Professional Documents
Culture Documents
General Policy
The TEDCO Cooperative prepares its financial reports quarterly. The report must be
issued 20 days before the end of the third month of the quarter.
Purpose
To give information about the financial position, performance and other financial
measures to be used for relevant economic decisions.
Guidelines
A. Functional Currency and Time Period
1. All financial statements are prepared using the Philippine Peso.
2. All transactions must display in peso.
3. The level of rounding off is to the nearest peso.
4. If financial transactions involve the use of foreign currency, translate it to Philippine
Peso.
5. The financial statements shall be prepared annually.
6. Interim reports shall be made quarterly.
B. Matching Principle
1. Financial statements shall be prepared according to the matching principle using the
accrual method of accounting.
2. Income shall be recognized from the time a transaction occurs and it is probable that
future economic benefits shall flow to the entity.
3. Expenses shall be recognized from the time it was incurred regardless of when paid.
C. Measurement Basis
1. Financial statements shall be presented using the historical costs.
2. The value of long-term assets shall not be adjusted for inflation unless it affects the
reliability of the financial statements.
D. Disclosure Requirements
1. Financial statements shall be prepared according to the GAAP principle on
disclosures.
2. Financial statements shall adhere to the PFRS if it is in conflict with GAAP.
3. The entity may depart from compliance from certain PFRS if doing so may result to a
more reliable and useful information.
2. Cashier collects payments anytime of the day between 8:30 am to 4:30 pm from
Monday to Friday.
3. Depositor remits collection within the banking hours.
B. Management of Collections, Receipts and Remittances
1. Collection
a. Cash the cashier must see to it that the amount to be paid is the exact amount
assessed by the accounting office.
b. Checks the cashier must ensure that the checks are free from defects.
2. Receipts
a. All receipts must be checked before the cashier releases it to the payer.
b. The cashier shall retain the one copy of the receipt and one for the client.
3. Remittance
a. Only authorized depositor shall remit the collections to the bank.
b. Validated deposit slips shall be returned to the accounting office.
Procedures
STEP
NO.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
ACTIVITIES
Receives the billing statement from the
cooperative.
Gets priority number.
Waits for the priority number be called.
Calls out the priority number
Gives the payment form and Billing
Statement
Verifies the payment form.
Takes payments from the payer.
Inputs payment information to the
computer system.
Prints and issues official receipt.
Makes the cash count after all
collections of the day.
Makes a report of the movement of
cash.
Prepares the deposit slips.
Deposits the collections.
Gets the deposit slip from the
depositor.
Verify the account name and number of
the cooperative.
Validates the amount to be deposited.
Update the ledger of the depositor.
PERSON INCHARGE
Clients
DOCUMENTS/REFER
ENCES
Billing Statement
Clients
Clients
Cashier
Clients
Cashier
Cashier
Cashier
Priority Number
Priority Number
Priority Number
Payment Form, Billing
Statement
Payment Form
Cash
Computer
Cashier
Cashier
Cashier
Cashier
Authorized
Depositor
Teller
Deposit Slips
Cash Collections
Teller
Account Number,
Account Name
Amount Deposited
Bank Ledger
Teller
Teller
Deposit Slip
18
19
20
Teller
Deposit Slips
Treasurer
Treasurer