Wednesday, July 17, 2013

Busy Bee

      I can’t believe Wednesday is almost done.  We still have not finished our cooperative’s financial statements. We have been working on it since last week so we can already release the member’s capital share. However, we have discovered so many confusing and missing  journal entries since the cooperative started its books. I only handled the books last year and since then, I dreaded the time wherein the cooperative will have to settle its books because I know there are a lot of reconciling to be done. One of the confusing entries are the inter-company transactions because there are a lot of offsetting and the time of recording does not tally.  Our finance department is requiring the final financial statement before payment is done. I am crossing my fingers that once the financial statements are done, there will be no more questions from top management and just release the remaining capital share. This is going to be another very busy week. Hopefully, we can finish it soon. 

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