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Closing Requirements

The document provides guidance on closing community bank accounts opened for Kalahi-CIDSS sub-projects. It explains that accounts must be closed after sub-project completion to prevent funds from being used for other purposes. The stages of account closure include liquidating petty cash, reconciling records, issuing refund checks, submitting resolution to close accounts to the bank, and obtaining bank certification of closure. Assets constructed through sub-projects must also be booked by the appropriate institution within 15 days of completion.

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77 views19 pages

Closing Requirements

The document provides guidance on closing community bank accounts opened for Kalahi-CIDSS sub-projects. It explains that accounts must be closed after sub-project completion to prevent funds from being used for other purposes. The stages of account closure include liquidating petty cash, reconciling records, issuing refund checks, submitting resolution to close accounts to the bank, and obtaining bank certification of closure. Assets constructed through sub-projects must also be booked by the appropriate institution within 15 days of completion.

Uploaded by

gennadacawe
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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CLOSING

REQUIREMENTS
Return of Grants and
Local Counterpart
Contribution
What if there Is Money Left at the Community
Bank Account After Sub-Project Completion?
If the actual cost of Sub-Project implementation is lower
than the approved budget, and the community chooses
not to use the unutilized funds, the amount shall be
refunded to the DSWD KALAHI-CIDSS Current Account
maintained by the DSWD Regional Office and the excess
LCC Cash shall be refunded to the Donor. The refund will
be made through the issuance of a check by the
treasurer to DSWD FO through the process of order of
payment.
Documentary Requirements
(same for both LP and GOP funded SPs)

1. BDRRMC Resolution
2. Disbursement Voucher
3. Photocopy of crossed check
4. Official Receipt
Sample
Resolution
Payee
Modality/Fund Payee
Source
NCDDP-AF-WB DSWD FO CAR KC-NCDDP/WB
NCDDP-AF-GOP DSWD-CAR
KKB DSWD-CAR
(regular/BP2/CFW)
PAMANA IP CDD DSWD-CAR
LCC Follow the source LGU’s
corresponding account names
Closing of
Accounts
Why Should Community Bank
Accounts Needs to Be Closed?
The reason is that the Sub-Project Account cannot
be utilized for other purposes but the
implementation of KALAHI-CIDSS Sub-Project. If
said Sub-Project is completed, it has served its
purpose hence must be closed.
When Should Community Bank
Accounts Be Closed?
All bank accounts opened for the implementation
of Sub-Project should be closed when SubProject
implementation is completed, all financial
obligations settled, and unutilized funds are
refunded. However, given that a community has a
chance to implement two rounds, it can retain the
same account until the last round. For example, a
community that is allocated during round 1 may
retain the same account until round 2.
What document to attach when the community
chooses to utilize the existing account for their Phase
2?
BDRRMC Resolution - indicating that they have
resolved to utilize their existing community
account to be used for their phase 2
implementation. This replaces the Resolution to
Open Account which is an RFR attachment for
phase 2
What Are the Stages to Close Sub-
Project Accounts?
Preparation Stage
Responsible Team Activity
PIT and Treasurer Review if there are still pending payables needed to
be paid or remaining miscellaneous works and
expenses to be incurred
Treasurer Arrange with the local BIR Agent to accommodate
advance remittance of withheld taxes before due date.
Treasurer Liquidate the petty cash fund established. Deposit to
account any unused petty cash fund.
What Are the Stages to Close Sub-
Project Accounts?
Completion Stage
Responsible Team Activity
Bookkeeper Update and reconcile Cash Book balance and Bank
Balance
Treasurer Prepare a check for the final amount to be refunded in
case of unutilized funds
Bookkeeper Update Status of Sub-project Fund Utilization Report
Treasurer Prepare a check for the final amount to be refunded
and route for approval. Then, deposit checks to
respective accounts.
What Are the Stages to Close Sub-
Project Accounts?
Closing Stage
Responsible Team Activity
Bookkeeper Mark all zero-balanced Cash Book and LCC in-kind
Journal “CLOSED” or “Nothing Follows”
Treasurer Submit to the ACT copies of closed books of accounts
and zero-balance reports including all remaining paid
DVs and supporting documents in the possession of
the BDC-TWG and final liquidation of PCF
BDC-TWG Request the BLGU Council to issue a Resolution
Chairperson requesting the LBP to close the account.
What Are the Stages to Close Sub-
Project Accounts?
Closing Stage
Responsible Team Activity
Treasurer Monitor bank account. When all issued checks are
encashed, get an updated Bank Snapshot and inform
the BDC-TWG
Treasurer Prepare a transmittal for the surrender of unused
checks/check booklet to the LBP and forward to the
BDC-TWG chairperson
BDC-TWG Upon receipt of the zero-balance Bank Snapshot,
Chairperson surrender unused checks/checkbook, submit the
BLGU Council Resolution and request LBP for a bank
Certification of Closed Account
What Are the Stages to Close Sub-
Project Accounts?
Closing Stage
Responsible Team Activity
Treasurer Submit original Bank Certification to the ACT and
retain a copy on file
Booking of
Assets
When should SPs be booked?
Turned over SP should be recognized and
recorded in the books of the appropriate
institution within 15 days upon completion
and submission of final SPCR documents
Means of Verification
(to be submitted to RPMO)
1.Certification issued by the Muncipal
Accountant that the SP is already booked
up.
2.Journal Entry Voucher

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