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Microenterprise Access to Banking Services Program

This document outlines crucial accounting entries related to the Microenterprise Access to Banking Services Program, particularly focusing on Smart Money Wallet transactions. Key aspects include funding Smart Money Wallets, managing Mother Accounts for cash loading and encashment, and recording day-to-day transactions at the branch level. Note that income recognition for MIMO fees is excluded and requires separate entries. Additionally, it addresses balance transfers and the strategic use of remaining funds for future MIMO transactions, ensuring accurate financial reporting and compliance.

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Microenterprise Access to Banking Services Program

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  1. Microenterprise Access to Banking Services Program Accounting Entries RBAP-SMART Money Accreditation Training

  2. Accounting Entry Funding of Smart Money Wallets Sweep Wallet or Encashment Mother Account (EMA) Mother Wallet or Cash Loading Mother Account (CLMA)

  3. Accounting Entry Day-to-day Transactions – Branch Level ** Take note that entries to recognize income for MIMO fees is not yet reflected here. You need to prepare a separate entry.

  4. Accounting Entry Consolidation and Settlement ** Take note that instead of transferring back the total remaining balance of Smart Money (P 47,000) only P 27,000 was transferred back to BDO. P20,000 Smart Money will be used for Smart Money MIMO transactions the following banking day.

  5. Summary: Ending Balance

  6. Accounting Entry **Reloading of Branch Cash Loading Wallet

  7. End of Presentation

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