Recordexpensescommitmentandallocation amendments why

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Unformatted text preview: soffian/SOA/2013 Continues … 23 Account Status: Account Last Balance Cash RM 5,000,000 Current Liabilities RM 2,000,000 Balance RM 3,000,000 New Balance RM 3,100,000 0 RM 3,100,000 Details of Fund Flow RM Balance (RM) Beginning Balance 5,000,000 5,000,000 Add with Revenue 1,000,000 6,000,000 Less with Expenses 900,000 5,100,000 Settled Liabilities 2,000,000 3,100,000 Ending Balance 3,100,000 3,100,000 10/17/13 syed soffian/SOA/2013 syed soffian/SOA/2013 24 Allocation Control From Approved Budget Allocation Through VOT Book Through What is VOT Book; • Main Financial Record Book – AP 95 • Record – Expenses, Commitment and Allocation Amendments Why ? 10/17/13 To fit the purpose of; a. Control the allocation b. Source of information to provide financial report c. Standardize the control between warrant holders and Accountant General’s Record d. Ensure that financial reports provide by Acct Gen. Similar to VOT book syed soffian/SOA/2013 syed soffian/SOA/2013 25 Conti…. The book consists of 3 section; Section I ­ record the information on VOT and Allocation as estimation Section II ­ records the information on approved allocation to be expensed Section III – record the details information on recorded transactions Allocation Distribution by Expense Object 10/17/13 syed soffian/SOA/2013 syed soffian/SOA/2013 26 Public Sector Accounting Cycle Approved Budget Prepare Financial Statement Allocation Warrant Issued Account Adjustment Receive Allocation Receive & Cash Payment 10/17/13 syed soffian/SOA/2013 syed soffian/SOA/2013 27 Important Steps in Federal Accounting Cycle Illustration case; Budget 2008, under the economic downturn, Federal government anticipate Budget the revenue collection of RM 100,000,000, expenditure of RM 98,000,000 and Saving RM 2,000,000 in the reserve (fund balance). The Government expect the revenue collection from Taxation RM 75,000,000 and RM 25,000,000 from others. others. Steps; a. b. Budget RM 100,000,000 approved by Parliament and allocation warrant for 2008 RM budget issued by treasury. No accounting record will be...
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