Cooperatives play a vital role in economic development and community empowerment. Effective documentation is crucial for their sustainable operation, accountability and growth. Documentation training fosters transparency by ensuring that all financial and operational transactions are well-documented. This transparency builds trust among members and stakeholders. A documentation training was held in 9 cooperatives of EADEN’s operations from 11 to 15th September 2023.
During this training, the focus was on financial procedures, source documents, books of accounts and financial reports for the cooperatives. Members in attendance were 9 key cooperative members from each cooperative being supported by the Finance and admin Manager, Programs Manager and Field Officers. Under financial procedures, the focus was on funds requisitioning process, funds management and accountability with guidance from the cooperative financial manuals among others procedures. Members therefore got to appreciate the fact that once they adopted guidance from their financial manuals, their operations would be effective and efficient. For the source documents, receipt books, invoices, delivery notes, payment vouchers, fund acknowledgement forms, goods received notes etcetera we reviewed for correctness and completeness. It was also noted that there was need for the cooperatives to only maintain key source documents basing on their current operations and that other documents would come in when required.
When it came to books of accounts, cash books, members registers, assets registers minute books, stock registers, sales registers, etcetera were reviewed and further guidance in their development and maintenance offered. Through this, members appreciated that fact that all the documents books of accounts were relevant as the contents are key in their operations. When it came to financial reports, the focus was on balance sheets and income and expenditures reports. These reports were all very key for cooperative management as they would guide in knowing their financial positions and performance
In conclusion, Documentation training is a vital investment in the success and sustainability of cooperatives. By enhancing transparency, accountability, and legal compliance, cooperatives can better serve their members and contribute to the economic development of their communities. Implementing effective documentation training programs is a crucial step towards achieving these goals