Course Details

Accounting for SACCOs Training Course: Building Financial Transparency and Accountability

Introduction:

Accurate and transparent accounting is the bedrock of a thriving Savings and Credit Co-operative Organization (SACCO). This Accounting for SACCOs training course equips SACCO leaders, managers, and staff with the essential knowledge and skills to understand and apply accounting principles and practices specific to the cooperative model. Learn how to manage financial records, track transactions, prepare financial statements, and ensure compliance with relevant regulations. This SACCO accounting training is crucial for professionals seeking to build trust, demonstrate accountability, and ensure the long-term financial health of their SACCO. This course covers key areas like SACCO accounting principles, financial statement preparation, internal controls, and regulatory compliance, empowering you to become a skilled accounting professional within your SACCO.

DURATION

5 days

TARGET AUDIENCE

This course is designed for:

• SACCO Accountants: Individuals directly responsible for managing the accounting functions of the SACCO.
• SACCO Finance Managers: Individuals overseeing the financial operations and reporting.
• SACCO Board Members: Individuals involved in financial oversight and governance.
• SACCO Committee Members: Individuals serving on finance or audit committees.
• SACCO Staff: Employees involved in financial transactions and record-keeping.
• Anyone seeking to improve their understanding of SACCO accounting: Professionals and individuals committed to ensuring financial transparency and accountability in the SACCO sector.

COURSE OBJECTIVES

Upon completion of this course, participants will be able to:

• Understand the unique accounting principles and practices applicable to SACCOs.
• Maintain accurate financial records and documentation.
• Prepare and interpret key financial statements (Statement of Financial Position, Statement of Activities, Statement of Cash Flows).
• Understand the specific accounting treatment of SACCO transactions (member contributions, loans, dividends, etc.).
• Ensure compliance with relevant accounting standards and reporting requirements.
• Implement internal controls to safeguard assets and prevent fraud.
• Manage audits and financial reviews.
• Communicate financial information effectively to stakeholders.

COURSE MODULES

• Introduction to SACCO Accounting:

• The unique characteristics of SACCO accounting compared to other business models.
• Key accounting principles and concepts relevant to SACCOs (e.g., cooperative principles, member ownership).
• The importance of financial transparency and accountability in SACCOs.
• The role of accounting in achieving SACCO mission and member value.

• Accounting for Member Contributions and Shares:

• Recording member contributions and share capital.
• Managing member accounts and balances.
• Accounting for share transfers and redemptions.
• Understanding the legal and regulatory requirements related to member contributions.

• Loan Accounting and Management:

• Accounting for loan disbursements and repayments.
• Managing loan interest and fees.
• Accounting for loan loss provisions and write-offs.
• Tracking loan performance and delinquency.

• Accounting for Income and Expenses:

• Recognizing and recording SACCO income (interest income, fees, etc.).
• Classifying and recording SACCO expenses (operating expenses, loan loss provision, etc.).
• Matching income and expenses appropriately.
• Understanding the different types of income and expenses in SACCO operations.

• Financial Statement Preparation for SACCOs:

• Preparing the Statement of Financial Position (Balance Sheet) for SACCOs.
• Preparing the Statement of Activities (Income Statement) for SACCOs.
• Preparing the Statement of Cash Flows for SACCOs.
• Understanding the relationships between financial statements.

• Internal Controls and Fraud Prevention in SACCOs:

• Understanding the importance of internal controls in SACCOs.
• Implementing internal control procedures to safeguard assets and prevent fraud.
• Segregation of duties and other control mechanisms.
• Fraud prevention and detection strategies specific to SACCOs.

• Audits and Financial Reviews for SACCOs:

• Understanding the audit process for SACCOs.
• Preparing for an audit and working with auditors.
• Understanding the different types of audits (internal, external, regulatory).
• Addressing audit findings and recommendations.

• Compliance and Reporting Requirements for SACCOs:

• Understanding relevant accounting standards and reporting requirements for SACCOs.
• Filing required reports with regulatory bodies and other stakeholders.
• Ensuring compliance with tax laws and other legal obligations.
• Maintaining accurate documentation and records.

CERTIFICATION

Upon successful completion of this training, participants will be issued with a Macskills Training and Development Institute Certificate

TRAINING VENUE

Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

Airport pick up and accommodation is arranged upon request

TERMS OF PAYMENT

Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com