Accounts Payable Archives

20 Mar 2023

Forum — When is it appropriate to recognize Accounts Payable?

A GABOTAF member asked:Hello! May query lang ako. Once na naprepare na ang Obligation Request and Status at naapprove na ito, pwede na ba i-recognize ng accounting ang accounts payable neto lalo na sa mga malakihang contracts dahil naobligate mo na sya? thankyou! ☺️ (cai)View Forum on GABOTAF Facebook Page Best Possible Responses No. Goods should be delivered, inspected and accepted or services should be rendered before recognizing accounts payable./agarcia Hindi po. AP in the books of accounts should be due and demandable, meaning, goods/services should have been delivered and accepted/rendered already. Obligations NYDD are technically not yet AP./dleya View...

23 Oct 2021

[Forum] Rules on Prior Years’ Unbooked Obligations

Sender: Hi po! Would just like to clarify about continuing appropriations. Are we allowed to use continuing appropriations to pay prior years expenses that were not obligated last year although the entire transaction transpired last year at wala lang talaga na book up? Example: There were 2020 transactions that were completed and rendered last 2020 kaso wala na obligate at the close of the year 2020 so ngaung 2021 lang i book gamit ang continuing appropriations. Are we allowed to do that? Considering the fact that by doing so, expenses for the current year will be misrepresented since may mahahalong...

11 Mar 2021

Updated COA-DBM Policies on Accounts Payables that remain outstanding for two years or more

On March 8, 2021, the Commission on Audit (COA) and the Department of Budget and Management (DBM) issued a Joint Circular (JC) prescribing the updated policies of the government with regards to accounts payables (A/Ps) that remain outstanding for two (2) years or more. [ad_1] The newly-issued JC aims to prescribe implementing guidelines for Executive Order No. 87 which was signed by President Duterte on August 13, 2019. All accounts payable of national government agencies (NGAs) and government-owned and controlled corporations (GOCCs) maintaining Special Account in the General Fund (SAGF) are covered by the JC except for: 1) trust or...

31 Mar 2020

What is an Accounts Payable?

Accounts payable (A/P) pertains to obligations/ commitments of national government agencies, whether current year and prior years, for which services have been rendered, goods have been delivered or projects have been completed and accepted. Prior Year’s Accounts Payable (PY A/P) are those accounts payable which have been incurred and remained unpaid as of the end of the preceding year. Current Year’s Accounts Payable (CY A/P) are those accounts payable which have been incurred during the current year and remain unpaid before the end of the current year. Source: Glossary of Terms, Department of Budget and Management Post Views: 753

Accounting 101 / What is