5 Receipts

Table of Contents

5.1 Introduction 5.3

5.2 General Policies 5.4

5.2.1 General classification of receipts 5.4

5.2.2 Receipt of public money 5.4

5.2.3 Responsibilities 5.5

5.3 Accounting Policies 5.7

5.3.1 Currency 5.7

5.3.2 Recognition of revenue 5.7

5.3.3 Acceptable forms of receipt 5.7

5.3.4 Repayment and refund of expenditure 5.8

5.3.5 Receipts arising from recovery of inter-departmental services 5.8

5.3.6 Granting of discounts 5.9

5.4 Accounting for receipts 5.10

5.4.1 Manual accounting records 5.10

5.4.2 Computerised accounting records 5.10

5.4.3 Accounting entries for receipts 5.11

5.5 Detailed Procedures 5.12

5.5.1 Introduction 5.12

5.5.2 Flow diagram overview - receipt of public money through the Bank 5.13

5.5.3 Receipt of money by banks 5.14

5.5.4 Receipt of money by Post Offices 5.15

5.5.5 Receipt of money by other Government entities 5.16

5.5.6 Flow diagram overview - recording, consolidation and reconciliation of receipts 5.17

5.5.7 Recording of receipts in accounting offices 5.18

5.5.8 Consolidation of Receipts 5.19

5.5.9 Reconciliation of receipts 5.19

5.5.10 Receipt adjustments 5.19

5.6 Treatment of specific classes of receipt 5.20

5.6.2 Consolidated Fund 5.20

5.6.3 Public Account 5.22

5.2 General Policies

5.2.1 General classification of receipts

5.2.1.1 Receipts collected by the Government belong to either the Consolidated Fund or the Public Account of the respective Federal and Provincial Governments of Pakistan.

5.2.1.2 All monies collected and accounted for as revenue of the Government shall form part of the Consolidated Fund and therefore are available for annual appropriation. Both capital receipts (receipts sourced from financing activities) and revenue receipts (receipts sourced from government operations) belong to the Consolidated Fund. Also refer to Article 24 of the Account Code, Volume 1 and Article 78 (1) of the Constitution.

5.2.1.3 Public Account receipts are monies collected by the Government on behalf of other parties or held in trust for a special purpose and are therefore not available for annual appropriation.

5.2.3 Responsibilities

5.2.3.1 The Principal Accounting Officers of those entities responsible for administering revenue collections (such as tax authorities) must ensure that all sums due to the Government are promptly realised, banked and credited to the Consolidated Fund. The Principal Accounting Officers of these entities must also ensure that:

· public monies credited to the Consolidated Fund as reported by the Accountant General, are reconciled/verified with their own records, at least on a monthly basis

· procedures for the generation, control and assessment of bills and demand notices as required under departmental regulations are followed.

5.2.3.2 The overall responsibility for the accounting of receipts rests with the Auditor-General, under the following administrative arrangements:

· Provincial and Federal Government receipts will be recorded by the respective Accountants General in each of the Provinces through the District Account Offices and Treasury Offices.

· Federal Government receipts will also be recorded by the Federal Treasury Office, and where authorised by the Government with the consent of the Auditor-General, at special purpose treasuries (e.g. Customs treasury).

· Provincial Government receipts will be consolidated by the Accountant General’s office in the respective Provincial capitals

· Federal Government receipts will be consolidated initially by the AGPR sub-offices located in each Provincial capital, and finally at the AGPR.

5.2.3.3 The following diagram is a representation of the overall flow of information from the bank to the Government:

Flow of receipt information from bank to DAO/AG/AGPR

5.3 Accounting Policies

5.3.1 Currency

5.3.1.1 All receipts must be accounted for in Pakistani Rupees.

5.3.2 Recognition of revenue

5.3.2.1 Recognition of revenue occurs after the receipt of the money by the bank or clearance of the cheque This will be reflected in the accounting records when the bank scroll is received by the AG, AGPR, DAO or Treasury Office.

5.3.2.2 In the case of receipts arising from borrowings, revenue must be recognised and recorded in the accounts on the date that the funds are received at the bank.

5.3.2.3 Where receipts are collected at a department/entity, the revenue will be recognised in the accounts of the Government after the money is deposited at the bank by the concerned entity.

5.3.2.4 Receipts shall be recorded on a gross basis, that is, at the full amount received from the payer. Receipts will not be recorded net of any related costs, such as commissions or fees. Such costs are to be recorded separately as expenditures, under the relevant expenditure head. Refer to example shown in Direction 5.4.3.3

5.3.3 Acceptable forms of receipt

5.3.3.1 Sums due to the Government may be paid in cash, cheque, bank draft, postal order and other forms as authorised by the Government. If payment is received by cheque then the following conditions must be met:

· the cheque must be marked and crossed as ‘not negotiable’ and made payable to the Federal Government or Provincial Government as the case may be. If this has not been done then it should be completed by the bank teller

· the cheque must have printed on it the amount in words as well as figures

· under no circumstances should change be given to the payer.

5.3.3.2 Amounts received by cheque will only be recognised and recorded in the accounts when the cheque is cleared by the bank. The receipt voucher will not be stamped by the bank and issued to the payer until the cheque has been cleared.

5.3.3.3 If a cheque is dishonoured by the drawer’s bank, the payer’s indebtedness to the Government is retained and appropriate recovery action will be taken, including notification by the bank to the concerned administrative department.

5.3.3.4 Persons required to pay the Government by a fixed date must take steps to ensure that their payment reaches the bank by the due date for payment. In the case of cheque payment, at least 2 days margin needs to be given in order to clear the cheque.

5.3.3.5 Post-dated cheques should not be accepted. Whilst a post dated cheque is a valid instrument, it will not be honoured by the bank it is drawn on until the date on the cheque is reached. Therefore when a person tenders a post-dated cheque, no payment is considered to be made, and no receipt can be issued, until the date of the cheque is reached.

5.3.3.6 Payment by credit card or direct deposit facilities will not be accepted unless approved by the Government.

5.3.4 Repayment and refund of expenditure

5.3.4.1 Public monies collected as a result of an overpayment previously made by the Government in the same financial year must be adjusted to reflect the correct level of expenditure that was originally incurred. Such receipts must not be treated as revenue.

5.3.4.2 A refund received by the Government for goods and services purchased represents a reduction in the original expenditure incurred by the Government. Refunds received must not be considered as revenue.

5.3.4.3 It is permissible in cases where the original expenditure head used is not immediately known, for the repayment/refund to be charged to an appropriate suspense account. This account must be reviewed and cleared on a monthly basis.

5.3.4.4 Repayments of expenditure from annual appropriation, occurring in a subsequent financial year to the original transaction must be credited to revenue.

5.3.4.5 Repayments of expenditure from Public Account heads must be credited to the same head regardless of when the original expenditure was incurred.

5.3.5 Receipts arising from recovery of inter-departmental services

5.3.5.1 Recoveries arise when goods and services are purchased in one department and are passed on to another department within the same Government.

5.3.5.2 Recoveries made by charging departments for inter-departmental goods and services are not to be recognised as receipts, as they are internal to the Government concerned, and will not to be processed through the banking system. These recoveries are to be recorded as a contra-entry to the original expenditure incurred by the charging department. Refer to Chapter 12, ‘Transactions between Government entities’.

5.3.6 Granting of discounts

5.3.6.1 Discounts for negotiation of early payment will not be provided to payers, unless authorised by the Government. Where a discount has been given the amount of discount must be indicated on the receipt voucher.

5.4 Accounting for receipts

5.4.1 Manual accounting records

5.4.1.1 The following primary books of account must be maintained by the accounts section of the District Account office and the Accountant General office. All such records must be maintained in Pakistani Rupee.

5.4.1.2 Sub-ledger - once the bank return is received, the receipt transaction must be recorded in the Sub-ledger in date order. The delegated officer must enter the following details of receipt in the Sub-Ledger:

· date of receipt (not the date the scroll was received)

· receipt reference (e.g. receipt number)

· receipt description

· account code (detailed receipt head)

· department reference (if applicable)

· amount in Rupees.

The delegated officer must total this Sub-ledger up at the end of each day and post the daily totals, by account code, to the General Ledger.

5.4.1.3 General Ledger - the General Ledger will record balances of receipts and expenditures on a daily total basis. The daily totals of receipt, by account code) must be entered into this ledger. Details should include:

· date

· account as per Chart of Accounts

· account description

· amount in Rupees.

5.4.1.4 Abstract - In a manual accounting system, it is necessary to prepare an abstract as a supplement to these ledgers, in order to obtain details from the Sub-ledger or General Ledger in an alternative order, or to consolidate information for reporting purposes.

5.4.2 Computerised accounting records

5.4.2.1 The computerised system will automatically post the entries from the Sub-ledger to the General Ledger, by account code, and be capable of producing the necessary views and consolidation points for reporting purposes.

5.4.2.2 In the computerised system the delegated officer in the accounts section of the District Accounts Office or the Accountant General Office will enter receipt details into the Sub-ledger equivalent of the computerised system.

5.4.3 Accounting entries for receipts

5.4.3.1          The double entry required for the recognition of revenue generally is:

Dr                                Bank account
            Cr                                Revenue account (detailed head)

[to record receipts or advances collected, and placed into the Consolidated Fund]

5.4.3.2          The double entry required for recovery of overpayment or refund of payment, within the current financial year is:

Dr                                Bank account
            Cr                                Relevant expenditure head

5.4.3.3          The double entry required for receipt consisting of cash amount and an associated expense (such as a commission). For example, cash of Rs 900 received, commission paid of Rs 100:

Dr                    Bank account               Rs 1000
            Cr                    Revenue                       Rs 1000

                                         and

Dr                    Commission expense    Rs 100
            Cr                    Bank account               Rs 100

5.4.3.4          Where a discount has been given by the Government, the discount shall be recognised as an expense. For example, cash received Rs 500, discount given Rs 50:

Dr                    Bank Account              Rs 550
            Cr                    Revenue                       Rs 550

                                     and

Dr                    Discounts given Rs 50
            Cr                    Bank Account              Rs 50

5.5 Detailed Procedures

5.5.1 Introduction

5.5.1.1 The processing of receipts must comply with the directions laid out in previous sections of this chapter and observe the following internal controls:

· all monies received for the Government must be receipted

· the officers receiving money must be different to officers raising demands and bills for payment

· the officers receiving money and recording the receipt in the accounting records must be different

· accounting records of receipts must be reconciled to the tax authority receipt records on a regular basis by a delegated authority, independently of the officer recording the transaction

· a regular bank reconciliation must be performed (Chapter 6)

· monthly financial reports must be produced and monitored by a delegated authority (Chapter 7).

5.5.2 Flow diagram overview - receipt of public money through the Bank

5.5.2.1 The following flow diagram is a representation of the receipting process, for public monies received by the State Bank of Pakistan or National Bank of Pakistan.

5.5.3 Receipt of money by banks

5.5.3.1 The directions laid down in Section 5.2.2, ‘Receipt of Public Money’ applies to the receipt of public money by the branches of the State Bank and National Bank of Pakistan.

5.5.3.2 The receiving officer at the bank must ensure that the person submitting payment to the Government has prepared a receipt voucher (form 5A) , specifying:

· their name

· the nature of receipt

· amount tendered

· place of deposit.

5.5.3.3 Four copies of the receipt voucher must be completely and accurately prepared. The payer may seek assistance from the concerned administrative department in obtaining and preparing the receipt vouchers, where necessary.

5.5.3.4 The receipt voucher must be presented, with the money, to a branch of the State Bank or National Bank of Pakistan. Upon receipt of money, all copies of the receipt voucher must be date-stamped and signed by the receiving officer at the bank.

5.5.3.5 The stamped receipt vouchers must be distributed as follows:

· the original copy is retained by the payer

· the second copy is presented to the administrative department as proof of payment (where required)

· the third and fourth copies are retained by the bank.

5.5.3.6 The person making payment is entitled to receive an official receipt from the bank (Direction 5.2.2.7). This requirement is met by the stamping and signing of the receipt voucher (Direction 5.5.3.4). Furthermore:

· no additional copies of receipt voucher will be provided in the event of loss of the original. If requested by the payer, a letter may be provided giving particulars of the receipt voucher that was issued

· a unique, sequential receipt reference number must also be stamped on all copies of the receipt voucher by the receiving officer. The receiving officer must keep a record of this number series and account for any gaps to their supervising officer.

5.5.3.7 When payment is received in the form of cheque, the policy specified in Directions 5.3.3.1 to 5.3.3.5 should be followed. These directions apply equally to other forms of legal tender, such as bank draft and postal order.

5.5.3.8 The government bank account to be used will be determined by the nature of the receipt. The relevant government bank account should be clearly marked on the receipt voucher. The Government to which the receipt is attributable must be also clearly identified on the receipt voucher.

5.5.3.9 At the end of each day, the bank will balance the amounts received to the receipt vouchers. These transactions are then to be incorporated into the daily bank scrolls (form 6A) prepared for each government bank account maintained at that branch. These scrolls will then be passed to the relevant District Accounts Office or Treasury Office as the case may be, along with the fourth copy of the receipt voucher.

5.5.4 Receipt of money by Post Offices

5.5.4.1 Public monies received at the Post Office, acting as an agent of the Government, include collections of motor vehicle tax and various licence fees. The Post Office also conducts savings bank activities.

5.5.4.2 Public monies received by the Post Office must only be conducted at the ‘Postal Bank’ facility of the Post Office. Where public monies are received by Post Offices, the general policies set out Section 5.2.2 must apply.

5.5.4.3 Amounts tendered to the Post Office, where it is acting as an agent of the Government, must be accompanied by a complete and accurate receipt voucher. Upon receipt of the money, the Postal Bank officer shall date-stamp and sign all copies of the receipt voucher and return a copy to the payer. This officer must also stamp any other relevant documents (e.g. licence or passbook).

5.5.4.4 The procedures laid down in Directions 5.5.3.6 to 5.5.3.8 also apply to the Post Office performing receipting functions.

5.5.4.5 The delegated authority within the Post Office must compile the total daily collections for each type of receipt and authorise deposit into the Government’s bank account.

5.5.4.6 A monthly account will be compiled by the Post Office, including all receipts it has collected on behalf of the Government and pass onto the relevant accounting office. Where applicable, the Post Office shall also furnish monthly reports to the relevant administrative ministries and departments, with signed copies of receipt vouchers.

5.5.4.7 The commission due to the Post Office for performing an agency for the Government is recovered through the monthly exchange process. (refer Chapter 12, ‘Transactions between Government Entities’). The rates of commission will be determined by agreement between the Post Office and the Government.

5.5.5 Receipt of money by other Government entities

5.5.5.1 Where Government entities are permitted to receive public money in their own offices, the general policies set out in Section 5.2.2 also apply.

5.5.5.2 The collection office of an entity authorised to receive public monies must be a secure area.

5.5.5.3 Amounts tendered to a Government entity must be supported by a receipt voucher as set out in Directions 5.5.3.2. Upon receipt of money, all copies of the receipt voucher are to be date-stamped and signed by the receiving officer of the entity.

5.5.5.4 The stamped receipt vouchers must be distributed as follows:

· the original copy is retained by the payer

· the second copy is kept by the entity as proof of payment

· the third and fourth copies are to be passed on to the bank, when the daily collections are banked by the receiving officer.

5.5.5.5 The procedures laid down in Directions 5.5.3.6 to 5.5.3.8 also apply to Government entities performing receiving functions.

5.5.5.6 An officer, independent of the receiving officer must maintain a cashbook containing a date-wise record of all receipts collected. This officer must verify that the deposit slip from the bank, agrees with the receiving officer’s receipt vouchers for that day.

5.5.5.7 Amounts exceeding Rs 1,000 should be banked on the same day received by the entity. If such an amount is received by the entity after the bank has closed for the day, it must be held in the entity’s safe and banked immediately the following day.

5.5.5.8 Receiving officers handling Government money should not also handle non-Government money in their official capacity.

5.5.6 Flow diagram overview - recording, consolidation and reconciliation of receipts

5.5.6.1 The following flow diagram is a representation of the receipt recording, consolidation and reconciliation process.

5.5.7 Recording of receipts in accounting offices

5.5.7.1 It is the responsibility of the Accountant General to ensure that all government receipts are transmitted to the SBP as soon as possible. He/she must ensure that the arrangements for distribution of daily bank returns (scrolls and supporting receipt vouchers) to the respective accounting offices are in place, and that all bank branches receiving public money are regularly submitting returns. The following procedures are applicable to each accounting office receiving bank returns for receipts.

5.5.7.2 An accounting office is defined here as the accounts sections of any of the following organisations:

· AGPR/AG

· District Treasury

· District Accounts Office.

5.5.7.3 Once bank scrolls are received in an accounting office, the scroll number, date received, total amount and transaction count must be recorded in a control sheet. Each scroll entry should be checked to ensure they match to an attached receipt voucher.

5.5.7.4 It is the responsibility of the accounting officer to ensure the classifications made in respect of each receipt are correct. If not already done, the appropriate receipt head must be written on the receipt voucher by the accounting officer. If in doubt, the concerned administrative department should be contacted for clarification on the proper receipt head to be used.

5.5.7.5 From the scroll and the supporting receipt vouchers, the accounting officer must then record each of these transactions in the Sub-ledger. This must include the amount, particulars, receipt head and receipt number of each transaction, in date order.

5.5.7.6 If necessary for compilation and reporting purposes, other receipt registers may be maintained. For example a register may be maintained to record DDO-wise and head-wise receipts. All such subsidiary registers must reconcile on a monthly basis to the Sub-ledger.

5.5.7.7 The daily total of receipts recorded in the Sub-ledger must reconcile to the control totals of all bank scrolls received for that day. At the end of each day, the Sub-ledger must be closed, verified and signed off by a delegated authority.

5.5.7.8 After the receipts have been recorded in the Sub-ledger and the General Ledger, the receipt vouchers and bank scrolls shall be filed in the accounting office.

5.5.8 Consolidation of Receipts

5.5.8.1 The daily totals for each receipt head from the Sub-ledger must be posted to the General Ledger at the end of each day. Under a manual system this may require an account-wise abstraction from the Sub-ledger.

5.5.9 Reconciliation of receipts

5.5.9.1 The monthly reconciliation of the General Ledger will be performed as set out in Chapter 6 ‘Bank Reconciliation’. Receipts recorded by the bank/accounting office must be reconciled on a monthly basis to the collections recorded by tax and other revenue administration authorities.

5.5.9.2 Where entities maintain their own cashbooks, a reconciliation must be performed at the end of each month with the relevant amounts recorded in the Sub-Ledger. For this exercise, it will be necessary for the accounting office to abstract the relevant entity-wise amounts from the Sub-ledger.

5.5.9.3 The Accountant General and the tax collecting agencies will be jointly responsible for reconciliation of tax revenues, in the manner prescribed by the Auditor-General.

5.5.10 Receipt adjustments

5.5.10.1 If a cheque is received which is subsequently dishonoured by the bank, it will not appear in the bank scroll (Direction 5.3.3.2) and therefore does not require an adjustment by the accounting office. However, the administrative entity must be advised to ensure appropriate follow up action to be taken with the payer.

5.5.10.2          If an error is identified in the classification or amount of receipt then an adjusting entry is required. The original entry in the Sub-ledger must be reversed as a separate entry in the Sub-ledger and cross referenced to the original entry. The correcting entry is then made, as a separate line in the Sub-ledger. The correction must be initialled by a delegated authority in the accounting office. For example if an amount of Rs 500 to receipt head 1, should have been made as Rs 750 to receipt head 2, then the required entries are:

Dr                    Receipt head 1                         500
            Cr                    Bank account               500

                                    and

Dr                    Bank Account                          750
            Cr                    Receipt head 2             750

5.6 Treatment of specific classes of receipt

5.6.1.1 This section outlines some of the specific classes of receipt in relation to their accounting treatment and any specific accounting procedures. It is not intended to be an exhaustive list of all receipts, as this may be obtained from the Chart of Accounts.

5.6.2 Consolidated Fund

5.6.2.1 Revenue receipts - direct taxes

· income tax - includes personal and company income taxes. The procedures for income tax assessment and collection, are regulated under the Income Tax Ordinance, 1979. Income tax receipts, shall be deposited at the State or National Bank of Pakistan, as set out in Section 5.5.2. Tax instalments deducted from employees’ salaries shall be paid by the employer into the State or National Bank, with receipt voucher, in accordance with the Income Tax Ordinance.

· property and wealth tax - includes taxes on wealth, capital value tax and tax on immovable property and land. The procedures for property and wealth taxes are regulated under the Wealth Tax Act, 1963. Similarly these amounts shall be deposited, with receipt voucher at the State or National Bank of Pakistan.

5.6.2.2 Revenue receipts - indirect taxes

· customs duty and excise - includes customs duty imposed on imports and exports and customs related fines, fees and penalties. These receipts are normally recorded by Customs Treasuries. Excises include Federal and Provincial excise duties on a range of products, commodities and services. The procedures relating to customs duty and excises are regulated by the Customs Act, 1969. In all cases the amount of duty or excise shall be deposited, with a receipt voucher, at the State or National Bank (or Post Office, as the case may be).

· sales tax - applies to goods imported, exported or produced in Pakistan. Specific procedures, levies and exemptions in relation to sales tax is regulated by the Sales Tax Act, 1990.

· withholding tax - withholding tax on interest earned in bank accounts shall be deducted by bank, transferred to the Government bank account and included in the daily bank scroll. Where withholding tax payable by contractors is deducted at source, this amount shall be deposited by the employer into the State or National Bank in accordance the regulations set out in the Income Tax Ordinance, 1979.

5.6.2.3 Revenue receipts - other income

· income from trading enterprises - the Government may obtain income from trading enterprises that it owns, other than dividends. These include proceeds of excess wheat and other commodities, recoveries, subsidies (where realised in cash) and receipts from the sale/privatisation of trading enterprises.

· interest received - interest received is to be treated as Consolidated Fund revenue, at the time loans and advances are repaid, or upon encashment of Government investments.

· dividends received - where the Government receives a dividend from any trading enterprises in which it is a shareholder, this will be recognised as Consolidated Fund revenue when the interim or final dividend is received.

· proceeds from sale of stores and assets - proceeds from the sale of stores and surplus assets are to be treated as Consolidated Fund revenue, where the initial purchase was made from the Consolidated Fund. If initial purchase was made from the Public Account the amount should be credited back to the relevant Public Account head. Sale proceeds should not be shown net of selling costs.

· grants and contributions received - any grants or contributions received by the Government, which results in an inflow of cash or cash equivalent, is to be treated as Consolidated Fund revenue. However, if the Federal Government receives grant monies on behalf of a Provincial Government or other bodies, these monies shall not be treated as revenue in the hands of the Federal Government. (and vice versa).

· judicial receipts - refers to any fees, fines or penalties levied by the civil and criminal courts, arising from the judicial process. These receipts shall be distinguished from judicial deposits (which are placed into Public Account) and judicial stamp duties which are classified under indirect taxes.

5.6.2.4 Capital receipts

· recoveries of investment - refers to recoveries (either from charging or from sale proceeds) made from various capital works, including drainage and irrigation works. It also includes recoveries from investments in financial institutions.

· recoveries of loans and advances - where the Government provides loans to Provinces, local bodies or other institutions, the recovery of principal is recorded as a capital receipt. Where Government servants take out an advance, such as a house or motor vehicle advance, the recovery is also a capital receipt and will be recognised when repayments are made by salary deduction.

· public debt - receipts arising from all forms of public debt, including internal and external borrowings, are placed into the Consolidated Fund under this head. The receipt is recognised when advised by those entities managing public debt.

5.6.3 Public Account

5.6.3.1 Savings schemes

· savings bank deposits - these are deposits made into various savings accounts operated by the Government such as Savings Bank accounts, National deposit accounts and Khaas Deposit Accounts. These accounts are normally maintained with Post Offices and National Savings Centres.

· federal savings and deposit certificates - these are deposits made for savings and deposit certificates (bonds) issued and guaranteed by the Government. Includes Defence Savings Certificates, Premium Savings Certificates and National Deposit Certificates.

5.6.3.2 Departmental and judicial deposits

· revenue deposits - these are deposits made in Revenue Courts or in relation to revenue administration, such as customs deposits, guarantees, earnest deposits and security deposits.

· civil and criminal court deposits - these are deposits received by the courts, including the High Court and Small Cause Courts, pending settlement. which will be either refunded to the payer or transferred to the Consolidated Fund, depending on the outcome. These amounts, when received are to be deposited at the bank.

· personal deposits - personal deposits are funds dedicated to a particular purpose, for which a separate account is kept by the Treasury Office. Contributions into these funds are made by payment from the Consolidated Fund or payments by other bodies. These include famine relief, flood relief, emergency relief etc.

· deposits of self-accounting entities - each self-accounting entity normally maintains separate accounts for deposits received under their own rules and regulations.

· deposits of local fund - these are deposits made to local bodies under the general control of Government or with regard to specific matters only. Monies shall not be placed into these funds without approval by a delegated authority in the Government. The balances of each local fund are to be verified by the Accountant General at the end of each financial year.

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Tuesday, January 1, 2013

Accounting Policies & Procedures Mannual Chap 5