team leader concerned.

•Consolidate the year-end trial balances and financial statements and reports/schedules of the barangays Municipal Accountant •Consolidate the Statement of Appropriations, Commitments and Balances of each barangay for the five funds

•Submit the Consolidated Statement of Appropriations, Commitments and Balances of all barangays Budget Officer – all collections in form of cash and checks from the share in national taxes and revenues, barangay taxes and other. Deposits - money or other equivalents received by the bank from the agencies for safekeeping. Receipts - for handling and deposit - in form of cash and checks BARANGAY TREASURER AUTHORIZED GOVERNMENT DEPOSITORY BANK RECEIPTS 1.Existence of Appropriation sufficient to cover the expenses.
2.Legality of the expenses and in conformity with rules and regulations.
3.Approval of the expenses by the Punong Barangay.
4.Submission of documentary evidence to establish the validity of the expenses. Disbursements - refer to all cash/check paid out during the period for settlement of gov’t expenditures/payables. Basic requirements (applicable to all class of disbursements) Modes of disbursements:

a)Cash advance

b)Disbursements Disbursements -Must be covered by deposit with AGDB -given to Barangay Treasurer/Accountable Officer for salaries, honoraria etc. only. -made out of petty cash fund
- shall be charged directly to Maintenance and Other Operating Expenses
- Cost of supplies and materials are based on the invoice cost.
- shall be covered by an approval of Requisition and Issue slip. Supplies and Materials -The cost of the PPE acquired through purchase shall include purchase cost and expenses incurred in bringing the asset to its intended location and make it operational

- The PPE shall be depreciated using “straight line method” with a 10% residual value of the cost. Property, Plant and Equipment 1. Property, Plant and Equipment Register
2. Creditor's Card Registers to be maintained: Reports to be prepared: 1.Inventory and Inspection Report of Unserviceable Property
2. Report on the Physical Count of Property
3. Inspection and Acceptance Report During January, the Barangay Andres Bonifacio made the following collections and remitted/deposited the same to city treasurer and AGDB, respectively. ILLUSTRATIONS:
Community tax certificate (as deputized by city treasurer P2,000
Permit fees 5,000
Clearance and certificate fees 8,000
Garbage fees 10,000 Journal Entry: To record collections.
Jan. Cash in vault 25,000
Due to LGU 2,000
Permit fees 5,000
Clearance and certificate fees 8,000
Garbage fees 10,000 To record remittance of collection to city treasurer.
Jan. Due to LGU 2,000
Cash in vault 2,000 To record deposit of collection to AGDB.
Jan. Cash in Bank - LCCA 23,000
Cash in vault 23,000 In January, Barangay Andres Bonifacio received credit memo for the bank representing direct deposit of barangay share from Internal Revenue Allotment in the amount of P40,000 and Real Property Tax in the amouint of P25,000. ILLUSTRATIONS:
Journal Entry:
To record receipt of credit memo.
Jan. Cash in Bank - LCCA 65,000
Internal Revenue Allotment 40,000
Real property tax 25,000 ILLUSTRATIONS:

The Barangay Andres Bonifacio purchased the following on account:

Office supplies P6,000
Medicines 4,000

After several days, the above purchase, which was covered by Inspection and Acceptance Report, was paid, net of 10% withholding. To record purchase on account.
Jan. Office supplies 6,000
Drugs and medicines 4,000
Accounts payable 10,000

To record payment.
Accounts payable 10,000
Cash in Bank 9,000
Due to BIR 1,000

To record remittance of withholding tax to BIR.
Due to BIR 1,000
Cash in Bank - LCCA 1,000
Journal Entry:
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