VISION

By 2025, a recognized Islamic institution collectively offering authentic

teaching of Islam and its tradition to see and live a pure Islamic life in
this world, and aspire to attain eternal peace and success in the
Hereafter.

MISSION

Wisdom Islamic School aspires to be a leading institution for providing

and nurturing students with quality education and authentic Islamic teachings
based on the Qur’an and Prophetic Tradition, upon the understanding of the
Righteous Predecessors (of Islam), as well as other relevant curricula
mandated by the higher education for a well-balanced life, development and
success.

ORGANIZATIONAL STRUCTURE

Presented below is the suggested organizational structure of Wisdom Islamic

School, Inc.

President/CEO

Head Senior
Supervisor/CO Principal Consultant
O

Non-
Female Academic Ancillary
Academic Administrative
Supervisor Affairs Department
Affairs

Academic SHS Sports Discipline

Librarian Registrar
DepEd Coordinator Coordinator Coordinator Coordinator
Subjects
Coordinators Student
Science Lab Islamic General Guidance Accounting
Activity
Supervisor Coordinator Services Counselor In-Charge
Coordinator

HE/TLE Lab ICT Lab Student P.T.A. Financal

Clinic
Supervisor Supervisor Organization President Clerk
Cashier
Male Div. Female Div. Faculty Liasion
Advisor Advisor Association Officer
President

JOB DESCRIPTIONS

The following are the list of personnel who have responsibilities within the
accounting department with their corresponding job descriptions:
  President/CEO – responsible for overseeing the administration,
programs and strategic plan of the organization, and other key duties
include fundraising, marketing, and community outreach.
 Head Supervisor/COO – makes sure that the organization’s operations
are running smoothly and that they coincide with the company’s mission.
 Female Supervisor – oversees internal affairs in connection with the
female staff.
 Principal – administers and oversees the overall performance of an
organization, managing different departments and implementing
policies, rules and techniques given by the President/CEO of the
organization.
 Registrar – responsible for logging and maintaining enrolled students’
academic records, and also oversees the enrolment process for new
students and gathering all required information.
 Finance Clerk – responsible for the banking and custody of cash, and
for investments, insurance and other financial aspects.
 Cashier – responsible for the credit and collection functions in relation
to tuition fees and other receipts.

OPERATION MANUAL - EXPENDITURE PROCESS

PURPOSE
This serves as a guideline for their accountant or any authorized
personnel in accounting those business transaction, procedures and
reports. It will also be an aid to have an organized flow of transactions
related to the disbursement of cash and to ensure that the amounts
incurred are faithfully represented, properly handled and managed by
the appropriate personnel with proper authorization. Furthermore, this
serves as a guide in order to provide reliable data for reports and other
uses related to the business.
SCOPE
This accounting procedures is limited to transactions related to the
disbursement of cash such as paying of expenses, acquisition of assets
and settling obligations.
POLICIES
 All payments must be through checks except for petty expenses.
  Only those authorized persons like finance head or the owner must
approve the expenditure or sign the checks.
 The accounting in-charge must be the one responsible in maintaining
the accounts and records of transactions.
 All invoices for payment shall be recorded in their appropriate journal
i.e. disbursement journal.
 Invoices that require approval and signatures should not be entered
if any information is missing.
 All the copies of invoice and other supporting documents shall be
stapled together and filed by month.

CASH DISBURSEMENT FLOWCHART

PRINCIPAL FINANCE CLERK ACCOUNTING DESCRIPTION

IN-CHARGE
1. The principal
1 Make a makes a
Disbursement A
Disbursement B disbursement request
request
Request for the expenditures
incurred or to be
incurred.

3 2. The principal sends

Review Disbursement the disbursement
Voucher 2 request to the finance
Disbursement clerk.
request Receipt 2
3. The finance clerk
reviews the
4 disbursement and
Approve
keeps the request
No Yes received.

2 4. The finance clerk

Send 5 will decide to reject or
accept the request.
Prepare 9-10
Reject voucher & 5. If the request is
check accepted, the finance
Review & clerk will prepare two
disbursement
Record vouchers and a check.

Check 6. The voucher 1 and

the check will be sent
Voucher 2 to the principal while
Disbursement the voucher 2 will be
Voucher 1 send to the
accounting in-charge.
Disbursement
Journal 7. After receiving the
voucher, the principal
A
will pay the particular
addressed in the
check.
A-2 Send 6
8. The principal will
make a copy of the
receipt received from
the particular. The
original receipt will be
sent to the accounting
in-charge; the copy of
the receipt and the
 voucher 1 will be kept
by the principal.
A-1
9. After receiving the
receipt and the
voucher 2, the
accounting in-charge
will compare the two
documents and review
it for any errors.
Disbursement
Voucher 1 10. The accounting in-
charge will record the
Check
7 transaction in the
disbursement journal.
After recording,
he/she will file the
documents.

Particular

Receipt 2

Documents involved: Receipts, Disbursement Request, and Disbursement Voucher

FORMS
Cash Disbursement Form

DV No. 0001
LOGO
NAME: ________________________ DATE: ________________________

Particular Check No. Amount

TOTAL

Prepared by: __________________ Approved by: __________________

 Cash Disbursement Journal

Wisdom Islamic School, Inc.

Pacibar Ave., Buhangin, Davao City

CASH DISBURSEMENTJOURNAL
Accounts
Cash Sundry
Invoice Payable
Date Particular P.R.
No. Dr. Cr. Account Debit Credit
Title

General Journal

Wisdom Islamic School, Inc.

Pacibar Ave., Buhangin, Davao City

General Journal
DATE ACCOUNT TITLE DR. CR.
General Ledger

Wisdom Islamic School, Inc.

Pacibar Ave., Buhangin, Davao City
General Ledger
Account Title: _________________________ Account No.: _________
DATE PARTICULAR P.R. DEBIT CREDIT BALANCE

PROFORMA ENTRIES

Supplies xx
To record purchase of office supplies.
Cash/PCF xx
To record payment of accrued Salaries Payable xx
employee’s salaries. Cash xx
Prepaid Rent xx
To record payment of rent.
Cash xx
To record payment of administrative Administrative Salaries xx
salaries. Cash xx
Withholding Tax Payable xx
To record payment of withholding tax.
Cash xx
To record payment of light and water Light and Water Expenses xx
bills. Cash xx

OPERATION MANUAL - REVENUE PROCESS

PURPOSE
The purpose of this manual is to guide particularly cash receipts
transactions as to proper process financial transactions and to provide
effective administration and internal control suggested from this manual.
SCOPE
 This accounting manual is applied and limited to the cash receipts only
that covers collection, recording, depositing and consolidation of
receipts.
POLICIES
 Segregation of duties should be properly assigned, which includes cash
collection, depositing and reconciliation.
 All cash receipts transactions should be recorded in the cash receipts
journal to compare the deposit slip made by the cashier.
 A receipt must be given for all transactions that involve cash to the payor.
 In depositing cash to the bank, the cashier will receive the bank deposit
receipt issued by the bank and check if the amount deposited is properly
accounted to the cash receipt journal.
 REVENUE PROCESS FLOWCHART

PRINCIPAL CASHIER ACCOUNTING IN-CHARGE DESCRIPTION

 The Principal will

Cash receive payments
Cash Deposit Receipt
Collected Slip for the tuition fees
received
from the students.

 The Principal will

immediately
prepare or issue a
Prepares Cash receipt upon
Cash receiving cash for
receipt count Deposit
receipts the amount paid
summary by the students in
journal
that period.

 After issuing a
receipt made by
Prepares the Principal, the
3 original copy of
2 deposit slip Reconcile
receipt is given to
1 the students and a
Receipt 3
copy of it is to be
recorded in cash
2 receipts journal by
the Accounting In-
charge as a
Deposit 1 source document.
Slip
Update
Customer A  The cashier will
have a cash count
from the collected
cash.
Bank
 The cashier will
prepare deposit
slip to be
deposited in the
General School’s
ledger authorized bank.

 The Accounting In-

charge will
reconcile the
deposit summaryto
the cash receipts
journal and update
it to the general
ledger.

Documents involved: Receipts, Deposit Slip

 FORMS
Wisdom Islamic School, Inc.
Pacibar Ave., Buhangin, Davao City
[Logo]
OFFICIAL RECEIPT Cash Receipt #:
Date:

Cash Received From of

for

Total Amount Due

Amount Received
Balance Due

Signed by

Wisdom Islamic School, Inc.

Pacibar Ave., Buhangin, Davao City

Cash Receipts Journal

Cash Tuition Unearned Accounts

Date Particular P.R. and Revenue Receivable
Fees
Dr. Cr. Cr. Cr.

PROFORMA ENTRIES

To record fees earned on cash. Cash xx

Tuition and School Fees xx

To record down payment. Cash xx

Unearned Service Revenue xx

.
 CHART OF ACCOUNTS

ACCOUNT ACCOUNT
ACCOUNT NAME
NUMBER TYPE

100 Cash Assets

101 Cash in Bank Assets
102 Petty Cash Fund Assets
103 Accounts Receivable Assets
104 Allowance for Doubtful Accounts Contra Asset
105 Inventories Assets
106 Prepaid Rent Assets
107 Supplies Assets
108 Land Assets
109 Buildings Assets
110 Accumulated Depreciation - Buildings Contra Asset
111 Furniture & Fixtures Assets
112 Accumulated Depreciation - Furniture & Fixtures Contra Asset
113 Office Equipment Assets
114 Accumulated Depreciation - Office Equipment Contra Asset
200 Accounts Payable Liability
201 Salaries Payable Liability
202 Unearned Service Revenue Liability
203 Withholding Tax Payable Liability
300 Net Assets Net Assets
400 Tuition and School Fees Revenue
401 Contributions Revenue Revenue
402 Other Income Revenue
500 Salaries Expense Expense
501 Student Services Expense
502 Student Aid/Discount Expense
503 Administrative Salaries Expense
504 Rent Expense Expense
505 Supplies Expense Expense
506 Depreciation Expense Expense
507 Doubtful Accounts Expense Expense
508 Light and Water Expense Expense
509 Withholding Tax Expense Expense
510 Miscellaneous Expense Expense
 PROFORMA FINANCIAL STATEMENTS
Wisdom Islamic School, Inc.
Statement of Comprehensive Income
For the year ended xxx

Revenues and Gains:

Tuition and fees xxx
Contributions xxx
Other income xxx
Total Revenue xxx

Expenses:
Educational expenses:
Instruction xxx
Student Services xxx
Student Aid/ Discounts xxx (xxx)
General expenses:
Administrative Salaries xxx
Rent expense xxx
Supplies Expense xxx
Depreciation expense xxx
Light and Water expense xxx
Miscellaneous ecpense xxx (xxx)
Total Educational and General Expenses (xxx)

Net Income before tax xxx

Income tax expense (xxx)
Net Income (Loss) xxx

Net Increase (decrease) in Net Assets xxx

Net Assets at the beginning of the year xxx
Net Assets at the end of the year xxx
 Wisdom Islamic School, Inc.
Statement of Financial Position
As of xxx
Assets
Current Assets
Cash in bank xxx
Petty Cash Fund xxx
Accounts receivable xxx
Prepaid rent xxx
Supplies xxx
Total Current Assets xxx
Noncurrent Assets
Furnitures and Fixtures xxx
Accumulated Depreciation - F and F (xxx)
Total Noncurrent Assets xxx
Total Assets xxx

Liabilities & Net Assets

Liabilities
Accounts Payable xxx
Salaries Payable xxx
Unearned Service Revenue xxx
Total Liabilities xxx
Net Assets xxx
Total Liabilities and Net Assets xxx
 Wisdom Islamic School, Inc.
Statement of Cash Flows
For the year ended xxx

Cash flows from operating activities

Increase in net assets xxx
Adjustments to reconcile increase in net assets to
Net cash provided by operating activities:
Depreciation xxx
Increase in accounts receivable (xxx)
Decrease in inventories (xxx)
Decrease in prepaid expenses xxx
Decrease in accounts payable xxx
Net cash provided by operating activities xxx
Cash flows from investing activities
Acquisition of property and equipment (xxx)
Disposal of property and equipment xxx
Net cash used in investing activities (xxx)
Cash flows from financing activities
Contributions received xxx
Payment of long-term debt (xxx)
Net cash used in financing activities (xxx)
Net decrease in cash and cash equivalents (xxx)
Cash and cash equivalents, beginning of year xxx
Cash and cash equivalents, end of year xxx