Panchayat:Repo18/Law Manual Page0915
(ad) “Liability" means an amount owing by the Panchayat to a person or another body, payable in money, or in goods or services;
(ae) "National Municipal Accounts Manual" means the Accounting Manual issued by the Ministry of Urban Development, Government of India, as modified from time to time;
(af) “Panchayat” means a Village Panchayat, Block Panchayat or a District Panchayat;
(ag) "Panchayat Fund" means the Fund maintained by the Panchayats as referred to in Section 212 of Kerala Panchayat Raj Act, 1994;
(ah)) “Payments” means amounts actually paid and accounted during the year;
(ai) "Permanent Advance/Imprest" means an advance, granted to the Secretary for incurring expenditure of urgent nature involving payments of small amounts, subject to the provisions of the Kerala Financial Code.
(aj)“President" means the President of a Village Panchayat, Block Panchayat or District Panchayat, as the case may be.
(ak) “Receipts” means the amount actually received and accounted during the year;
(al) "Receipts and Payments Statement” means a Financial Statement prepared for an accounting period to depict the changes in the financial position and to present the cash received in and paid out in whatever form (Cash, Cheques, etc.);
(am) "Secretary" means the Secretary of the Panchayat appointed under Section 179 of Kerala Panchayat Raj Act, 1994;
(an) “Sub-ledger” means a group of subsidiary accounts, the sum of the balances of which is equal to the balance of control accounts created in the general ledger;
(ao) “Transferred Officer” means any officer or employee transferred to the Panchayat under sub section (2) of section 176 or section 181 of the Act.
(ap) “Vice President" means the Vice President of a Village Panchayat, Block Panchayat or District Panchayat, as the case may be;
(aq) "Voucher" means a document which serves as an authorisation for any financial transaction. Receipt Voucher, Payment Voucher, Journal Voucher and Contra Voucher shall be the vouchers.;
(ad) “Year” means the financial year;
(2) Words and expressions used but not defined in these rules but defined in the Kerala Panchayat Raj Act, 1994 (Act 13 of 1994) shall have the same meaning assigned to them in the Act
3. Accounting System. (1) The Panchayats shall maintain their books of accounts on accrual basis under the double entry system of book-keeping.
(2) The Panchayats shall follow the Accounting Policies prescribed in the Kerala Panchayat Raj Accounts Manual for accounting transactions, maintaining Books of Accounts and preparing Financial Statements.
(3) Separate Books of Accounts shall be maintained for each year.