This document discusses accounts reconciliation between government departments and banks in Bangladesh. It defines reconciliation as bringing account balances into agreement. Reconciliation involves three parties - executive departments, accounts offices, and banks. Regular reconciliation is necessary to ensure budget control and accurate accounting. Key points covered include reconciliation rules and objectives, the reconciliation process between departments and accounts offices, and bank reconciliation procedures between the Bangladesh Bank, Sonali Bank, and government accounts offices.
Preparation of financial statements in pakistanAshar Ahmed
Preparation of financial statements in Pakistan according to Companies Ordinance 1984 and IFRS
You can now download the full editable version of this file at following link:
http://www.scribd.com/doc/26760858/Preparation-of-Financial-Statements-in-Pakistan
Preparation of financial statements in pakistanAshar Ahmed
Preparation of financial statements in Pakistan according to Companies Ordinance 1984 and IFRS
You can now download the full editable version of this file at following link:
http://www.scribd.com/doc/26760858/Preparation-of-Financial-Statements-in-Pakistan
Bookkeeping means systematic recording of day-to-day activities such as financial transactions and expense accrual for a business. The company needs to track such details for making well operational decisions.
meaning of accounting
meaning of book-keeping
difference between accounting and book-keeping
meaning of double entry system of book-keeping
accounting equation
accounting principles, concepts and conventions
parties interested in accounting information
accounting cycle
classification/types of accounts
golden rules of accounting
Meaning
Objective or uses
Limitations of Cash-flow statement
Difference between cash-flow statement & cash budget
Procedures for preparing Cash-Flow Statement
Some terms are used in preparing cash-flow statement
Classification of cash flows
Some special items
Classification of business activities showing cash inflows & cash outflows
Format of cash flow statement
Illustration
Exercise
Bookkeeping means systematic recording of day-to-day activities such as financial transactions and expense accrual for a business. The company needs to track such details for making well operational decisions.
meaning of accounting
meaning of book-keeping
difference between accounting and book-keeping
meaning of double entry system of book-keeping
accounting equation
accounting principles, concepts and conventions
parties interested in accounting information
accounting cycle
classification/types of accounts
golden rules of accounting
Meaning
Objective or uses
Limitations of Cash-flow statement
Difference between cash-flow statement & cash budget
Procedures for preparing Cash-Flow Statement
Some terms are used in preparing cash-flow statement
Classification of cash flows
Some special items
Classification of business activities showing cash inflows & cash outflows
Format of cash flow statement
Illustration
Exercise
What is Accounting?
Accounting is a systematic process of recording, analyzing and summarizing transactions of an entity.
* The transactions are recorded in the books of original entry
* The transactions are then analyzed and posted in the Ledgers
Finally, the transactions are summarized in the Financial Statements
The Objective of Financial Statements
The Objective of Financial Statements is to provide information about the reporting entity’s financial position and financial performance that is useful to a wide range of users in making economic decisions.
Users of Financial Statements
Present and potential investors
Employees
Lenders
Suppliers and other trade creditors
Customers
Governments and their agencies
The Public
Accounting Concept:
Accounting concepts is basically the accounting rules that should be followed while preparing the financial statements. Some Accounting concepts on which financial statements are prepared.
The elements of Financial Statements
In the Balance Sheet
Assets
Liabilities
Equity
In the Income Statements
Income
Expenses
Definitions of Elements
Asset: A resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity.
Liability: A present obligation of the entity arising from the past events, the settlement of which is expected to led to the outflow from the entity of resources embodying economic benefits.
Equity: The residual amount found by deducting all of the entity’s liabilities from all of the entity’s assets.
Income: Increase in economic benefits in the form of asset increases/liability decreases not resulting from contributions from equity participants.
Expenses: Decreases in economic benefits in the form of asset decreases/liability increases not resulting from distributions to equity participants.
Accounting Information System (AIS)
An accounting information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers. An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources.
AIS is a structure that a business uses to collect, store, manage, process, retrieve and report its financial data so that it can be used by accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators and tax agencies.
Our very own Head Accountant, Hannah Driver, talks through the basics of local council finance and how to streamline processes in the "Local Council Accounting - From Zero to Hero" webinar.
Accounting is a systematic process of recording, analyzing and summarizing transactions of an entity.
* The transactions are recorded in the books of original entry
* The transactions are then analyzed and posted in the Ledgers
Finally, the transactions are summarized in the Financial Statements
Accounting is a systematic process of recording, analyzing and summarizing transactions of an entity.
The transactions are recorded in the books of original entry
The transactions are then analyzed and posted in the Ledgers
Finally, the transactions are summarized in the Financial Statements
The Objective of Financial Statements is to provide information about the reporting entity’s financial position and financial performance that is useful to a wide range of users in making economic decisions.
An accounting as an information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers. An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources.
AIS is a structure that a business uses to collect, store, manage, process, retrieve and report its financial data so that it can be used by accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators and tax agencies.
The guidelines of Islamic Banking issued by Bangladesh Bank through BRPD Circular # 15 dated 09.11. 2009
The Company Act 1994
The Bank Company Act 1991 (Amendment up to 2018)
The Securities and Exchange Rules ,1987
Bangladesh Financial Reporting Standards (BFRS)
International Accounting Standard (IAS) as adopted by the ICAB
The Financial Reporting Act 2015
Listing Regulation of Dhaka Stock Exchange & Chittagong Stock Exchange, and
Other applicable laws and regulations.
This presentation would be helpful if you are seeking information regarding Statutory Bank Branch Audit under Banking Regulations Act, India.
This presentation was delivered by me at Institute of Chartered Accountants of India's program in our town during April 2014.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
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The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
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I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
2. Definition
Reconciliation means the determination of the
receipts and expenditure necessary to
bring the balances of two or more related
accounts or statements into one agreement
4. Necessity of Reconciliation
Accounts
– Reconciliation of accounts between Executive
Departments and Accounts Offices help
ensuring control of expenditure of each
department within budget allocation
– For keeping correct accounts
5. Necessity of Reconciliation
Bank
– Effective Bank Reconciliation is the cornerstone
of any accounting system
– It is required to ensure successful guardianship
of public funds
– It provides a solid basis upon which the quality
of accounting information may be assessed
6. Rules concerning Reconciliation
Para 96 to 99 of Chapter 5 of General
Financial Rules
Articles 33 and 34 of Account Code Volume
4
Chapter 6 of Public Expenditure
Management Manual
7. Objectives of Reconciliation
To establish Parliamentary control and
accountability over taxpayers money
To assist government machinery in
controlling budget and expenditure, thus
ensuring best utilization of public money
To detect fraud and error and establish
good internal control
8. Objectives of Reconciliation
To identify measures to be taken for
controlling expenditure and increase
revenue income
To provide correct information for the
government and the donor agencies
Monitor revenue receipts to keep track
between revenue and expenditure
To have correct accounts and to create
reliability on National Accounts
9. Accounts Reconciliation
Production of reliable monthly accounts
calls for regular reconciliation of accounts
between Accounts Office and the
Department
Extent of Reconciliation
– Accounts Figure finally published will be those
of the Accounts Office
– Departmental Accounts are sufficiently accurate
to render possible efficient departmental control
over expenditure
10. Differences in Accounting Statements -
Reasons
Due to error or omission of entry on the
part of Executive Department or by
Accounts Office
Any direct payment of loan or loan interest
through Bangladesh Bank by ERD without
informing respective departments
11. Procedures of Accounts
Reconciliation
Every month, within 3 days of
completion of accounts, letter from
accounts office to DDOs under its
jurisdiction to reconcile within 15 days;
DDO accepts data transmitted by
accounts office if there is no variation
12. Procedures of Accounts
Reconciliation
In case of variation, DDO will send his
officer to accounts office for reconciliation
If no acceptance is received or no officer is
sent by the DDO within 15 days, a reminder
is to be issued from accounts office giving
additional 15 days
The reminder letter should mention that the
data produced by accounts office will be
treated as final if reconciliation is not done
13. Procedures of Accounts
Reconciliation
Monthly accounts transmitted by DAOs and
UAOs to DCAs must accompany a
reconciliation statement
DCA to compile reconciliation statements
received from DAOs and UAOs with the
reconciliation statement of his office and
send the compiled reconciliation statement
to CAO within 5 days
14. Procedures of Accounts
Reconciliation
CAO having reconciled the departmental accounts
within the respective ministry will finally send the
reconciliation statement within 5 weeks, after the
completion of accounts, to CGA
The accounts section and CDPU will record
information received from CAO and DCA in the
respective registers and put up the file within 5 days
with necessary comments
Prescribed Format is used for preparation of
statement on reconciliation
15. Bank Reconciliation
Players of Bank Reconciliation
– Bangladesh Bank/ Sonali Bank
– Local Accounts Office
– Chief Accounts Officer
– National Board of Revenue
– Controller General of Accounts
16. Bangladesh Bank
Bangladesh Bank is the Central Bank and
as such act as the custodian of government
money (not including those held in
commercial bank accounts)
Legal Framework given by Bangladesh
Bank Order 1972
17. Bangladesh Bank
Bangladesh Bank has 9 branches to deal
with government accounts as Treasury
Banks
Bangladesh Bank has contracted out its
operations to Sonali Bank in areas where
there is no branch of Bangladesh Bank
18. Sonali Bank
Sonali Bank has 1200 branches to carry out
transactions in relation to government
account
Of which, 101 branches collect receipts
only and report directly to Bangladesh
Bank
Remaining 460 branches act as Treasury
Banks transacting receipts and payments
on behalf of the government and report to
Sonali Bank Head Office
19. Accounts held by Bangladesh Bank
109 GoB accounts are maintained
– General Account
– CAO offices
– Debt Management
– Railway
– T&T
– Postal
– Public Account – GPF
– Public Account – other
– Pension
– Foreign Aid, etc.
20. Reconciliation of Accounts with
Bangladesh Bank
Summary statement against all 109 GoB accounts
is forwarded to CDPU in the CGA office by the
Accounts and Budgeting Department of
Bangladesh Bank daily
Everyday Bangladesh Bank calculates the effects
of transactions in the accounts to workout one
single balance and adjusts overall cash deficits or
surplus by issue or purchase of Treasury Bills (in
excess of overdraft limit of Tk. 1000 crores) or by
ways and means advances
21. Reconciliation of Accounts with
Bangladesh Bank
Closing Balances of each of 109
government accounts (in excess of
overdraft limit) are prepared by the
Accounts and Budgeting Department of
Bangladesh Bank and sent to Finance
Division
Daily sales and retirement of Treasury Bills
and retired ways and means advances are
also prepared and noted underneath the
daily balance figure
22. Reconciliation of Accounts with
Bangladesh Bank
In addition to daily cash balance statement
given to GoB, daily reporting of cash
transactions undertaken by Bangladesh
Bank for and on behalf of GoB is made to
the concerned DCA and DAO
Sonali Bank, acting as agent of Bangladesh
Bank, also forwards a daily statement of
transactions to the respective DAO and UAO
through its local branches
23. Daily Reporting Requirement
Statement of cash transactions together
with supporting vouchers are required to be
transmitted to respective accounts offices
by each office and branch of Bangladesh
Bank/ Sonali Bank
24. Monthly Reporting Requirement
A statement of monthly closing balances of
all 109 GoB accounts having taken into
consideration cash movement in both
Bangladesh Bank branches and the
authorized Sonali Bank branches is
prepared and sent to the CGA by
Bangladesh Bank
Account wise closing balances are sent to
Finance Division