Account Title Account Code Debit Credi T: To Recognize Collection of Refund of Overpayment of Expenses

Refund of Overpayment of Expenses
Account Title Account Code Debit Credi

t
Cash-Collecting Officers 10101010 xx
Office 50203010 xx
Supplies Expense
To recognize collection of refund of overpayment of

expenses.
t
Cash-Treasury/Agency 10104010 xx
Deposit, Regular
Cash- 10101010 xx
Collecting Officers
To recognize remittance of collections of refund.

Collections made on behalf of another entity or Non-
Governmental/Private organizations
ILLUSTRATION:
Agency X collected fees accruing to the

University of the Philippines legal research
fund in the amount of 3,000 and remitted
the same to Bureau of Treasury.
The UP legal research fund and BTr
appropriately recognized this in their
respective books.
Books of
Agency X

t
Cash-Collecting Officers 10101010 xx
Due to 20201050 xx
NGAs
To recognize collection of fees accruing to the UP-LRF.

t
Due to NGAs 20201050 xx
Cash- 10101010 xx
Collecting Officers
To recognize remittance of collections to BTr

Books of BTr
Account Title Account Debit Credi
Code t
Cash in Bank-Local Currency, 10102030 xx
Savings Account
Cash 10104030 xx
Treasury/Agency Deposit, Trust
To recognize receipt of remitted collection for UP-LRF.
Books of UP-
LRF
t
Cash Treasury/Agency 10104030 xx
Deposit, Trust
Trust 20401010 xx
Liabilities
To recognize remitted collection for UP-LRF by other NGAs.
Account Title Account Debi Credi
INTRA-Agency
Code t
Fund Transfer Cash Collecting Officers 10102030 xx
Due to Regional 10104030 xx

OfficesTo recognize receipt of the intra-entity
fund transfer.
To recognize Account Title Account Debit Credi
remittance of Code
Cash-Treasury/Agency 10104030 xx
collections to Deposit, Trust
BTr. Cash- 10101010 xx
Collecting Officers
Account Title Account Debi Credi
INTER-Agency
Code t t Fund Transfer
Cash Collecting 10102030 xx
Officers
Due to Regional 10104030 xx
Offices To recognize receipt of the inter-entity fund transfer.
INTER-AGENCY FUND
TRANSFER
Under this fund transfer, the following accounting policies s
Source Agency
1 Memorandum of Agreement
Implementing
Agency
The fund to be transferred or sub-alloted to the IA shall

2 be:
a. In an amount sufficient for 3 months operation subject
to replenishment upon submission of the reports of
disbursements by the IA
b. The total project cost, as may be determined by the
Heads of the two agencies in either case.
INTER-AGENCY FUND
TRANSFER
The check shall be issued in the name of the IA

3
for deposit to its trust account in its authorized
government depository bank.
Depending on the MOA, the fund transfers may be treated as

4 a. If the MOA provides a condition that the fund shall be
spent as specified and any excess shall be returned to
SA: IA - Asset at its fair value with corresponding liability
; SA - Receivable
b. If the MOA provides stipulations or no condition: IA –
Asser at its fair value with corresponding revenue ; SA -
Expense
INTER-AGENCY FUND
TRANSFER
5 A separate subsidiary record for each account

shall be maintained by the IA whether or not a
separate bank account is opened.
Within 10 days after the end of each month/end of the
6
agreed period for the Project, the IA shall submit the Report
of Checks Issued (RCI) and the RCDisb to report the utilization
of the funds.
7 The IA shall return to the SA any unused balance upon

completion of the project, if stipulated in the MOA.
8 The SA shall draw a JEV to take up the reports.

INTER-AGENCY FUND
TRANSFER
9 The IA Auditor shall audit the disbursements out

of the trust accounts in accordance with existing
COA Regulations.
The Chief Accountant/Head of the Accounting Division
10
shall, on the basis of the Notice of Finality of Decision
(NFD), record in the books of accounts any audit
disallowance as receivable.
11
When the IA is a Bureau/Regional Office of the SA, the
procedure for centrally managed projects shall be
followed in accordance with entries herein provided.
ACCOUNTING FOR
CANCELLED CHECKS
A stale, voided or spoiled check shall be marked

cancelled on its face and reported as follows:
a. Voided, spoiled or unclaimed stale checks with the

Cashier shall be reported as cancelled in the List of
Unreleased Checks that will be attached to the
Registry of Checks Issued (RCI)
b. New checks may be issued for the replacement of

stale/spoiled checks in the hands of the payees or
holders in due course, upon submission of the
stale/spoiled checks to the Accounting
Division/Unit.
ACCOUNTING FOR
DISALLOWANCES
Disallowances shall be taken up in the books of

accounts only when they become final and executory.
The Accountant shall prepare the JEV to take up the
Receivable-Disallowances/Charges and credit the
appropriate account for the current year or
Accumulated Surplus/(Deficit) account if pertaining to
expenses of previous years.
Cash settlement of disallowances shall be

acknowledged through the issue of an official receipt
and reported by the Cashier in the Report of
Collections and Deposit (RCD)

Account Title Account Code Debit Credi T: To Recognize Collection of Refund of Overpayment of Expenses

Uploaded by

Copyright:

Available Formats

Account Title Account Code Debit Credi T: To Recognize Collection of Refund of Overpayment of Expenses

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Account Title Account Code Debit Credi T: To Recognize Collection of Refund of Overpayment of Expenses

Uploaded by

Copyright:

Available Formats

Refund of Overpayment of Expenses

Account Title Account Code Debit Credi

To recognize collection of refund of overpayment of

To recognize remittance of collections of refund.

Agency X collected fees accruing to the

Account Title Account Code Debit Credi

Account Title Account Code Debit Credi

To recognize remittance of collections to BTr

To recognize receipt of remitted collection for UP-LRF.

Due to Regional 10104030 xx

Under this fund transfer, the following accounting policies s

The fund to be transferred or sub-alloted to the IA shall

The check shall be issued in the name of the IA

Depending on the MOA, the fund transfers may be treated as

5 A separate subsidiary record for each account

7 The IA shall return to the SA any unused balance upon

8 The SA shall draw a JEV to take up the reports.

9 The IA Auditor shall audit the disbursements out

A stale, voided or spoiled check shall be marked

a. Voided, spoiled or unclaimed stale checks with the

b. New checks may be issued for the replacement of

Disallowances shall be taken up in the books of

Cash settlement of disallowances shall be

You might also like