The purpose of this policy is to outline the rules and regulations of the company pertaining to budget requests for departmental transactions or activities.


TABLE OF CONTENTS

Roles and Responsibilities
  1. Requestor
    1. Can create petty cash or payment requests
    2. Must turn-over all receipts and proof of payments to the following:
      - Petty Cash: Petty Cash Custodian
      - Payment Request: Accounting Receivables
  2. Approver
    1. Approves all petty cash and payment requests of the department
  3. Petty Cash Custodian
    1. Validates petty cash requests
    2. Releases all petty cash funds to the requestor
    3. Receives receipts and proof of payment used by the requestor
  4. Accounting Payables
    1. Validates payment requests
    2. Receives receipts and proof of payment used by the requestor
  5. Treasury
    1. Releases all payment request funds to the requestor

Policy
  1. The Payment Request System will be used for all payment requests starting January 2022.
  2. Employees may create payment requests through the link: https://www.dprs.digitstrading.ph
  3. Manual payment requests will no longer be accepted. 
  4. Each department will share an requesting account, while approvers will have their own individual accounts.
  5. There are two types of request transactions:
    1. Petty Cash Request
      - To be used for amounts that are worth P1,000.00 or less.
      - To be used for emergency situations and transactions that must be paid asap
      - May only be paid out in peso
      - Request may take up to 24 working hours before the release of funds
      - To be liquidated through cash
    2. Payment Request
      - To be used for amounts greater than P1,000.00 in value
      - To be used for planned purchases
      - May use different types of currency other than peso
      - Request may take up to 3 to 5 working days before the release of funds
      - Will not be liquidated through cash
      - Must have a price quotation ready
  6. Requests must be approved by the department head before it will be processed by accounting for reimbursement. 
  7. For credit card charges and subscriptions, kindly contact the Accounting Manager separately after approval.
  8. Employees are bound to declare all amounts honestly. Any discrepancy or kickbacks discovered may lead to negative consequences.
  9. All Receipts and Proof of Payments must physically sent to the following:
    - Petty Cash: Petty Cash Custodian
    - Payment Request: Accounting Payables
  10. All Receipts and Proof of Payments must be sent 5 days from receiving the funds. Failure to do so will nullify the payment request and the requestor must return the amount the proper channels within 15 days. Failure to return the funds within this 15-day period will prompt Audit to conduct an investigation and the amount will be charged as ATD.
  11. Unused amounts must be returned to the following after use:
    - Petty Cash: Petty Cash Custodian
    - Payment Request: Accounting Receivables
  12. Resigning employees that have pending transactions in the Payment Request System will not be cleared until they settle their obligations

Process Flow 


Definition of Terms

  1. TPRS - Payment Request System
  2. PRF - Payment Request Form
  3. PCF - Petty Cash Request Form
  4. CAF - Cash Advan