Transcript 8 Formats, Guidelines and List of Codes Presented by Local Fund Audit Organisation Government of Orissa.

8 Formats, Guidelines
and List of Codes
Presented
by
Local Fund Audit Organisation
Government of Orissa
1
Introduction
(Need for Simplified Format)
• Devolution of Power to PRIs consequent upon 73rd
Amendment of Constitution.
• Recommendations of 11th FC for proper control and better
accountability.
• Easy adoption at the grass root level.
• Uniform maintenance of accounts all over the country.
• Facilitation of generation of Financial Report through
information and communication technology.
2
Salient Feature of the Format
• Assigning digital code to every Head of A/c.
• The first 4 digit is the Major Head representing - function.
• Second 3 digit is the Minor Head representing – Programme/
Unit of Exp.
• The third tier two digit is the object head representing – object
item of expenditure.
• Provision of opening of Separate object head as per
requirement.
• Opening of the Minor Head ‘800- Other Receipts’ and ‘800Other Expenditures’ as per requirement.
3
contd
• Distinct two digits Sub-Head for the Central
Schemes.
• Provision for two digits Alpha numeric Sub-Head for
States Scheme.
• Separate Minor Head for assigned revenue under the
Receipt Major Head.
• Keeping up accounts in two parts
a) Part-I- Transaction of Panchayat Funds
b) Part-II- Provident fund, Loans etc.
4
Functions and Corresponding Major Head
• 29 functions classified under 23 Major Heads.
• 3 Additional Major Heads
i) ‘2049- Interest Payments’.
ii) ‘2071- Pension and Other retirement
iii)
•
Benefits’.
‘2515- Panchayat Raj Programmes’.
Separate Major Heads to record transactions under Loans,
Pension and provident fund, Insurance and Pension fund
deposit and advances and civil advances.
• Recording of unclassified transactions under ‘8658-Suspense
Accounts’ for the time being.
5
Accounting Procedure
• Accounts are maintained on Cash Basis.
• Period of Accounts is the Financial year.
• Daily transactions with proper Head of Account to be recorded in
Cash Book with arrival of CB.
• Transfer of Every Day transactions to the Register of Receipts/
Register of Payments.
• Monthly reconciliation of Bank and Treasury Account.
• Maintenance of monthly Receipt and Payment accounts up to object
head level.
• Maintenance of Consolidated abstract Account.
• Maintenance of Annual Accounts of receipts and payment.
• Annual reconciliation of receipt and expenditure figures with
department etc.
6
Contd
• Preparation of Budget basing on the above
classification.
• Maintenance of Registers like –
- Receivable and Payble
- Movable and Immovable Property.
- Inventory
- Demand Collection and Balance
• Correction of Mistakes.
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