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Upcoming Activities

SACCO Accounting Course
From Monday 21 May 2018 -  08:00am
To Friday 25 May 2018 - 05:00pm
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Contact 0706747404, 0777000819

UCSCU INVITES YOU TO THE SACCO ACCOUNTING COURSE!

BELOW ARE THE DETAILS:

 

Course Introduction

SACCO leaders as well as the members must be made aware that SACCOs are financial institutions and that the maintenance of accurate and up to date records is a major contributing factor for their development and viability. It is a fact that one cannot plan effectively and maintain financial discipline in the absence of an acceptable record keeping and timely and effective reporting system.

This interactive course will develop your understanding of the importance of financial accounting and reporting in SACCOs. The course will introduce the participants to the framework provided by accounting and financial reporting standards, the Cooperative Societies Act and the new regulations for Large Societies under BoU.

The course will also consider the ways in which internal reporting contributes to: control of costs, revenues, investment, and financing; identification and rectification of problems; and how to make and implement profitable and value-adding decisions. 

The highlights of this course are:

  • The fundamentals of accounting systems, and how transactions are recorded

  • The generally accepted accounting principles that are applied in SACCOs

  • The formats and structures of financial statements, and how to read and understand them
  • Legal requirements on bookkeeping and Accounts in SACCOs

Course Objectives

At the end of this course participants will be able to: 

  • Appreciate how transactions are recorded in SACCO accounting systems
  • Apply professional judgment in summarizing and reporting financial information
  • Identify the role of accounting and financial reporting standards in the communication of financial results
  • Understand how key accounting and financial reporting standards are applied to SACCOs in Uganda
  • Read and understand their SACCOs annual financial reports

Course Methodology

The course will be conducted along workshop principles with formal lectures supplemented by case studies. Relevant case studies will be provided to illustrate the application of each technique in an operational environment. Each learning point will be reinforced with worked examples and exercises. Discussion in groups will promote exchange of concepts and ideas.

Institutional Impact

  • Greater awareness of how accounting systems operate to ensure that financial information is maintained accurately and up-to-date
  • An appreciation of the way in which financial data and judgment are combined in the preparation of financial reports
  • Understanding financial position and financial performance
  • Awareness of the causes of accounting scandals, and how to avoid them
  • The ability to identify problem areas, and suggest realistic solutions.

Personal Impact

  • The exchange of ideas and knowledge with other professionals
  • An increased ability to identify manipulation of financial reports
  • An increased awareness of the language of finance and accounting
  • A knowledge and understanding of financial risk
  • Increased ability to identify problem areas
  • Increased confidence to tackle new situations

Who should attend?

  • SACCO Managers, Finance Officers, Accountants, Treasurers, Cashiers
  • Anyone with an interest in SACCO Accounting and financial reporting.

Course outline

DAY 1

The Importance of Accounting in SACCOs  

  • The users of financial information
  • The role of accounting in financial reporting
  • General Accounting principles
  • Double-entry accounting – the language of business, and case study illustrations
    • The meaning of ‘debit’ and ‘credit’
    • T-accounts and the trial balance
    • The structure of the accounting system and accounting transactions- Chart of accounts
    • Accrual accounting versus cash accounting
    • Accruals and prepayments
    • The Accounting cycle
    • How business transactions are recorded – the ledgers and books of accounts

DAY 2

The Structure and Format of Financial Reports  in SACCOs

    • Bookkeeping
    • Preparation of a trial balance, a basic income statement
  • The income statement and its 2 elements: revenues; costs
    • What the income statement tells us, its purpose, and structure
    • Categories of revenue and cost
    • Calculation of profit
    • Circumstances where judgment needs to be applied

DAY 3

The fundamental accounting equations

  • The balance sheet and its 3 elements: assets; liabilities; equity
    • What the balance sheet tells us, its purpose, and structure
    • Shareholders’ equity
    • Current and non-current assets
    • Current and non-current liabilities
    • Valuation of non-current assets and depreciation
    • Valuation of inventory and cost of sales
    • The links between asset valuation and profit
    • Long-term financing
    • Short-term financing and working capital

DAY 4

Incomplete transactions at the period end – the accounting adjustments 

  • Journals and cash record
  • Provision for depreciation
  • Provision for loan losses
  • Reserves for loan losses
  • Loan charge-off (write offs)
  • Closing entries
  • Distribution of net surpluses
  • The statement of cash flows
    • What the statement of cash flows tells us, its purpose, and structure
    • Cash flows from operating activities
    • Cash flows from investing activities
    • Cash flows from financing activities

DAY 5

Published Financial Reports and Corporate Governance  

  • The annual report and accounts
  • Post balance sheet events and contingencies
  • The legal requirements on bookkeeping and accounts in SACCOs

UCSCU and SACCO responsibilities

UCSCU trainers will provide worksheets for use in scheduled sessions; facilitate sessions and provide training Materials to participants. UCSCU will award participants with certificate of competence after the completion of the training

The SACCO is requested to work with trainers by scheduling dates, times and locations for the training; preparing and providing training venue; assisting in identifying and providing various informational materials for sessions as mutually determined; and providing meals and refreshments and accommodation for participants.

Location UCSCU Training Center - Maganjo
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