One of the reasons why business survives is proper bookkeeping and financial

literacy. Bookkeeping helps company maintain accurate financial records. A business no

matter how big or small must apply bookkeeping. Though small businesses like

“palengke” stores are not required by law to have proper bookkeeping it may be useful

for them to have proper accounting and bookkeeping in order to sustain efficiently.

However, not all entities apply proper bookkeeping. On August 30, 2019 the team led by

Pol Ian Bogador, the Department of Accounting Studies Chairman, Ms. Leila Mendoza SKSU -

Tacurong Campus Extension Coordinator and Maam Jo Ubaldo DSWD official together with the

students Hector Ladua Jr., Alraje Mentang, and Angelica Kate Bisnar went to DSWD

Pasalubong Center located in the public market which sells different native products from

Tacurong City to monitor their existing bookkeeping practices. The business is the

consignee of different native product suppliers in Tacurong City. We’ve observed their

financial records and we found out that they have a weak internal control. The

consigned goods of different consignors are recorded on one book and on a single

column only which make it difficult to track. The sales lady then gives these records to

the treasurer upon remittance of cash from gains on consignment. The sales lady does

not retain a copy of her own nor maintain a record of how much is payable to the

treasurer, and how much is payable to the consignor for products sold. We have

provided a new format of keeping their record that shows the date, name of the

consignor, amount of mark up, amount payable to the treasurer, and amount payable to

the consignor. On Spetember 3, 2019 the second day of monitoring, we found out that they

have followed the suggested record keeping. Having easily followed the suggested record

keeping means a fruitful product of the Financial Literacy seminar that was previously
conducted. In the future we hope to expand Financial Literacy learning in Tacurong City

especially focused on small entities to help them sustain their business and for economic

benefits it give to Tacurong City.