Section 80 in The Andhra Pradesh Municipalities (Preparation of Accounts) Rules, 2017
80. Period end procedures.
(1)The Council shall follow the period end procedures on daily, monthly, quarterly and annual basis.(2)The following procedures shall be carried out on daily basis(a)Closing of Cash Book(b)Physical verification of cash balance(c)Deposit of collections (both cash and cheques) in the bank(i)Checking ledger accounts with the books of original entries, i.e., Cash Book and Journal Book(ii)Verification of number of receipts issued as reported by the collection offices with the Collection Register(iii)Updation of Subsidiary Ledgers(3)The following procedures shall be carried out on monthly basis(a)Bank reconciliation(b)Recording of expenditures incurred against Permanent Advance(c)Payment of statutory deductions and remittances(d)Payment of provident fund dues and pensionary contribution in respect of employees on deputation(e)Reconciliation of Function wise Income/Expense Subsidiary Ledgers with respective Trial Balance totals.(f)Compilation of details of closing stock for recording the consumption of stores at the end of the month.(g)Closing of Ledger Accounts(4)The following procedures shall be carried out on quarterly basis(a)Reconciliation of deposits, advances, receivables and incomes(b)Provision for period-end expenses(c)Transfer of revenue grant received in advance for specific purpose to grant income(d)Recognition of grant income for revenue expenditure incurred in respect of grant receivable as reimbursement(e)Accrual of interest on borrowings(f)Recording of provision for bills remaining unpaid in respect of Special Fund expenditure(g)Accrual of interest on investments(h)Accrual of interest on loans to employees(i)Reconciliation of Capital Work in Progress (j) Reconciliation of Inter Unit Balances(k)Passing of adjustment entries (1) Closing of Ledger Accounts(5)The following procedures shall be carried out on annual basis(a)Physical verification of Stores(b)Physical verification of Fixed Assets(c)Transfer of Funds from Special Funds to Special Funds (Utilised)(d)Confirmation of all categories of advances(e)Provision for unrealised revenues(f)Accounting of pre-paid expenses(g)Contribution of difference in interest to the Provident Fund(h)Expenditure for the benefit of SC/ST/BC or similar other welfare schemes(i)Confirmation from Govemment/Quasi-govemment and Government owned agencies(j)Closing of Ledger AccountsChapter - XIX Financial Statements
