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    Basic Rules and Regulations On Collections and Deposits

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    Lalaine Castillo
    This document outlines basic rules and regulations on collections and deposits for government agencies. It states that (1) collecting officers must be designated and bonded, (2) all payments received must be immediately acknowledged with official receipts, and (3) all collections must be deposited intact in authorized depository banks daily or the next business day according to Department of Finance regulations.

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    © All Rights Reserved
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    Basic Rules and Regulations On Collections and Deposits

    Uploaded by

    Lalaine Castillo
    464 views15 pages
    This document outlines basic rules and regulations on collections and deposits for government agencies. It states that (1) collecting officers must be designated and bonded, (2) all payments received must be immediately acknowledged with official receipts, and (3) all collections must be deposited intact in authorized depository banks daily or the next business day according to Department of Finance regulations.

    Original Description:

    Accounting for Collection and Deposits

    Original Title

    Basic Rules and Regulations on Collections and Deposits

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    This document outlines basic rules and regulations on collections and deposits for government agencies. It states that (1) collecting officers must be designated and bonded, (2) all payments received must be immediately acknowledged with official receipts, and (3) all collections must be deposited intact in authorized depository banks daily or the next business day according to Department of Finance regulations.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    464 views15 pages

    Basic Rules and Regulations On Collections and Deposits

    Uploaded by

    Lalaine Castillo
    This document outlines basic rules and regulations on collections and deposits for government agencies. It states that (1) collecting officers must be designated and bonded, (2) all payments received must be immediately acknowledged with official receipts, and (3) all collections must be deposited intact in authorized depository banks daily or the next business day according to Department of Finance regulations.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 15

    BASIC RULES AND

    REGULATIONS ON
    COLLECTIONS AND
    DEPOSITS
    PREPARED BY:
    LALAINE P. CASTILLO-CADUSALE

    BASIC RULES AND REGULATIONS


    ON COLLECTIONS AND DEPOSITS

    a. Collecting Officers or
    agent shall be designated
    by the head of the
    respective agencies

    BASIC RULES AND REGULATIONS


    ON COLLECTIONS AND DEPOSITS

    b. All employees entrusted


    with the handling of cash
    are required to be bonded
    under the Fidelity Fund.

    BASIC RULES AND REGULATIONS


    ON COLLECTIONS AND DEPOSITS

    c. All Collecting Officers are


    required to acknowledge all
    payments received by
    issuing immediately official
    receipts.

    BASIC RULES AND REGULATIONS


    ON COLLECTIONS AND DEPOSITS
    d. All Collecting Officers shall deposit
    intact all their collections, with
    Authorized Government Depository
    Banks (AGDB) daily or not later than
    the next banking day pursuant to the
    provisions of Department of Finance
    Order No. 52-96 dated May 22, 1996.

    BASIC RULES AND REGULATIONS


    ON COLLECTIONS AND DEPOSITS
    e. At no instance shall money in
    the hands of the Cashier/Collecting
    Officer be utilized for the
    encashment of private checks or
    payment of obligations/expenses.

    BASIC RULES AND REGULATIONS


    ON COLLECTIONS AND DEPOSITS
    f. For checks received, the
    collecting officer shall indicate on
    the Official Receipt the address of
    the payor of the check to facilitate
    communication with him.

    BASIC RULES AND REGULATIONS


    ON COLLECTIONS AND DEPOSITS

    g. Cash Receipt Records of the


    cashier or designated collecting
    officer shall be updated daily and
    shall be available for
    inspection/audit at all times.

    Appendix 29
    CASH RECEIPTS RECORD

    Entity Name : _______________________________

    Sheet No. : _________________

    Fund Cluster : ______________________________

    Year : _____________________

    _______________________
    Accountable Officer
    Date

    Reference
    No./OR
    No./DS

    Payor

    _____________________________
    Official Designation
    UACS Code
    Nature
    of Collection
    MFO/PAP
    Object Code

    ______________
    Station
    Collection

    Deposit

    C E R T I F I C AT I O N
    I hereby certify on my official oath that the foregoing is a correct and complete record
    of all collections and deposits had by me in my capacity as _____(Designation)___________ of
    ________(Name of Agency)___________ during the period from _________________ to
    _______________, inclusives, as indicated in the corresponding columns.

    Name and Signature

    Date

    Undeposited
    Collection

    BASIC RULES AND REGULATIONS


    ON COLLECTIONS AND DEPOSITS

    h. Cash, cash items and other


    accountable forms under the
    custody of the Collecting Officer
    shall at all times be kept in a safe
    or cabinet under lock and key.

    BASIC RULES AND REGULATIONS


    ON COLLECTIONS AND DEPOSITS

    i. Cashiers or Designated
    Collecting Officers are required to
    prepare and submit to the
    Accounting Unit a periodic Report
    of Collections and Deposits.

    REFERENCES

    Catli, R. B. (2013).
    Government Accounting and
    Auditing. Manila. pp. 103104.

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