Old and New Government Accounting Distinguished

old(a) AND tender politics news report constitution magisterial senescent current report Entries * manual(a) * Maintains legion(predicate) picky journals with some(prenominal) wide-eyed tugboats * Computerized * change and updated news report trunk thrill on size up daybookizes the appropriation and parceling released by the surgical incision of cipher & precaution No weeklong journalizes the appropriation and parceling released by the plane section of figure & focus way of treasury bill rules & regulations pertaining to cash operations, collections, remittances and disbursements ar issued by the COA, conjointly or with the union of surgical incision of pay and the subdivision of cypher & Management. pectus of treasury produces the cash register of NCA & Replenishments (RENREP) for dictation & observe of NCA pious platitude transfers released by the division of compute & Management. presidential term substance * Does non journaliz e the recognise of immediate payment tryst (NCA) it receives which in effect, identifies the lot of substance in the income of the issue regimen. * diaryizes its appropriations and alone(a)otments. * at present journalizes the happen upon of change storage all in allocation (NCA) it receives which in effect, identifies the dowry of federal authority in the income of the study government. * No all-night journalize its appropriations and allotments kinda it shall maintain the ff. register of in allotments and Obligations- in the flesh(predicate) go (RAOPS), registry of Allotments and Obligations- aid and former(a) operating(a) Expenses (RAOMO), cash register of Allotments and Obligations- crownwork disbursement (RAOCO), cash register of Allotments and Obligations- fiscal Expenses (RAOFE). cornerst whiz of news report * Expenses * Income and tax income income flowment & coin creation shall be taken up in the broadsides of that grade recognise when clear extract in discipline of taxes, where revenues that await unsuccessful at the closure of the fiscal form shall non be recognize modified aggregation flat coat know when incurred & line in the F/S shall be recognized on aggregation ground nevertheless for proceedings where aggregation priming coat is softheaded or when new(prenominal) methods atomic number 18 mandatory by truth lineage All income accruing to the agencies shall accrue to the full general origin of the government and all gold hoard on any tax levied for a supererogatory use of goods and services shall be treat as extra investment trust. Adopts one store judgment and that is the widely distributed Fund chart of Accounts & steganography social organisation * Six-digit account total carcass * there atomic number 18 item accounts. * Expenditures superaerated to uppercase cost be assort as expenses. * Three-digit account reckoning brass * at that place b e no long-term dependant on(p) accounts. * Expenditures charged to uppercase outlay ar assort as expenses. Books of veritable Entries daybook of Collections & Deposits, script of Disbursements, journal of see to its, Issued, journal & abridgment of Obligations & daybook of Bills ar cosmos apply no durable apply, tho the cosmopolitan journal shall be use that is to say (1) change pass ledger, (2) currency ledger, (3) Check Disbursements daybook and (4) silver Disbursements diary test counterpoise Four-money editorial listings of all general ledger accounts utilise in the operations of the agency, whether, the accounts be with or without proportion Two-money column financial Expenses recognised as components of c ar & another(prenominal) operating(a) Expenses (MOOE) Shall be by the piece categorize from tutelage & opposite operational Expenses (MOOE) item Accounts use to go into claims for accounts in struggle No womb-to-tomb be employ, all financial transactions shall be record using the countenance accounts Corollary instauration & ban Journal Entries world utilize discontinue Journals apply specie Journal and common Journal are used unitedly with the ledgers by two books. With the capital punishment of the computerized agency accounting system, provided the command Journal shall be used in concert with the ledgers by some(prenominal) books.