Question & AnswerQ&A (PSO CIRCULAR NO. 92-34)
The remittance procedures became effective July 1, 1992.
All money order collections must be deposited with the Land Bank of the Philippines.
The deposit slip of the Land Bank must be used instead of the Remittance Advice.
Five copies must be prepared: Original for Land Bank, Duplicate for Postmaster's file, Triplicate for Chief Accountant (Postal Regional Office), Quadruplicate for City or Provincial Auditor, and Quintuplicate for Chief Postal Service Officer (District Postal Inspector).
The words 'Money Order Fund' must be indicated on the deposit slip.
An official receipt will be issued for the deposit if the Land Bank field office has no validating machine.
A Statement of Deposits must be prepared in five copies to support the deposit slip.
They must submit a Monthly Report of Collections and Payments to their Regional Director not later than the tenth day after the end of every month.
The Chief Accountant of every Postal Region submits the Weekly Report of Deposits immediately after the 7th, 15th, 22nd, and end of every month by express mail to the Chief Accountant, Central Office.
All Regional Chief Accountants must submit a Reconciliation Statement of Deposits to ensure the total deposits per bank statements and reports of postmasters reconcile; it is submitted not later than the 25th day after the end of every month.
Prompt remittance is important because deposits in Land Bank earn interest income for the Postal Services Office, reducing excess cash risks such as losses due to robbery or fire.
The Chief Postal Service Officer may be held administratively liable if found negligent in supervising an accountable officer who incurs shortages.
No, general fund collections may also be deposited with Land Bank but must be accompanied by a Remittance Advice prepared in the usual manner and deposited to the account of the National Treasury until further notice.
There shall be daily remittance of collections in these locations to minimize risks.
Regional Directors shall review postmasters' cash reserves, arrange with Land Bank for deposit collection when possible, and distribute deposit slip forms to postmasters.