Download COMMISSION ON AUDIT CIRCULAR NO. 89-313

COMMISSION ON AUDIT CIRCULAR NO. 89-313 December 8, 1989
TO
:
The Secretary, Department of Environment and Natural Resources; The
Administrator, Chief Accountant, Budget Officer, COA Resident Auditor, National
Mapping and Resource Information Authority (NAMRIA); and All Others
Concerned.
SUBJECT:
Accounting System and Procedures Governing the Creation and Operation of
the National Mapping and Resource Information Authority (NAMRIA) Revolving
Fund Pursuant to the Special Provisions of Republic Act No. 6688 (General
Appropriations Act for CY 1989).
1.0
Purpose
1.1
2.0
This Circular is issued to set up an accounting system and to prescribe general
accounting guidelines in the creation and operation of the NAMRIA Revolving
Fund for maps and charts in accordance with Special Provision No. 1, pages 462463 of R.A. No. 6688.
General Guidelines
2.1
Beginning CY 1989, NAMRIA shall utilize such amount as may be necessary but
not exceeding ten million pesos (P10,000,000.00) from the Maintenance and Other
Operating Expenses component of its appropriation authorized under R.A 6688
for the creation of a Revolving Fund for the establishment and maintenance of
adequate inventory (stock-in-trade) of maps and charts for resale to government
agencies and the general public.
2.2
The Fund shall be used strictly to purchase the maps and charts. In no case shall
it be used for any other purpose.
2.3
Inventories in stock for this purpose shall be limited to the three-month actual
needs of the Fund.
2.4
The Revolving Fund shall be self-perpetuating.
2.5
Proceeds from the sale of maps and charts shall form part of the Revolving Fund.
These shall be deposited in an authorized government depository bank and shall
be withdrawable upon the joint signatures of the duly authorized officers of
NAMRIA, without the need of a Funding Warrant.
2.6
Any bank interest earned by the Revolving Fund shall accrue to the General Fund
and shall be remitted to the National Treasury at the end of each quarter; however,
bank charges resulting from the normal course of banking operations shall be
directly charged against the Revolving Fund.
2.7
Decreases in the Fund shall be made whenever its capital exceeds the ten million
pesos maximum level. Such amount representing reduction in Capital shall be
reverted to the General Fund.
3.0
4.0
Procedural Guidelines
3.1
A separate set of books of accounts for the NAMRIA Revolving Fund shall be
maintained where all transactions relating to said Fund shall be recorded;
3.2
All disbursements/withdrawals from the Revolving Fund shall be made thru the
issuance of commercial checks;
3.3
All disbursements shall be treated as direct charges against the Fund, subject to
existing accounting and auditing rules and regulations;
3.4
Interest earned on the Fund shall be remitted direct to the National Treasury by the
Fund's Collecting/Disbursing Officer for the account of the NAMRIA General Fund
(Fund 101). The remittance shall be made within five days after the interest has
been credited to the Revolving Fund.
3.5
Amounts withdrawn representing reduction in Capital of the Fund shall likewise be
remitted to the National Treasury by the Fund's Collecting/Disbursing Officer for
the account of the NAMRIA General Fund (101).
3.6
In both cases of direct remittances to the National Treasury, pursuant to subsections 3.4 and 3.5, supra, the Collecting/Disbursing Officer of the Revolving
Fund shall furnish the Chief Accountant of the NAMRIA with a validated copy of
the Remittance Advice within five days after making such remittance.
3.7
The Chief Accountant of the NAMRIA, upon receipt of the Remittance Advice, shall
draw a Journal Voucher taking up under Fund 101, deposit and income accounts
or deposit and surplus adjustment - miscellaneous accounts, as the case may be.
3.8
The accounting entries to be followed shall be in accordance with Annex "A"
hereof.
Reporting Requirements
A monthly trial balance of the Fund shall be prepared and submitted to the Resident
Auditor of the NAMRIA for verification and audit. A copy of the Quarterly and Year-end
trial balances/together with the Status Report of the Fund, shall be submitted to the
Accountancy Office of this Commission not later than 15 days following the end of each
quarter, in the case of Quarterly trial balance, and February 14 in the case of yearend trial balances, in accordance with existing COA issuances.
5.0
Repealing Clause
The provisions of all circulars, instructions and orders which are inconsistent
herewith are hereby rescinded/repealed and/or modified accordingly.
6.0
Saving Clause
Cases not covered by this Circular shall be referred to the Accountancy
Office, Commission on Audit.
7.0
Effectivity
This Circular shall take effect January 2, 1989.
(SGD.) ALBERTO P. CRUZ, Commissioner
(SGD.) BARTOLOME C. FERNANDEZ, JR., Commissioner
(SGD.) EUFEMIO C. DOMINGO, Chairman
Attachments:
Annex A - Sample Accounting Journal Entries
Annex B - Quarterly Report on the Status of the NAMRIA Revolving Fund