Checking Cheques

Checking Cheques

Writing Checks may be convenient but also risky.

     Sooner or later we will be dealing with and using. checks. Especially, those who plan to start their own business. When that happens, you’ll have to keep a close eye on the processes. While the bank can give you a record, statement of your accounts, you can’t be too sure, so you’ll have to have your own record. This is to make sure that you can detect any discrepancies in the payments you make and that the right amount goes to the intended receiver. 

   We’re going to be discussing Bank Reconciliation. So what is Bank Reconciliation?

 It is the process of bringing the bank's monthly report for each depositor showing deposits made, check written, cancelled checks, and service charges.

Once you’ve confirmed that your check book balance and the bank statement balance is in agreement with each other, that will be the Reconciliation Statement.

                You didn’t quite get that huh? Or maybe you did, but in case you didn’t, here’s another definition: It is the process that explains the differences between the bank statement of your accounts and your own ledger or check stub. You get your check stub along with your check book.

Sample of a check and a check stub:

Here are the possible causes of the difference in your balances:

• Outstanding Checks- checks issued but not yet presented to the bank for payment.
• Deposits in Transit- late deposits not included in the bank statement
• Cancelled Checks- checks that have been paid by the bank
• Service Charges
• Errors in the Check Stub Entries

For first timers here’s how you fill out your check:

        I encounter this problem when I’m tasked to write a check for my mother. This may be your problem too. So here are samples on how to write numbers into words:

58= fifty-eight

677= six hundred and seventy-seven

8, 900= eight thousand nine hundred

        In writing a check you can disregard the hyphen and the word ‘and’. You should also remember to add the word ‘only’ at the end of the amount.

There are instances when the amount is not exact, and you’ll have to write it with centavos.

For example:

₱9,765.50.

 PESOS nine thousand seven hundred sixty five 50/100 only

The same works for cents. Here are more examples:

http://www.mathatube.com/place-value-writ-numbers-largerhtml.html

Here's a sample problem on how to do a Reconciliation Statement:

When Mr. Erwin Garcia received his bank statement, he had a balance of P3,842.30. Hischeckbook balance was P3,288.40. He found out the checks 14 and 21 were not yet cashed withamounts of P1,000 and P557.30 respectively. His deposit of P500 at the end of the month was late to be included in the bank statement. Upon inspecting his checkbook, he noted that P5.20 was deducted by the bank as a service charge. An error was made when he issued a check for P1,002.40 which he deducted asP1,004.20. The cancelled check of P500 was not deducted either from the checkbook balance.

Erwin Garcia

Reconciliation Statement

March 30, 2002

Checkbook balance             P3,288.40      Bank Statement balance              P3,842.30

Add: Error                               1.80      Add: Deposit in transit                    500.00

                                    3,290.20                                               P4,342.30

Less                                                  Less: Outstanding checks

Service charge                          5.20             #14          P1,000.00

Cancelled check                     500.00             #21               557.30     1,557.30

Adjusted Checkbook balance   P2,785.00      Adjusted balance                         P2,785.00

Information on this post is from discussions provided by our professor.

About the Me Who Forgot to Introduce Herself

About the Me Who Forgot to Introduce Herself

This is the About Me part which I forgot to include.

    So let me start over. I'm an Industrial Design student from the University of Sto. Tomas, currently on my 3rd year of college. (Yeah... that's all the personal info you're getting from this post. Oho!)

    And so, after 2 years of math-free-education, we are now tackling Business Math. Thus, the purpose of this blog. That said, this is not something I made because I wanted to. This is one of the requirements for that subject. Tell you the truth, making a blog never passed my mind. It never would have, truthfully. The only writing I did in the internet is for FanFiction.net. It currently has 3 stories only one of which is complete. If you ever plan to read them, then please excuse the grammar for my 1^st story. That was 3 years ago... so it’s not as fine as the others. I also draw stuff not related to my course. I post them at deviantART.com. 

      Back to the point. This blog will contain discussions about business math. However, since it would be a waste to just stick with the required contents, I’ll try writing it a bit more differnetly than a textbook.

CRISENCIO M. PANER

                                                                                                                                      

CP : 0915-1429675                          Email : panercris@gmail.com                                                                                                        

Glimpse of Crisencio Paner: http://www.youtube.com/watch?v=JmOWKyzryGk

EDUCATION

•        Ph.D. in Biological Science (candidate)

University of Santo Tomas, Graduate School

• M.S. Microbiology

University of Santo Tomas

      Thesis: “Chemical Control of Fungi Infesting Easel Oil Paintings at

                   University of Santo Tomas Museum of Arts and Sciences”

     

      Published in: Prime Journal of Microbiology Research

                            http://primejournal.org/PJMR/abstract/2012/may/Paner.htm

                                 http://primejournal.org/PJMR/cont/2012/may.htm

  

• Italian Scholarship Grant

Restoration and Conservation of Artworks Attacked by Biological Agents

Istituto Centrale Per Il Restauro, Rome, Italy (January 1-June 30, 2004)

• B.S. Biochemistry

University of Santo Tomas

• Professional Teaching Certification Program (Major in Biological Science)

Caloocan City Polytechnic College

PUBLICATIONS

 Book:

  Co-author in LET Reviewer in Biology, 2006-2010 eds. Published by MET Inc.

                          ISBN # 97193249-6-1, sold in National Bookstores                                                                                                                 

Articles:

• Understanding Museum Pests: The Molds. CFAD Atelier Journal, University of  Santo Tomas, Vol. 2 No. 1, 2003-2004, pp. 80-83
• On the Conservation of 20^th Century Color Photographs Attacked by Molds. CFAD Atelier Journal, UST., Vol. 2 No. 1, 2003-2004, pp. 106-113
• Witnessing the Glory of Italy in Its Art History and Ancient Spaces. CFAD Atelier Journal, UST, Vol. 3 No. 1, 2004-2005, pp. 55-72 
• _______________. Panorama Magazine, November 13, 2005, pp. 12, 13, & 21.
• Deterioration of Paintings and Painting Components Caused by Microorganisms. CFAD Atelier Journal, UST., Vol. 3 No. 1, 2004-2005, pp. 91-94
• Microbial Deterioration of Painting Materials. CFAD Atelier Journal, UST., Vol. 3 No. 1, 2004-2005, pp. 94-97.
• Conservation of Paintings Attacked by Molds. In College Freshman English Book II. Agalabia, U., Aranda, R., et. al., pp. 124-125, UST Publishing House, 2004
• Today’s Restoration Establishments.  CFAD Atelier Journal, UST., Vol. 4 & 5 No. 1, 2005-2006 & 2006-2007, pp. 95-99

RESEARCH WORK

·        Indoor Air Quality of Beato Angelico Building of the University of Santo Tomas -Commissioned by UST (Nov. 2009-May 2010)

BLOGS/ADS

1.    http://internet-moneymakingsecrets.blogspot.com (Money-Making Secrets)

2.    http://internet-moneymakingsecrets.weebly.com   (Internet Marketing Secrets)

3.    http://cmpaner.blogspot.com  (The Painting Doctor-“Restorer/Conservator”)

4.    http://sulit.com.ph/3498047  (Research assistance/Thesis Assistance/Thesis Editing)

5.    http://sulit.com.ph/4829772 (LET Review by a LET Topnotcher and Veteran Reviewer)

6.    http://sulit.com.ph/5040331 (Lotto Secrets Revealed!)

7.    http://sulit.com.ph/5058879 (Muscle Building Cookbook)

8.    http://sulit.com.ph/5069982 (Wedding Photography Secrets)

9.    http://sulit.com.ph/4973311 (Food Cart Franchise Business)

10.  http://sulit.com.ph/4833582 (St. Peter Life Plan and Memorial Chapels)

11.  http://sulit.com.ph/4186306 ( Art and Craft Materials for Sale At Low Price!)

12.  http://sulit.com.ph/4621349 (Cleaning and Restoration of Paintings)

13.  http://sulit.com.ph/4869897  (Natracare Food Supplements)

14.  http://sulit.com.ph/4802983 (LET Reviewer Books)

15.  http://sulit.com.ph/5021693 (How to Lose Weight Fast!)

16.  http://sulit.com.ph/5093345 ( How to Stop Hair Loss and Regrow It the Natural Way)

17.  http://sulit.com.ph/5126659  (How to Get Pregnant Fast!)

18.  http://sulit.com.ph/4930508  (Condo for Rent at 39K Infinity Tower, Global City, Taguig)

19.  http://sulit.com.ph/5538321  (Licensure Exams for Teachers LET online review)

20.  http://sulit.com.ph/5423603  (Internet Marketing Illuminati- How to Make Money Online Fast!)

21.  http://sulit.com.ph/5352564  (Internet Millionaire Looking for Students!)

22.  http://sulit.com.ph/5628715  (The Ultimate Diablo 3 Guide)

WORK  EXPERIENCE

• Instructor 5, CFAD, IPEA, Pharmacy, CTHM, University of Santo Tomas

SY 1995-Present

Subjects taught: Organic Chemistry lab., Statistics, College Algebra,

                           Algebra with Trigonometry, Business Math, Physics,

                          Plane & Solid Geometry, Environmental Science, Biology

                                                                                                                                                

• Part Time Instructor, Our Lady of Perpetual Help College, Manila

Subjects taught: Food Microbiology (Lecture and Laboratory)                                                                                                         

• Part Time Instructor, St. Paul’s College, Quezon City

Subjects taught: Lec. & Lab: General Microbiology, Biochemistry, Microtechnique

• Part Time Instructor, Unciano Colleges and General Hospital, Inc., Manila

Subjects taught: Lec. & Lab: General Microbiology and Parasitology, Inorganic Chemistry,

                          Comparative Anatomy, Botany, Organic Chemistry, General Zoology,

                          Biology, Biochemistry

OTHER PROFESSIONAL EXPERIENCE

·         Editor and Professional Consultant, MET Publishing House, Manila

·         Microbiologist, Silver Swan Manufacturing Inc.,Panghulo, Malabon

·         Biochemist, Watercare Philippines, Inc., Valenzuela City

·         Food Production Researcher(Mushroom Culture), TWH, Inc., Cainta Rizal

·         Review Director for LET, Center for Educational Excellence, Inc.

·         Project Consultant on “Biodeterioration of Artworks”, Paper Conservation Laboratory, Archives Dept., Arzobispado de Manila

Projects: Conservation of paintings by Fernando Amorsolo, Botong Francisco,

               Ben Cab, Cezar Legaspi, Simon Flores, Betsy Westerndorp

·        Licensure Exams For Teachers (LET) Reviewer at:

- Malabon City University,MET Review Center, UST-College of Education, Caloocan   Polytechnic College, Trinity College, & Center for Educational Excellence Inc.

AWARDS AND HONORS

• Beato  Angelico Service Award
• 10^th Placer (85.60%), Licensure Examinations for Teachers (LET)
• Full College Scholarship by Lourdes Reyes Foundation
• Professional Civil Service Examinations, weighted ave: 86.49%
• Valedictorian, High School
• Salutatorian, Elementary
• Certificate of Appreciation as resource speaker on the topic “Visual Arts and Restorations”, Faculty-Student Art Forum, Beato Angelico Bldg.,UST.
• Recognition Award for invaluable support and committed service to HARIBON UST as adviser from 2002-2004
• Honored as 4^th Degree(highest degree) member of the Knights of Columbus

 Given by Philippine District IV-NCR

·            Loyalty and Faithful Award for 13 years of Service

 Knights of Columbus UST- Faculty Council 4321

·            Dedicated and Competent Service Award as LET Reviewer

 Malabon City University                                                                                           

·            Champion, Pautakan Quiz Bee for Coaches, UST                                                          

·           Family of the Year Award

            Knights of Columbus UST Faculty Council 4321

·        UST Graduate School Thesis Writing Grant

  UST Graduate School Alumni Association

·        Certificate of Recognition for invaluable Contribution as Lecturer/Reviewer

 Pilot Project on Review Classes for Licensure Examinations for Teachers

 College of Education, UST                                                   

·      Certificate of Appreciation as guest speaker on the topic “Products that Cause Cancer”, given by NEWAYS International (Phils.), Makati City

       

TRAINING /SEMINAR WORKSHOPS

• Seminar on Test and Measurement Evaluation

• Seminar on Principles/Philosophy of Education

·        Faculty Development Seminar

• Traditional Filipino Art

• Curriculum Development                                                
• Rubrics Development Across Disciplines                                         
• Certificate on Adobe Photoshop
• Certificate on PC Troubleshooting and Networking
• The Ethics of Teaching
• Rights and Responsibilities of the Faculty Members, Academic and Administrative Officials and Office Staff Seminar                                                   
• UST-CFAD Planning and Development Seminar
• Shepherding the Shepherds
• Workshop on Syllabus Construction                                                                        
• Textbook and Learning Materials Development
• Computer Literacy on Adobe Illustrator, Photoshop, & MS Excel
• Symposium on Waste Management
• Ecological Symposium
• Bringing Out the Best in Me and the Best in You
• Integrating Media in Classroom Instruction( Design, Production, and Utilization of Media)
• Principles and Methods of Humane Educators
• Certificate on Basic Industrial Electronics
• Certificate on Information Technology
• Symposium on the Preservation of our Environment

·         Research Colloquia on Indoor Air and Water Quality in Relation to Building Design

·         Convention of Philippine Association of Academic Biochemists,          

• 16^th Annual Convention of Philippine Biochemical Society
• Script Writing Workshop
• Basic Business and Financial Management                                                             

AFFILIATIONS

• Member, CFAD- Adhoc Committee on Math Department
• Member, CFAD-Committee on Environmental Advocacy
• Member, CFAD-Adhoc Committee on Value Formation
• Board of Director

Philippine Association  for the Scientific Conservation of Cultural Properties   

• Deputy Grand Knight, Knights of Columbus UST Faculty Council No. 4321
• Auditor

College of Fine Arts & Design Faculty Association

• Adviser, HARIBON UST
• Business Manager, NOH-SCC Alumni Association
• Member, Outreach Program Committee

College of Architecture and Fine Arts

LANGUAGES SPOKEN

English, Filipino, Italian, Japanese

OTHER SPECIAL SKILLS/TALENTS

• Thesis Editing/Research Assistance
• Computer operation using MS Word, Excel, Powerpoint, Adobe Photoshop, Internet
• Computer Hardware repair and Software installations
• Website/Blog Construction/SEO/Internet Marketing
• Photography
• Swimming
• Playing Banduria
• Singing
• Riding ATV

"The Numerical Perspective"

"The Numerical Perspective"

Basics

It’s not easy to start a business, keeping it is even more of a challenge.

You have an idea, you make a plan, you have the capital to make them possible, you hire a team, you get employees, you have the customers and you have the proper goods. All these sound easy? No they’re not, especially if it’s your first time.

Let’s say you already have all these important factors at hand; so where do you go from there?

That’s what this article is about. We are going to tackle the basics of managing and documenting the money that goes in and out of your business.

Your PROFIT and LOSS

PROFIT: or MARGIN is the excess of the selling price of goods over cost

For now, we’ll start with the basic formulas you’ll be needing to keep track of your money.

A Gross Sales                   _ Refunds____________ Net Sales                       _ Cost of Goods Sold___ Gross Profit                   _ Operating Expenses___ Net Profit

B Beginning Inventory         + Purchases___________ Available Goods            _ Ending Inventory_______ Cost of Goods Sold

         I know what's on your mind. "What are those?!"

In any formula, it’s not about memorizing the form, it’s about knowing what to do with the variables you have to come up with the result. So here are the definitions to these variables.                
       

Formula A Variables

• Gross Sales- the sum you get from the goods you manage to sell. Meaning this already includes the mark-up.
• Refunds- this is the amount of the goods returned. So you have to thoroughly inspect the goods you order.
• Net Sales- now, this is what you get once you’ve subtracted the refunds from the gross sales.

                Wait! We’re not done. You still have to take note that your profit (Net Profit) is meant to recover the money you spent on your business, and refunds aren’t half of them. There are still:

• Cost of Goods Sold/Buying Price- the amount spent on buying  the goods and the production of these goods.
• Gross Profit- the amount left after deducting the COGS (Cost of Goods Sold) from the Net Sales.
• Operating Expenses/Overhead-  basically, miscellaneous expenses: employee wages, bills, rent, research expenses etc. you require to run your business.
• Net Sales- the amount you obtain after deducting everything that you’ve spent. The money that goes to you.

            Formula B additional Variable

• Inventory- is an itemized lists of goods on hand 
• Purchases- the amount you spent on the product other than the ones on your starting inventory.

I know, there are so much subtractions and deductions that it clenches your heart but I did say that it is challenging and hard... Or did I just say challenging? Now! Go back to the top of this page and check! Just joking. But, challenges are suppose to be hard, or they wouldn’t be what they are.

Now, I know you didn’t think to ask this question, but “How will you keep track of your COGS?” The COGS have its own set of variables. Those are the factors that you have to keep track of often. That is where the formula B comes in.

There are instances, however, when the sales are greater than the COGS. In this circumstance you have to use this format. Beginning Inventory        _ Purchases____________ Goods for Sale             + Ending Inventory______ Cost of Goods Sold

Here is a sample problem for you:

Ms. Hayden Tan had net sales mounting to ₱ 11, 345. The cost of goods sold was
 ₱ 3, 997.25. The operating expenses amounted to ₱ 2, 300.11. Find the net profit/net loss.

Information on this post is from discussions given by our professor.