C.

Payroll

Since the Emancipators Multi-Purpose Cooperative is primarily

composed of the Department of Agrarian Reform employees, almost all of the

remunerations are given in the form of honorarium. The cooperative only

prepares a payroll voucher for the storekeeper. The general manager verifies the

attendance of the storekeeper through a daily time record in order for the

bookkeeper to prepare the monthly attendance report and payroll voucher. To

come up with the net pay of each employee, mandatory deductions applicable

such as PhilHealth, SSS and Withholding Taxes are deducted. The minimum

net pay of the storekeeper is Php 7,000.00 per month.

The time in and time out of the storekeeper is reflected in his daily time

record, of which he is the one responsible in the recording, and the general

manager is responsible for the monitoring and verification of the record. The

payroll cycle starts upon the preparation of the bookkeeper of the monthly

attendance report based on the daily time record summary. The bookkeeper

prepares a copy of payroll voucher. The payroll voucher, together with the daily

time record summary and monthly attendance report, is forwarded to the

general manager for reconciliation and verification. The payroll voucher is given

to the employee while the daily time record summary and monthly attendance
report is given to the bookkeeper for filing. The payroll process is shown in

Figure 2.n

Employee General Manager Bookkeeper

 Daily Time Daily Time Daily Time
Record (DTR) Record (DTR) Record (DTR)
Summary Summary Summary

Prepare Monthly
Verify Daily Time
Attendance Report
Record Summary

Daily Time
Daily Time Record Summary
Record
Monthly
(DTR)Summary
Attendance Report

Prepare Payroll
Voucher

Daily Time
Reconcile amounts and Record Summary
verify payroll voucher Monthly
Attendance Record
Payroll Voucher

Daily Time
Record Summary
N
Monthly
Attendance Record
Payroll Voucher Payroll Voucher

Figure 2. . Payroll Document Flowchart