ACCT303-Government Accounting Process 2.pdf

Government Accounting Process Books of Accounts (Accounting Records and Division) 1. Journals – General, Cash receipts, Cash Disbursements, Check Disbursements 2. Ledger – General and Subsidiary Note: Fund Cluster Accounting Registries (Budget Records and Division) 1. RROR – Revenue and Ot...

Government Accounting Process Books of Accounts (Accounting Records and Division) 1. Journals – General, Cash receipts, Cash Disbursements, Check Disbursements 2. Ledger – General and Subsidiary Note: Fund Cluster Accounting Registries (Budget Records and Division) 1. RROR – Revenue and Other Receipts 2. RAPAL – Approp. and Allotments 3. RAOD – Allotm, Obligations and Disbursements (separate for each expenditure) 4. RBUD – Budget, Utilization and Disbursements Note: Fund Cluster Accounting Classification by Expenditure (RAOD) 1. PS – Personnel Services 2. MOOE – Maint. And Other Opex 3. FO – Financial Expenses 4. CO – Capital Outlays Revised Chart of Accounts – 8-digit Code 1 – Assets 2 – Liabilities 3 – Equity 4 – Income 5 – Expenses Government Accounting Cyle 1. Approp. - RAPAL 2. Allotm. – RAPAL and RAOD 3. Incurrence of Obligation – Oblig, Request Status (ORS) and RAOD 4. Disbursement Authority – NCA 5. Disbursements 6. Billings, Collection and Remittances 7. Unadjusted TB 8. Adjusting Entries 9. Closing Entries 10. FS Preparation 4 – Disbursement Authority - NCA Example: MDS – Modified Disbursement System 5 – Disbursements – PS (service rendered and payroll approved) Example: 5 – Disbursements – PS (service rendered and payroll approved) Example (Set-up): 5 – Disbursements – PS (service rendered and payroll approved) Example (Grant of Cash Advance): 5 – Disbursements – PS (service rendered and payroll approved) Example (Liquidation): 5 – Disbursements – MOOE Example – Delivered and received 5 – Disbursements – MOOE Example – Payments if wtaxes are 1K and 4K respectively 5 – Disbursements – MOOE Example – Payments if wtaxes are 1K and 4K respectively 5 – Disbursements – MOOE Example – Utility Payments if total wtax on 30K due is 2K 5 – Disbursements – MOOE Example – Travel Cash Advance (1.Grant) (2.Liquidation) 5 – Disbursements – MOOE Example – Travel Cash Advance (3 –Receipt and Deposit of Refund of Excess Cash Advance 2,000-1,800 ) 5 – Disbursements – CO Example: 1. Delivered and received 2.Paid (wtax applicable for instance is 20K) REMITTANCES OF AMOUNTS WITHHELD Example [All amounts Due to BIR]: (Constructive Remittance – via Tax Remittance Advice / TRA) REMITTANCES OF AMOUNTS WITHHELD Example [All amounts Due to GSIS, Pag-ibig, Philhealth] 6 – Billings, Collections and Remittances 1.Billings 2. Collection and Remittance to BTr 6 – Billings, Collections and Remittances Collections of UNBILLED 7 Unadj. TB and 8 Adj. Entries 1. Reverse Unused NCA (balance of Cash-MDS, Reg.) 7 Unadj. TB and 8 Adj. Entries 2. Depreciation 7 Unadj. TB and 8 Adj. Entries 3. AR Allowance for Impairment 9 – Closing Entries 1. Closing of Cash-Treasury/Agency Deposit 2. Closing of Subsidy from NG 9 – Closing Entries 9 – Closing Entries 10 – FS Preparation  Fund Cluster Accounting – in our example, Regular Agency Fund