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    Barangay Accounting Plan

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    Gaytri Garcia Sangha
    The document outlines a barangay accounting plan that shows the workflow of transactions from the approved budget through obligations, collections, disbursements, and recording in accounting journals and ledgers. It notes the authority of the Commission on Audit to promulgate accounting rules and the need to align barangay accounting to Philippine Public Sector Accounting Standards. The accounting plan covers appropriations, collections, disbursements, and other transactions, and requires preparing financial statements including statements of financial position, performance, cash flows, and comparative budget and actual expenditures.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    Barangay Accounting Plan

    Uploaded by

    Gaytri Garcia Sangha
    302 views6 pages
    The document outlines a barangay accounting plan that shows the workflow of transactions from the approved budget through obligations, collections, disbursements, and recording in accounting journals and ledgers. It notes the authority of the Commission on Audit to promulgate accounting rules and the need to align barangay accounting to Philippine Public Sector Accounting Standards. The accounting plan covers appropriations, collections, disbursements, and other transactions, and requires preparing financial statements including statements of financial position, performance, cash flows, and comparative budget and actual expenditures.

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    BARANGAY ACCOUNTING PLAN.pptx

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    The document outlines a barangay accounting plan that shows the workflow of transactions from the approved budget through obligations, collections, disbursements, and recording in accounting journals and ledgers. It notes the authority of the Commission on Audit to promulgate accounting rules and the need to align barangay accounting to Philippine Public Sector Accounting Standards. The accounting plan covers appropriations, collections, disbursements, and other transactions, and requires preparing financial statements including statements of financial position, performance, cash flows, and comparative budget and actual expenditures.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    302 views6 pages

    Barangay Accounting Plan

    Uploaded by

    Gaytri Garcia Sangha
    The document outlines a barangay accounting plan that shows the workflow of transactions from the approved budget through obligations, collections, disbursements, and recording in accounting journals and ledgers. It notes the authority of the Commission on Audit to promulgate accounting rules and the need to align barangay accounting to Philippine Public Sector Accounting Standards. The accounting plan covers appropriations, collections, disbursements, and other transactions, and requires preparing financial statements including statements of financial position, performance, cash flows, and comparative budget and actual expenditures.

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    BARANGAY

    ACCOUNTING PLAN
    Office of the
    Barangay
    Treasurer
     
    Introduction
    General Accounting Instructions
     Article IX-D Section 2(2) of the 1987 Philippine Constitution gives the
    Commission on Audit the authority to promulgate accounting rules and
    regulations.
     Section 334(c) of RA 7160, otherwise known as the Local Government Code of
    the Philippines, states that: “The financial records of the barangay shall be kept
    in the office of the city or municipal accountant in a simplified manner as
    prescribed by the Commission on Audit”. (Underscoring supplied)
     COA Resolution No. 2014-003 dated January 24, 2014 requires the adoption of
    Philippine Public Sector Accounting Standards (PPSAS) by all government
    agencies, hence, the need for the alignment of the barangay accounting to the
    said standards.
    Fundamental Principles
    -Local government funds and money shall be spent only for public
    purposes.

    -No public money or property shall be used or applied for religious or


    private purposes.

    -Any usage or disbursements of government funds shall carry the


    approval of proper officials.

    -All receipts of transactions must be kept properly for auditing.

    -All money officially received by a local government officer shall be


    accounted as local funds, unless otherwise provided by law.
    The Accounting Plan
    The barangay accounting plan shows the accounting work flow
    of barangay transactions from the approved budget to
    incurrence of obligations/expenditures;

    collection of monies; payment of obligations/disbursements;


    recording of transactions in the books of accounts; and
    preparation of the financial statements and reports.
    Initially, the source documents shall be the basis for preparing
    reports by the Barangay Treasurer (BT). These reports together
    with the source documents are the basis of recording the
    transactions in the books of original entry. These are the JCT and
    the GJ. Journal entries based on reports and the JEV are recorded
    in the JCT or GJ and posted to the GLs and SLs. Based on the GL,
    Trial Balances and the financial statements are prepared. All of
    these accounting processes are undertaken by the Office of the
    C/M Accountant (COA).
    The Accounting Plan presents the following types of transactions:

    a. Appropriations and Obligations


    b. Collections and Deposits

    c. Disbursements
    d. Miscellaneous Transactions

    The Financial Statements include the Statement of Financial Position,


    Statement of Financial Performance, Statement of Net Assets/Equity,
    Statement of Cash Flows, Comparative Statement of Budget and Actual
    Expenditures, and Notes to Financial Statements.
     

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