By Gillian Wilson | Communications Director
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WACN organized a 5-day training on cooperative accounting. Financial literacy is a key component in the success of cooperatives so group members are encouraged to make the most of these workshops. 20 women from two cooperatives participated in the training.
The main objective of the training was to update the knowledge and skills necessary to maintain a transparent accounting system. This was accomplished by reinforcing accounting principles, terms and definitions.
The training began with an introduction, during which the session participants were provided different accounting terms on a piece of paper. They were asked to introduce themselves by referencing accounting terms.
Over the 5 days the women learned how to: • Implement good accounting systems • Use debit and credit rules • Double entry and single entry accounting • Prepare a balance sheet • Prepare profit and loss accounts • Deal with depreciation • Manage loan aging • Reconcile bank and ledger records
There was also plenty of time to discuss challenges faced by cooperative accountants
At the end of the training the participants were able to return to their cooperatives to implement a double entry bookkeeping system.
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