Chapter X |
Books of Accounts, Financial Reports and Statements
10.1 Books of Accounts
The following books of accounts shall be maintained for each barangay:
a. Journal of Cash Transactions (JCT)
b. General Journal (GJ)
c. General Ledger (GL)
d. Subsidiary Ledgers (SL)
10.1.1 JCT-shall record all cash transactions of the barangay (collections and deposits, and expenses paid in cash)
10.1.2 GJ - shall record all non-cash transactions of the barangay
10.1.3 GL -is the book of final entry containing accounts arranged in the same sequence as the chart of accounts.
10.1.4 SL - is the book of final entry containing the details or breakdown of balances of the controlling account appearing in the General Ledger.
10.2 Trial Balances
After the close of the fiscal year, the C/M Accountant shall prepare the following trial balances:
10.2.1 Pre-closing trial balance - is the trial balance prepared from the general ledger after the adjusting journal entries have been journalized and posted.
10.2.2 Post-closing trial balance - is the trial balance prepared from the general ledger after the closing journal entries have been journalized and posted.
10.3 Responsibility for Financial Statements
A Statement of Management Responsibility (Annex 34) showing the agency's responsibility for the preparation and presentation of the financial statements shall be prepared and signed by the C/M Accountant, the BT and PB. This statement shall be submitted together with the year-end financial statements.
Back | Next