CORRECTIVE MEASURES TO BE UNDERTAKEN REGARDING ACCOMPLISHMENT OF CV AND FILING THE SAME

On Sat, Jul 14, 2018 at 5:40 PM Jorge Saguinsin <holygardens.groupnew@gmail.com> wrote:

MEMORANDUM CIRCULAR

To:      All SBU Comptrollers (Accounting Assistant)

           Junior Accountant

Thru:   Ms. Madelene R Saguinsin

SUBJECT:   CORRECTIVE MEASURES TO BE UNDERTAKEN REGARDING  ACCOMPLISHMENT AND FILING OF CV

Objectives:

1.  To professionalize AP and TA work;

2.  To speed up work in looking for files needed for BIR, and other taxes, and solving claims for non payment;

3.  To correct errors in the work of previous staff

4.  To learn from the mistakes of previous employees so as not to repeat the same

Background/reality

1.  The undersigned initiated participated in the unbundling of boxes of files that were untouched at the store room for more than a year AND WHICH IS BEING USED AS EXCUSES FOR NON COMPLETION OF REPORTS AND DELAYS THE FS DELIVERY  (This is the task of subordinates)

2.  These were the observations from which practical lessons are to be learned..

     1.  No filing system despite MC that is written.  There are classification and methodology for filing:   by SBU, by month by year

     2.  Incomplete supporting docs for CV:

          1.  JO PO, contracts

          2.  Percentage completion reports

          3.  Payment receipt on CV lacking SOCPN

          4. AR or AR for receipt of payment.   It is blatant for govt agencies

              obligations.

          5.  The guidelines for accomplishment of CV for various types of AP:   

                materials, OE, projects not being followed.  These were made to:

                1.  Avoid processing without requirements

                2.  To hasten the pace because the timelines for processing are record

                     ed.

3.  Receipt of payments:

          1.  CVs that are paid must be STAMP marked PAID.  NO such marks

                are visible

           2.  The CV files must contain copies of OR AR.  No such records exist in

                 those that we have unbundled.

           3.   At the minimum, the receipt of the check must be acknowledged at the 

                 the CV.

4.  Filing

             It is a must that CV must be filed properly chronologically or by numbers

             Cross filing

              Wrong filing -  cancelled checks are with the CV.  They should be 

               RETURNED to the checkbooklet and properly recorded in the check 

               registry.

               Filing by suppliers -  large amount of payment as RET, BIR big contracts 

                JV must have separate folders.  Threshold:   P100,000 total per year -  

                CV  with contracts, check photocopy,  OR must be filed. 

What to do next:

         All accounting staff (SFC at the SBU) and AP assistant are enjoined to observe the following process standards:

1.  Control of contracts and PO

    1.  The AP Assistant maintains a record of contracts by dates or numbers

         Such register serves as entries for AP or NP

                     AP  -   Trade Notes Payable

                                Govt agencies tax/contribution payable

                    Notes Payable -  Obligation to banks and MLII

                    JV Payable    -     Unpaid JV sharing that is outstanding (30)

                                                 days old and beyond

    2.  Aging -  AP must be aged from its registry

    3.  Opening of accounts:

         Each supplier account to be opened requires the following docs:

         1.  DTI or Mayors Permit

          2.  SEC registration

          3.  Picture of the owner

          4.  Authorized representative authorization

          5.  CV if possible of the owner/principal

          6.  Address and contact number

          For contracts that are delicate, they are to be prequalified and evaluated

     4.  Payment of the account:

           Prioritization for the payment of the account shall be based on:

           1.  Aging of the account -  beyond 30 days na ba?

           2.  Request for payment 

           3.  Routine expenses:  rental, utilities, payroll, taxes, remittances

           4.  Top priority is payment for marketing expense:   commissions of agents

                 prizes

            The parties concerned must prepare ahead of deadlines and allocate

             sufficient time so as not to be late for payment and make adequate pro-

             vision for CV processing time, approval pouching (at least 7 calendar) 

             days.  A payment request made today can not be sent the following day.

     5.  Accomplishment of CV:

         1.   The AP gets consecutive number of CV from the booklets

          2.  A registry of CV is made with blanks for:    Check Number and OR/AR

          3.  The AP makes the CV following and using the Check Voucher Process

                Checklist.  Print clear copies.

                The AP is enjoined to strictly follow  the CV Process checklist and 

                 comply with the MC on purchasing cash and treasury operations

                The AP  and TA are enjoined/compelled to memorize the same.  The 

                 officers are likewise instructed to know and implement the same

                 fairly and strictly

    6.  Check making

          The AP requests that the checks be issued to the designated payee in the

           CV (This will be modified when we adopt the depository bank system for 

           check making)

            We guess that we just send the list to the bank (the CV with its supporting

            documents 

          The encoder must be careful not to make errors because the booklet of

           check not costs P500.00 at least per booklet

   7.  Receipt of payment

        1.  Once the check is made, the TA makes a registry of checks with corresponding amount, Check number payee, and particulars for the purpose or item to be paid

        2. When sent to the sbu, the CV yellow copy is retained by the AP.  The orig

            white copy is sent to the SBU.

        3.  The payee acknowledges receipt of payment on the original (white copy             CV with  SOCPN

        4.  The Holy Gardens employee demands OR (or AR) from the payee

        5.  The original CV with OR AR is  sent to the AP (3f jm) 

        6.  The AP files the same with the yellow copy and stamps both copies

              including DR, contracts etc as paid.

  8.  Filing:

        It is a must that AP files meticulously and faithfully

        1.  All contracts JO above P100,000 total in a year are filed separately

        2.  The paid CV must conform to 7.6

        3.  The AP must group docs by SBU, year month, 

   9.  Recording:

        AP

         1.  JO/PO Contracts

         2.  CV made/

         3.  CV with Checks

         4.  Paid CV with OR AR

         5. CDB

         TA

          Disbursements under Daily Cash Position report

For STRICT SUPERVISION FOR EXECUTION BY JUNIOR ACCOUNTANT AND MAM MADEL...

         

   

--

PAGSASANAY SA TAGUMPAY (Training for Success)

SETTING THE STANDARDS IN INTERMENT SERVICE

Innovation creates more wealth and more customers

  Jorge U. Saguinsin

  Be a BIDDA now

  RRURAC   (Read, Reflect, Understand, Realize Act, Check)

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