TRANSPRENCY AND ACCOUNTABILITY ENSURE SUCCESS
Mr. Norlito Ibañez PSO-VISAYAS I-REAP Component Head explaining to the participants the importance of simplified financial management and appropriate record keeping which are vital in the implementation of small livelihood projects under the Philippine Rural Development Project (PRDP) in Western Visayas.( JEEOgatis photo)
Mr. Cirilo Navarro, Financial Analyst of PSO-Visayas coaching the participants on the proper entry of cash receipts and cash disbursement, general ledger and generation of financial statement. (JEEOgatis photo).
“Appropriate and proper recording of daily transactions in implementing the enterprise using different book of accounts will surely ensure success of our proposed cattle fattening project, an approved small livelihood project (SLP) under the Philippine Rural Development Project (PRDP).” quipped Mr. Rey Ferrer, president of Central Panay Green Revolution Association based at the municipality of Dueñas, Iloilo.
Ferrer, a participant of the four-day Regional Project Coordinating Office (RPCO)-6 simplified financial management training workshop added that proper recording system will ensure accountability, responsibility and transparency of funds released by the PRDP.
Mr. Andrew Tiples, Secretary General of Central Panay Green Revolution Association, said that the training workshop enabled him to discover more about PRDP and equipped them of financial management system.
“You cannot show and prove transparency to your members without showing them proper records of income and expenses reflected on the books of accounts”, explained Mr. Tiples.
The participants coming from the different proponent groups were able to identify the difference between a journal and ledger as explained by Mr. Cirilo Navarro, Financial Analyst of PSO-Visayas.
Navarro said that a special journal consist of three books namely; cash receipt journal book, cash disbursement journal book, and journal book for non-cash transaction while a ledger is a summary of monthly total transactions of the three journal books.
Mr. Norlito Ibañez PSO I-REAP Component Head said that understanding the relevance of books of accounts will lead to easier generation of Financial Statement which consist of trial balance, balance sheet, income statement, bank reconciliation, statement of receipt and expenditure (SRE) and cashflow statement.
Ibañez stressed that appropriate record keeping is necessary to all PRDP SLP projects in order to liquidate the first tranche of fund releases to PLGUs and a requirement to avail of the second and final fund release.
The training workshop is part of the capability building interventions to Proponent Groups which have proposed SLPs under the RPCO-6 to enhance their capabilities in enterprise implementation.
The PRDP is a six-year project of the Department of Agriculture that envisions to increase farm and fishery productivity and income of households in the target areas in 16 regions in the country. (JEEOgatis/InfoACE-RPCO-6) /MP