Accounting Office: The Language of the Business
Accountability, Responsibility and Legal Basis
The accounting service accounts for the University’s financial assets both the government funds and the internally generated income entrusted to it.
Accounting is responsible for processing payments to various suppliers, payroll and financial control on expenditures. It is also responsible for processing income payments or inflows and reporting the same – preparing the monthly financial reports (Working Papers of Receipts and Disbursements) as well the preparation of Journal Entry Vouchers (JEV), remittances and reconciliation of accounts which are submitted to various agencies such as the Commission On Audit (COA), Bureau of Internal Revenue (BIR), Government Service Insurance System (GSIS), Philippine Health Insurance Corporation (PHIC), Bureau of Treasury (BTr), Department of Budget and Management (DBM) and Government Accounting Sector (GAS).
The continuity of the accounting service as well as the operation of the university depends on its ability to safeguard and manage the funds effectively and efficiently and in accordance with the basic accounting policies and principles embodied in the Government Accounting Manual (GAM) in accordance with the Philippine Public Sector Accounting Standards (PPSAS) adopted thru Commission on Audit (COA) Resolution No. 2014-003 dated January 24, 2014 and other pertinent laws, rules, and regulations.
Services
The accounting provides services to students, faculty and staff through the assessment of enrollment/tuition fees for students, issuance of certificate of registration, statement of account, signing of student clearances, assistance to student accounts queries, processing of payroll for staff and faculties, processing of disbursement vouchers for operational needs, monitoring the accounts receivables and payables and financial reporting functions.
Accounts Payable
Accounting processes all University Disbursements Request which includes processing payments for goods and services furnished and rendered by companies, organizations, and individuals, authorized travel expenses and travel advances, credit balances on student accounts and all other University obligations other than payroll.
Accounts Receivable
Accounting aides in the assessment and collection of monies due the University.
Payroll
Accounting aides in the assessment and collection of monies due the University.
Financial Reporting and General Accounting
The accounting unit is responsible for the preparation of the monthly, quarterly and annual financial reports required by the University such as but not limited to the monthly working papers of collections and disbursements its JEV, journal entry for depreciation, amortization, reports of supplies and materials issued, tax remittances advice, allotments, insurance, current year and prior year adjustments and others. Preparing and maintaining the Suppliers and customers’ ledgers, Property Ledger cards, inventory ledger cards, Cash in Bank Ledgers, Liquidations, bank reconciliations, accounts receivable schedules, accounts payable schedules, PPE lapsing Schedules, year-end adjustments, trial balances for all funds, statement of Financial Position, Statement of Financial Performance, Statement of Change in Equity and Cashflow Statements.
Our Goal
Our goal is to efficiently continue to assist students, faculty and staff on a wide variety of financial matters in the most timely and responsive means possible.
“In the balance of life, accounting is the equilibrium that keeps everything in check” -Olivia Martinez-
