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. 190

Appendix 77 - Instructions - CIPLC

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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/entity2. Fund Cluster – the fund cluster name/code in accordance with the UACS3. Construction in Progress – specific type of the asset constructed per the Revised Chart

of Accounts4. 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 contractor9. Project Cost – total cost of the project/contract10. Date – date of the source documents 11. Reference – the reference document such as JEV, DV, etc.12. Particulars – information or details pertaining to the transaction13. Costs (Direct Materials, Direct Labor, Overhead, Consultancy, etc.)– costs being

debited to the account14. 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.

190