QuestionsQuestions (COA CIRCULAR NO. 2008-001)
It prescribes a revised Philippine Government Chart of Accounts (PCGA) to meet the information needs of government agencies under the New Government Accounting System (NGAS).
It superseded COA Circular Nos. 2003-001, 2004-002, and 2004-008 dated June 17, 2003, April 29, 2004, and September 20, 2004, respectively.
National Government Agencies (NGAs), Local Government Units (LGUs), and Government Owned and/or Controlled Corporations (GOCCs), except government banks, GSIS, and SSS.
Government banks, the Government Service Insurance System (GSIS), and the Social Security System (SSS).
The account codes, account titles, and account descriptions of the Revised Philippine Government Chart of Accounts (PCGA).
Asset accounts are grouped under account codes 100–399.
They are contra accounts for assets, and in the circular they use account codes 301–362.
Liabilities are grouped under account codes 400–469.
Liability Contra-Accounts are grouped under account codes 461–462.
Equity accounts are grouped under account codes 470–499.
Income accounts are grouped under account codes 500–699.
Tax Revenue uses codes 501–539 (Internal Revenue Allotment uses code 541; Fees, Permits and License Income uses 551–569; Business and Service Income uses 571–619; Subsidy Income uses 631–639; Other Income uses 641–659).
Expenses are grouped under 700–997, while Intermediate Accounts are 998–999.
All account balances shall be reclassified to the appropriate accounts in the revised PCGA.
Accounts other than those provided in the PGCA may be used only upon prior approval of the Commission (COA).
It takes effect fifteen (15) days after publication in two newspapers of general circulation.
Financial Expenses are within the Expenses group and the circular indicates the code range as 751–989 (noting that it appears under the Expenses breakdown).