RMO No. 15-2025: Policies and Procedures on Recording of Collections, Tax Receivables and Acquired Assets in Compliance with Reportorial Requirements of the Commission on Audit – Governing Accounting Standards

Key points

1. Submissions to COA. Monthly, quarterly and annual consolidated Trial Balances, financial statements and supporting schedules of the National Government Collection Books go to COA on the tenth (10th) day from the end of each month and quarter. Annual submissions are due on or before January 31 for Revenue Regions and February 14 for the National Office of the following year.
2. Interim and year-end deadlines. A monthly interim trial balance is generated through eNGAS every 15th day of the month. Year-end pre-closing and post-closing reports are due on or before March 25 of the following year from Regional Office Collection Books to RAD, and March 31 for consolidated books to COA. Data received after March 31 is recorded in the current year as prior year adjustments.
3. Transfers between books. Recognition, derecognition, transfer in and transfer out of collection between books must be supported by signed and approved Journal Entry Vouchers from the receiving books within two (2) days from receipt.
4. SARO constructive receipt. Constructive receipt of tax revenue from SARO in the NGCB is debited to the account Cash-Tax Remittance Advice (CTRA) instead of the CTADR account.
5. Tax receivable disclosures. The quarterly Notes to FS disclose policies, movement, aging and level of collectability of Tax Receivables per IPSAS 19. Quarterly reports are due on the 6th, 8th and 10th day after quarter end, depending on the report.
6. Acquired assets. The policies in RMO No. 30-2021 apply to recording Acquired Assets. Notes to FS disclose policies, fair value, area, aging and unrecognized acquired assets.

Who is affected

• Regional Finance Divisions
• Revenue Accounting Division
• Regional Collection Divisions and Large Taxpayer Offices

Deadlines and effectivity

• COA submissions: 10th day after each month and quarter end
• Annual: January 31 (Revenue Regions), February 14 (National Office)
• Year-end books: March 25 (to RAD), March 31 (to COA)
• Issued March 21, 2025