Manila BulletinBy Myrna M. VelascoPublished: March 30, 2013
PSALM president Emmanuel R. Ledesma Jr. said the accounting system shift was decided “after a number of consultations and deliberations on the project.”
While still reeling hard from industry-perceived jumbled entries at its financial books, the Power Sector Assets and Liabilities Management Corporation (PSALM) has manifested that it is now migrating into a streamlined accounting system, primarily for its business transactions with the Bureau of Internal Revenue.
Being one of the country’s largest taxpayers, PSALM noted that it has adopted the New General Accounting System (NewGAS), a computerized accounting system intended to lessen complications on its business transaction records.
The company, in a press statement, has emphasized that such streamlined accounting system was arrived at via the collaborative effort pursued by its concerned bureaus (i.e. information systems and technology, budget and property monitoring) with the BIR.
Following such process, he noted that the BIR gave its nod last month for the company “to adopt and implement the NewGAS to ensure a smoother interface with the government’s chief collection agent.”
The company so far claimed that “the collaboration became smoother because PSALM has been transparent in its transactions with the BIR even before its compliance with the new system.” The average tax remittances of PSALM to the BIR were estimated at P5.0 million monthly.
Of course, such claim of transparency is the entire power industry’s similar rallying cry as they all became collateral damage to the “unexplained financial mess” at PSALM. This is especially relevant at this time when all Filipino consumers were made to burden the costs arising from the company’s humungous stranded liabilities.
PSALM emphasized that with the computerization of its systems, it was able to save “time, energy and money in responding to and preparing the reportorial requirements of the BIR and, eventually, the reportorial requirements of other oversight agencies.”
It explained that “the NewGAS simplifies PSALM’s data management,” mainly on the aspects of inputting, storage and distribution.
The systems integration, it was noted, had been proposed for adoption by PSALM as early as 2009. Prior to this, the company made use of the NewGAS platform instituted by its precursor firm – the National Power Corporation. source
Being one of the country’s largest taxpayers, PSALM noted that it has adopted the New General Accounting System (NewGAS), a computerized accounting system intended to lessen complications on its business transaction records.
The company, in a press statement, has emphasized that such streamlined accounting system was arrived at via the collaborative effort pursued by its concerned bureaus (i.e. information systems and technology, budget and property monitoring) with the BIR.
Following such process, he noted that the BIR gave its nod last month for the company “to adopt and implement the NewGAS to ensure a smoother interface with the government’s chief collection agent.”
The company so far claimed that “the collaboration became smoother because PSALM has been transparent in its transactions with the BIR even before its compliance with the new system.” The average tax remittances of PSALM to the BIR were estimated at P5.0 million monthly.
Of course, such claim of transparency is the entire power industry’s similar rallying cry as they all became collateral damage to the “unexplained financial mess” at PSALM. This is especially relevant at this time when all Filipino consumers were made to burden the costs arising from the company’s humungous stranded liabilities.
PSALM emphasized that with the computerization of its systems, it was able to save “time, energy and money in responding to and preparing the reportorial requirements of the BIR and, eventually, the reportorial requirements of other oversight agencies.”
It explained that “the NewGAS simplifies PSALM’s data management,” mainly on the aspects of inputting, storage and distribution.
The systems integration, it was noted, had been proposed for adoption by PSALM as early as 2009. Prior to this, the company made use of the NewGAS platform instituted by its precursor firm – the National Power Corporation. source
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