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Simple Liquid Audit Trail Report
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Simple Liquid Audit Trail Report

This simple report details the trail of funds of Christ Our Hope Covenant Reformed Church transferred from Jestonie Mantalaba to Auron Wee Villegas. Additionally, it includes a simple account of variances and a simple explanation of reconciliations. The report ends with recommendations.
1. This simple liquid audit trail covers the dates from September 17, 2023, to May 26, 2024. 2. Brother Ton turned over the funds to Auron on May 26. 3. Jestonie provided a list of general income accumulated from September 17, 2023, to May 5, 2024. 4. There are some missing records on 5 Sundays. The possible reason for this is the lack of formal accounting on these days, which is understandable because there were months when Auron wasn’t able to join the services in Cabaguio. 5. Auron accepted the funds and found the following details:
Denomination Cash Count Accepted (May 26, 2024)
Denomination
Quantity
Expanded Amount
1
1000 bank notes
34
34,000
2
500 bank notes
18
9,000
3
200 bank notes
2
400
4
100 bank notes
20
2,000
5
50 bank notes
10
500
6
20 bank notes
4
80
7
20 coins
7
140
8
10 coins
7
70
9
5 coins
35
175
10
1 coins
48
48
11
25 cents
2
0.5
12
5 cents
1
0.05
13
cheque
10,000
10,000
There are no rows in this table
56,413.55
Sum
⁠
2023-2024 Booked Income
⁠
Gross against tranferred
⁠

Wording

6. Accounting shows the total gross income in 2023 is Php 95,693.00 referred to as Entry 2023 in this report.
7. The total amount collected in 2024 (until May 26th, 2024) is Php 98,511.00 referred as Entry 24 in this report.
Click here for reference.
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8. Gross income for 2023-2024 thus far is Php 194,204.00 referred to as Gross Income in this report.
9. The total amount transferred on May, 2024 is Php 56,413.55 referred in this report as FUND 1
10. Total unrecorded exits for 2023-2024 until May 26, 2024 is Php 137,790.45 referred to as UE in this report.
11. The recorded expenses are only Php 2,350 because the recording of expenses began only on May 26th, 2024.
12. This discrepancy can be accounted for by all the expenses incurred that were not recorded prior to this simple liquid audit trail.

Recommendations:

1. Starting in August 2024, there will be a detailed accounting of the cash flow, which includes operating activities, investing activities, and financing activities.
3. All properties of COH shall also be accounted for and audited. A simple audit report will be presented to the council in the 4Q Council Meeting
4. Before the end of 2024 and as soon as possible, we will also look into the possibility of opening a bank account for COH and appointing a treasurer who will manage the deposits of the recorded income.

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