Plant Accounting Module 2 is Now Live

CFC recently released its second of six planned online learning modules on plant accounting and work order procedures for cooperatives.

“This installment builds on the general overview from Module 1 and takes a closer look at types of work orders, key records and processes for construction work orders, components of construction costs and the impact of closing a work order on a cooperative’s balance sheet,” CFC Director of Member Content and Education Programs Casey Bell explained. “We hope the new module proves to be a valuable resource for new cooperative professionals who touch work-order procedures.”

At the end of the second module, learners will be able to:

• Classify projects within the three types of utility work orders: construction, retirement and blanket.
• Identify key components of a work order, including the three components of construction costs, which are Direct Labor, Direct Materials and Indirect Overhead.
• Identify, at a high level, the records and processes associated with construction work orders and their place within the chain of events.
• Identify the fundamental steps for closing a work order, including the accounts available for classifying construction costs.
• Understand how closing a work order impacts the allocation of assets on the balance sheet.

The training can be accessed through CFC Academy, CFC’s online learning platform that also hosts KRTA Certificate Program Level 1 Online and tutorials on how to fill out the CFC Form 7. For additional information, please contact MemberTraining@nrucfc.coop.