Account Strengthening Training Report

Date: 1st November, 2023
Facilitator: Mr. Victor Inyiama (Chattered Accountant) and Team
Venue: Bishop Eneja Hall, CIDJAP Office
Total Number of Persons Present: 23

Opening Prayer: The meeting began with an opening prayer led by Sr. Annette C. Sullivan at about 10:05am.

Introduction
Mr. Victor Inyiama started by thanking Msgr. Prof. Obiora the Founding Director and President General of CIDJAP for organizing such a timely training. He then welcomed all the staff to the training shortly afterwards the introduction of participants commenced. The One-Day Account Strengthening Training was organized to provide a comprehensive and intensive overview of critical accounting practices related to receipt handling, preparation of receipt cash books, payment books, ledger maintenance, inventory control systems, and budgeting.

Aim
The aim of this training was to equip and strengthen CIDJAP key staff with the knowledge and skills required to excel in aspects of financial management.

Objectives
The primary objectives of the one-day training were as follows:

1. To strengthen best practices in receipt management to ensure accuracy and transparency.
2. To familiarize participants with the essentials of preparing receipt cash books and payment books for the systematic recording of financial transactions.
3. To provide a detailed understanding of ledger maintenance and its pivotal role in maintaining organized financial records for informed decision-making.
4. To introduce the concept of inventory control systems and emphasize their significance in efficiently managing assets.
5. To impart knowledge on budgeting principles and their vital role in financial planning, resource allocation, and financial stability.

Training Agenda
The training agenda was thoughtfully planned to provide in-depth learning experiences and practical application.

Morning Session (10:00 AM – 12:00 PM)

1. Receipt Handling (10:00 AM – 11:00 AM)
The morning session commenced with a thorough exploration of the importance of proper receipt handling. The discussion was facilitated by Mr. Ozogwu Alphonsus were he emphasized the role of this processes in ensuring accuracy and transparency.

Practical steps for receiving, verifying, and securely storing receipts were meticulously demonstrated by Mr. Ozogwu, with role-playing exercises to simulate real-world scenarios.

Participants were updated with the principles of maintaining a receipt register, which plays a crucial role in comprehensive financial record-keeping. Participants had the opportunity to ask questions and engage in discussions and the facilitator answered the various questions accordingly.

2. Receipt Cash Book Preparation (11:00 AM – 12:30 PM)
This session of the training was facilitated by Mrs. Josephine Uchenna Ovagha a Chattered Account. In her words; the focus of this session was the preparation of receipt cash books. She updated participants with the structure and columns of the cash book.

She conducted practical exercises, allowing attendees to practice accurately recording receipts. Emphasis was placed on the importance of reconciliation and balancing at the end of the recording period.

Participants had the opportunity to ask questions and engage in discussions. Mrs. Ovagha answered the question using real-life examples to illustrate the significance of maintaining an up-to-date receipt cash book.

Tea Break (12:30 PM – 1:00 PM)

 Afternoon Session (1:00 PM – 4:00 PM)

3. Payment Book and Ledger Basics (1:00 PM – 3:00 PM)
The afternoon session commenced with an in-depth exploration of payment books and their indispensable role in maintaining systematic financial records. Mrs. Ovagha also facilitated this session of the training were she went ahead to update participants with ledger entries, with a comprehensive explanation of debits and credits. Practical exercises were conducted to ensure participants gained practical experience in ledger maintenance. Mrs. Ovagaha in here closing session underscored the critical link between ledger entries and financial reporting, demonstrating their significance in making informed financial decisions.

Lunch Break (3:00 PM – 3:30 PM)

4. Introduction to Inventory Control Systems (2:30 PM – 3:30 PM)
The training then shifted its focus to inventory control systems, emphasizing their importance in efficient asset management and accountability. Sr. Theresa Ijeoma Okechukwu facilitated this session were she discussed in detail the key components of an effective inventory control system using the BIN card and participants had the opportunity to ask questions and engage in discussions.

Real-world examples of inventory control best practices were presented, allowing participants to analyze and apply these principles in their own work environments.

5. Fundamentals of Budgeting (3:30 PM – 4:00 PM)
The training concluded with budgeting principles, highlighting their role in financial planning, resource allocation, and financial stability facilitated by Sr. Theresa Ijeoma Okechukwu. The budgeting process, including estimation, allocation of resources and ongoing monitoring, was explained in detail.

Attendees were actively engaged in practical exercises to create and manage budgets, emphasizing the crucial role of budgets in decision-making and financial stability.

Training Outcomes
The one-day training successfully achieved its objectives and provided participants with valuable insights and practical skills:

Vote of thanks
Sr. Stella of GAMB gave the vote of thanks on behalf of the management staff. Firstly, she thanked Msgr. Prof. Obiora Ike for organizing such a great training for the staff. She went further to say that the One-Day Account Strengthening Training was a pivotal step in enhancing CIDJAP staff’s knowledge and skills in various financial management areas. Although it was an intensive one-day training, it provided a strong foundation for more comprehensive accounting practices, effective asset management, and financial planning.

Closing Prayer:
The closing prayer was said by the Reverend Sister from the Ave Maria Clinic at about 5:03pm.