The UP Junior Philippine Institute of Accountants (JPIA) in partnership with the UP Institute for Small-Scale Industries held a free accounting workshop for MSMEs last October 6, 2018 at the Enrique Virata Hall or UP ISSI Building. “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, and UP ISSI share the common objective of helping micro, small and medium enterprises (MSMEs) through programs that aim to educate and develop the entrepreneurial and financial skills of these entrepreneurs. Interestingly, Enrique Virata (whom UP ISSI Building is named after) is the father of Cesar Virata (whom the college of UP JPIA 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.” Tinitigan discussed the top accounting mistakes and how to avoid them, which includes: 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 was presented by the UP JPIA team, the topic particularly revolved around the “Basic Accounting Process.” They presented the simplified flowchart on how to register a business with the Bureau of Internal revenue (BIR). The familiarization with the accounting process was associated with different kinds of books of accounts or typically known as journals. They defined the differences and usage of journals with the ledgers. There are 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 ISSI was able to promulgate its shared advocacy of financial literacy and self-sufficiency to the Filipino people with another member of the UP community.
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