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18 Cards in this Set
- Front
- Back
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sec 44 of book VI of the 1987 administrative code
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provides for thr accrual of revenue collected by the national government
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receipt/income collections & deposits system covers..
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*acknowledging & reporting income/collections
*deposits of collections w/ AGDB *recording of collections & depositst |
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all funds received by the gov from taxes,grants,aids & borrowings
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gov income
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funds received, which do not increase any liabilitiesvir reserves of the government
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revenue
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this acct classification encompasses all taxes imposed on taxable income,properties, & use or sale of goods & services, taxes on international trade & transactions & other taxes including fines & penalties. also included are revenue generated from local government, schools & hospital operations.
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tax revenue
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this acct classification encompasses all types of revenue/income generated by gov agencies in the exercise of their administrative & regulatory function, income from public enterprises/investments, & income from grants & donations including subsidies.
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general income
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this method shall be used by national gov agencied when income is realized during the acctg period regardless of cash receipt. AR is the corresponding general or specific income accts depending on the nature & classificationbof trans are recorded
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accrual method
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under this method, income of the agency is recorded as "deferred credits to income" & the appropriate receivable acct is debited. the income acct is recognized upon receipt of collection & the " deferred credits to income" acct is adjusted accordingly
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modified accrual
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this method shall be used for all other taxes, fees, charges & other revenue where accrual method is impractical. the income acct is credited upon collection of cash or its equivalent
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cash basis
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when cash advances for official travels are granted, the acct "advances to officers & employees" is debited & when refunds are made, the same acct is credited. cash advances for salaries & wages shall be recorded as debits to acct "payroll fund" and any refunds, thereof shall be credited to same acct.
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refund of cash advances
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performance bonds posted by contractors or suppliers to guaranty full & faithful performance of their contract may be in the form of cash or certified checks or surety.
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receipts of performance/bidders/bail bonds
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refund resulting from overpayment of expenses shall be recorded as a credit to the appropriate expense acct if paid in the same year or to prior years' adjustment if paid in the ensuing year
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refund from overpayment of expense
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which are later remitted to them are recorded under accts "due to bir'.......
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collection made on behalf of another agency or private companies
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cash receuved from another agency fir the purpose of implementing projects of the agency us recorded as a credit to acct "due to central office....
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intra agency trabsfer funds
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gen procedures in collection og revenue from domestic sources
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1. national gov agency collects the revenue of gov from wgatever source
2. agency remits the collections to BOT through the AGDB 3. AGDB advises the BOT 4. BOT records the collection in its books 5. BOT replenishes its Modified Disbursement System accts w/ the bank for checks negotiated |
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gen procedures for cash collection from foreign sources
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1. foreign funding institution remits the amounts in foreign currency to the BSP
2. BSP advises the BOT of receipt of the foreign currency remittance 3. BOT records the receipt in its books in peso value equivalent 4. upon receipt of NCA from the DBM, the BOT advises the bank to transfer cash to the agency 5. the gov agency records NCA in its books. |
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types of collections as to authority to use
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1. w/o authority to use
2. w/ authority to use 3. authority w/ limitation 4. income from sale of equipment 5. grants and donations intended for agency use 6. miscellaneous collections |
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receipt & collection process
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1. CO receives payment from creditprs & issues OR
2. CO records collection in cash receipt record 3. CO deposits collections 4. CO records deposits in cash receipt record 5. CO prepares the report of collections & deposits & forwards to acctg unit w/ copies of official receipts & validated deposits slips 6. acctg unit prepares journal entry voucher & records in cash receipt journal |
