Internship report at Lms vina company limited

THUONG MAI UNIVERSITY ACCOUNTING AND AUDITING FACULTY - - GROUP PROJECT REPORT Instructors : Dr Phan Huong ThaoStudents perform: Dinh Tran Phuong Uyen – 19D155121: Do Dieu Linh– 19D155093: Tran Minh Quan– 19D155109Class : K55DD2 HÀ NỘI – 2023 ACKNOWLEDGEMENT During the internship at "LMS Vina co., ltd", our group has received a lot of help and facilitation from the accounting department of LMS The team would like to express their sincere gratitude for such assistance The team would like to express our deep gratitude to the company's management and accounting department, who have wholeheartedly guided our team in the past In the process of writing the summary report, although our team has tried a lot due to time and knowledge limitations, errors cannot be avoided Therefore, our group would like to receive the guidance and contributions of lecturers to make the group project report more complete The implementation team would like to wish the teachers of the ThuongMai University wishes for health, success and prosperity in life as well as in the process of working at the school Once again, thank you very much! i CONTENTS FOREWORD .1 PART I GENERAL INFORMATION ABOUT LMS VINA CO., LTD .2 1.1 Company formation and development .2 1.2 Characteristics of business activities of the enterprise 1.4 Overview of production and business results in 2020 – 2021 1_Toc126930195 PART II: ORGANIZATION OF ACCOUNTING AND ANALYSIS WORK AT LMS VINA CO., LTD 2.1 Organizing accounting work at LMS VINA CO., LTD 2.1.1 Organization of the accounting apparatus .5 2.1.2 Company policy plan 2.2 Organization of accounting information system at the Company 2.2.1 Organization of accounting voucher system .8 2.2.2 Organization of the account system 10 2.2.3 Account Usage 11 2.4 Organization of the accounting book system 13 2.5 Organization of financial statements analysis .16 2.5.1 The department that performs and when to conduct the analysis of financial statements 16 2.5.2 Presentation of Financial Statements 16 2.5.3 Analyze indicators in the financial statements of LMS VINA Limmited company .19 CHAPTER III : ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS AT LMS VINA LIMITED COMPANY 24 3.1 Characteristics, content of revenue, expenses and business results of the Company 24 3.1.1 Revenue characteristics 24 3.1.2 Cost characteristics 24 3.1.3 Characteristics of business results 25 3.2 Accounting for business results at LMS Vina Co., Ltd .26 3.2.1 Current status of business results accounting 26 3.2.2 Evaluation of the current accounting status of revenue, expenses and business results at LMS VINA Company 31 3.2.3 Evaluation of economic analysis at LMS VINA Co., Ltd .33 ii CHAPTER 4: THESIS TOPIC PROPOSAL 35 GENERAL CONCLUSION .39 LIST OF REFERENCES 40 APPENDIX 41 iii FOREWORD The impact of the first half of 2022 has decreased somewhat, but in general, the period 2021-2022 is still a difficult and challenging process for the Vietnamese economy in the context of the ongoing COVID-19 pandemic complex variable Despite the initial economic collapse, the Government of Vietnam has issued appropriate and careful policies so that the economy can develop and adapt to the economic market during the pandemic around the world Facilitating and supporting Vietnamese businesses will be an important and decisive factor to our country's economy in the future In order to better understand the development efforts of the business during the epidemic season, the group had a process of learning and practicing at LMS Vina Co., Ltd with the enthusiastic help of the accounting department, the group had practical views and research on the company to complete the summary report - Regarding the scope of research: - Scope of space: At LMS Vina Co., Ltd., XN3-1F Dai An Industrial Park, Lai Cach town, Cam Giang district, Hai Duong province - Time range: ▪ Survey period: 2022 ▪ Data collected: Figures in 2022 + In terms of content: Research on accounting work and analysis of enterprises In addition to the introduction and conclusion, the summary report consists of main parts Part I General information about the company LMS Vina Co., Ltd Part II Organization of work and analysis at LMS Vina Co., Ltd Part III Current status of business results accounting at LMS Vina Co., Ltd Part IV Select subject direction PART I GENERAL INFORMATION ABOUT LMS VINA CO., LTD 1.1 Company formation and development Company name: LMS VINA COMPANY LIMITED International name: LMS VINA COMPANY LIMITED Short name: LMS VN Tax code: 0801224675 Representative: LEE SUNG WOO Operation date: October 16, 2017 Field of activity: Processing – metal shaping Scale: the number of about 300 employees Address: Plot XN3-1E1, XN3-1G, XN3-1F Dai An Industrial Park Extension, Lai Cach Town, Cam Giang District, Hai Duong Province, Vietnam Managed by: Hai Duong Provincial Tax Department Type of enterprise: Non-state limited liability company Light Metal Solution (LMS) is a leading aluminum extrusion and aluminum manufacturer specializing in high strength 7xxx aluminum, with an in-house production line from AL alloy casting, extrusion to post processing (Machining, pressing, treatment) surface) The company was established on July 17, 1975 in Yesan, Chungchungnam-do, Korea LMS has supplied proven materials and parts to leading customers in the automotive, ICT (Information Technology) and defense industries Currently LMS includes companies in Korea and company located in Vietnam LMS VINA Co., Ltd is a 100% foreign-invested limited liability company established in Vietnam under the Investment Registration Certificate No 65335412253 dated October 11, 2017 issued by the Management Board of Industrial Parks Hai Duong Province Enterprise and Business Registration Certificate No 0801224675 dated October 16, 2017 issued by Hai Duong Department of Planning and Investment On March 27, 2020, the Company received the 5th amended Investment Registration Certificate No 6535412253 to change the content of the legal representative, scale and investment capital of the project On January 22, 2021, the Company received the 7th revised Business Registration to change information about the legal representative The Company's Investment Registration Certificate is valid until January 1, 2056 The Company's approved investment capital and charter capital are VND 1,799,815,231,564 (equivalent to USD 79,185,843.89) and VND 500,041,000,000 (equivalent to USD 22,000,000) and 500,041,000,000 respectively VND (equivalent to 22,000,000 USD) As at 31 December 2021, the Company has 665 employees The key leaders are: Lee Sung Woo (General Director), Choi Seung Young (Director), Mun Cheol Ju (Director), Nguyen Thi En (Chief Accountant) 1.2 Characteristics of business activities of the enterprise - Business areas: + LMS VINA CO., LTD specializes in manufacturing precious metals and nonferrous metals - Business lines of the Company: LMS VINA Co., Ltd deals in industries such as: + Producing non-ferrous and precious metals Details: Non-ferrous metal production + Non-ferrous metal casting + Forging, stamping, pressing and rolling metal; metal powder smelting Details: Forging, stamping metal + Mechanical processing; metal treatment and coating Details: Metal cutting (CNC), plating and polishing metal (anodizing), steel processing, stainless steel processing, aluminum processing 1.3 Organizational and management characteristics of LMS VINA Co., Ltd Features of decentralization of business operations management: Model of organization and management of business activities of LMS VINA Co., Ltd Is divided into departments Figure Organizational structure of LMS VINA Co., Ltd Source: (Administrative and Human Resources Department)  The general director The General Director is the person who runs the company's day-to-day business; under the supervision of the Board of Directors; take responsibility before the Board of Directors and before the law for the performance of assigned rights and obligations  Managing director Being the representation of the Company is legally responsible for all transactions with economic organizations and regulatory agencies of the State of Vietnam Directly managing the daily business of the company, deciding on issues such as signing labor contracts, wages and benefits for employees, etc Making, deploying and executing strategies and plans to fully awake and increase the profits of the business Directing the departments in the company to implement the proposed plans; Analyzing and monitoring employee's progress towards ensuring goals are accomplished  Human resources department Developing policies, and regulations on human resource management organizations Besides planning, implementing, monitoring, checking and reporting on human resource policies (recruitment, training, human resource development, ) Planning, implementing, controlling and managing the procurement and distribution of stationery Organizing the reception, ceremony, meeting preparation and chores (eating, drinking, cleaning ) Summarize and update legal policies related to the Company's business activities  Provision department Provision department is responsible for analyzing purchasing needs and supplier capacity At the same time, this department will analyze the supplier market to properly assess the current supplier's capacity and price to see if it meets the business needs of the business Large companies often have a long list of regular suppliers on their books Therefore, the role of the purchasing department is to manage and maintain these relationships For a manufacturing business, the department must ensure that there are sufficient quantities of raw materials as well as the necessary resources for the production of goods and control the amount of inventory Provision department needs to continuously check the quality, performance and reliability of suppliers to avoid unsatisfactory purchases This department handles all documents and procedures related to the provision and delivery of goods and products  Import-export department The duty of the import-export department is to organize and manage import -export market research, as well as finding new markets for the company Prepare and implement delivery and receipt plans to meet production requirements and customer requirements Implement and supervise the opening of declarations to receive goods and deliver goods on time as required The import-Export Department is the department that prepares and deploys reports for customs as required by customs law Propose to the direct superior on each creative idea to improve and enhance the work quality of the department  Production Department Based on information about the amount of goods to be produced in a certain time frame, the production department will determine the amount of materials and machines needed to achieve the production goal Once there are enough inputs, the production department will schedule production and find ways to reduce production costs The production department is responsible for ensuring that the products produced always meet the minimum quality standards Not only checking for product defects during production, this department also has to ensure rigorous testing of new product samples before mass production In addition, collect information related to manufactured products and provide it to the research and development department so that this department can improve the company's existing products  Product Management Department The Product Management Department conducts analysis of customer needs and product fit with the market Then, based on the analysis data to build the roadmap and requirements of the product Finally they will test the new feature and launch, analyze and present the results  Maintenance Department The Maintenance Department is responsible for the management of investment and capital construction Participate in the process of designing, estimating and managing the implementation of capital construction investment items Plan and perform maintenance work according to the established plan Estimate necessary materials for replacement and repair work by month and year according to the plan Repair unexpected damaged equipment quickly to ensure production schedule The department keeps track of records of machinery, equipment, tools of the enterprise and builds, monitors and manages the usage norms of maintenance supplies Besides, it is necessary to report production stoppage incidents and production efficiency periodically to the Board of Directors  R&D department (Research & Development) Depending on the industry, R&D engineers need to study the age, spending trends, and preferences of customers Then proceed to collect and analyze the studied data By analyzing the data, the R&D department will provide the actual figures to other departments and even consumers  Sale department The sales department is responsible for receiving goods from suppliers, inventorying the quantity and checking the packaging status and expiry date of the products Record the delivery and receipt of goods carefully and fully, including information about the quantity of goods and the condition of the goods If the goods have unexpected problems, immediately report them to their superiors for a solution