The Provincial Accountant’s Office performed its tasks in accordance with its mandates stated in the Republic Act No. 7160 otherwise known as the Local Government Code of the Philippines 1991; and the financial statements and reports are prepared in accordance with the accounting standards and policies as stated in the Philippine Public Sector Accounting Standards (PPSAS).
FUNCTIONS
The actual functions being performed by the Provincial Accounting Office concur with the provisions in R.A. 7160, are as follows:
- Prepare and submit financial statements to the Provincial Governor, Commission on Audit, Provincial Treasurer’s Office and Sangguniang Panlalawigan;
- Apprise the Sangguniang Panlalawigan and other local government officials on the financial condition and operations of Occidental Mindoro;
- Certify to the availability of budgetary allotment to which expenditures and obligations may be properly charged;
- Review, and verify as to completeness, the supporting documents before voucher and/or payroll payments;
- Prepare journal entry vouchers for financial transactions and adjustments, if any;
- Post and maintain individual subsidiary ledgers and records for officials and employees of Occidental Mindoro as to payrolls and deductions, and for suppliers and contractors as to their claims and entitlements;
- Maintain records of purchase of property, plant and equipment, and corresponding depreciation and disposals, if any; and
- Exercise such other powers and perform such other duties and functions as may be prescribed by law or ordinance.
DIVISIONS
- The General Accounting (Bookkeeping) Division is tasked with recording, posting and summarizing financial transactions, as well as preparation and maintenance of financial reports of the Province under the General, Special Education, and Trust Funds.
- The Audit Division discharges audit and review procedures on all financial transactions to evaluate adherence or compliance to generally accepted auditing and accounting standards and other guidelines, rules and regulations set by the Commission on Audit.
- The Administrative Division is responsible for planning a comprehensive range of services, provides organizational support to the other divisions of the Office, discharging tasks related to the day-to-day communication, coordination, administration and planning functions, as well as enforcing office and departmental policies, rules and regulations and other provisions of the Civil Service Commission.
Financial Statements
The consolidated financial statements of the Province of the Occidental Mindoro have been prepared in accordance with the Philippine Public Sector Accounting Standards. The accounting standards and policies have been applied starting the year 2015. The following figures were excerpt from the Consolidated Financial Statements for the Year Ended December 31, 2021 prepared by the Provincial Accounting Office.
II. Accounts Payable (₱214,128,495.38)
- Details presentation of payments made on the Accounts Payable of Previous.
Years | Outstanding Balance | Amount Paid | Accounts Payable (Dec. 31,2021) |
2019 | 27,325,894.72 | 27,278,963.64* | 46,931.08 |
2020 | 201,204,656.41 | 180,182,329.91 | 21,022,326.50 |
2021 | 566,690,159.42 | 373,630,921.62 | 193,059,237.80 |
Total | 795,220,710.55 | 581,092,215.17 | 214,128,495.38 |
*Includes reverted accounts payable
The Figure 3 and the table above showed the actual amounts of utilized current year’s appropriation for the payment of previous year’s obligation. As mandated in Section 98 of PD No. 1445 and by Commission on Audit, accounts payable which are over two (2) years and with no actual claims filed must be reverted to the unappropriated surplus of the General Fund. Only ₱1,143,359.16 of the 2019 outstanding payable were actually paid in the current year while the rest of the amounts were reverted to the unappropriated surplus.
III. Expenses
- Details Presentation of Expenditures
