The UP Junior Philippine Institute of Accountants (JPIA) in partnership with the UP ISSI held a free accounting workshop for MSMEs on October 6, 2018 at UP ISSI. “Kwentahan Tayo: Pinadaling Accounting Para Sa’yong Negosyo,” is a seminar-workshop on basic accounting theory, bookkeeping, and internal control targeted for non-accountant audiences, including small business owners, such as sari-sari store owners, and aspiring business owners.
The UP JPIA, a student organization based in the Cesar Virata School of Business (VSB), and UP ISSI share the common objective of helping MSMEs through programs that aim to educate and develop their entrepreneurial and financial skills. Interestingly, Enrique Virata (whom UP ISSI Building is named after) is the father of Cesar Virata (whom VSB is named after).
Ms. Glennis Uyanguren of UP ISSI’s Training and Entrepreneurship Education Division (TEED) welcomed the participants with her opening remarks.
The two-part workshop was initiated by Ms. Eirene Tinitigan, with the topic “Accounting and Internal Control for Micro and Small Enterprises.” Ms. Tinitigan discussed the following: internal control; cash management; cash budget; sales to cash reconciliation, sales to inventory reconciliation; cash fraud; financial analysis; basic accounting equations; basic financial statements; sales analysis; operating expenses; and, segregation of duties. The second part of the workshop, presented by the UP JPIA team, revolved around the “Basic Accounting Process.” They presented the simplified flowchart on how to register a business with the Bureau of Internal Revenue (BIR). They familiarized the audience with accounting process, and discussed the five types of book of accounts: General Journal; Cash Receipt Journal; Cash Disbursement Journal; Sales Journal; and, Purchase Journal. The classification of accounts has different purposes and meanings according to JPIA. These covers the profit/loss, equity, and balance sheet according to its category: Asset Accounts, Liability Accounts, Equity Accounts, Profit and Loss Accounts.
The participants were also given a problem scenario to experience hands-on process of logging in the general journal and, more importantly, what decision to make based on the accounting principles.
With this activity, UP JPIA and UP ISSI were able to promulgate its shared advocacy of financial literacy and self-sufficiency for MSME.
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