Accounting 101

What is the difference between Due and Demandable Obligations and Not Yet Due and Demandable Obligations?

Post Views: 13,104 The Government Accounting Manual (GAM) for National Government Agencies defines obligation as: Obligation is an act of a duly authorized official which binds the government to the immediate or eventual payment of a sum of money. Obligation maybe referred to as a commitment that encompasses possible future liabilities based on current contractual

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Easy to Understand Guide on the Grant of Honoraria to Government Personnel Involved in Government Procurement

This easy to understand guide answers the following questions:

– What is Honoraria?
– Who can be paid honoraria and for what condition?
– What constitutes “successfully completed procurement projects”?
– Is the payment of honoraria applicable to all kinds of procurement projects?
– Are all government personnel involved in government procurement entitled to honoraria?
– Whose personnel who are involved in government procurement are not entitled to honoraria?
– Where to get funds for the payment of honoraria i.e., funding source?
– What’s the definition of savings as far as the grant of honoraria for personnel involved in government procurement is concerned?

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All National Government Offices will soon use an online system called BTMS to process their financial transactions

The BTMS has the capability to generate standard forms such as Procurement Request (PR), Purchase Order (PO), Budget Utilization Request and Status (BURS), Disbursement Voucher (DV), and Journal Entry Voucher (JEV), among others.

Additionally, the BTMS can also generate budget and financial accountability reports (BTMS) and financial statements, both on a consolidated and disaggregated format.

All National Government Offices will soon use an online system called BTMS to process their financial transactions Read More »

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