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Accounting (Double Entry)


accounts
Application under development
  • There are two forms of accounting methods: Cash and Accrual based.
  • Present method followed in municipal bodies is cash basis
  • Mandatory reforms of the Urban Agenda: Accrual based double entry system of accounting in municipal bodies / urban local bodies
  • Controller and Auditor General (CAG) Supervises accounts and auditing in all urban local bodies .
  • CAG constituted Task Force for prescribing the budget and accounting formats .
  • CAG recommendations in the National Municipal Accounting Manual (NMAM).
  • National Municipal Accounts Manual enable the States to develop specific municipal accounts manual
  • Accounts for the assets & liabilities are maintained
  • Amount of receivables is available as demand raised is introduced using journal entry.
  • Amount of payables is also available using journal entry.
  • The real state of assets, liabilities, receivables or payables is shown.
  • Accounting data is represented in following relationship
    Assets = Liabilities + Municipal Funds
  • The equation must be in balance after every recorded transaction in the system.
  • Accounting information base is double entry system. Any transactions affects asset, liability or other element.
  • Two-sided effect are recorded in appropriate accounts.
  • Recording is of a debit-credit rules to all accounts.
  • Accounting equation is maintained after each transaction
  • Creation of fund, function, field, account heads.
  • Creation of real accounts, nominal accounts (ledger accounts)
  • Mapping of Transaction type ( Receipt, Expenditure, Asset, Liability), Account head, account to debited, account to be credited
  • Creation of all type of receipt vouchers
  • Creation of all type of expenditure vouchers.
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Housing and Urban Development Jammu & Kashmir