Question & AnswerQ&A (COA CIRCULAR NO. 2008-001)
The Revised PGCA supersedes COA Circular Nos. 2003-001, 2004-002, and 2004-008 dated June 17, 2003, April 29, 2004, and September 20, 2004, respectively.
The Revised PGCA shall be used by National Government Agencies, Local Government Units (LGUs), and Government Owned and/or Controlled Corporations (GOCCs) except government banks, the Government Service Insurance System, and the Social Security System.
Government banks, the Government Service Insurance System (GSIS), and the Social Security System (SSS) are exempt from using the Revised PGCA.
The main account groupings and their codes are: Assets (100-399), Asset Contra-Accounts (301-362), Liabilities (400-69), Liability Contra Accounts (461-462), Equity (470-499), Income (500-699), Income Contra Accounts (661-667), Expenses (700-997), and Intermediate Accounts (998-999).
Under Income (500-699), the categories include Tax Revenue (501-539), Internal Revenue Allotment (541), Fees, Permits and License Income (551-569), Business and Service Income (571-619), Gains (621-629), Subsidy Income (631-639), and Other Income (641-659).
All account balances must be reclassified to the appropriate accounts in the Revised PGCA.
No, accounts other than those provided in the PGCA can only be used upon prior approval of the Commission on Audit (COA).
The Circular took effect fifteen (15) days after its publication in two newspapers of general circulation.
The Circular was signed and adopted by Guillermo N. Carague, who was the Chairman of the Commission on Audit at that time.