Government Accountants, Budget Officers, Treasurers and Auditors’ Forum
Any excess in the amount of authorized sources of funds for the payment of honoraria for successfully completed procurement projects shall be remitted by NGAs to the Bureau of the Treasury. In the case of GOCCs and LGUs, the same shall form part of their corporate or local government funds, respectively.
[ad_1] COA says proceeds from the sale of bid documents and liquidated damages collected during the year should be remitted to the Bureau of the Treasury (BTr). It says in an audit report that “while government agencies can use 100 percent of the proceeds from sale of bid documents and liquidated damages to pay for honoraria of its personnel, excess amount should be remitted to the BTr. Source: https://mb.com.ph/…/coa-says-navy-should-remit-p101-m-to-b…/ [ad_2] View Comments in our Facebook Page Post Views: 1,747
The checks issued by government agencies, particularly those drawing their funds from their Modified Disbursement System (MDS) account, maintained under the authorized government servicing banks such as the Land Bank of the Philippines (LBP), Development Bank of the Philippines (DBP) and Philippine Veterans Bank (PVB), are valid for three (3) months from date of issue. An MDS Check bears on its face the note “VALID FOR THREE MONTHS FROM DATE OF ISSUE“. To differentiate, a commercial/personal check is valid for six (6) months while an MDS check is valid for three (3) months. What will happen when the MDS Check...
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