H4BF Cooperative (a sustainability activity of the organization) BOD and member farmers recently benefited from the restitution of training on Cooperative Record Keeping and Financial management.
This restitution was intended to ensure efficient financial management of cooperatives, enlighten the concept of cooperatives and the financial management in cooperatives, for the farmers to understand and uphold the concepts of cooperative bookkeeping, and also to procure and elucidate the necessity of various reports in cooperative accounting.
A Cooperative known to be a business association, created and controlled by its members for their mutual benefit with a primary concern being the creation of wealth, it was imperative to widen reasoning on bookkeeping, financial management, and auditing. Cooperative bookkeeping necessitates the tracking of financial transactions into the cooperative books also known as money-in and money-out.
The participants are expected to gain tremendous information on the above operational cooperative actions. They will now be capable of undertaking the stock measurement, able to track records (money-in and money-out), as well as assess investments to determine profits and take fundamental decisions on farm produce depending on the profits they bring in, being aware that the only proof of transactions in cooperatives is through bookkeeping.
This training was carried out by an organization known as Rural Development Consultant Associate – Support to Agriculture Producers and Environmental Protection known by its acronym RDCA-SAPEP, chaired by Guta Banijoyo George in his capacity as Farmers Advisory Agent.
This restitution aligns with phase two of the Commodity Value Chain Development Support Project known by its French acronym PADFA II (Projet d’appui au dévéloppement des filières agricoles) to incapacitate cooperatives on Cooperative Bookkeeping and Financial Management. The training that took place this Tuesday, January 3rd at New Layout, Bambili with almost every member present, ended with the following as a plan of action:
- Purchase of a ledger.
- Establishment of a journal or day cash book.
- Establishment of an account of the various items.
- Come out with the trial balance
- Come out with a report, and
- Establishment of a balance sheet.
NB: It should be noted with clarity that H4BF Cooperative is a program of activities that engage in income generation for the sustainability of the organization in order to be able to carry out its humanitarian and developmental activities in communities.