​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.