Adoption of the Updated Manual of Accounts and Revised Report Requirements

MEMORANDUM Series of 2000

TO:  ALL RURAL/COOPERATIVE BANKS

Subject  :     Adoption of  the Updated Manual of Accounts and Revised Report Requirements

It was noted that despite our invitation to the series of free one-day seminars on the “Updated Manual of Accounts” and “Revised Reportorial Requirements”, schedules of which were circularized in Circular-Letters dated July 26, 2000 and May 31, 2000, there are still about 133 rural/cooperative banks that failed to attend.  Considering the directives to adopt the new reporting format and the deadline for submission of the September 30, 2000 reports on or before October 21, 2000 as approved per Monetary Board Resolution No. 562 dated April 7, 2000 (covered by Circular 249 dated June 26, 2000), we are holding all rural/cooperative banks responsible for ensuring that these reports are submitted on time.

To complement the hands-on instructions given jointly by the Department of Rural Banks and the Supervisory Reports and Studies Office during the seminars, written instructions (Appendices “A”, “B” and “C”) for specific reports and pro-forma report for Summary of Loans Granted (Appendix “D”) are made part of this memorandum.  Diskettes containing the report formats have been distributed to banks’ representatives during the seminar.  Users are, therefore, urged to strictly follow the implementing instructions before proceeding.  No modification/alteration should be done in the formats although resizing may be allowed to fit pages for hard copy reporting.

In view of the Bangko Sentral’s thrust to shift banks’ reporting to the General Ledger/Subsidiary Ledger (GL/SL) system, rural/cooperative banks are also urged not to cause any major change in their existing application systems until a meeting (to be coursed through the RBAP/Federations) with their in-house programmers or software developers can be arranged (tentatively set on November 29, 2000).  Submission of the formatted reports is transitory until the GL/SL system is in place.

ALBERTO V. REYES Deputy Governor