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Chapter 7 Miscellaneous Transactions

This chapter covers various types of miscellaneous transactions including reporting cash shortages, processing stale checks, transferring funds between agencies, dishonored checks, trust receipts, performance bonds, and acknowledging receipts for bonds held as cash or surety. It provides guidance on accounting for unique transactions that do not occur in the normal course of government operations.

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78 views2 pages

Chapter 7 Miscellaneous Transactions

This chapter covers various types of miscellaneous transactions including reporting cash shortages, processing stale checks, transferring funds between agencies, dishonored checks, trust receipts, performance bonds, and acknowledging receipts for bonds held as cash or surety. It provides guidance on accounting for unique transactions that do not occur in the normal course of government operations.

Uploaded by

Japs
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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CHAPTER 7: Miscellaneous Transactions

SUMMARY

This chapter covers accounting for loss of cash and property, request for relief from accountability, cash
coverage, stale MDS and commercial checks, set-up and settlement of disallowances, and refund of
overpayments.

Miscellaneous transactions

transaction types that are unique and not recurring in ordinary course of government operations.

Report of cash examination

Report where in cash shortage discovered during cash examination concluded by auditors.

Stale check

A check that has been outstanding for six months from the date of issue or prescribe

List of unreleased checks

Report where in any unclaimed stale checks which are still with cashier. All unreleased checks must be
cancelled.

Inter-agency transferred fund

It is the transfer of cash from another agency to implement the project of another agency.

Dishonor checks

Collections not accepted by the bank upon deposit

Trust receipts

Collections from non-income sources authorized by law for specific purposes, which are
collected/received by a government office or or agency acting as a trustee, agent or administrator or
with have been received as guarantee for fulfillment of an obligation.

Performance bond

These are required by the agency from contractors/suppliers to ensure their performance of contract,
which may be a form of cash or certified check or Surety

Performance bond maybe in form of:

a. Cash or certified checks


b. surety
Official receipt
A performance bonds in the form of cash or check, in which acknowledge through.

Acknowledgement receipt
A performance bond in a form of surety, in which acknowledge through.

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