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Can you record obligation even if goods are not yet delivered or services are not yet rendered?
For instance, contract for security and janitorial service, do you obligate the whole amount of contract upon approval of the contract or obligate only that pertains to the monthly cost of the contract which have already been rendered?
According to the DBM:
Obligations are liabilities legally incurred and committed to be paid for by the government either immediately or in the future.
Disbursements refer to the actual withdrawal of cash from the Bureau of the Treasury due to the encashment of checks issued by agencies and payment of budgetary obligations.
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upon perfection of the contract or PO.. nakalagay sa PO yung BUR/OBR information.. tapos kailangan ma identify lang kung due and not yet due ang obligation para marecord sa accounting as payable or retain lang sa budget as obligation amd put lang notes to FS.. correct me if iām wrong š