KOOPBOOK - The Cooperative Financial Solution
How was KOOPBOOK conceived?
History of cooperatives in the Philippines is replete with its rise and fall.
One of the identified causes of cooperatives failure is in the accounting system
(lack of competent bookkeeper, accounting principles and practices not
consistently applied, recording of voluminous transactions not up-dated,
inefficient reporting system, inaccurate financial reports, reporting not
available on time, etc.). To address this basic concern, Manila Voice came up
with a cooperative financial system, the KOOPBOOK, as one course to strengthen
cooperatives, which are considered as important institutions for the basic
sector of our society. Practicing Certified Public Accountants, Certified IT
Professionals, and Project Development Experts who have been exposed to actual
cooperative operations and management developed the system.
GENERAL FEATURES AND ITS ADVANTAGES
1. Developed in compliance with RA 6938, rules, regulations, circulars and
memoranda of CDA, cooperative principles and practices, cooperatives
administration and legal requirements, and with facility to install existing
policies of the cooperative.
2. Patterned after the Cooperative Accounting Manual for Multi-Purpose
Cooperatives developed by the Manualization Team of CDA and validated by PICPA,
will enable cooperatives to come up with a coherent and reliable set of
information needed by users of the financial reports, namely: members,
prospective members, board of directors/officers, committee members, management,
CDA, government and private institutions, creditors, etc.
3. Subscribed to the Standard Chart of Accounts (SCAs) prescribed by CDA to
facilitate comparison of performance over time and across peers.
4. The system has installed cooperative accounting forms, which will serve as
source documents for the generation of financial reports.
5. It can automatically compute Performance Standards set by CDA based on the
financial statements to enable cooperatives to measure its performance against
specific standards and benchmarks. This will also ensure the protection of
cooperative members and the sustainability of cooperative operations. (Funds for
the operations of cooperatives are mainly coming from members, its safety and
soundness is very important).
6. The scope of the financial system starts from initial membership up to the
computation of interest on share capital and patronage refund. All financial
transactions are linked to the general accounting system, hence, adequate
information of members' individual business with the cooperative and other
financial transactions can be generated as of a given time and date.
7. It covers modules of accounting processes on: authorized capital stock,
membership, receipts derived from other sources, deposits to the bank, loans to
members, collections, disbursements other than loans (checks and on account),
adjusting entries, and postings of system-generated entries to the appropriate
Standard Chart of Accounts (SCAs).
8. It can automatically generate the required financial reports (statement of
financial condition, statement of operations and cash flow statement) and
related schedules. These reports are needed monthly, quarterly, and annually or
as the need arises to serve as bases for planning, decision-making,
policy-making, and budget preparation.
1. The system maintains general information on cooperative's members, provides
summary of individual member's status of his/her accounts as of a given time and
date (paid-up share capital, loan releases and collection thereof, loan balance,
savings/time deposits, interest earned). The figures generated from the module
will serve as bases for any action to be taken on loan applications by the
Credit Committee or Board of Directors (if applicant is a credit committee
member). It will also facilitate actions on savings withdrawals by the members.
2. It automatically computes loan proceeds based on user-defined loan product
parameters with corresponding amortization schedule of loan repayment based on
members' terms & mode of payment, and cooperative's policy on interest.
3. It has facilities to input partial or full payment in groups or members
4. It can generate collection list per member-borrower or per group as of a
specified collection period. It can also track amounts due (current and past)
5. Membership Database
6. Electronic Loan Approval
7. Provision for On-Line
1. It has inputs on the following accounting data and forms:
1.3.Loan Promissory Note
1.5.Petty Cash Voucher
1.12.Cash Advance Liquidation
1.13.Petty Cash Replenishment
2. The system has accounting processes on:
2.1 Authorized Capital Stock
2.4. Deposits to the bank
2.5. Loans to members
2.6. Savings and Time Deposits
2.7. Disbursements other than loans (checks and on account)
2.8. Adjusting/Correcting and Closing Entries
2.9. Posting of system-generated entries to SCAs
3.1. Cash Flow Statement
3.2. Statement of Financial Condition
3.3. Statement of Operations
3.4. Related schedules
4. Performance Standards