Remittance of Internal Revenue Collections of Revenue Collection Officers (RCOs)/Special Collecting Officers (SCOs)/Collection Officers (COs)

April 27, 2015 OPERATIONS MEMORANDUM NO. 2015-05-01 FOR : All Regional Directors All Revenue District Officers All Chiefs, RDO Collection Section All Revenue Collection Officers All Others Concerned SUBJECT : Remittance of Internal Revenue Collections of Revenue Collection Officers (RCOs)/Special Collecting Officers (SCOs)/Collection Officers (COs) Revenue Memorandum Order No. 21-2014 dated June 2, 2014 prescribed policies, guidelines and procedures on the frequency of deposits of internal revenue tax collections by RCOs/SCOs/other COs to Authorized Government Depository Banks (AGDBs). cSEDTC Relative thereto, and in order to immediately monitor/track the deposits of internal revenue collections of RCOs/SCOs/COs, all concerned collecting officers are hereby advised to prepare separate deposit slips on the following cases: 1. If the collections to be deposited cover two or more collection dates. Illustrative Example: Collection Amount of Deposit Name AGDB Date Amount Mode of Date Collection Slip No. of Branch Deposited Deposited Payment (Reference AGDB No. from AGDB Machine Validation) 1/5/2015 10,000.00 LBP La Trinidad 1/9/2015 10,000.00 Cash 1/7/2015 25,000.00 LBP La Trinidad 1/9/2015 25,000.00 Cash 1/9/2015 1,000.00 LBP La Trinidad 1/9/2015 1,000.00 Cash 1/13/2015 50,000.00 LBP La Trinidad 1/12/2015 30,000.00 Cash 1/16/2015 88,000.00 LBP La Trinidad 1/16/2015 30,000.00 Cash Total 96,000.00 ======== The RCOs/SCOs/COs should not prepare single deposit slip for P96,000.00 for the tax collections. Five (5) separate deposit slips for each collection date must be prepared for presentation to the AGDB for deposit/remittance. 2. If the daily collections to be deposited in one day cover two or more modes of payments: Illustrative Example: Collection Amount of Deposit Name AGDB Date Amount Mode of Date Collection Slip No. of Branch Deposited Deposited Payment (Reference AGDB No. from AGDB Machine Validation) 1/13/2015 50,000.00 LBP La Trinidad 1/12/2015 30,000.00 Cash LBP La Trinidad 1/12/2015 20,000.00 Check The RCOs/SCOs/COs should not prepare single deposit slip for P50,000.00 for the tax collections. Two (2) separate deposit slips for cash and check tax collections must be prepared for presentation to the AGDB for deposit/remittance. 3. If the collections to be deposited covers two or more municipalities. Illustrative Example: Municipality: La Trinidad Collection Amount of Deposit Name AGDB Date Amount Mode of Date Collection Slip No. of Branch Deposited Deposited Payment (Reference AGDB No. from AGDB Machine Validation) 1/5/2015 10,000.00 LBP La Trinidad 1/9/2015 10,000.00 Cash 1/7/2015 25,000.00 LBP La Trinidad 1/9/2015 25,000.00 Cash 1/9/2015 1,000.00 LBP La Trinidad 1/9/2015 1,000.00 Cash 1/13/2015 50,000.00 LBP La Trinidad 1/12/2015 30,000.00 Cash 1/16/2015 88,000.00 LBP La Trinidad 1/16/2015 30,000.00 Cash Total 96,000.00 ======== Municipality: Kapangan Collection Amount of Deposit Name AGDB Date Amount Mode of Date Collection Slip No. of Branch Deposited Deposited Payment (Reference AGDB No. from AGDB Machine Validation 1/6/2015 18,000.00 LBP La Trinidad 1/9/2015 18,000.00 Cash 1/8/2015 23,450.00 LBP La Trinidad 1/9/2015 23,450.00 Cash 1/14/2015 6,500.00 LBP La Trinidad 1/19/2015 6,500.00 Cash 1/15/2015 5,000.00 LBP La Trinidad 1/19/2015 5,000.00 Cash 1/20/2015 99,500.00 LBP La Trinidad 1/23/2015 99,500.00 Cash Total 152,450.00 ======== The RCOs/SCOs/COs should not prepare single deposit slip for the municipalities of La Trinidad and Kapangan tax collections. Five (5) separate deposit slips for each collection date for La Trinidad and Kapangan must be prepared for presentation to the AGDB for deposit/remittance. Furthermore, please be reminded on the following other policies and guidelines in depositing/remitting tax collections: 1. All deposited collections by the concerned collection officer to the AGDB shall be encoded in the Collection Officer Receipting Device (CORD) or MRCOS Web application system using Desktop PC through the "Update Collection as Deposited" facility immediately after each and every deposit has been made to the AGDB. SDAaTC 2. The amount indicated in the List of Collections should match with the amount to be deposited following the above illustrations for immediate reconciliation of report of collections and deposits made to AGDB. 3. For manually received collections that are not yet encoded in the MRCOS, the collection officer shall batch the manually received collections per collection date and these should be remitted using separate deposits slips for each collection date following the illustrations above. The details of manually received collections shall be encoded in the "Manual Revenue Official Receipt" field in the MRCOS CORD or Desktop PC and generate the corresponding List of Collections per collection date. 4. Unremitted collections prior to implementation of MRCOS should be remitted using separate deposits slips for each collection date. For your guidance and strict compliance. (SGD.) NELSON M. ASPE Deputy Commissioner Operations Group