ASDP Basket Fund - Ministry Of Agriculture, Food and Cooperatives

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3 Accounting policies and systems3.5 Accounting policies adopted by LGAsAccounting policies and procedures used by councils in preparing financialstatements comply with the requirements of the Local Government Finance Act, theLocal Authority Financial Memorandum, the Local Authorities Accounts Manual, andregulations and circulars derived there from and consistent with NBAA accountingstandards.Every council’s accounting period commences on 1st July and ends on 30th June.The annual accounts, which cover a period of twelve months, are prepared using adouble entry system, on an accrual basis. This basis requires that all revenues andcosts are matched with the period in which they are earned or incurred, irrespectiveof whether they have been paid or not, subject to the operation of the prudenceprinciple. This is in compliance with the Local Authority Financial Memorandum,Section 57 (iii). The observance of the accruals concept implies that the cash accountmust be adjusted for stock, works in progress, debtors, prepayments, creditors,receipts in advance and capital expenditure and receipts.3.6 Books of accounts maintained by LGAsFor purposes of the ASDP, LGAs are required to maintain the following main booksof accounts:• Control cash book• Subsidiary ledger for each account• General ledger, summarising the entries in subsidiary ledgers.In addition to the above books of accounts, the following should also be maintained:• Debtors’ and creditors’ personal accounts specifying particulars of itemssupplied and providing reference to transaction documents• Control accounts for each class of debtor or creditor• Stores account which is debited with purchases and credited with issues• Fixed asset register showing all the authority’s capital assets and the waysthey have been financed.Government of the United Republic of Tanzania18
3 Accounting policies and systems3.7 Use of IFMSAccounting Circular No. 1 of 1999/2000 requires all GoT transactions to beprocessed on the Integrated Financial Management System (IFMS). It is in thiscontext that the ASDP uses the following IFMS modules: Budget Input – ActivePlanner; Exchequer Releases and Warrant Issue; Asset Management;Procurement/Commitment and Expenditure Control; Payment of Creditors/BankReconciliation; Development Expenditure Accounting; General Ledger; andManagement and Financial Reporting.IFMS is operational in all GoT ministries, departments and agencies and in about onethird of LGAs and a further 47 councils are lined up for an immediate installation.Since the MoF is in the process of harmonising accounts codes of LGAs to be in linewith central ministries, appropriate codes shall be set out and used by councils thathave implemented the IFMS. For councils where a manual system is in operation thecouncils will still be able to use the same accounts codes.3.8 Coding of documentsThis sub-section briefly describes the accounts structure and codes to recordtransactions and generate reports.The Commissioner for Budgets circulates a list of account codes to all ASLMs andLGAs. All staff authorising and issuing accounting records (input forms) must ensurethat the correct code is entered against each transaction. In general, the mainresponsibility for coding falls upon whoever originates a document.3.9 Chart of accountsThe ASDP uses the GoT’s chart of accounts, an organised list of all Government’sGeneral Ledger Accounts that:• Reflects financial responsibility and accountability• Enables sectoral, geographical and economic analysis of budgets• Introduces cost centre budgeting and accounting and providesmanagement of ASDP at decentralised level• Provides a basis for financial data collection, classification, recording andsummarising accounting information for statutory reportingGovernment of the United Republic of Tanzania19
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Annex A - Terms of Reference for AS
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Form: Page 1of 2ASDP/01Government o
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ASDP/06The United Republic of Tanza
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TO: Accounting Officer / Warrant Ho
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Page 1 of 2Part OneASDP/15The Unite
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ASDP Basket Fund - Ministry Of Agriculture, Food and Cooperatives

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