Rm. 201, Bldg. 255, Barryman Road, Central Business District, Subic Bay Freeport Zone
|Tel. No.:||+6347.252.4214 / 4283|
|Fax No.:||+6347.252.4284 / 4501|
Rani C. Cruz
For SBMA Departments/Offices/Employees
Section 49. Accounting for Loss of Cash and Property. In case of loss of property due to other causes like theft, force majeure, fire, etc., a report thereon shall be prepared by the Accountable Officer concerned for purposes of requesting relief from accountability. No accounting entry shall be made but the loss shall be disclosed in the notes to financial statements pending result of request for relief from accountability.
Sec. 50. Grant of Relief from Accountability. When a request for relief from accountability for shortages or loss of funds is granted, a copy of the decision shall be forwarded to the Chief Accountant who shall draw a Journal Entry Voucher (JEV) to record the transaction.. In case the request for relief from accountability for loss of property caused by fire, theft, force majeure or other causes is granted, a copy of the decision shall likewise be forwarded to the Chief Accountant for the preparation of the JEV. The loss shall be debited to the Loss of Assets account and credited to the appropriate asset account. If request for relief from accountability is denied, the loss shall be taken up as a receivable from the Accountable Officer or employee liable for the loss and shall be credited to the appropriate asset account.
For Suppliers/Contractors (Procurement-Related)
For Locators/Residents/Suppliers/Contractors (Property-Related)
Disposal of Assets