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DAP, Tagaytay City July 23-24,2012

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Presentation on theme: "DAP, Tagaytay City July 23-24,2012"— Presentation transcript:

1 DAP, Tagaytay City July 23-24,2012
DEPARTMENT OF EDUCATION NATIONAL SEMINAR/ WORKSHOP ON THE PREPARATION AND RECONCILIATION OF CY MID-YEAR FINANCIAL REPORTS DAP, Tagaytay City July 23-24,2012

2 ACCOUNTING PROCEDURES FOR THE PROVIDENT FUND OF DepED

3 A. TRANSFER OF FUNDS FROM GENERAL FUND

4 GENERAL FUND (GF) BOOKS a
GENERAL FUND (GF) BOOKS a. The Division Office (DO) shall transfer/remit to the Regional Office (RO) the amount equivalent to the salary deductions. b. The RO shall record the transfer/remittance of of salary deductions as “Other Payables”.

5 GENERAL FUND BOOKS c. The RO shall remit the deductions to the concerned agencies/offices. d. The RO shall deposit to the National Treasury the Service Fee.

6 GENERAL FUND BOOKS e. The RO shall transfer to the Central Office (CO) the trust liability accounts equivalent to the Service Fee collections. f. The CO shall request for the Notice of Cash Allocation before the amount of Service Fee can be transferred to the Provident Fund Books.

7 PROVIDENT FUND (PF) BOOKS
a. Complete set of books shall be maintained for the Provident Fund. b. The CO shall deposit the amount of Service Fee to the authorized government depository bank and record it as “Other Payables”

8 PROVIDENT FUND (PF) BOOKS
c. The CO shall release the 50% of the Service Fee to the RO. d. The RO shall record the transfer of Service Fee from CO by crediting the account “Miscellaneous Income” for its own share and “Other Payables” for the share of the DO.

9 PROVIDENT FUND (PF) BOOKS
e. The DO shall also record the release of its share of the Service Fee from RO as “Miscellaneous Income” f. The CO shall also record its own share equivalent to 20% of the Service Fee as “Miscellaneous Income”.

10 B. GRANT AND COLLECTION OF LOANS

11 PROVIDENT FUND (PF) BOOKS
a. The loans to be granted to the qualified borrowers shall be taken up as “Loans Receivables-Others”. b. The collection of principal and the corresponding interest shall be deposited with the AGDBs. c. Separate report shall be prepared by the Collecting Officer.

12 C. DISBURSEMENTS

13 PROVIDENT FUND (PF) BOOKS
a. All disbursements shall be covered by duly approved disbursement vouchers. b. Separate series of checks shall be issued on numerical sequence. c. Separate report shall be prepared by the cashier. sha

14 D. FINANCIAL STATEMENTS/ OTHER REPORTS

15 The following FS shall be prepared and submitted: a. Trial Balance b
The following FS shall be prepared and submitted: a. Trial Balance b. Balance Sheet c. Statement of Income and Expenses d. Statement of Cash Flows

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