Manual 3 Federal Accounting System Chapter 11. Monthly Reports

Manual 3 Federal Accounting System
Chapter 11. Monthly Reports

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CHAPTER 11 MONTHLY REPORTS
The purpose of this Chapter is to describe the monthly reports submitted by a

Reporting Unit to MOFED. The Chapter contains the following sections:
 Revenue/Assistance/Loan Report
 Recurrent Expenditure Report
 Capital Expenditure Report
 Transfer Report
 Receivables Report
 Payables Report
 Trial Balance
 Submitting Monthly Reports to MOFED
The only monthly reports verified by MOFED are the Transfer Report and the Trial
Balance.
The Transfer Report is verified by MOFED to ensure that all disbursements to an

Accounting Unit by MOFED and all disbursements from an Accounting Unit to
MOFED are accounted for within the accounting system to enhance control over
cash transfers.
The Trial Balance is verified by MOFED to ensure that the total debits and credits are
equal and that General Ledgers are balanced. Also, the cash balance for the
domestic source of finance is verified and monitored by MOFED from the Trial
Balance to enhance cash management practices.
All other monthly reports that are submitted to MOFED serve as input documents to
consolidate reports and produce financial statements at the Federal Level. The
Inspection Department and the Office of the Auditor General verify these reports.
All monthly reports are prepared in two copies. The original copy is passed to
MOFED and the second copy is retained as a permanent record at the Reporting
Unit.
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Some Public Bodies receive no funds from Treasury. Instead, their entire budget is
financed by revenue that they collect and retain. Public Bodies that operate entirely
on retained revenue must report to MOFED quarterly rather than monthly.
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REVENUE/ASSISTANCE/LOAN REPORT
Meaning
The Revenue/Assistance/Loan Report provides information on the year-to-date

revenues of an Accounting Unit from each source of finance.
Purpose
The purpose of the Revenue/Assistance/Loan Report is to facilitate consolidation of

the actual revenues, assistance and loan collected and comparison of budgeted
revenues to actual revenues by account category.
Preparation & Source Documents
The Accountant prepares a Revenue/Assistance/Loan Report for the Accounting

Unit. The source document to prepare the Revenue/Assistance/Loan Report is the
General Ledger. Each item of revenue, assistance or loan is identified by account
code. The amount from the balance column in the General Ledger Card is
transcribed into the Revenue/Assistance/Loan Report. The grand totals from each
Revenue/Assistance/Loan Report are carried forward to the Trial Balance.
Balances in the Revenue/Assistance/Loan Report are normally credits.
Each Accounting Unit prepares one Revenue/Assistance/Loan Report.
Format
Figure 11.1 shows the Revenue/Assistance/Loan Report.
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Figure 11.1
Revenue/Assistance/Loan Report
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Table 11.1 identifies and describes the fields in the Revenue/Assistance/Loan Report.
Table 11.1
Fields in the Revenue/Assistance/Loan Report
Field Description
Top of Page:
Name Name of Public Body to identify Accounting Unit
Code Code of Public Body to identify Accounting Unit
Bank Account Number of the bank account to identify Accounting Unit
Number
Month/Year Month and year of the report
Table
Account Code Account code from the Ledger Card (the three most
common are preprinted)
Account Description Description of the account code (the most common are
preprinted)
YTD Revenue (Dr/Cr) Balance for the account from the Ledger Card
Total /To Trial Calculate the grand total and transfer to the Trial Balance
Balance/
Bottom of Page:
Prepared by Signature of accountant preparing the report
Verified by Signature of accountant verifying the report
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RECURRENT EXPENDITURE REPORT
Meaning
The Recurrent Expenditure Report provides information on the year-to-date

recurrent expenditures of each BI managed by an Accounting Unit.
Purpose
The purpose of the Recurrent Expenditure Report is to facilitate consolidation of the

actual recurrent expenditures and comparison of budgeted expenditure to actual
expenditure.
The Accountant prepares the Recurrent Expenditure Report for each BI.
The source document to prepare the Recurrent Expenditure Report is the Subsidiary
Ledger. The amount from the balance column in each Subsidiary Ledger Card is
transcribed to the appropriate account code in the Recurrent Expenditure Report.
Balances in the Recurrent Expenditure Report are normally debits.
The Recurrent Expenditure Report has two pages.
Each Accounting Unit prepares a Recurrent Expenditure Report for each BI that it
manages.
Format
Figure 11.2 shows the Recurrent Expenditure Report.
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Figure 11.2
Recurrent Expenditure Report
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Figure 11.2
Recurrent Expenditure Report – Page 2
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Table 11.2 identifies and describes the fields in the Recurrent Expenditure Report.
Table 11.2
Fields in the Recurrent Expenditure Report
Field Description
Top of Page:
Left-Side
Public Body & Code Name and code of Public Body to identify
Accounting Unit
Program & Code Name and code of Program if needed to identify
Accounting Unit or BI
Sub Agency & Code Name and code of Sub Agency if needed to
identify Accounting Unit or BI
Sub Program & Code Name and code of Sub Program if needed to
Project & Code Name and code of Project if needed to identify
Accounting Unit or BI
Source & Code Source code (1800 is Treasury; 1900 is Retained
Revenue; revenue code for donor (2001-2999) or
lender (3001-3999).
Bank Account Number Number of the bank account to identify
Accounting Unit
Right-Side
Table
Account Code Account code from the Ledger Card (all are
preprinted)
Account Description Description of the account code (all are
preprinted)
Expenditure Current Expenditure for the month
Month
YTD Expenditure (Dr/Cr) Balance for the account from the Ledger Card
Total /To Trial Balance/ Calculate the grand total and transfer to the Trial
Balance
Bottom of Page:
Prepared by Signature of Accountant preparing the report
Verified by Signature of Accountant verifying the report
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CAPITAL EXPENDITURE REPORT
Meaning
The Capital Expenditure Report provides information on the year-to-date capital

expenditures of each BI managed by an Accounting Unit.
Purpose
The purpose of the Capital Expenditure Report is to facilitate consolidation of the

actual capital expenditures and comparison of budgeted expenditure to actual
expenditure.
The Accountant prepares the Capital Expenditure Report for each BI.
The source document to prepare the Capital Expenditure Report is the Subsidiary
Ledger. The amount from the balance column in each Subsidiary Ledger Card is
transcribed to the appropriate account code in the capital Expenditure Report.
Balances in the Capital Expenditure Report are normally debits.
The Capital Expenditure Report has two pages.
Each Accounting Unit prepares a Capital Expenditure Report for each BI that it
manages.
Format
Figure 11.3 shows the Capital Expenditure Report.
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Figure 11.3
Capital Expenditure Report
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Figure 11.3
Capital Expenditure Report – Page 2
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Table 11.3 identifies and describes the fields in the Capital Expenditure Report.
Table 11.3
Fields in the Capital Expenditure Report
Field Description
Top of Page:
Left-Side
Public Body & Code Name and code of Public Body to identify
Accounting Unit
Program & Code Name and code of Program if needed to
Sub Agency & Code Name and code of Sub Agency if needed to
Sub Program & Code Name and code of Sub Program if needed to
Project & Code Name and code of Project if needed to
Source & Code Source code (1800 is Treasury; 1900 is
Retained Revenue; revenue code for donor
(2001-2999) or lender (3001-3999).
Bank Account Number Number of the bank account to identify
Accounting Unit
Right-Side
Table
Account Code Account code from the Ledger Card (all are
preprinted)
Account Description Description of the account code (all are
preprinted)
Expenditure Current Expenditure for the month
Month
YTD Expenditure (Dr/Cr) Balance for the account from the Ledger Card
Total /To Trial Balance/ Calculate the grand total and transfer to the
Trial Balance
Bottom of Page:
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TRANSFER REPORT
Meaning
The Transfer Report consists of two parts:

 Part 1 summarizes transfer account balances from the General Ledger.
 Part 2 provides information on each monthly cash transfer between the
Accounting Unit and MOFED. Transfers made between other units of
government using transfer account code 4017 are reported on Part 1 of this
report, but details are not reported on Part 2.
Purpose
The purpose of the Transfer Report is to serve as a control tool to verify cash
transfers between MOFED and an Accounting Unit and vice versa.
The Accountant prepares a Transfer Report for each Accounting Unit. The source
documents to prepare the Transfer Report are the General Ledger Cards.
Balances in the Transfer Report are debits or credits depending on the nature of the
transfer account.
One Transfer Report is prepared for each Accounting Unit.
Part 1
The amount from the Balance Column in the General Ledger Card is transcribed into
the Transfer Report - Part 1. The grand totals from each Transfer Report - Part 1 are
carried forward to the Trial Balance.
Transfer Report - Part 1 is shown in Figure 11.4.
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Figure 11.4
Transfer Report - Part 1
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Table 11.4 identifies and describes the fields in the Transfer Report- Part 1.
Table 11.4
Fields in the Transfer Report - Part 1
Field Description
Top of Page:
Left-Side
Name of Reporting Name of Reporting Unit
Unit
Bank Account Number of the bank account to identify Accounting
Number Unit
Right-Side
Table
Account Code Account code from the Ledger Card
Account Description Description of the account code
YTD Balance (Dr/Cr) Balance for the account from the Ledger Card
Total to Trial Calculate grand total and transfer to the Trial
Balance Balance
Bottom of Page:
Each cash transfer during the month between the Accounting Unit and MOFED is
listed individually in Part 2 of the Transfer Report. The information required for
Part 2 is transcribed from the following cash transfer account Ledger Cards:
 4001: Recurrent salary and allowances
 4002: Recurrent operating expenditure
 4003: Capital salary and allowances
 4004: Capital expenditure
 4005: Staff Advances
 4006: SSDP funds
 4007: Grace period payables
 4009: Other Transfers
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 4017: Zero Balance transfers
 Any other transfer code used during the month to transfer funds to/from
MOFED
Columns are pre-printed for transfer codes 4001 through 4007. If other transfer
codes are used during the month, a blank column is provided. The appropriate
transfer code should be written at the top of the column.
Columns are identified by account code. The date and amount of each transaction
recorded in the account code's Ledger Card during the month are transcribed in the
corresponding sub-column of the Transfer Report. Each transaction is recorded in a
separate row. Transfers received from MOFED are credits. Transfers of cash to
MOFED are debits.
Debit and credit sub-columns are totaled and the total is recorded in the total row.
The difference between the totals in the debit and credit sub-columns for each
account code is calculated. If the total of debits is greater than the total of credits, the
difference is recorded in debit sub-column of the Net Activity row. If the total of
credits is greater than the total of debits, the difference is recorded in credit sub-
column of the Net Activity row.
The balance from the account code's Ledger Card at the beginning of the month is
recorded in the beginning of month (BOM Balance) row.
The amount is the Net Activity row is combined with the amount in the BOM
Balance row and recorded in the end of month (EOM Balance) row. The EOM
Balance must equal the balance in the account code's Ledger Card at the end of the
month, which equals the balance recorded for the account code in Part 1 of the
Transfer Report.
Format
Transfer Report - Part 2 is shown in Figure 11.5.
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Figure 11.5
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Figure 11.5
(Continued)
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Table 11.5 identifies and describes the fields in the Transfer Report - Part 2.
Table 11.5
Fields in the Transfer Report - Part 2
Field Description
Columns
Sub-Columns:
Date Date of the transfer taken from the Ledger Card
Debit/Credit Amount of the transfer taken from the Ledger Card
Rows
[Blank] Each transfer for the month is recorded in a separate row
Total The total for the debit and credit sub-columns is recorded
here.
Net Activity The difference between the totals for the debit and credit
sub-columns is recorded here. If the total of debits is
greater than the total of credits, the difference is recorded
in debit sub-column. If the total of credits is greater than
the total of debits, the difference is recorded in credit sub-
column.
BOM Balance The balance at the beginning of the month from the
Ledger Card of the appropriate account code is recorded
here.
EOM Balance The amount in the Net Activity row is combined with the
amount in the BOM Balance row and recorded here. The
EOM Balance must equal the balance in the Ledger Card
of the appropriate account code at the end of the month,
which equals the balance recorded for the account code in
Part 1 of the Transfer Report.
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RECEIVABLES REPORT
Meaning
The Receivables Report provides information on the year-to-date receivables owed

to an Accounting Unit.
Purpose
The purpose of the Receivables Report is to provide information on the year-to-date

receivables owed to an Accounting Unit and facilitate consolidation of receivables
owed to the FGE.
The Accountant prepares a Receivables Report for each Accounting Unit. The source
document to prepare the Receivables Report is the General Ledger. Each item of
receivable is identified by account code. The amount from the Balance Column in
the General Ledger Card is transcribed into the Receivables Report. The grand totals
from each Receivables Report are carried forward to the Trial Balance.
Balances in the Receivables Report are normally debits.
One Receivables Report is prepared for each Accounting Unit.
Format
Figure 11.6 shows the Receivables Report.
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Figure 11.6
Receivables Report
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Table 11.6 identifies and describes the fields in the Receivables Report.
Table 11.6
Fields in the Receivables Report
Field Description
Top of Page:
Left-Side
Name Name of Public Body to identify Accounting
Unit
Bank Account Number Number of bank account to identify Accounting
Unit
Right-Side
Table
YTD Receivables Balance for the account from the Ledger Card
(Dr/Cr)
Total to Trial Balance Calculate the grand total and transfer to Trial
Balance
Bottom of Page:
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PAYABLES REPORT
Meaning
The Payables Report provides information on the year-to-date payables owed by an

Accounting Unit.
Purpose
The purpose of the Payables Report is to provide information on the year-to-date

payables owed by an Accounting Unit and facilitate consolidation of the actual
payables owed by the FGE.
The Accountant prepares a Payables Report for the Accounting Unit. The source
document to prepare the Payables Report is the General Ledger. Each payable item
is identified by account code and the amount from the Balance Column in the
General Ledger Card is transcribed into the Payables Report. The grand totals from
each Payables Report are carried forward to the Trial Balance.
Balances in the Payables Report are normally credits.
One Payables Report is prepared for each Accounting Unit.
Format
Figure 11.7 shows the Payables Report.
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Figure 11.7
Payables Report
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Table 11.7 identifies and describes the fields in the Payables Report.
Table 11.7
Fields in the Payables Report
Field Description
Top of Page:
Left-Side
Bank Account Number of the bank account to identify Accounting
Number Unit
Right-Side
Month/Year Month/year of the report
Table
YTD Payables (Dr/Cr) Balance for the account from the Ledger Card
Total to Trial Balance Calculate the grand total and transfer to the Trial
Balance
Bottom of Page:
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TRIAL BALANCE
Meaning
The Trial Balance is the summary of the net cumulative year-to-date debit and credit
balances contained in the General Ledger at the end of each month for each account
code represented by a General Ledger Card.
Purpose
The Trial Balance proves the arithmetical accuracy of the General Ledger. The total
amount of the Debit Column must equal the total amount of the Credit Column in
the Trial Balance. The Trial Balance serves as a basis to produce financial statements.
The Accountant prepares the Trial Balance for each Accounting Unit. The source
documents to prepare the Trial Balance are:
 Revenue/Assistance/Loan Report,
 Recurrent Expenditure Report,
 Capital Expenditure Report,
 Transfer Report,
 Receivables Report,
 Payable Report, and
 The General Ledger.
The account codes that are taken from the General Ledger directly to the Trial
Balance are:
 Net Assets/Equity – balance could be debit or credit.
 Cash and Cash Equivalents – balances in each account should be debits.
One Trial Balance is prepared for each Accounting Unit.
Format
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Figure 11.11 shows the Trial Balance.
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Figure 11.8
Trial Balance
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Table 11.8 identifies and describes the fields in the Trial Balance.
Table 11.8
Fields in the Trial Balance
Field Description
Top of Page:
Left-Side
Bank Account Number Bank account number to identify Accounting Unit
Right-Side
Table
Account Code Account code, if applicable
Account Description Description of the account code, if applicable
Debit/Credit Balance for the account from the Report or from
the Ledger Card
Total Calculate the total of each column. The column
totals must equal.
Bottom of Page:
Prepared by Signature of Chief Accountant
Checked by Signature of person checking Trial Balance
Approved by Signature of Head of Public Body and Seal
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Bank Reconciliation for Zero Balance and Separate Bank Account
The process of comparing the bank statement with the books of account is known as
reconciling the bank account, and the schedule that is prepared to demonstrate the
results of the comparison is called bank reconciliation. The balance shown on the
bank statement may not agree to the bank balance in the general ledger. Causes of
differences include:
 Checks issued but not presented to the bank
 Deposits made that do not appear on the bank statement
 Transactions that have not yet been recorded in the books

 Record keeping errors by either the Reporting Unit or the bank.
Meaning and Purpose
The bank reconciliation provides proof that all bank related transaction errors are
identified and provides the basis to take corrective action to eliminate errors. The
bank reconciliation is submitted to MOFED
Preparation and Source Documents
The Finance Service Head prepares the Bank Reconciliation. The source documents
to prepare the Bank Reconciliation are:
 Monthly Bank Statements received from the bank
 Drawing Limits Register/Transaction Register/General Ledger, and
 Detailed information in documents accompanying the bank statement, the

checkbook.
Steps required in preparing bank reconciliation include:
1. When the bank statement is received, verify that items from the prior
reconciliation are recorded on the statement by the bank.
2. Compare the check numbers listed on the bank statement to entries in the
Transaction Register, noting errors and outstanding checks.
3. Compare deposits on the bank statement with entries in the Transaction

Register, noting differences.
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4. List other items on the bank statement that are not recorded in the accounts
and items in the accounts that are not on the bank statement.
5. Prepare the bank reconciliation.
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Items on the bank side of the bank reconciliation must either be corrected by the
bank or will automatically be adjusted when the transaction reaches the bank.
A bank reconciliation format is presented below for the separate bank account:
BALANCE PER BANK STATEMENT Birr 2,350.70

ADD:
Deposits in Transit 1,355.20
Amount incorrectly charged by the bank 51.75
TOTAL: 3,757.65
LESS:
Outstanding Checks
#4321 Birr 738.49
#4351 299.00 1,037.49
BALANCE PER CASH ACCOUNT Birr 2,051.96

ADD:
Credit advises 1,015.00
Submitting
Error on 17 Sene Monthly
1998 Deposit Reports to BoFED 54.00
TOTAL: 3,120.96
LESS:
Service Charge 18.10
Non-Sufficient Fund Check 382.70
400.80
CORRECTED CASH BALANCE 2,720.16
A bank reconciliation format is presented below for the zero balance bank
account:
BALANCE PER BANK STATEMENT Birr 0.00
LESS:
Outstanding Checks
#4321 Birr 738.49
#4351 299.00 1,037.49
ADJUSTED BANK BALANCE (1037.49)
BALANCE PER GENERAL LEDGR Birr (1037.49)
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SUBMITTING MONTHLY REPORTS TO MOFED
Monthly reports will be prepared and submitted to a Reporting Unit or MOFED

within two weeks of the last day of the month by all Accounting Units.
All transactions that occur during a month should be recorded daily on the
Transaction Register and into the appropriate General and Subsidiary Ledgers.
The Transaction Register is closed on the last day of each month. Transactions that
occur during the month, but are not recorded in the Transaction Register, are
recorded in the next month's Transaction Register. In other words, reports are
prepared each month based on the information recorded by the end of that month in
the Transaction Register.
Ideally, transactions are recorded in the Transaction Register in the same month in
which they occur. However, the monthly reports should not be delayed because all
transactions are not recorded in the proper month. The monthly reports should be
prepared on time. At a minimum, all transfers should be recorded in the proper
month.
If there is a Reporting Unit that is distinct from the Accounting Unit, the reports
must be sent to the Reporting Unit before the end of the second week of the month.
The Reporting Unit should:
 Verify the mathematical accuracy of all reports.
 Verify that totals in the Revenue/Assistance/Loan Report, Recurrent Expenditure
Report, Capital Expenditure Report, Transfer Report, Receivables Report and
Payable Report are carried forward to the Trial Balance.
 Verify that the EOM Balance in Part 2 of the Transfer Report is carried forward to
 The reconciling items on the bank reconciliation statement are not unusual.
 The Cash at Bank balance shown on the Bank Reconciliation equals the Cash at
Bank balance shown on the Trial Balance.
 All accounts have a “normal” balance
 Visit any Accounting Unit that does not report within two weeks and assist with
the monthly reports.
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The Reporting Unit does not consolidate reports. The reports from the Accounting
Units are forwarded to MOFED intact. The Reporting Unit is required to send their
monthly reports to MOFED during the third week of the month.
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Central Accounts Department at MOFED will:

 Verify the mathematical accuracy of all reports.
 Verify that totals in the Revenue/Assistance/Loan Report, Recurrent Expenditure
Report, Capital Expenditure Report, Transfer Report, Receivables Report, and
Payable Report are carried forward to the Trial Balance.
 Verify that the EOM Balance in Part 2 of the Transfer Report is carried forward to
 Reconcile individual transfers recorded on the Transfer Report with its records.
 Visit any Reporting Unit that does not report within three weeks to identify and
assist with monthly reporting.
 Prepare and distribute various reports for FGE.
 Consolidate balances for each account into a FGE Financial Statement.
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May 2007 Page 181

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Manual 3 Federal Accounting System

Chapter 11. Monthly Reports

The purpose of this Chapter is to describe the monthly reports submitted by a

The Transfer Report is verified by MOFED to ensure that all disbursements to an

The Revenue/Assistance/Loan Report provides information on the year-to-date

The purpose of the Revenue/Assistance/Loan Report is to facilitate consolidation of

Preparation & Source Documents

The Accountant prepares a Revenue/Assistance/Loan Report for the Accounting

Balances in the Revenue/Assistance/Loan Report are normally credits.

Each Accounting Unit prepares one Revenue/Assistance/Loan Report.

Figure 11.1 shows the Revenue/Assistance/Loan Report.

RECURRENT EXPENDITURE REPORT

The Recurrent Expenditure Report provides information on the year-to-date

The purpose of the Recurrent Expenditure Report is to facilitate consolidation of the

Preparation & Source Documents

Balances in the Recurrent Expenditure Report are normally debits.

The Recurrent Expenditure Report has two pages.

Figure 11.2 shows the Recurrent Expenditure Report.

CAPITAL EXPENDITURE REPORT

The Capital Expenditure Report provides information on the year-to-date capital

The purpose of the Capital Expenditure Report is to facilitate consolidation of the

Preparation & Source Documents

Balances in the Capital Expenditure Report are normally debits.

The Capital Expenditure Report has two pages.

Figure 11.3 shows the Capital Expenditure Report.

The Transfer Report consists of two parts:

Preparation & Source Documents

One Transfer Report is prepared for each Accounting Unit.

Transfer Report - Part 1 is shown in Figure 11.4.

Transfer Report - Part 2

Transfer Report - Part 2 is shown in Figure 11.5.

The Receivables Report provides information on the year-to-date receivables owed

The purpose of the Receivables Report is to provide information on the year-to-date

Preparation & Source Documents

Balances in the Receivables Report are normally debits.

One Receivables Report is prepared for each Accounting Unit.

Figure 11.6 shows the Receivables Report.

The Payables Report provides information on the year-to-date payables owed by an

The purpose of the Payables Report is to provide information on the year-to-date

Preparation & Source Documents

Balances in the Payables Report are normally credits.

One Payables Report is prepared for each Accounting Unit.

Figure 11.7 shows the Payables Report.

Preparation & Source Documents

One Trial Balance is prepared for each Accounting Unit.

 Deposits made that do not appear on the bank statement

 Transactions that have not yet been recorded in the books

Meaning and Purpose

Preparation and Source Documents

 Drawing Limits Register/Transaction Register/General Ledger, and

 Detailed information in documents accompanying the bank statement, the

3. Compare deposits on the bank statement with entries in the Transaction

5. Prepare the bank reconciliation.

BALANCE PER BANK STATEMENT Birr 2,350.70

BALANCE PER CASH ACCOUNT Birr 2,051.96

BALANCE PER BANK STATEMENT Birr 0.00

BALANCE PER GENERAL LEDGR Birr (1037.49)

SUBMITTING MONTHLY REPORTS TO MOFED

Monthly reports will be prepared and submitted to a Reporting Unit or MOFED