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Appendix 77 - Instructions - CIPLC

The Construction in Progress Ledger Card (CIPLC) provides instructions for recording and maintaining construction project costs and details. The CIPLC should be kept for each project by fund cluster and include information like the project name, contract period, general and subsidiary ledger codes, contractor details, project costs, transaction dates and references, cost categories, and monthly totals. Transactions should be promptly posted from source documents and the subsidiary ledger reconciled with the controlling account each month.

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655 views1 page

Appendix 77 - Instructions - CIPLC

The Construction in Progress Ledger Card (CIPLC) provides instructions for recording and maintaining construction project costs and details. The CIPLC should be kept for each project by fund cluster and include information like the project name, contract period, general and subsidiary ledger codes, contractor details, project costs, transaction dates and references, cost categories, and monthly totals. Transactions should be promptly posted from source documents and the subsidiary ledger reconciled with the controlling account each month.

Uploaded by

Payie Perez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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CONSTRUCTION IN PROGRESS LEDGER CARD

(CIPLC)
INSTRUCTIONS
A.

The CIPLC shall be kept in the Accounting Division/Unit for each project. The Accounting
Staff in charge in maintaining the CIPLC shall record promptly the construction costs and
other information about the asset constructed. It shall be maintained per fund cluster.

B.

This ledger shall be accomplished as follows:


1. Entity Name name of the agency/entity
2. Fund Cluster the fund cluster name/code in accordance with the UACS
3. Construction in Progress specific type of the asset constructed per the Revised Chart
of Accounts
4. Name of Project complete name of the project
5. Contract Period period with which the project will be completed (start to
completion)
6. GL Account Code General Ledger Account Code as used in the journals
7. SL Account Code Subsidiary Ledger Account Code
8. Contractor/Address name, TIN and the address of the contractor
9. Project Cost total cost of the project/contract
10. Date date of the source documents
11. Reference the reference document such as JEV, DV, etc.
12. Particulars information or details pertaining to the transaction
13. Costs (Direct Materials, Direct Labor, Overhead, Consultancy, etc.) costs being
debited to the account
14. Total total cost of the project as of a specific date

B. At the end of each month, the subsidiary ledger balance shall be reconciled with the
corresponding controlling account.
C. Transactions shall be posted promptly based from the source documents.

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