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Appendix 77 - Instructions - CIPLC

The document provides instructions for maintaining a Construction in Progress Ledger Card (CIPLC). The CIPLC records construction costs and other information for assets under construction. It should be kept by the Accounting Unit for each project and maintained per fund cluster. The ledger includes fields for the entity name, fund cluster, construction in progress type, project name, contract period, general and subsidiary ledger account codes, contractor details, project cost, transaction dates and references, cost details, and running total costs. The subsidiary ledger must be reconciled with the controlling account each month.

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189 views1 page

Appendix 77 - Instructions - CIPLC

The document provides instructions for maintaining a Construction in Progress Ledger Card (CIPLC). The CIPLC records construction costs and other information for assets under construction. It should be kept by the Accounting Unit for each project and maintained per fund cluster. The ledger includes fields for the entity name, fund cluster, construction in progress type, project name, contract period, general and subsidiary ledger account codes, contractor details, project cost, transaction dates and references, cost details, and running total costs. The subsidiary ledger must be reconciled with the controlling account each month.

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dinv
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 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


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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