Guidance on accounting and settlement of revenues of Children Relief Funds in Vietnam

Guidance on accounting and settlement of revenues of Children Relief Funds in Vietnam (Internet image)

Circular 87/2008/TT-BTC regulates accounting and settlement of revenues of Children Relief Funds in Vietnam as follows:

• Children Relief Funds shall organize and conduct accounting and statistical work according to accounting and statistics laws, keep records of all agencies, organizations and individuals that make contributions or provide aid and the names and addresses of beneficiaries assisted by Children Relief Funds;

• The accounting and settlement of funding of Children Relief Funds comply with current non business and administrative accounting regimes. It is strictly forbidden to leave outside accounting records any revenue or expenditure amounts, assets, money, debts or any contributions of units, organizations or individuals.

• For aid sources: To monitor, account and settle them in strict accordance with current state regulations on reception, management and use of aid sources.

• For a number of support activities of Children Relief Funds assigned to other agencies or organizations for performance under contracts signed with Children Relief Funds, documents serving as bases for accounting and settlement will be kept at Children Relief Funds, including task performance contracts (enclosed with detailed expenditure estimates approved by Children Relief Funds), records on work handover, written records of contract liquidation, spending orders or bills and other relevant documents. Specific expenditure documents will be kept by agencies or organizations directly conducting support activities according to current regulations.

• Quarterly and annually, Children Relief Funds shall make financial reports and settle fund revenues and expenditures for report to their sponsoring Councils and Labor War Invalids and Social Affairs agencies of the same level.

More details can be found in Circular 87/2008/TT-BTC, which comes into force from November 7, 2008.

Ngoc Tai

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