Podcast
Questions and Answers
What is the starting date of the fiscal year for barangay accounting?
What is the starting date of the fiscal year for barangay accounting?
Which law states that the financial records of the barangay shall be kept in the office of the city or municipal accountant?
Which law states that the financial records of the barangay shall be kept in the office of the city or municipal accountant?
Which of the following is NOT considered a source of barangay collections?
Which of the following is NOT considered a source of barangay collections?
What document requires the adoption of Philippine Public Sector Accounting Standards by all government agencies?
What document requires the adoption of Philippine Public Sector Accounting Standards by all government agencies?
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Who is responsible for the proper handling of the barangay's funds?
Who is responsible for the proper handling of the barangay's funds?
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Which fee is NOT imposed by barangays?
Which fee is NOT imposed by barangays?
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Which of the following represents a type of subsidy that barangays can receive?
Which of the following represents a type of subsidy that barangays can receive?
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What type of fees are associated with fundraising activities in barangays?
What type of fees are associated with fundraising activities in barangays?
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Which of the following is NOT categorized as Other Receipts for barangays?
Which of the following is NOT categorized as Other Receipts for barangays?
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Which of the options includes fees specifically for the use of barangay-operated facilities?
Which of the options includes fees specifically for the use of barangay-operated facilities?
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Study Notes
Introduction to Barangay Accounting
- The Commission on Audit (COA) is empowered by the 1987 Philippine Constitution to set accounting regulations.
- Local Government Code of the Philippines mandates simplified financial records for barangays, managed by city or municipal accountants.
- COA Resolution No. 2014-003 requires all government agencies to adopt Philippine Public Sector Accounting Standards (PPSAS).
General Accounting Policies
- Fiscal year for barangays is from January 1 to December 31.
- Financial transactions are recorded using a Chart of Accounts established by COA.
Collections and Deposits Overview
- Barangay Treasurer (BT) oversees the handling of barangay funds.
- Types of collections include shares from local and national taxes, barangay fees, penalties, and various receipts.
Types of Barangay Collections
- National Tax Shares: Internal Revenue Allotment, property taxes, tobacco excise taxes.
- Barangay Fees: Charges for services like peddling permits, the use of barangay properties, and clearance certifications.
- Other Receipts: Subsidies, grants, interest from investments, and proceeds from sales.
Specific Roles and Responsibilities
- BT and all accountable officers must be bonded per the Local Government Code.
- All cash and check collections must be acknowledged through Official Receipts (OR).
- Receipt issuance must follow strict numerical sequencing, with no alterations allowed.
Collection Procedures
- Upon payment, the BT issues an OR in three copies: original for the payee, duplicate for records, and triplicate for the BT's file.
- Daily collections must be deposited intact, ideally on the same day or at least weekly if over P5,000.
Daily Financial Processes
- Prepare deposit slips in triplicate for bank validation.
- Record daily transactions in a Cashbook using a Record of Collections and Deposits (RCD).
- Submit RCD and other supporting documents to the city/municipal accountant weekly.
Bank Transactions and Reconciliation
- All collections deposited directly to the bank should be recorded in the Cashbook based on the Report of Bank Debit and Credit Memos (RBDCM).
- A monthly Bank Reconciliation Statement is prepared to align the cash records with bank statements.
Accountable Forms Management
- Requests for new accountable forms are submitted to the city/municipal treasurer.
- All accountable form transactions are reported monthly in the Report of Accountability for Accountable Forms (RAAF).
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Description
This quiz covers the fundamentals of barangay accounting as mandated by the 1987 Philippine Constitution and relevant regulations. It explores the roles of the Commission on Audit and local treasurers in managing financial records and collections. Test your understanding of the fiscal policies and accounting standards applicable to local government units in the Philippines.
