Subject: Other
A budget sheet is a budgetary account to be prepared by operating level government offices. It has three parts which are described below:
The budget sheet is closed monthly as well as annually. It is closed to report about the budget release and expenditure till the date.
Ledger Accounts
A ledger is a book that records similar nature of transactions in one place to find out the total result of related transactions. It is an account that maintains separate records of each item other than budgetary accounts. The following types of accounts are required to maintain by operating level offices of the Nepalese government:
Explain in short about annual appropriation part.
Annual appropriation partis the first part of a budget sheet which is placed at the top of the sheet. It shows the total amount allocated under different budget heads & subheads which are approved for the fiscal year. This part is filled up with the help of approval letter provided by the central level office. It determines the maximum limit of the budget to be sent by the operating level offices. It shows the inter-heads transfer of budget. Journal voucher is not necessary to fill this part.
Explain in short about budget release part.
Budget releaseis the second part of the budget sheet which lies just below the annual budget appropriation. It is made out of annual appropriation. It shows the total amount of budget release received from the central level office. It shows the amount of budget release in each head & subheads of budget expenditures. It is prepared on the basis of journal voucher.
Explain in short about budget expenditure part.
Budget expenditure partis the third part of the budget sheet. It shows the budget expenditures made by offices under different budget heads & subheads. The transactions, which do not affect the budget heads, are not required to post in this section. It also keeps the record of advance given & cleared transactions. The petty cash expenses are recorded at the time of reimbursement. It is prepared on the basis of journal voucher.
What is annual appropriation part?
Annual appropriation part is the first part of a budget sheet which shows the total amount allocated under different budget heads & subheads which are approved for the fiscal year.
What is budget release part?
Budget release partis the second part of the budget sheet which shows the total amount of budget release received from the central level office.
What is budget expenditure part?
Budget expenditure partis the third part of the budget sheet which shows the budget expenditures made by offices under different budget heads & subheads.
What is monthly closing of budget sheet?
The process of obtaining the total budget release and expenditures up to the month is called monthly closing of budget sheet.
What is yearly closing of budget sheet?
The budget sheet is closed at the end of each fiscal year, which is known as yearly closing of budget sheet.
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