VPRS 11341 Agent General: Service Account Remittances and Collections

Full description

This series documents credits and debits to and from the Agent-Generals Service Account.

Agent-Generals Accounting System

The London transactions were handled in the office of the Agent-General for Victoria. The transactions consisted in the main of payment of interest on the States overseas debt, payments in respect of materials indented by the State and the expenses of the Agent-Generals office.

Procedure

A banking account was opened in London and was provided with funds from the Treasurers account. These funds were remitted regularly on the basis of known commitments for interest due and an estimated amount to cover other expenditure.

The authority of the Agent-General to make payments from the bank account in London was contained in advice signed by the Treasurer and known as Treasury Credits. A general credit was issued each half year authorising expenditure during the ensuing six months on certain classified items, each with a prescribed limit based on the estimated requirements of departments. Specific Treasury credits were issued as required to cover charges not allowed for in the general credit. The Agent-General was required to keep a record of the payments against each Treasury Credit.

Each month the Agent-General prepared a statement of the receipts and payments on the Government Account and submitted it, together with the supporting vouchers and a copy of the bank pass book, to a public accountant in London for audit.

On completion of the audit in London the statement and vouchers were sent to the Treasury where they were examined and the receipts and payments dissected in accordance with the Treasury funds and heads of account to which they were applicable. The Treasury then debited or credited the appropriate funds by transfer to the London Remittance Account. The vouchers and statements were then forwarded to the Auditor-General.
[From Manual of Government Accounting in New South Wales c1963]