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Financial Management

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Financial Management

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    1. 1 Financial Management Part II Practical Book keeping Practices and Budget Planning

    2. 2 Content of Presentation Book keeping Process Transaction Codes Cash Flow Book / Ledger Bank Account Book Debt Book Account Receivable Book Budget Planning

    3. 3 Bookkeeping Process

    4. 4 Transaction Codes It is important to have transaction codes because it facilitates transaction categorizing and reporting The codes are mainly used in the ledger / cash flow book Codes can be developed according to the needs and the type of transactions usually carried out

    5. 5 Transaction Codes

    6. 6 Ledger Only records cash related transactions Non cash transactions recorded in a different book Every cash transaction must be accompanied with proof of payment / receipt Use codes to categorise transactions

    7. 7 Bank Account Book Bank Account Book reflects the transactions made concerning the bank account that should also be reflected in the original Account Book Format can be the same as the original Account Book The importance of this book is to always maintain an overview of the status of funds being held in the bank

    8. 8 Debt Book It is used if the MHP management has debts Every instalment will be deducted from the book and add cost in the ledger Every debt will increase value in the debt book

    9. 9 Account Receivable Book In case there is outstanding income then this income should be recorded in the account receivable book If the pending income is paid, the transaction will be deducted from the account receivable book and added to the cash in the ledger

    10. 10 Budget Planning Considerations: Financial Conditions Bank Account Position Cash in Hand Debts and Account Receivables Action Priorities Capacity (non financial) Possible Donation

    11. 11 Budget Planning Income Plan Routine income (e.g. monthly fee) Expected income Addition of consumers (connection fee) New business Donation Debts Bank Interest

    12. 12 Budget Planning Expenses Plan Routine expenses (e.g. wages, routine repairs, instalments) Experiences and historical records of other routine expenses Planned budget based on activity planning Emergency budget

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