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Re: Sec 427 of GAAM

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Re: Sec 427 of GAAM

Post by sunriser431 on Fri Dec 11, 2009 9:34 am

Excerpts from GAAM
Section 427 Requisitions during the last days of December
Requisitions for supplies and materials drawn during the last days of December intended to be paid out of the unexpended balance of the appropriation for supplies and materials shall not be allowed. All balances of appropriations for the past calendar year shall be applied only to the payment of expenses properly incurred during that year or to the fulfillment of contracts in force properly executed for bona fide needs in the said calendar year when the contracts were made.
Try visit the open opportunities posted in the Philgeps website today and see for yourself. bounce any comment from forum members are welcome.
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Re: Re: Sec 427 of GAAM

Post by Guest on Fri Dec 11, 2009 4:23 pm

Isn`t that already been repealed? It is now the New Government Accounting System.

Are the Provisions still the same?

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Re: Re: Sec 427 of GAAM

Post by sunriser431 on Tue Dec 15, 2009 8:42 am

WormaixJr wrote:Isn`t that already been repealed? It is now the New Government Accounting System.

Are the Provisions still the same?
wormaixjr, can you provide me a link in NGAS, regarding section 427 bounce
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Re: Re: Sec 427 of GAAM

Post by Guest on Tue Dec 15, 2009 9:30 am

COA Circular 2002-002, which provides;
4.0 Repealing Clause
This manual replaces the Government Accounting and Auditing Manual (GAAM), Volume II, prescribed under COA Circular No. 91-368, dated December 19, 1991.

Only volume II was repealed. The Section 427 is in Volume I. Razz

What do you want us to see in the open opportunities?
This provision is a COA concern.
I believe that the purpose of this provision is to limit the procurement at the end of the year and overlap to the next year in which confusion on where the LGU will get the appropriate funds to be applied in such procurement (whether 2009 or 2010).

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Re: Re: Sec 427 of GAAM

Post by sunriser431 on Tue Dec 15, 2009 9:55 am

WormaixJr wrote:COA Circular 2002-002, which provides;
4.0 Repealing Clause
This manual replaces the Government Accounting and Auditing Manual (GAAM), Volume II, prescribed under COA Circular No. 91-368, dated December 19, 1991.

Only volume II was repealed. The Section 427 is in Volume I. Razz

What do you want us to see in the open opportunities?
This provision is a COA concern.
I believe that the purpose of this provision is to limit the procurement at the end of the year and overlap to the next year in which confusion on where the LGU will get the appropriate funds to be applied in such procurement (whether 2009 or 2010).

Before any procurement be made isnt it required to have certificate of availability of funds? ALOBS/OBR? bounce
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Re: Re: Sec 427 of GAAM

Post by Guest on Tue Dec 15, 2009 10:00 am

Yes it`s true that in every procurement the approved budget must be available. That is why I said to you the interpretation of such provision is within the function of COA, it is only proper to ask first the COA about the provision then we could make a n opinion in a firm ground.

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Re: Re: Sec 427 of GAAM

Post by sunriser431 on Tue Dec 15, 2009 10:13 am

WormaixJr wrote:Yes it`s true that in every procurement the approved budget must be available. That is why I said to you the interpretation of such provision is within the function of COA, it is only proper to ask first the COA about the provision then we could make a n opinion in a firm ground.
For me the only logical reasons, is the closing of the Books of accounts, for example, in the Inventory taking at the end of each year, agency are required to conduct year end inventory, and this have to be reconciled with the stock/bin card/general ledger/subsidiary ledger. Likewise for the suppliers they have their inventory count at the end of each year. COA provided this prohibition in order for us to be guided accordingly. bounce
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Re: Re: Sec 427 of GAAM

Post by Guest on Tue Dec 15, 2009 10:17 am

No, argument at the moment. In my part I answer in connection of the application of the procurement laws.

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Re: Re: Sec 427 of GAAM

Post by sunriser431 on Tue Dec 15, 2009 10:28 am

WormaixJr wrote:No, argument at the moment. In my part I answer in connection of the application of the procurement laws.
No problem wormaixjr, I'm just sharing my experience, maybe others out there can share their experience too. Smile Peace
10 days to go Merry christmas in advance to all. Very Happy
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Re: Re: Sec 427 of GAAM

Post by Guest on Tue Dec 15, 2009 10:32 am

hooorrraaayyy cheers

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Re: Re: Sec 427 of GAAM

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