Tura, April 28: With the aim of standardizing the book-keeping system and ensure ease of auditing among the cooperative societies in the state, the MBMA is currently holding a 6-day Residential Training for the official of the cooperation department to help them learn the double book keeping entry system of accounting.
The training began on April 24 and will conclude on April 29.
Currently, the cooperative societies and even the state government’s cooperation department is using the single entry book keeping system of accounting, whereas the standard is double book keeping entry system of accounting.
Giving more details on the training, the District Project Manager with MBMA-MBDA in West Garo Hills, V. Valentine Hemron, said the training was organised for the officials of the Cooperation department and also for the MBMA-MBDA team who are dealing with the Meghalayan project. Under the Meghalayan project of IFAD and Government of Meghalaya, these cooperative societies, which are existing and for the new ones to be formed, are required to follow a certain set of accounting rules which is a double entry system of books of account management.
Informing that earlier the book keeping system was done in single entry book keeping system, he said the training will bring the officers of the department and those of Meghalayan project on one platform, to make them aware of the double book keeping entry system of accounting and how books are maintained at the cooperative level so that the audit processes and the process of dealing the books are common everywhere in the state of Meghalaya for cooperative societies.
The officers from all the 5 districts of Garo Hills participated in the training.
Retired ARCS, WGH & Consultant MBMA (Rural Finance), KP Chowdhury, emphasized the importance of the double-entry system, which is faultless and commonly used by banks and other financial organizations. He added that the department of cooperation decided to hold this training on double-entry book-keeping, to bring the book-keeping systems of cooperative societies at par with the country and have a common accounting system.
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