NEW STANDARD CHART OF ACCOUNTS KMBA EXPERIENCE
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1 NEW STANDARD CHART OF ACCOUNTS KMBA EXPERIENCE
2 BEFORE NEW SCA
3 NEW STANDARD CHART OF ACCOUNTS FOR MBA Circular Letter This CL No shall take effect immediately and will be used in the financial statement for calendar year Signed this day of: September 25,2014.
4 Circular Letter (CL) No The SCA for MBAs will list a uniform system of account numbers categorized based on MBA s revenue, expenses, assets, liabilities and fund value for similar transactions and events, in compliance with the latest Philippine Accounting Standards (PAS) and Philippine Financial Reporting Standards (PFRS).
5 THE SCA FOR MBAs OBJECTIVES 1) To establish uniform, comprehensive, minimum chart of accounts to improve financial data collection, reporting, accuracy and comparability; 2) To meet both the internal and external reporting requirements; 3) To ensure that MBAs comply with the generally accepted accounting principles (PAS/PFRS); 4) To allow for timely and accurate recording of financial transactions; 5) To allow for logical framework that can be used to determine where the funds are allocated and used in compliance with the requirements of The Amended Insurance Code; and 6) To provide comprehensive, full disclosure of the Financial Position of the MBA to its members and regulators.
6 Section 408 states that: The constitution or bylaws of a mutual benefit association must distinctly state the purpose for which dues and/or assessments are made and collected and the portion thereof which may be used for expenses.
7 Section 408 states that: MUTUAL BENEFIT FUND OPTIONAL BENEFIT FUND death benefits & other relief funds shall be created & used exclusively for paying benefits due the members under their respective membership certificates. GENERAL FUND shall likewise be created & used for expenses of administration of the association.
8 FUND ACCOUNTING 1. Fund Accounting is a self-balancing set of accounts, segregated for specific purpose in accordance with laws and regulations or special restrictions and limitations. 2. Emphasizing accountability rather than profitability. 3. Purpose: Manage Receipt Monitor Restrictions
9 Fund Accounting To apply fund accounting MBA should: 1. Establish separate bank account per Fund.
10 Fund Accounting To apply fund accounting MBA should: 2. Create separate books of account per fund. GENERAL FUND 1. Cash Receipt Book 2. Cash Disbursement Book 3. Journal Voucher Book 4. General Ledger MUTUAL BENEFIT FUND 1. Cash Receipt Book 2. Cash Disbursement Book 3. Journal Voucher Book 4. General Ledger OPTIONAL BENEFIT FUND 1. Cash Receipt Book 2. Cash Disbursement Book 3. Journal Voucher Book 4. General Ledger
11 HOW KMBA APPLIED THE NEW STANDARD CHART OF ACCOUNTS & FUND ACCOUNTING?
12 KMBA APPLICATION- NEW SCA 1. Input new account title into the system.
13 KMBA APPLICATION- NEW SCA 2. Identification of all accounts to be transferred / adjusted into new standard chart of account.
14 KMBA APPLICATION- NEW SCA 3.Reclassification of accounts.
15 KMBA APPLICATION FUND ACCOUNTING 1. Established bank account per Fund GENERAL FUND MUTUAL BENEFIT FUND OPTIONAL BENEFIT FUND Note: Purpose of several account in one bank for easy fund transfer
16 KMBA APPLICATION FUND ACCOUNTING 2. From 2014 consolidated books, KMBA Identified and transferred accounts according to its fund classification.
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18 KMBA APPLICATION FUND ACCOUNTING 3. Any difference between funds will be debited/ credited to Due to/from other funds (Gen Fund, MBF & OF).
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20 KMBA APPLICATION FUND ACCOUNTING 4. Adjustment of beginning balances to setup separate books per fund. 5. Segregation of Jan July 2015 Mutual Benefit Fund, Optional Fund and General Fund transactions from consolidated books.
21 KMBA SEGREGATION OF CONSOLIDATED BOOKS 1. Segregates MBF transactions, General Fund transactions and Optional Fund transactions from consolidated CDB, CRB and JV. Note: Cash Transaction If it is disbursed or deposited from General Fund Bank Account, the transactions should be included in General Fund Book even it is MBF transaction. This is to avoid complications in Bank Reconciliation. But adjusting entry should be made to transfer the transactions to appropriate book.
22 KMBA SEGREGATION OF CONSOLIDATED BOOKS 2. Segregates Gen. Ledger according to segregations made from CDB, CRB and JV. 3. Balance/Tally the total amount of GL per fund to the total amount of CDB,CRB and JV per fund. 4. Creates Trial Balance per fund. 5. Prepares adjusting entry if any.
23 KMBA APPLICATION FUND ACCOUNTING 6. August Starts recording of transactions according to fund classification.
24 .
25
26 .
27 KMBA APPLICATION FUND ACCOUNTING Coordination with MIS for the system. Seek Auditor s & other MBA partner s Advise & Tips OJT manpower
28 SOME CONCERNS 1. Adjustment to new account title. 2. One transaction required multiple entry. 3. Manual segregation of transaction s entry from Jan-July (CDB, JV, CRB GL & Trial Bal.). It was recorded in a consolidated book.
29 SOME CONCERNS 4. Due to no license MIS, KMBA maintains 3 sets of manual books (CRB, CDB, JV & GL) 1 for Gen Fund, 1 for Mutual Benefit Fund and 1 for Optional fund.
30 THE POSITIVE SIDE OF NEW SCA 1. With standard chart of accounts, MBAs are guided what account title to be used that is applicable to MBA s transactions 2. Uniform account title. Consistent with new Annual Statement format. 3. Easy monitoring of funds restrictions. 4. Clear picture of Financial Position and Comprehensive Income per fund.
31 DURING TRANSITION BEFORE SCA DURING APPLICATION
32 ...The only impossible journey is the one you never begin...
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