DUY TAN UNIVERSITY INTERNATIONAL SCHOOL ((((( UNDERGRADUATE THESIS TOPIC ACCOUNTING FOR SALES AND DETERMINING INCOME SUMMARY AT THE MINH HANH TRADING SERVICE CO , LTD STUDENT HA THI UYEN PHUONG MENT.
Definition for revenue
Revenue refers to the total economic benefits an enterprise generates during a specific accounting period through its regular production and business activities, ultimately contributing to the growth of the owner's capital.
1.1.1.2 Conditions for recognizing sales and service provision
The enterprise has transferred the majority of risks and benefits associated with the right own the products or goods to the buyer.
The enterprise no longer holds the right to manage the goods as the goods owner, or the right to control the goods.
Turnover has been determined with relative certainly.
The enterprise has gained or will gain economic benefits from the good sale transaction.
It is possible to determine the costs related to the goods sale transaction (BộTài Chính , 2001)
Definition for revenue deduction
A trade discount means a reduction of the listed price granted by the selling enterprises to the buyers of large volumes of goods.
Sales return means a price reduction granted to the buyers due to the goods’ inferior quality, wrong specifications or old-fashionable.
Sales allowance means the volume of goods sold already determined as consumed, but then returned by the buyers who declined making payment therefor.(Bộ Tài Chính , 2001)
Definition for net sales
Net sales are calculated based on the agreement between the business and the buyer or asset user, representing the fair value of amounts received or expected to be received This figure is derived by subtracting trade discounts, sales returns, and allowances from the total revenue.
Definition for income summary
An income summary serves as a temporary account that aggregates the balances of revenue and expense accounts at the conclusion of an accounting period The net figure in the income summary reflects the profit or loss incurred during that timeframe.
The method of sales in business
The direct consumption method involves delivering goods straight to buyers at locations such as warehouses, stalls, or production departments Once the goods are received by the buyers, they are officially regarded as consumed, resulting in the selling unit relinquishing ownership of the products.
1.1.5.2 Consumption waiting for approval method
The seller is responsible for delivering goods to the buyer at the specified location in the contract Ownership of the goods remains with the seller until payment is received or the buyer accepts the delivery after inspection Only once the buyer has accepted the goods is the transaction considered complete.
The wholesaler shipping method involves direct transfer of goods from the seller to the buyer, bypassing any warehousing This approach is exclusively for commercial enterprises, where the trading company may either handle payments for both parties or act solely as an intermediary to earn a commission.
The consignment sales method involves sellers delivering goods to agents, who act on their behalf while retaining ownership of the goods until a notification of consumption is received or a specified time limit is reached In this arrangement, shippers are required to pay commissions to the agents, which include selling expenses, and agents earn commissions that contribute to their overall turnover.
The installment sale method allows buyers to receive goods immediately while paying only a portion of the total purchase price upfront The remaining balance is paid over time in installments, with interest as outlined in the contract Revenue from the sale is recognized based on the immediate payment amount, and any interest accrued from deferred payments is classified as financial income.
1.1.5.6 The task of the sales and determine the business results
Accurately and promptly document the volume of finished products, sales, and internal consumption while correctly calculating the cost of goods sold and associated expenses to effectively assess the business's sales performance.
Provide timely information about the sales situation to serve the leaders and executives of the commercial business activities.
Checking and monitoring sales accounting progress, profit planning, identifying sales results for financial reporting and business management.
Once the sales results are released, the accountant will assess and evaluate the overall business performance as well as the sales figures for each individual item and department, identifying key metrics and performing necessary calculations.
ACCOUNTING FOR SALES
Accounting for revenue from the sales and providing service
Economic contractions, purchase order, receipt of delivery.
Payment voucher: Receipt, Check, Credit note
Form sales details open for the subsidiary ledger account No 511 -Sales revenue:
Exhibit 1 1Sales Subsidiary Ledger of Account No 511 b Recording method
Column A: To write the date which an accountant writes into the book
Column B, C: To write the number sign and date of the document which used to write into the book
Column D: To write the content of the accounting event accrued
Column E: To write the contrast account
Column 1, 2, 3: To write the quantity, unit price, total price of the product which supplied by the business
Column 4: To write VAT accounted base on the sales of the business
Column 5: To write the sales deduction like: Trade discounts, sales return and allowance
To calculate the cost of goods sold, first add "The number accrued" to the "Net sales." Then, update Column 3 using the formula: Column 3 = Column 3 - (Column 4 + Column 5) Finally, record the cost of goods sold for the products sold or provided.
“Gross margin” = “Net sales” – “Cost of goods sold”
(Trịnh Đức Vinh Và Cộng Sự , 2016)
Accounting for revenue from the sales and providing service uses Account No
Structure and content of Account No 511:
Sales returns transfer end-of-period
Sales allowances transfer end-of-period
Trade discounts transfer end-of-period
Sales transfer to Account No 911
Sales of goods, products, property investment and provides services of the business done in the period.
Account No 511 has four accounts level 2:
Account No 5111 – Sale of goods
Account No 5112 – Finished product sales
Account No 5118 – Other sales revenue
(Trịnh Đức Vinh Và Cộng Sự , 2016) b Accounting method
Following the Circulars 133/2016/TT-BTC
Accounting for cost of goods sold
VAT invoice: Used when the goods shipped straight from suppliers
Exhibit 1 2 Sales Subsidiary Ledger of Account No 632 b Recording method
Column A: To write the date which an accountant writes into the book
Column B, C: To write the number sign and date of the document which used to write into the book
D: To write the content of the accounting event accrued
Column E: To write the contrast account
Column 1: To write the total amount of the accounting event accrued
To accurately reflect the accounting events, it is essential to allocate expenses from column 2 to column 8 into the appropriate expense categories, ensuring compliance with each business account's requirements.
The row of “Ending inventory” determined following:
Ending inventory = Beginning inventory + Debit accrued – Credit accrued
(Trịnh Đức Vinh Và Cộng Sự , 2016)
Accounting for Cost of goods sold uses account No 632 - Cost of goods sold (COGS) Structure and content of account No 632:
Costs of raw materials, labor costs in excess of normal levels and manufacture overhead expenses fixed non-allocated are included in the COGS in the period
Loses of inventory after deducting the compensation due to personal responsibility
Provision for devaluation of inventory
Cost of construction and homemade fixed assets exceeding the normal level is not included in the original cost of self-constructed and self-made tangible fixed assets
Transfer the cost of products, goods and services sold during the period to Account No 911
The reversal of provision for devaluation of inventories at the end of the fiscal year
Value of returned goods sold
The trade discount, sales discount received after the purchase has been consumed
The refund of accrued expenses for estate goods is determined to be sold It will be refunded when selling goods
Account No 632 has no closing balance
(Trịnh Đức Vinh Và Cộng Sự , 2016) b Accounting method
Following the Circulars 133/2016/TT-BTC
Figures 1 2 : Accounting for cost of goods sold
Accounting for Operating expenses
Allocation table wages and social insurance
Depreciation Expense related to Selling Department & Administrative Department
Accountants use the book model same like the accounting for the cost of goods sold. b Recording method
Similarly, the accounting method of the accounting for the cost of goods sold. Structure and content of account No 642:
Accounting for business expenses uses account No 642 - Operating Expenses
Administration and business costs incurred in the period
Provisions for bad debts and payable provisions
The amount recorded to reduce the cost of business administration
Reversal of provisions for doubtful debts and provisions for payables
Transfer administrative expenses to Account No 911 "determine business results"
Account No 642 has no balance
Account No 642 – Operating expenses has two accounts level 2:
(Trịnh Đức Vinh Và Cộng Sự , 2016) b Accounting method
Following the Circulars 133/2016/TT-BTC
Figures 1 3 Accounting for Operating expenses
Accounting for financial expenses
The form opens for subsidiary Ledger of account No 635- Financial activities expenses:
Exhibit 1 4 : Subsidiary Ledger of Account No 635 b Recording method
Column A: To write the date which an accountant writes into the book
Column B, C: To write the number sign and date of the document which used to write into the book
Column D: To write the content of the accounting event accrued
Column E: To write the contrast account
Column 1,2: To write the amount that accrued of the accounting event into debit or credit
Column 3,4: To write the debit or credit balance after finish each accounting event
The row of “Beginning inventory” is the number amount in the “Ending inventory” of the last period
(Trịnh Đức Vinh Và Cộng Sự , 2016)
Accounting for financial expenses uses Account No 635 – Financial activities expenses.
Structure and content of Account No 635:
Interests expenses, interests on deferred payment, interests financial leasing, property lease
Loss of selling foreign currencies
Losses due to liquidation and sale of investments
Loss of exchange rate arising in the period, foreign exchange losses due to the year-end re-evaluation of monetary items in foreign currencies
Number of provisions for devaluation of trading securities, provision for loss of investment in other units
Expenses of other financial investment activities
Refunding provision for devaluation of trading securities, provision for loss of investment in other units
Amounts recorded to reduce financial expenses
At the end of period, transfer all financial activities expenses incurred in the period to determine business results
Account No 635 has no closing balance
(Trịnh Đức Vinh Và Cộng Sự , 2016) b Accounting method
Following the Circulars 133/2016/TT-BTC
Figures 1 4 Accounting for financial expenses
Accounting for financial incomes
Detail book form open for Account No 515 – Financial income is similar to the detail book of Account No 635 – Financial activities expenses. b Recording method
Accounting method of Account No 515 – Financial activities income is similar toAccount No 635 – Financial activities expenses.
Accounting for financial incomes uses Account No 515 – Financial activities income.
Structure and content of Account No 515:
Amount of payable VAT calculated by the direct method
Transfer of net financial activities revenue into Account No 911 – Determination of business results
Revenue from financial activities incurred in the period
Account No 515 has no closing balance
(Trịnh Đức Vinh Và Cộng Sự , 2016)
Figures 1 5 Accounting for financial incomes
Accounting for other incomes
Detail book from open for Account No 711 – Other income is similar to the detail book of Account No 635 – Financial activities expenses. b Recording method
Accounting method of Account No 711 – Other income similar to Account No
Accounting for other income uses Account No 711 – Other incomes Structure and content of Account No 711:
Payable VAT for other incomes in the enterprise paying VAT by the direct method
At the end of period, transfer other incomes arising in the period to Account No
Other income incurred in the period
Account No 711 has no balance (Trịnh Đức Vinh Và Cộng Sự , 2016) b Accounting method
Figures 1 6 Accounting for other incomes
Accounting for other expenses
Minutes of liquidation of fixed assets
Detail book form open for Account No 811 is similar to the of Account No 635 – Financial activities expenses. b Recording method
Accounting method of Account No 811 – Other expenses is similar to Account
Account for other expenses uses Account No 811 – Other expenses Structure and content of Account No 811:
At the end of period, transfer all other expenses incurred in the period into Account No 911 – Determination of business results
Account No 811 has no closing balance
(Trịnh Đức Vinh Và Cộng Sự , 2016) b Accounting method
Following the Circulars 133/2016/TT-BTC
Figures 1 7 Accounting for other expenses
Accounting for income summary
Detail book form open for Account No 911 – Determination of business results similar to the Account No 635 – Financial activities expenses. b Recording method
Recording method of Account No 911 – Determination of business results similar to the Account No 635 – Financial activities expenses.
Accounting for income summary uses Account No 911 – Determination of business results Structure and content of Account No 911:
Cost of goods products, goods, investment properties and services sold
Financial activities expenses, business income tax expenses and other expenses
Net revenue of products, goods, investment properties and services sold in the period
Revenue from the financial activities, other incomes and items to reduce business income tax
Account No 911 has no closing balance
(Trịnh Đức Vinh Và Cộng Sự , 2016) b Accounting method
Following the Circulars 133/2016/TT-BTC
Figures 1 8 Accounting for income summary
Accounting for operate tax expenses
Detail book from open for Account No 821 – Business income tax charge is similar to the of Account No 635 – Financial activities expenses. b Recording method
Accounting method of account No 821- Business income tax similar to the account No 635- Financial expenses
Account for income tax expenses uses Account No 821 – Business income tax Structure and content of Account No 821:
• Current corporate income tax incurred during the year
Due to the identification of non-material errors from previous years, it is necessary to adjust the corporate income tax, resulting in an increase in the corporate income tax expense for the current year.
• The actual corporate income tax payable for the year is less than the amount provisional, the current reduction in corporate income tax expense recognized during the year.
The reduction in corporate income tax resulting from the identification of non-material errors from previous years is reflected as a decrease in the current year's corporate income tax expense.
Transfer the excess amount from the debit side of Account No 8212, which exceeds the credit amount for the period, to the debit side of Account No 911, which is used for determining business results.
(Trịnh Đức Vinh Và Cộng Sự , 2016) b Accounting method
Following the Circulars 133/2016/TT-BTC
Figures 1 9 Accounting for income tax expenses
CHAPTER 2: METHODOLOGY OF ACCOUNTING FOR SALE AND INCOME SUMMARY AT MINH HANH TRADING & SERVICE COMPANY
The history and development of the Minh Hanh Trading & Service Company
2.1.1 The history and development of the Minh Hanh Trading & Service Company
Minh Hanh Trading & Service Co., Ltd, established on June 15, 2012, by Mr Tran Van Minh, operates as a two-member limited liability company in the commerce sector The company specializes in a variety of products, including confectionery, milk, instant noodles, and rice noodles Located at Lot 35, Zone G, Dinh Huong Industrial Park - Tay Bac Ga (Phase 2), Dong Cuong Ward, Thanh Hoa City, Thanh Hoa Province, Vietnam, Minh Hanh also serves as a first-class agent for selling and consigning goods nationwide.
In the near future, the company also tends to bring Vietnamese products to foreign markets.
Since its inception, the company has significantly contributed to the national economy by meeting tax obligations and actively engaging in charitable initiatives These include supporting underprivileged students, constructing homes for those in need, and contributing to local funds like the Study Promotion Fund Additionally, the company has invested in facilities for highland schools and assisted communities during the 2020 flood season With a robust market presence, the company has ensured stable employment for over 50 employees during the challenging Covid-19 pandemic of 2020-2021.
2.1.2 Organizational structure of management of the company
2.1.2.1 Diagram of the management structure
The company's management apparatus organization is compact, scientific in nature, ensuring quick adaptation to market fluctuations Shown in the diagram:
Figures 2 1: Organizing management system of the company
The company's organizational and management structure is designed as an online-functional model, where the director oversees the deputy director and departmental heads in a direct manner This online relationship ensures effective leadership, while the functional relationships among specialized departments provide essential advice to the director, facilitating informed decision-making on matters related to the company's functions and responsibilities.
The organizational structure fosters a strong connection between decision-makers and those responsible for executing orders, promoting effective communication and collaboration Additionally, the interdepartmental relationships within the company enhance unity and cohesion, ensuring that all teams work together towards common goals.
2.1.2.2 Duties and powers of departments
- Director: In charge of general, comprehensive management and direction throughout all areas of operation of the Company, directly monitoring the specific areas of work as follows:
+ Consider and decide on issues of organizational structure and personnel; decide on financial issues, inspect, decide on issues of long-term and short-term planning, investment in capital construction.
+ Decide to promulgate economic and technical norms, internal rules and regulations at the enterprise.
Approve and sign financial documents, including revenues and expenditures, while ensuring compliance with current regulations Prepare financial statements and reports as required, and manage external activities of the enterprise effectively.
In the absence of the director, the appointed individual will assume full responsibility for managing operations and addressing any issues that arise within the enterprise This person will make decisions on behalf of the director and must obtain written authorization for any long-term business trips.
+ Directly in charge of the business and technical department management and also responsible for the technical aspects of BTS stations.
+ Report, reflect information and propose measures to manage and operate all general activities of the Company.
+ Research, develop and develop market expansion strategy, promote the company's products and services Lead and coordinate with functional departments to develop development plans to submit to leaders for approval.
+ Learn market research to know how your services are in the market to improve and improve the situation.
+ Help leaders implement projects and business plans for departments Urging, inspecting and supervising the implementation of approved plans and plans.
The company's leaders are advised on establishing capital sources to achieve financial balance, ensuring adequate funding for the execution of production, business, and capital construction plans.
Company management structure
+ Organize accounting work in the Company in accordance with the Law on Accounting, the Law on Statistics and current regulations on accounting regime.
+ Organize the inspection, approval and settlement of the Company's financial situation.
+ Directly direct and perform the financial and accounting work, the collection and payment of social insurance of the Company.
+ To assume the prime responsibility for, and coordinate with other departments to develop production and business plans, set up costs and related costs for leadership to issue decisions.
+ Synthesize the situation of debts, coordinate with departments, collect debts and other payable obligations of employees.
+ Advise the director on the construction schedule of the stations, monitor the technical management to ensure the quality of the construction work.
+ Perform the warranty and repair of electronic components, computers of the Company At the same time, doing customer care for customers using the company's services.
The customer service department is dedicated to providing accurate advice on the company's products and services, ensuring that customers receive the support they need for any inquiries or concerns.
2.1.2.3 Organization of accounting work of the Company
2.1.2.3.1 Organizational chart of the accounting apparatus
Any business needs an accounting system, because accounting is an indispensable component It ensures the function of receiving and processing necessary information about the financial situation of the business.
Figures 2 2: Organizing accounting system of the company
2.1.2.3.2 Functions and duties of accounting operations.
The Chief Accountant is the key figure overseeing the company's accounting system and holds primary responsibility for all financial and accounting tasks before the Board of Directors This role involves advising the Director on financial matters, managing financial functions, and monitoring the company's financial status The Chief Accountant ensures timely reporting to the Director regarding the financial situation and provides guidance on accounting operations in compliance with current accounting regulations.
The general accountant, reporting directly to the chief accountant, is responsible for overseeing and guiding other accountants while handling essential general accounting tasks This includes preparing financial statements, calculating monthly employee salaries, and monitoring the company's outstanding debts Additionally, the general accountant regularly updates the chief accountant and the company's director on the debt situation for timely repayment planning.
Effective payment accounting and banking management are essential for monitoring receivables across the company Regularly reporting detailed debt information to the chief accountant and company director helps prompt relevant departments to actively collect outstanding debts, ensuring minimal debt levels and preventing customer capital misappropriation Additionally, it is crucial to track the movement of the cash fund and maintain accurate records in the assigned accounting books.
A cashier is responsible for effective cash management, maintaining a daily cash book, and ensuring that the recorded cash balance aligns with actual funds They handle cash collection and payments based on vouchers, and bear material responsibility under company policy and legal regulations in cases of cash excess, shortages, or losses.
Accounting method applied at the Company
The company's accounting policy adheres to Circular No 133/2016/TT-BTC, issued by the Ministry of Finance on August 26, 2016 This circular provides essential guidelines for the recording of accounting books, as well as the preparation and presentation of financial statements, ensuring compliance with established financial reporting standards.
- The accounting form applied at Minh Hanh Trading & Service Co., Ltd is the form of bookkeeping vouchers The chart of accounting forms applied at the company is as follows:
Accountants utilize various documents, including ex-warehousing slips, receipts, and VAT invoices, to record economic transactions in the general journal within accounting software daily This software subsequently updates the detailed accounts and ledgers At the end of the accounting period, the General Accountant reconciles the detailed book data with account balances to facilitate the preparation of financial statements.
ACCOUNTING METHODS OF SALES AND DETERMINATION OF
Detail accounting
Accountant at Minh Hanh Trading & Service Co., Ltd uses Ledger Account
Upon entering the VAT invoice, the accounting software automatically updates the subsidiary Ledger of Account 5111, along with related accounts such as subsidiary ledger account 111 and subsidiary ledger account 3331.
Figures 2 4 Detailed sales report book
Detail accountant
Accounting using Ledger Account 5111 - Sales revenue b Recording method
From the VAT invoices entered after arising, the accounting software system will update the number in the Ledger of TK5111 - Sales of good
Figures 2 5 Account Details Ledger No 5111
Revenue deduction accounting
The company has no revenue deduction
Cost of good sold
On December 28, 2020 when the company sells goods to
MINH KHOI CRANE TRADING SERVICES CO., LTD accountants make the delivery note
Figures 2 7 Release note (December 28, 2020) 2.2.3.2 Detailed accounting a Subsidiary ledger
The accountant at MINH HANH TRADING & SERVICE CO., LTD utilizes the sub-ledger account 632 for recording the cost of goods sold In this process, only the prices of goods sold are documented, while employee salaries are recorded under the cost of sales account.
Figures 2 8 Account Details Ledger No 632
2.2.3.3 General ledger a General books used
The payment book is used Import and export window appears b Accounting method
Each day, as the company sells products, it maintains a general accounting journal The software automatically computes the ex-warehousing price for sold goods during the accountant's monthly costing process This method of calculating ex-warehousing prices is implemented at the end of each month.
Operating expenses accounting
On December 25, 2020 and December 31, 2020, the payment company transfers goods according to the documents below and payment of wages, diverging fixed assets, tranfer
Accountant of Minh Hanh Trading & Service Co., Ltd uses Ledger account 6421- Selling expense b Recording method
Figures 2 12 Account Details Ledger No 6421
2.2.4.1.3 General Accounting a.General books used
Accountant of Minh Hanh Trading & Service Co., Ltd uses General Ledger No 6421- selling expense b Accounting method
Every day, based on the accounting vouchers, the event log will be recorded into the accounting software, then the accounting software will record everything in the General Ledger 6421
In 2020, the company faced significant business management expenses, which included regular costs such as office supply purchases, employee salaries, and the depreciation of fixed assets This illustrates the accounting process for administrative expenses within the organization.
Figures 2 14 Spreadsheet and salary payment
Accountant of Minh Hanh Trading & Service Co., Ltd uses Ledger Account
6422 - Business administration expenses. b Recording method
Figures 2 15 : Account Details Ledger No 6422
Figures 2 16 Account Details Ledger No 6422
Accounting for financial expenses 63 1 Voucher
2.2.5.1 Voucher On November 24, 2020, Minh Hanh Trading & Service Co.,Ltd paid interest expenses to BIDV according to the following accounting slip
Ltd paid interest expenses to BIDV according to the following accounting slip
Accountant of Minh Hanh Trading & Service Co., Ltd uses Ledger Account 635-Financial expenses b Recording method
Figures 2 18 : Account Details Ledger No 635
Every day, based on accounting vouchers, the arising events will be recorded in the accounting software, Then the accounting software will record everything in the General Ledger 635
Figures 2-21: Account Details Ledger No 635
Revenue accounting for financial activities
On December 31, 2020, Minh Hanh Trading & Service Co., Ltd received interest on bank deposits according to the notice below:
GIẤY BÁO CÓ CỦA NGÂN HÀNG
NGÀY 31 THÁNG 12 NĂM 2020 Số phiếu: BC00005
Người nhận:Công ty TNHH TM&DV Minh Hạnh Đơn vị:Công ty TNHH TM&DV Minh Hạnh
NỘI DUNG TÀI KHOẢN SỐ TIỀN
Lãi tiền gửi ngân hàng 2801870739 20,851.00
Số tiền (viết bằng chữ): Hai mươi nghìn tám trăm năm mươi mốt đồng
Kèm theo: 0 chứng từ gốc: Đã nhận đủ số tiền (viết bằng chữ):Hai mươi nghìn tám trăm năm mươi mốt đồng
NGƯỜI LẬP PHIẾU THỦ QUỸ
(Ký, họ tên) (Ký, họ tên)
Figures 2 19 : Credit Advice of Account 515
Accountant of Minh Hanh Trading & Service Co., Ltd uses Ledger of sub- account No 515 – Financial revenue
Figures 2 20 : Account Details Ledger No 515
Accounting for other expenses
On December 28, 2020, Minh Hanh Trading & Service Co., Ltd incurred expenses for asset liquidation according to the liquidation agreement.
Figures 2 22 Minutes of administrative violations on Tax
Accountant of Minh Hanh Trading & Service Co., Ltd uses Ledger account 811- Other expenses. b Recording method
Figures 2 23 Account Details Ledger No 811
Accounting for other income
On December 31, 2020, Minh Hanh Trading & Service Co., Ltd recorded an unidentified income of 70,000,000, which the Board of Directors decided to classify as other income for the fiscal year.
GIẤY BÁO CÓ CỦA NGÂN HÀNG
NGÀY 31 THÁNG 12 NĂM 2020 Số phiếu: BC00005
NỘI DUNG TÀI KHOẢN SỐ TIỀN
Nguyễn Thị Bình An chuyển tiền 131 70,000,000.00
Số tiền (viết bằng chữ): bảy mươi triệu đồng chẵn
Kèm theo: 0 chứng từ gốc: Đã nhận đủ số tiền (viết bằng chữ):
NGƯỜI LẬP PHIẾU THỦ QUỸ
(Ký, họ tên) (Ký, họ tên)
NGÀY 31 THÁNG 12 NĂM 2020 Số phiếu: BC00005
NỘI DUNG TÀI KHOẢN SỐ TIỀN
Nguyễn Thị Bình An chuyển tiền 131 70,000,000.00
Kèm theo: 0 chứng từ gốc:
NGƯỜI LẬP PHIẾU THỦ QUỸ
(Ký, họ tên) (Ký, họ tên)
GIẤY BÁO CÓ CỦA NGÂN HÀNG (THU)
Số tiền (viết b ằng chữ): b ảy m ươi triệu đồng chẵn Đã nhận đủ s ố tiền (viết bằng chữ):
Figures 2 24 Credit Advice of Account 131
Accountant of Minh Hanh Trading & Service Co., Ltd uses the ledger account
Cr 711- Other income b Recording method
Figures 2 25 : Account Details Ledger No 711
Figures 2 26 Account Details Ledger No 711
At the conclusion of each quarter, the accountant at Thinh Hung Automobile Co., Ltd meticulously documents financial data in the Company’s Account Ledger Number 911, which provides a comprehensive summary of income This systematic recording method ensures accurate financial tracking and reporting.
Figures 2 27 Account Details Ledger No 911
Figures 2 28 Account Details Ledger No 911
2.2.10 Accounting for Corporate income tax
At the end of each month, the Corporate Income Tax (CIT) amount is calculated based on total income and accounting expenses If there are no accounting records, the results will be transferred to Account 421 for business result determination.
Figures 2 29 Subsidiary Ledger of Account No 911
Accounting for Corporate income tax
At the end of each month, the Corporate Income Tax (CIT) amount is calculated based on total income and accounting expenses If there are no accounting records available, the results will be transferred to Account 421 for the determination of business outcomes.
Figures 2 29 Subsidiary Ledger of Account No 911
SOME SOLUTIONS TO IMPROVE THE ACCOUNTING FOR
Strength
Through my internship and research at the Minh Hanh Tranding & Income realize that the company has some advantages as follows:
• The Board of Directors of the company are people with high professional qualifications and experience in managing and operating the company.
• Professional, skilled and dedicated staff and technicians at work.
• Working among flexible divisions, with mutual support in the business process of the company.
• Enterprises use "Bravo Accounting Software" This software has the advantage of reducing the workload of accountants in the accounting period, easily correcting and adjusting when errors are detected.
The company employs a centralized accounting model where each accountant is assigned to specific departments, minimizing overlap and facilitating regular comparisons This structure lays the groundwork for accurate financial reporting The accounting team effectively advises the Director on managing the company's assets, goods, and finances, establishing itself as a trusted source of information regarding the company's financial status since its inception.
The company's accounting system is rigorously structured, ensuring strict adherence to the directives of leadership and compliance with state laws Clear assignments within the accounting team enhance efficiency in the workflow, contributing to the overall effectiveness of the organization.
The company utilizes a "Recording Vouchers" format for its accounting books, which enhances the efficiency of document management This method facilitates thorough rotation, comparison, and verification of records, ensuring clarity and accuracy that meet the informational needs of management.
The Company stays current with the latest accounting regulations and adheres to the principles set by the Ministry of Finance Utilizing the most recent accounting system provided by the Ministry, the Company has the capability to open detailed accounts related to revenue and general income, ensuring precise recording and detailed tracking of each financial item.
Minh Hanh Trading & Service Co., Ltd adheres to the accounting system outlined in Circular No 133/2016/TT-BTC, effective from January 1, 2017, as mandated by the Ministry of Finance The company's documentation system is comprehensive and aligns with both its production and business characteristics and relevant state regulations.
The company leverages advanced accounting software to streamline its accounting processes, ensuring timely and accurate information for management decision-making By simply inputting original documents, accountants can quickly and precisely update relevant records, enhancing overall efficiency The user-friendly accounting system facilitates easy verification and comparison, allowing for swift error correction For years, the integration of accounting information has been pivotal in guiding management decisions throughout various periods.
Weaknesses
Besides the above advantages, the company still has limitations that need to be overcome in order to perfect the accounting work of the business:
Despite the implementation of accounting software, businesses still face challenges such as the inability to delete or correct unrecorded data, issues with access rights, and lack of connectivity between accounting management systems and fixed assets These limitations highlight the need for a comprehensive computerized accounting information system within companies to enhance control and efficiency.
• Although the company applies Circular 133, but the documents are Circular
200, so it will not guarantee the consistency of documents.
The company's revenue is comprised of two main components: vehicle sales and spare parts and service revenue However, only the costs associated with vehicles and parts, along with service provision expenses, are reflected in the labor costs of the sales department This approach results in an inaccurate classification of cost types.
SOME SUGGESTIONS FOR IMPROVEMENT OF ACCOUNTING FOR
After evaluating the current accounting practices at Minh Hanh Trading & Service Co., Ltd., I propose several solutions to enhance the accuracy and effectiveness of the company's accounting processes and improve the determination of business results.
Increase sales, Diversified goods, reduce cost of capital, find good sources reduce administration expenses
To ensure efficient production planning, the company must accurately forecast consumption This proactive approach guarantees that the quantity of finished goods remains at a safe level, preventing both shortages that could hinder sales and excess inventory that would increase storage costs.
The company should have a debt recovery employee When the customer pays the debt, the debt collector of the company will be responsible for urging the customer to repay.
To boost sales and enhance profitability, companies should implement strategies that attract new customers while retaining existing ones One effective approach is to encourage bulk purchases through trade discounts or sales allowances, which can incentivize large volume buyers By applying these promotional tactics, businesses can foster customer loyalty and drive increased revenue.
Expand consumption market, focusing on industrial zones.
The company should plan to remodel or build some new warehouses to ensure better inventory.
Marketing department needs to study, master the situation of consumption and consumption markets.
The company should apply document templates according to Circular 133 to ensure consistency between documents.
The company should separate repair service costs from selling costs to determine cost of goods sold of specific repair service revenue.
To maximize the capacity as well as the dedication and constructive ability of the employees, the company needs to have positive related policies.