Ministry of Finance Academy of Finance INTERNSHIP REPORT TRINH THU HA CLASS CQ5621CLC Instructor PhD Thai Ba Cong MAc Nguyen Ba Linh Contents PART 1 Overview Internship company information 3 1 1 Comp.
Ministry of Finance Academy of Finance INTERNSHIP REPORT TRINH THU HA CLASS: CQ56/21CLC Instructor: PhD Thai Ba Cong - MAc Nguyen Ba Linh Contents PART 1: Overview Internship company information 1.1 Company formation and development: • • • • • • Name: Thieu Yen- Thanh Hoa Trading Joint Stock Company Address: Quan Lao Town - Yen Dinh District - Thanh Hoa Province Phone: Fax: Tax code: 2800115860 Charter capital: 10,000,000,000 VND Thieu Yen- Thanh Hoa Trading Joint Stock Company is a large agent providing goods and services to people in the Yen Dinh district From 1986 to June 1991, the commercial center of Thieu Yen district (renamed Yen Dinh district in 1997) had the main task of providing a full range of goods and services to the people However, to catch up with the development trend of the economy, on June 30, 1991, the Thieu Yen trading company was established under the management of the state In the early days of establishment, the company still faced many difficulties in terms of products and goods The unit has stabilized production and business with the assistance of the state During the years 1995, the Company imported and traded additional items: Electrical - Electronic - Refrigeration Equipment and essential products to serve the people After more than 10 years of development, along with the renewal of the country, the form of state-owned enterprises is no longer suitable On October 1, 2000, the Company officially changed from the form of state-owned share capital to the form of share capital contribution and was called Thieu Yen- Thanh Hoa Trading Joint Stock Company, born with a large business field, numerous customers district, and some other neighboring areas In 2008, the Company continued to expand its business, trading in new business items besides the traditional ones such as motorcycles, cars, construction materials 1.2 Features of production and business organization Main business items: - Fertilizers, plant varieties, animal feed, food technology products - Electronics, electrical appliances - Trading in motorbikes, cars, agricultural machinery - Food Service, restaurant - Retail in general business stores 1.3 The corporate management organization Thieu Yen- Thanh Hoa Trading Joint Stock Company is an enterprise of which charter capital is divided into equal portions called shares And persons who own shares are called shareholders Shareholders are only liable for the company’s debts and other liabilities up to the value of capital contributed to the company According to the business registration certificate, Mr Trinh Xuan Tan is the legal representative of the company Therefore, the company's organizational and managerial structure will be headed by a director Responsible for general management of the affairs in the enterprise, only after the director is the deputy director Next are department directors who will manage specific departments with different functions The person in charge of the accounting department is Mr Trinh Quang Huy– chief accountant The organizational model of Thieu Yen- Thanh Hoa Trading Joint Stock Company is outlined in the following chart: Administrative Council Boards of directors Business planning department Accounting and Finance Department Labor Organization Department Trading stations attached Flowchart 1: Management apparatus The duties of each functional department: - Administrative Council: Including all voting shareholders, is the highest decision-making body of the company In charge of general and directly in charge of the areas of the company's business plan, finance and accounting, organization price appraisal officer, chairman of the reward and discipline council - Board of Directors: Director and Deputy Director- As the representative of the company in terms of laws and papers, responsible for the development of the company - Business Planning department: Has the function of advising, giving opinions, and proposing to the Board of Directors of the company on issues related to the company's distribution of products and services to the market results and fastest Building and developing brand image; research, product development, and market expansion; developing and implementing marketing strategies; advise the Board of Directors on marketing strategy, products and customers; establish relationships with media; operate the employees' affairs under the department's management - Labor Organization Department: Representing employees of the company, directly doing staff work, policies, security, labor protection, health care for employees of the Company, controlling employees Check the company's environmental hygiene assessment - Accounting and Finance Department: Building a completed and comprehensive statistical and accounting organization and organization system by current business requirements and financial and accounting regimes To record, reflect fully, promptly, accurately, and truthfully the economic operations arising in the course of business operation strictly according to the prescribed accounting regime Provide timely, accurate financial data for the director to plan properly for production and business - Trading stations attached: Distributing goods to consumers and collecting payment to the financial accounting department They carry out sales independently or dependently sell according to their own plan besides the plan of the company assigned to them, search for sources of goods and customers themselves The organization and management apparatus creates several favorable conditions: - Assisting the company is being proactive in doing business and creating dynamism in the exploitation of goods sources, assisting in diversifying the business situation and always staying abreast of the market situation, promptly handling business situations to adapt to market conditions - Superiors' information is quickly communicated to subordinate units - Each employee is directly exposed to the company's common work, which helps them improve their qualifications and experience, promote their strengths, and perform their jobs efficiently 1.4 The organization of accounting works in the company 1.4.1 The organization of the accounting system Chief accountant Payable Accountant Sales Cash and cash in Warehouse Accountant bank accountant Flowchart 2: Accounting apparatus Treasure Through the diagram, we can see the characteristics of organizing accounting as follow: - Chief accountant: is the person who directly organizes and checks the whole accounting process in the unit under her charge: monitoring, reflecting, synthesizing data from other accountants, accumulating costs on the ledger, determining business results; instructing a compact, efficient accounting system; acting as an advisor for the director to manage company's finance - Payable accountant: monitoring and reflecting opening balance and the situation of the increase and decrease of cash funds, cash at bank, other liabilities, the situation of liabilities with suppliers - Warehouse accountant: to accurately monitor input, the output of books, open goods tracking, and build measurement of inventories, timely supply books to the market - Sales Accountant: Reasonable allocation, correct determination of cost of goods sold as well as timely detection of sales volume and sales revenue Manage books and documents related to sales of the company Enter sales data, summarize sales data Monitor and calculate discounts for customers Track sales revenue - Cash and cash in bank accountant: Daily reflects the situation of inflow and outflow of both cash and cash at bank Regularly compare actual cash balance with books to detect errors in time Cash accountants are responsible for monitoring all activities related to cash collection and spending at the fund; daily fund inventory tracking report the boss to prepare cash flow for internal production and business activities; Paying money to the bank to serve the company's activities; deposit, loan, receive vouchers from banks, sort by content; make a check statement, submit it, sign it for submission to the bank; Managing the accounting of goods (if customers transfer through bank) - Treasure: Be responsible for cash collection, payment, and fund of the company, conducting irregular or periodic inventory 1.4.2 The relationship between the accounting department and other parts of the company - With the Business planning department: + Jointly plan the company's development strategy in the next period + Building and supporting procedures for purchase and sale contracts, acceptance documents, synthesis of purchase and sale documents - For management: provide useful financial information to help managers understand the company's performance; make the right decisions promptly for the business 1.4.3 Accounting policies applied at the company: - Financial year: The Company’s financial year begins on 01 January and ends on 31 December - Accounting standards and accounting system: The company ensures compliance with the requirements of accounting standards and the Vietnamese accounting system issued under Circular No 200/2014 / TT- BTC dated 22 December 2014 as well as circulars guiding the implementation of accounting standards of the Ministry of Finance in making financial statements - Declaration of compliance with accounting standards and accounting: The Board of Directors ensures compliance with the requirements of accounting standards and the Vietnamese accounting system issued under Circular No 200/2014 / TT- BTC dated 22 December 2014 as well as circulars guiding the implementation of accounting standards of the Ministry of Finance in making financial statements - Applying accounting law: The Law on Accounting No 88/2015 / HQH13 was adopted by the National Assembly of the Socialist Republic of Vietnam, Session XIII, at its 10th session, on November 20, 2015, effective from the date of January 1, 2017 According to Article 28 - Currency unit used in accounting is Vietnam Dong (VND) - VAT declaration and payment method: deduction method - Accounting forms applied in business: With the support of the tubers a "BEFOTECH” accounting software, duplicate records in the form of voucher register - Basis for preparing financial statements: The financial statements are presented in Vietnam Dong (VND), using the historical cost principle and under Vietnamese accounting standards, the current corporate accounting regime, and relevant legal regulations - VAT calculation method: Deduction method - Accounting method of inventory: + Principles of recognition of Inventories: historical cost + Principle of valuation Inventories out of stock: weighted average method + Method of recording Inventories: Perpetual inventory count - Fixed asset depreciation method: Straight-line method PART II: THE BASICS OF THE ACCOUNTING PRACTICES AT THE INTERNSHIP UNIT 2.1 Overview of the current accounting status of some major accounting practices in the company * Overall about the accounting software the company The company uses BEFOTECH accounting software to perform its accounting activities Like other software, BEFOTECH provides a full range of features to help accountants easily perform their work It includes accounting components such as Investor Accountant, end-of-period transactions, and so on Automatic management and tax reporting (VAT, income, etc.) are available Manage, prepare, and print invoices with BEFOTECH software's "Invoices, self-printed forms" feature Management of revenue and expenses; cost management analysis; preparation of financial statements and management reports Screens 3: BEFOTECH software interface The main points of the BEFOTECH accounting software: * Financial, accounting, and tax regimes: - The form of the report conforms to the standards required by the Ministry of Finance; corporate accounting regime according to Decision 15/2006/QD-BTC, Decision 48/2006/QD-BTC (for small businesses) and medium); report VAT and CIT according to Circular 60/2007/TT-BTC (guiding the implementation of a number of articles of the Law on Tax Administration); accounting for promotional goods according to Circular 30/2008/TT-BTC; list of goods and services purchased without invoices (form No 01/TNDN) according to Circular 134/2007/TT-BTC - Software is continuously updated and modified according to current regulations - Support data export of VAT, CIT, financial statements to the General Department of Taxation's supporting software for tax declaration of the General Department of Taxation to print according to barcodes 10 - Payment slip, debit note Screen: Table of salary payment for employees in month 2.6.4 Document rotation process: The related documents used in the salary accounting section are made by the chief accountant 2.6.5 Applying accounting accounts: - TK 334, 338 - TK 1111, 1121 2.7 Sales accounting and sales result in determination (Revenue) 2.7.1 Content and requires: - Selling is the transfer of ownership of goods associated with most benefits or risks to customers, and at the same time paid or accepted by the customer - Sales accounting tasks and sales determination + Reflect and record fully, promptly, and accurately the existing situation and variation of each type of goods according to the criteria of quantity, quality, type, and value + To fully, promptly, and accurately record and record revenues, revenue, and expense deductions for each activity in the business, and monitor and urge customers' receivables + Accurately reflect and calculate the results of each activity, monitor the performance of obligations to the State, and the distribution of the results of activities + Providing accounting information serving the preparation of financial statements and periodical analysis of economic activities related to the sales process, determining results 2.7.2 Specific characteristics govern: Sales activities are the main activities of the company, sales operations take place regularly and continuously Therefore, organizing sales accounting is one of the most important tasks of the accounting apparatus in the company The company's sales activities are quite stable; the daily consumption of goods does 32 not change much The workload of the sales accountant is not too much but stable and continuous 2.7.3 Vouchers used: - Value added invoices - Receipt slip - Credit notes - Goods dispatched note 2.7.4 Applying the accounting accounts: Accounts used for this section: - Account 5111: Revenue from goods sold and services - Account 632: Cost of goods sold - Account 33311: Output value-added tax - Account 6421: Selling expenses - Account 6422: Enterprise administrative expenses * Make journal: Accountant record revenue of selling transactions as below: Dr 111/112/131: total payment Cr 511: revenue Cr 331: tax At the same time, record cost of goods sold: Dr Acc 632 Cr Acc 156 * Accounting for the cost of goods sold: Cost of goods sold accounting reflects the cost of goods sold during the period At the company, the cost of goods sold is recalculated at the end of each day by the warehouse accountant through accounting software 33 - Selling expenses accounting: Selling expenses (Account 6421) at the company include actual costs incurred in the sale of goods, including salary costs for sales staff, transportation costs, maintenance costs - Business management expense accounting: General and administrative expenses (Account 6422) at the company include general management costs of the company, including salary costs for directors, accountants, services purchased from outside (electricity, water, telephone, fax, internet, ) * Accounting for determining results of sales: The accountant determines the sales results are recorded in general into account 911 - Determination of business results Sales results are determined at the end of an accounting period or at the request of the director Make journal: Dr Acc 511 Cr Acc 911 2.8 Accounting for preparing and analyzing financial statements After closing the accounting period, the accountant from main screen, choose “Kế toán tổng hợp” →” Báo cáo tài (TT200/2014) and choose “Balance Sheet”/ “Income Statement”/ The software will automatically prepare the Financial Reports according to the data entered in the period * Some documents about Thieu Yen- Thanh Hoa Trading Joint Stock Company 34 *Excel file extracted from accounting software - Balance sheet 35 - Income statement 36 - Cash flow statement 37 38 - Notes to The Financial Statements: 39 40 41 PART III: COMMENTS AND EVALUATION OPINIONS ON THE ACCOUNTING WORK AT THIEU YEN THANH HOA JOINT STOCK COMPANY 3.1 Reviews of internship units 3.1.1 About the business situation of the company: Thieu Yen Thanh Hoa Trading Joint Stock Company has been doing business and developing for more than 20 years During that time, the company has affirmed its strong position in the Yen Dinh district and surrounding areas 42 During the stressful situation of the epidemic, the company was also affected, leading to a slight decrease in sales Therefore, the company needs to continue to research to find more useful measures to improve its business efficiency soon 3.1.2 About the organization of the company's management apparatus: Organize the management apparatus in accordance with the size and management requirements of the company Serious and professional working environment, the staff have a high sense of responsibility for their assigned work Business guidelines and strategies that are consistent with the company's characteristics and market needs 3.1.3 About the company's accounting organization: * Advantages: - The company accounting apparatus is placed under the leadership of the company's board of directors and all accounting staff is placed under the leadership of the chief accountant The accounting apparatus is rationally and closely organized, by its ability, professional qualifications, competence, enthusiasm, and honesty Most of the staff members have a lot of experience in accounting work Accounting staff knows how to flexibly and creatively apply regulations and theories to the reality of the company, continuously improve their professional qualifications and skills - The company uses accounting software, accounting books are used under the regime and at the same time with the company's business characteristics, so the accounting data recorded is guaranteed to reflect reasonably, scientific, fast, and accurate to ensure data collation and regular reporting * Limitation: - The qualification of the contingent of accountants is not high In addition to the chief accountant at the university level, the rest is professional intermediate level - BEFOTECH accounting software still has some limitations that require a high cost of use because it does not allow separate applications for different working stages of the business but is fixed in a total package The combination of details, which sometimes the business does not use all of the modules in it, makes the purchase of software wasteful 43 - Sometimes the rotation of documents is slow, leading to the work being pushed to the end of the period This makes accounting work more difficult and management difficult to grasp the company's situation 3.1.4 Unit file recommendations - The company needs to review accounting software, use all its functions to save costs, and enhance the quality of entering data - The company should let employees participate in more courses to improve their skills CONCLUSION In today's market economy, a company can only survive and stand firm if its production and business activities bring about socio-economic efficiency, which is to bring about socio-economic effects, achieve legitimate profits, and fulfill obligations to the state To this, companies must combine the correct use of inputs, ensure output quality, and self-balance economic accounting To achieve this, economic information plays a particularly important role in controlling the decisions of the leaders, especially the accounting department is tasked with providing timely information to help the board of directors make important decisions Recognizing this problem, after a period of internship at Thieu Yen Thanh Hoa Joint Stock Company being researched and finding out about the actual accounting work at the company, I have a more specific view of the accounting function of an enterprise, grasping the basic tasks and operations to be done of each accounting practice from which to better understand the learned theory However, because the internship period is not long, so I have not researched and thoroughly understood the accounting work at the company Therefore, my internship report is hard to avoid shortcomings, I look forward to receiving your suggestions and instructions to make the report more complete Thank you, sincerely! TRINH THU HA 44 ... debt management reports, debt age analysis reports, payment due to date warning reports, and so on - BEFOTECH Accounting allows you to keep track of each contract Loan agreement with reports such... Yen- Thanh Hoa Trading Joint Stock Company Address: Quan Lao Town - Yen Dinh District - Thanh Hoa Province Phone: Fax: Tax code: 2800115860 Charter capital: 10,000,000,000 VND Thieu Yen- Thanh Hoa... provides a lot of reports on inventory, merchandise on increase and decrease, * Data management over the years - Allows managing data over the years Users can make debt reports, reports related