Panchayat:Repo18/Law Manual Page0926
(a) Recording of expenditures incurred against permanent advance/imprest;
(b) Payment of pension contribution in respect of employees;
(c) Payment of pension contribution and leave salary contribution in respect of employees on deputation, wherever applicable.
(d) Compilation of details of stock utilized during the month;
(e) Closing of ledger accounts;
(f) Payment of Government dues; and
(g) Reconciliation of Accounting records with the records relating to revenue and expenditure.
(3) The following procedures shall be carried out at the end of every half year:
(a) Reconciliation of deposits, advances, receivables and incomes with Subsidiary Records and Registers;
(b) Transfer of specific grants received to grant income as well as contribution, based on its use during the period;
(c) Accrual of interest on borrowings;
(d) Recording of provision for bills remaining unpaid;
(e) Accrual of interest on advances and investment;
(f) Reconciliation of Capital Work in Progress account with Records and Registers;
(g) Closing of Ledger accounts;
(4) The following procedures shall be carried out at the end of every year
(a) Physical verification and reconciliation of Stock;
(b) Physical verification of Fixed Assets;
(c) Recording utilisation of funds by transfer to Special Funds (Utilised) account;
(d) Confirmation of all categories of advances;
(e) Recording transfer entry for creating special funds for benefit of Backward classes or similar other welfare schemes
(f) Confirmation from Government - Government agencies, Banks and Financial Institutions regarding loans outstanding repayment;
(g) Creation of provision for depreciation on various types of assets in accordance with the policies in this regard;
(h) Creation of provision for amounts receivable, in accordance with the provisioning norms in this regard;
(i) Annual closing of ledger accounts by transfer to Income and Expenditure Statements, where required.
59. Responsibility of Panchayat. (1) Every Panchayat shall follow the Chart of Accounts, Accounting and Budgeting procedures and maintain such Books of Accounts as prescribed in these rules to record all Income, Expenditure, Assets and Liabilities in respect of each fund of the Panchayat
(2) The Panchayat shall also maintain the forms and registers prescribed by the Government and up date them periodically to comply with the directions of the Government.