SOP Library
SOP NO:
FS-GP03
(List of Exhibits/Attachments)
Missi
on
:
Finance and Administration
Area:
Financial Services (FS)
Activity:
General Accounting Plan (FS-GP)
Title:
Charts of Accounts
Date Approved/Issued:
04/01/1984
Date Effective:
01/01/1984
Digest:
I. TERMS OF REFERENCE
A. Rationale
B. Objective
C. Scope
D. Basis
II. IMPLEMENTING GUIDELINES
A.
Financial Satement Presentation
1. All Major Classification and Control Accounts shall be properly presented in the financial statements in accordance with the sequence of presentation in the Chart of Accounts.
2. Supporting Schedules to recaptulate Subsidiary Ledger Accounts shall be prepared and reconciled with financial statements' figures.
B.
Coding Pattern
1. For presentation of
Accounts in the Trial Balance,
the pattern of group coding of accounts (assets, liabilities, equity/surplus, income) shall be as follows:
0
-
00
-
000
Minor Code (General Ledger Account)
Major Code (General Classification)
Statement Code
Example:
Major Classification: 8-70-000 Cash
Control Account : 8-70-400 Cash - Collecting Officers
2. Control Accounts should be supported by subsidiary accounts and in certain cases sub-sidiary ledgers shall be also be maintained. Coding for subsidiary accounts shall be as follows (except for Expenditure Objects):
0 - 00 - 000.
00
-
00
Sub-SL Code (Sub-subsidiary Account)
Sub-Code (Subsidiary Account)
Example:
Subsidiary Account: 8-70-400.1 Cash-Colllecting Officers-Special
Sub-subsidiary Ledger: Name of Special Collecting Officer-per Fund Account
3. Recording of expenses shall follow pattern for expenses codes (Annex 4) to facilitate classifying of cost and expenses, and cost accounting processes. Ledger shall be maintained as follows:
General Ledger Accounts:
A - Administrative Expenses
B - Operating expenses
C - Inventory Costs
Subsidiary Ledgers:
Administrative Expenses per Activity per Object
of Expenditures
Operating Expenses per Activity perr Cereal Type
per Object of Expenditure
Inventory Cost per Activity per Cereal Type
per Object of Expenditures
C.
Review of Chart of Accounts
1. The Chart of Accounts shall be reviewed at least annually to ascertain its adequacy and to keep up with modern trends in goverment accounting.
2. Additional accounts and revisions of account titles to achieve understandability and completeness of financial reports may be introduced from time to time provided the Approval of the Minister, with the concurrence of COA, is secured for the creation of such accounts.
3. Account Titles and account codes affected by this revised chart of accounts shall be charged or reclassified by using a negative journal entry supported by a journal voucher.
D.
Account Code and Titles
(Annex 1, Please refer to Memorandum No. 274 dated December 21, 1983, Annex 1.1; Amendments thereto dated March 08, 1984 under Memo No. 78 and Annex 1.2, attached)
E.
Cost Classification
(Annex 2, Please refer to Memorandum No. 274 dated December 21, 1983).
F.
Inventory Codes for Classification Purpose
(Annex 3, Please refer to Memorandum No. 274 dated December 21, 1983).
G.
Pattern for Expenses Codes
(Annex 4, Please refer to Memorandum No. 274 dated December 21, 1983).
H.
Description of Accounts
(Annex 5, Please refer to IDM DAB dated April 5, 1984).
III. RESPONSIBILITIES
IV. FLOW CHART
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EXHIBITS
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