Professional Documents
Culture Documents
CHAPTER 3.pptx - ACC9 Edited
CHAPTER 3.pptx - ACC9 Edited
Accounting Process
LEARNING OBJECTIVES
The Head of the Requesting Office shall certify the necessity and
legality of the obligation and the validity of the supporting documents. The
Head of the Budget Division shall certify the availability of the allotment.
Notice of Obligation Request and Status Adjustment
(NORSA)
If the obligations recorded in the RAOD and ORS above
need to be adjusted, the subsequent adjustment shall be
made through the use of NORSA. The adjustment shall be
effected through a positive entry (ADDITION) or negative
entry (REDUCTION), as appropriate.
Special Journals:
b. Cash Receipts Journal – used to record the Report of Collection and Deposit and Cash Receipts
Register of collecting officers.
Report of Collection and Deposit (RCD) – prepared by a collecting officer to report his/her collections and
deposits to an Authorized Government Depository Bank (AGDB).
Cash Receipts Register (CRReg) – used by field officers without a complete set of books to record their
cash collections and deposits in the books of their mother unit (central/regional/division office.
c. Cash Disbursements Journal – used to record the cash disbursements of the Disbursing Office.
d. Check Disbursements Journal – used to record the check disbursements of the Disbursing Officer.
II. LEDGERS
a. General Ledger – summarizes all transactions recorded in the journals. Accounts in
the general ledger are arranged according to their sequence in the Revised Chart
of Accounts.
b. Subsidiary Ledgers – show details of each control account in the general ledger.
Remittance of amounts withheld
To recognize constructive receipt of taxes remitted by To recognize constructive receipt of remittance of taxes by NGAs
NGAs through TRA through TRA
SUMMARY OF BASIC
RECORDINGS
Discussion
THE GOVERNMENT ACCOUNTING CYCLE
APPROPRIATION
ALLOTMENT
INCURRENCE OF OBLIGATION
DISBURSEMENT AUTHORITY –NCA
DISBURSEMENTS
BILLINGS, COLLECTIONS & REMITTANCE
UNADJUSTED TRIAL BALANCE
ADJUSTING ENTRIES
CLOSING ENTRIES
PREPARATION OF FINANCIAL STATEMENTS
The trial balance of Entity A (a government entity) at
the beginning of the period is shown below.
Cash-Modified 218,000
Disbursement system (MDS),
Regular
ENUMERATION
2 BUDGET REGISTRIES.