POLICIES AND PROCEDURES

Policy: Cash Deposit

Policy Procedure No.: R-001

Issued By: Accounting Consolidator

Effective Date: August 1, 2017

Department/ Section: Accounting Department

Approved By: Ma. Isabel H. Uy

Noted By: Allan Ryan L. Tan

Purpose:

The Money is placed in protective custody or safekeeping.

Procedures:

1. The treasury or representative has the authority withdrawal from the vault.

2. Deposit all cash, cheques collections to the bank.

3. Prepare and complete all data in deposit slip.

4. Secured validated deposit slip from the bank.

5. All validated deposit must be properly filed for documents.

Flow Chart:

Receive
Prepare and validated
Treasury Start fill-out all deposit slip
Head information from the file
for bank. bank

Issue
Bank Receive cash validated
and cheques deposit slip.
 POLICIES AND PROCEDURES

Policy: Revenue Assurance

Policy Procedure No.: R-002

Issued By: Accounting Consolidator

Effective Date: August 1, 2017

Department/ Section: Accounting Department

Approved By: Ma. Isabel H. Uy

Noted By: Allan Ryan L. Tan

Purpose:
To check completeness and accuracy of posted transactions. Any discrepancies are subject to
clarifications and further Investigation with the staff. A journal voucher (JV) is prepared for needed
adjustments. The JV is subject to Finance Head’s review and approval before posting.
Procedures:

1. Treasury Head will forward the Reports of FO to the Revenue Officer after the cash count and bank
pick up.

2. Revenue Officer will review the reports of FO and Restaurant with validated Deposit Slip.

3. Records deposit of cash to bank.

The revenue officer receives the following reports from front office and restaurant operations:

Front Office

 Night Audit Reports

 Cashiers Shift Reports

Restaurant

 Z Reading
 X Reading
 Official Receipts with needed attachments (credit card transaction slip, gift certificates, etc.)

Upon Receipt of the cash in the Front Office, initial entry is a debit to cash on hand. Upon the deposit
cash, the revenue officer posts the entry below in the system to reclassify cash on hand to cash in bank:

Entry:

Cash in Bank XX

Cash on Hand XX
Flow Chart

Revenue Officer
 POLICIES AND PROCEDURES

Policy: Statement of Account Processing

Policy Procedure No.: R-003

Issued By: Accounting Consolidator

Effective Date: August 1, 2017

Department/ Section: Accounting Department

Approved By: Ma. Isabel H. Uy

Noted By: Allan Ryan L. Tan

Purpose:

The Statement of Account is to remind a customer on credit that has not yet been paid. All
transactions subject for billing and applications for payments are identified in this said reports
or documents.
Procedures:

1. System provider will create system –generated Statement of Account.

2. Revenue Officer will create Statement of Account and should include, the following:
 Billing Invoice with reference number
 Date of Transaction
 Details of Items / Services Purchased
 Name and Address of company / organization to billed
 Authorized representative of client who availed the services of the company

3. Statement of Account is subject for review of the Finance Head and approval of
Resident Manager.

4. Complete SOA with complete documentation will be sending for receiving.

5. Received SOA must be signed by company representative.

6. File SOA for reference.

Flow Chart:

Check all
Revenue Start documents
Officer for SOA to file
prepare

Check and
Finance signed SOA
w/
attachment

Resident Signed and

Manager Approved
SOA
 POLICIES AND PROCEDURES

Policy: Dunning Procedures

Policy Procedure No.: R-004

Issued By: Accounting Consolidator

Effective Date: August 1, 2017

Department/ Section: Accounting Department

Approved By: Ma. Isabel H. Uy

Noted By: Allan Ryan L. Tan

Purpose:

The dunning letter prepared for outstanding receivables that are over 90 days for per customer
account.
Procedures:

1. Statement of Accounts sent and received from the date of receipts.

2. 1st Dunning letter sent to a customer, stating that the customer is overdue in paying
account receivables. Over 90 days with 2% percent interest for the date of receipts.

3. 2nd Dunning letter stating that we already sent 1st collection letter with original due
date, and past due date outstanding balance and yet was not yet able to came for
settlement of payment.

4. 3rd dunning letter or final demand notice, stating that not settlement of account will be
referring to legal procedures.
Flow Chart:

Sent 1st Sent 2nd Sent 3rd

Accounting Start demand demand demand
Consolidator letter letter letter file

Recognized and
Customer received letter with
signature
 POLICIES AND PROCEDURES

Policy: Lease

Policy Procedure No.: R-005

Issued By: Accounting Consolidator

Effective Date: August 1, 2017

Department/ Section: Accounting Department

Approved By: Ma. Isabel H. Uy

Noted By: Allan Ryan L. Tan

Purpose:

The lease is the contract outlining the terms under rent property and owned party. Other
investment and additional income for building.
Procedures:

1. Make contract between lessee and owner explaining all the criteria and agreements to
be follow and implemented.

2. Apply terms and no. of years to be agreed.

3. Apply terms of payments either in cash, or in post dated cheques.

4. Maintain supporting documents and for renewed contract for any additional changes
based on original contract.

5. Revenue Officer will prepare Statement of Accounts.

6. Received payments will be posted with following entry:

Cash in Bank xxx

Rental Income xxx
Flow Chart:

Create
Owner Start Contract
from IBC

Consolidator File and Make SOA

Monitor for Monthly
Contract of Billing
lease

Finance Review and

Head
Approved SOA for
billing

Tenant Receive SOA and

Deposit payment for
Monthly Rental and
Utilities
 POLICIES AND PROCEDURES

Policy: Check Disbursement

Policy Procedure No.: AP-001

Issued By: Accounting Consolidator

Effective Date: August 1, 2017

Department/ Section: Accounting Department

Approved By: Ma. Isabel H. Uy

Noted By: Allan Ryan L. Tan

Purpose:

The 3 ways matching payments, purchase order and receiving report to perform payments to
suppliers.
Procedures:

1. Accounts Payable Officer receives billing and invoices from suppliers based on
transactions in the system.

2. Accounts Payable Officer will compare Purchase Order and Receiving Report to ensure
actual and correct transactions.

3. Accounts Payable Officer will validate and correct discrepancies.

4. Prepared Accounts Payable Voucher for complete billing invoice.

 Accounting Entry:
Accounts Payable - Trade xxx
Cash in Bank xxx
(To recognize payment of liability)

Accounts Payable xxx

Input VAT xxx
Cash in Bank xxx
Deferred Input VAT xxx
(To recognize payment of liability and Input VAT upon payment of services)

5. Process Payable Vouchers; prepare for Checking and Validation to Finance Head.

6. Post Transactions.

Notes:

 Check Voucher (CV) and Check preparation cannot be executed unless there’s an Accounts
Payable Voucher (APV) created in the system. Execution is made based on the due dates of the
accounts payable. Supporting Documents (SD) received from the Accounts Payable Officer are
Purchase Order, Receiving Report, Delivery Receipt, Supplier’s Invoice, Billing Statement,
Request for Payment, Incident Report and Accounts Payable Voucher.

Check Voucher contains the following details:

 Voucher No.
 Supplier Name
 Date
 Items and amount to be paid
 Signatures of the Accounts Payable Officer, Treasury Head and Finance Head.
Flow Chart:
 POLICIES AND PROCEDURES

Policy: Cash Advance (Employee)

Policy Procedure No.: AP-002

Issued By: Accounting Consolidator

Effective Date: August 1, 2017

Department/ Section: Accounting Department

Approved By: Ma. Isabel H. Uy

Noted By: Allan Ryan L. Tan

Purpose:

This employee advances provide for emergency reasons.

Procedures:

1. Get Cash Advance form from HR Department.

2. Fill-up Employee data and reason for advances.

3. Inform their respective Supervisor and let it be Signed and Approved.

4. After approval return to HR Department for checking of accounts.

5. HR will record and Post in Accounting System for monitoring of deductions.

6. Let the Resident Manager Approved.

7. Pass the complete documents to Treasury Head.

8. Treasury Head will provide checks and forward documents to Accounts Payable Officer.

9. Accounts Payable Officer will audit completeness of documents and Issued Checks.

10. File
Flow Chart:

Fill- up Cash
Employee Start Advance
Form

HR Check
Employee
Balance

Treasury Review and Record

Head
Advances for
Employee

Accounts
Payable Prepare Check for
Officer
Cash Advance
 POLICIES AND PROCEDURES

Policy: Request for Fund Disbursement

Policy Procedure No.: AP-003

Issued By: Accounting Consolidator

Effective Date: August 1, 2017

Department/ Section: Accounting Department

Approved By: Ma. Isabel H. Uy

Noted By: Allan Ryan L. Tan

Purpose:
To get fund directly from Treasury Head for Marketing, Miscellaneous, and Petty Cash Fund.
Procedures:

1. Prepare Fund Request Form or Cash Request Form.

2. Department Head reviews the request.
3. Resident Managers approves the request.
4. Fund Custodian or Treasury Head disburses the fund.

Notes:
 Fund Request Form (FRF) is a pre-numbered document used to request for cash advance for any
of the following purposes: (1) wet market purchases (2) miscellaneous expenses (3) guests
refund from the Petty Cash/Marketing Fund. It contains the following information: ·
 Date ·
 Name of requestor · Amount of cash (in words and number)
 Purpose of fund request
 Name and signature of preparer and approver
 Date signed
Flow Chart
 POLICIES AND PROCEDURES

Policy: Liquidation for Fund Disbursement

Policy Procedure No.: AP-004

Issued By: Accounting Consolidator

Effective Date: August 1, 2017

Department/ Section: Accounting Department

Approved By: Ma. Isabel H. Uy

Noted By: Allan Ryan L. Tan

Purpose:
To
Procedures:

1. Fills out the Liquidation Form (LF) and attached Supporting Documents (SD).
2. Department Head reviews the LF.
3. Resident Managers approves the LF.
4. Fund Custodian or Treasury Head validates LF against supporting documents.

Notes:
 The following are the required attachments of a liquidation form:
 Official/Provisionary Receipt ·
 Supplier’s Invoice
 Incident Report
 Fund Request Form
FLOW CHART
 POLICIES AND PROCEDURES

Policy: Replenishment

Policy Procedure No.: AP-005

Issued By: Accounting Consolidator

Effective Date: August 1, 2017

Department/ Section: Accounting Department

Approved By: Ma. Isabel H. Uy

Noted By: Allan Ryan L. Tan

Purpose:

To determine when to replenish the fund balance.

Procedure:

1. Treasury Head will checks documents for amount to be replenish with the following
documents: fund request form no., Official Receipt, Payee, Date Details of Payment and
Amount.

2. Treasury Head will perform cash counts to determine whether the fund needs to be
replenished.

3. Treasury Head will create fund replenishment form.

4. Finance Head will review the reasonableness of expenses for replenishment.

5. Accounts Payable Officer will perform payment and post transactions to accounting
system.

6. Replenishment check shall be in the name of Treasury Head.

Flow Chart:

Check all
Treasury Start documents
Head to be
replenish

Check and
Finance Approved
Head
Fund request

Accounts Process
Payable checks for file
Officer
refund
 POLICIES AND PROCEDURES

Policy: Bank Reconciliation

Policy Procedure No.: ACCTG-001

Issued By: Accounting Consolidator

Effective Date: August 1, 2017

Department/ Section: Accounting Department

Approved By: Ma. Isabel H. Uy

Noted By: Allan Ryan L. Tan

Purpose:
To compare your records to those of your bank, to see if there are any differences between these two
sets of records for your cash transactions.
Procedures:

1. Encode the Deposit and Withdrawal from Passbook to Excel.

2. Extract data from the accounting system.
3. Reconcile the amount from passbook versus the data in system.
4. Determine Deposit In Transit, Outstanding Checks and Bank Error(s).
5. Record Bank Charges, Interest Income, Uncleared Checks and Unidentified Deposit.
6. File.
Flow Chart

Recon
Consolidator Start passbook vs.
system

Finance Check Bank

Head reconciliation to
identify running
balance