(Luận văn) accounting for sales and business result in phu tho educational book and equipment joint stock company

MINISTRY OF FINANCE ACADEMY OF FINANCE Student Class : Le Kim Thoa : CQ 54/21CL02 lu an n va p ie gh tn to d oa nl w an lu ul nf va GRADUATION THESIS oi lm Topic: “Accounting for sales and business result in Phu Tho z at nh educational book and equipment joint stock company” Major: Business Accounting z gm @ Student code: 16CL3403010067 m co l Supervisor : Tran Thi Ngoc Diep, MAc an Lu n va ac th si DECLARATION I hereby declare that this thesis is my own work and effort and that has not been submitted anywhere for any award Where other sources of information have been used, they have been acknowledged lu The data and results described in the thesis are derived from the actual situation of the practice company an n va tn to Hanoi, May, 2020 p ie gh Student nl w d oa Le Kim Thoa oi lm ul nf va an lu z at nh z m co l gm @ an Lu n va ac th si PREFACE In order to survive and develop in a market economy, there is the management of the socialist-oriented state Any business, whether it is business or commercial, must go through consumption and be effective as a top target To that, managers must be aware of the role of accounting Accounting is the source of information lu needed to effectively manage the company's economic performance an      Commercial business objects are goods that are labor products purchased by n va commercial enterprises to sell in order to meet the needs of consumer production to gh tn and export Enterprises that want to have revenue must have goods But the value ie and value of use can only be done through the consumption process Sales are the p final stage of the reproduction process Good implementation of sales will facilitate nl w the recovery of capital and offset the cost of production On the other hand, create d oa conditions for businesses to well fulfill their obligations to the state budget for an lu investment and development, improve workers' lives More than ever, perfect nf va revenue accounting, expenses and determine operational results Business oi lm ul dynamics are often a problem for businesses Completion of revenue accounting, cost and determination of business results will contribute to increasing information transparency z at nh competitiveness, improving the quality of business decisions, increasing financial z      Currently accounting is an important tool for managing the economy both micro @ l gm and macro Through the internship at Phu Tho educational book and equipment, JSC, I am particularly interested in the process of consuming goods, identifying m co and distributing the business results of the company, so I choose the part Phu Tho educational book and n va equipment, JSC ”for my graduation thesis an Lu “Accounting for sales and business result in ac th si       Although I tried to understand and receive the enthusiastic help of the Board of Directors, the staffs the accounting department along with the teacher's instructions - Dr Tran Thi Ngoc Diep, I have grasped gain a part of the actual situation of accounting for sales and determine the business results at Phu Tho educational book and equipment joint stock company In addition to the introduction and conclusion, my topic has chapters: CHAPTER 1: GENERAL THEORETY OF SALES ACCOUNTING AND lu EVALUATION BUSINESS RESULTS IN COMMERCIAL ENTERPRISES an n va CHAPTER 2: THE ACTUAL ACCOUNTING FOR SALES AND BUSINESS RESULT IN PHU THO EDUCATIONAL BOOK AND EQUIPMENT JOINT STOCK COMPANY tn to p ie gh CHAPTER 3: SOLUTIONS TO COMPLETE SALES ACCOUNTING AND DETERMINING BUSINESS RESULT AT PHU THO EDUCTIONAL BOOK AND EQUIPMENT JOINT STOCK COMPANY oa nl w However, due to the limited level of reasoning and practical access, my topic d is inevitable I look forward to receiving comments from the teachers, so that my oi lm ul nf va an lu topic will be improved z at nh z m co l gm @ an Lu TABLE OF CONTENT n va ac th si CHAPTER 1: GENERAL THEORETY OF SALES ACCOUNTING AND EVALUATION BUSINESS RESULTS IN COMMERCIAL ENTERPRISES 1.1 Overview of sales process: 1.1.1 Definition 1.1.2 Characteristics of sales process: 1.1.3 Methods of sales 1.1.4 Payment methods lu 1.1.5 The task of accounting for sales and determining business results an 1.1.6 Accounting for sales revenue: n va 1.1.7 Accounting for sales deduction to gh tn 1.1.8 Accounting for Cost of goods sold p ie 1.2 Evaluating business result w 1.2.1 Accounting for selling expenses and administrative expenses oa nl 1.2.2 Accounting for financial expenses and financial incomes d 1.2.3 Accounting for others expenses and other incomes lu va an 1.2.4 Accounting for corporate income tax expenses ul nf 1.2.5 Accounting for determining business results software application oi lm 1.2.6 Accounting for revenue and business results in terms of accounting z at nh z CHAPTER 2: THE ACTUAL ACCOUNTING FOR SALES AND BUSINESS RESULT in PHU THO EDUCATIONAL BOOK AND EQUIPMENT JOINT STOCK COMPANY @ 2.1.2 Foundation and development an Lu 2.1.3 Characteristics of business operation m co 2.1.1 Overview of the company l gm 2.1 The foundation and development process of company n va ac th si 2.1.4 The corporate management organization 2.1.5 The organization of accounting works in the company 2.2 The actual accounting for sales and business results in Phu Tho educational book and equipment joint stock company 2.2.1 Actual situation of methods of sales and payment at the company 2.2.2 Accounting for sales revenue and revenue deductions 2.2.3 Accounting for costs of goods sold lu 2.2.4 Accounting for selling and administrative expenses an 2.2.5 Accounting for financial expenses and financial incomes n va tn to 2.2.6 Accounting for other incomes and other expenses 2.2.7 Accounting for determining business results ie gh 2.3.General comments on sales finance accounting and determining business p results at Phu Tho educational book and equipment, JSC nl w 2.3.1 Advantages d oa 2.3.2 Limitations CHAPTER 3: SOLUTIONS TO COMPLETE SALES ACCOUNTING AND DETERMINING BUSINESS RESULT AT PHU THO EDUCTIONAL BOOK AND EQUIPMENT JOINT STOCK COMPANY 3.1 Requirements, principles of completing accounting for sales and determining business results at Phu Tho educational book and equipment, JSC 3.1.1 Requirements 3.1.2 Perfecting principles 3.2 Some suggestions to improve sales accounting and determining business results at Phu Tho educational book and equipment, JSC oi lm ul nf va an lu z at nh z m co l gm @ an Lu n va ac th si LIST OF DIAGRAM Flowchart 1.1: Accounting entry for direct sales (applying deductible VAT method) Flowchart 1.2 : Accounting entry for direct sales for company applying direct VAT method Flowchart 1.3 : Accounting entry for sales through agents lu an n va Flowchart 1.4 : Accounting entry for sales in case of deferred or instalment payment Flowchart 1.5 Accounting entry for revenue deductions tn to Flowchart 1.6 : Accounting for COGS applying perpetual inventory method gh Flowchart 1.7 : Accounting for COGS applying periodical inventory method p ie Flowchart 1.8 : Accounting entry for selling expenses Flowchart 1.10 : Accounting entry d oa nl w Flowchart 1.9 : Accounting entry for selling and administrative expenses nf va an lu for financial expenses oi lm ul Flowchart 1.11 – Accounting entry for other incomes Flowchart 1.12: Accounting entry for other expenses z at nh Flowchart 1.13 – Accounting entry for other incomes Flowchart 1.14 – Accounting entry for other incomes from the liquidation or sale z gm @ of fixed assets n va Flowchart 2.2: Accounting apparatus an Lu Flowchart 2.1:Management apparatus m co Flowchart 1.16 : Accounting entry for business result l Flowchart 1.15 : Accounting entry for income tax expense ac th si IMAGE CATALOG Figure 2.1: Display screen of “Quản lý kế hoạch- phát hành” Figure 2.2: Display screen of “ Kế toán 2019” Figure 2.3: Examples of list of textbook Figure 2.4: VAT invoice lu Figure 2.5: Inventory list an n va Figure 2.6: Delivery invoice on “ Quản lí kế hoạch- phát hành” tn to Figure 2.7: The interface of entering sales invoice on “ Kế toán 2019” gh Figure 2.8: General ledger of Account 511 p ie Figure 2.9: Table trade discount rate w Figure 2.10: VAT invoice No 002611 oa nl Figure 2.11: Inventory list d Figure 2.12:General ledger of account 521 lu ul nf va an Figure 2.13:General ledger of account 632 Figure 14 Payment order z at nh Figure 2.16: Water bill oi lm Figure 2.15: General ledger of account 641 Figure 2.17: The interface of entering payment voucher z gm @ Figure 2.18: Electricity bill m co Figure 2.20: Payment order l Figure 2.19: The interface of entering electricity invoice on “ Kế toán 2019” Figure 2.22: Depreciation table of fixed assets an Lu Figure 2.21:Table of salary distribution and social insurance n va ac th si Figure 2.23 General ledger of Account 635 – Financial expenses Figure 2.24: General ledger of Account 515 – Financial incomes Figure 2.25: The interface to transfer revenue and determine business results on “ Kế toán 2019” Figure 2.26: General ledger of Account 911 Figure 2.27: General ledger of Account 4212 lu an n va p ie gh tn to d oa nl w oi lm ul nf va an lu z at nh z m co l gm @ an Lu n va ac th si CHAPTER 1: GENERAL THEORETY OF SALES ACCOUNTING AND EVALUATION BUSINESS RESULTS IN COMMERCIAL ENTERPRISES 1.1 Overview of sales process: 1.1.1 Definition Sales is the transfer of ownership of a product or goods associated with most of lu the benefits, or risks to customers, and the customers make payment or accept an n va payment tn to 1.1.2 Characteristics of sales process: p ie gh Sales process is the process of exchanging ownership, between buyers and sellers in the operating market Goods sold to individuals and organizations outside the enterprise are called external sales, while goods supplied to units within the same company or corporation are referred to as internal sales Sale is the final stage in the business operation of a commercial enterprise oa nl w d 1.1.3 Methods of sales lu oi lm ul 1.1.3.1 Wholesale nf wholesale and retail va an Trading activities of commercial enterprises can be done through two methods: z at nh Wholesale : is a form of selling goods in batches or in large quantities In fact, buyers are intermediate suppliers, wholesale goods have not reached consumers directly Wholesale is conducted by two main ways: wholesale goods through warehouses and wholesale direct shipping goods z l gm @ ⮚ Wholesale in stock: Under this method, purchased goods are put into warehouse, then sold at m co warehouse The method of selling goods in stock has two forms: an Lu n va ac th si Figure 2.25: The interface to transfer revenue and determine business results on “ Kế toán 2019” lu an n va p ie gh tn to d oa nl w oi lm ul nf va an lu z at nh After the computer determines the sales results, the sales accountant will carry over the transfer from Account 911 to Account 4212 according to the z following entry: m co l Credit Account 4212 gm @ Debit Account 911 After making automatic transfer entries at the end of the quarter, the data an Lu will be transferred to general ledger of Account 911 n va ac th si Figure 2.26: General ledger of Account 911 lu an n va p ie gh tn to d oa nl w oi lm ul nf va an lu z at nh z m co l gm @ an Lu n va ac th si lu an n va p ie gh tn to d oa nl w oi lm ul nf va an lu z at nh z m co l gm @ an Lu n va ac th si lu an n va p ie gh tn to d oa nl w oi lm ul nf va an lu z at nh z m co l gm @ an Lu n va ac th si Figure 2.27: General ledger of Account 4212 lu an n va p ie gh tn to oa nl w d 2.3.General comments on sales accounting and determining business results at an lu Phu Tho educational book and equipment, JSC oi lm ul nf va 2.3.1 Advantages In over 20 year experience, especially after applying accounting software since 2008, the accountant department has changed a lot to meet managerial needs There are some strong points as follows: z at nh + About applying accounting regime z The accounting for sales and business result has ensured the consistency and coherence in terms of scope and method of calculation, some economic standards between the accounting department and other related departments and divisions l gm @ m co Almost incurred selling and administration expenses are totally collected and displayed in the income statement and notes to financial statements an Lu n va 105 ac th si All most transactions are recorded completely, timely and matched with accounting standards Periodic accounting system is applied, which saves a lot of time and efforts for accountants + About accounting entries All original vouchers issued by Phu Tho educational book and equipment joint stock company are suitable with Ministry of Finance’s decisions lu Invoices and vouchers are issued only after collecting enough documents and meeting all sales recognitions Invoices and vouchers are arranged and stored chronologically, which facilitates the future examination and uses an n va + About accounting books to p ie gh tn The company uses the accounting form of General Journal This form is suitable with a computerized accounting system rather than the manual one Therefore, applying an appropriate accounting form has contributed to productivity increase oa nl w Sales reports are formed weekly by subject and by model, which helps manager timely catch the sales status d + About financial reports lu oi lm ul nf va an All financial statements used in Phu Tho educational book and equipment joint stock company have the same form stated by Ministry of Finance These forms are clear, logical and easy-to follow z at nh 2.3.2 Limitations Besides the advantages as above, sales accounting and determining business results in particular still exists some issues that need to be overcome to help accounting work is more complete + About accounting software z @ m co l gm The application of software to the accounting work brings a lot of utilities, but the application process of this software still has some limitations The accounting software of company has not been updated into the newest version This leads to occasional errors in comparing data with the publisher or the customer n va 106 an Lu + About accounting documents ac th si The company has not used e-invoices, so the invoicing is limited, prone to errors due to handwriting, and the work speed is likely to be slow and interrupted + About receivables: The monitoring of receivables situation of customers on the machine is just limited to providing simple information, meaning only giving the customer name, total debt on the ledger and detail book of account 131, but not know the information about solvency, financial situation of customers, repayment term lu an n va p ie gh tn to d oa nl w oi lm ul nf va an lu z at nh z m co l gm @ an Lu n va 107 ac th si CHAPTER 3: SOLUTIONS TO COMPLETE SALES ACCOUNTING AND DETERMINING BUSINESS RESULT AT PHU THO EDUCTIONAL BOOK AND EQUIPMENT JOINT STOCK COMPANY 3.1 Requirements, principles of completing accounting for sales and determining business results at Phu Tho educational book and equipment, JSC Nowadays, in the condition that there always has fierce competition in the lu an economy, it is necessary to stand firm in the market to find the best solutions for n va their development Along with that demand, accounting is an important tool in tn to management, so it requires to be renewed and perfected to better meet its role gh Therefore, sales accounting and determining business results must also be p ie completed w Completing sales accounting and determining business results will ensure oa nl timely and accurate information provision, so managers can understand the actual d situation of losses and profits better and make right decisions oi lm ul nf va an lu z at nh z m co l gm @ an Lu n va 108 ac th si lu an n va 3.1.1 Requirements Appropriate requirements: The policies and measures proposed must be consistent with the characteristics of the business operations as well as the financial capacity of the company Accurate and timely requirements: + Accounting data must be reflected accurately and promptly Accurate and timely reflection is essential and important for functional agencies such as tax authorities, banks and company’s BOD to provide specific directions and plans for the next business period + Data must ensure clarity, transparency and publicity This is a special concern of both enterprises and shareholders contributing capital - Requirements for savings and efficiency: Any business, whether private or public, has the same desire to save costs, earn high profits and develop a stronger company - Requests for unification: Ensuring to combine the implementation of new proposals with consistency in content and methods throughout the accounting system as well as the whole company 3.1.2 Perfecting principles According to principle about the effectiveness of accounting, the accounting information for sales and determination of business results provided to the company’s BOD must be practical and useful to make the right decision Completing the sales accounting and determining business results must be suitable with the actual situation of the company and ensure the adaptive principle Must be in accordance with the state's accounting policy and regime Must conform to the requirements of professional qualifications of a management and accounting contingent Ensuring the principle of compactness, economy and efficiency 3.2 Some suggestions to improve sales accounting and determining business results at Phu Tho educational book and equipment, JSC p ie gh tn to d oa nl w oi lm ul nf va an lu z at nh z @ m co l gm Today, the strong growth of business and production activities lead to innovation in operations and management mechanisms The goal of enterprises is to achieve maximum profit and can stand firm in the market To achieve that requires the company need to improve sales an Lu n va 109 ac th si Depending on the above shortcomings, I have some suggestions to improve accounting procedures for sales and business result at Phu Tho educational book and equipment ,JSC as follows: Firstly, the company should use e-invoices to ease the work for accountants Using e-invoices, company can save more time and costs than using paper invoices To use paper invoices, businesses may need up to a week to register the invoice usage form, wait for the printing factory However, with the type of invoice, all procedures will be shortened lu an n va Second, company need to update accounting software into newest version to have a better and faster accounting tool with an aim to strengthen the management and accounting apparatus gh tn to Thirdly, receivable accountant should be more proactive in managing and analyzing solvency and financial situation of customers to make rational decisions p ie Also, it is necessary to improve the professional knowledge for company’s employees : updating new circulars and regulations for managers and accountants more frequently to help the company's operation be more effective, improving the qualifications of staffs in the company For management level, who are important people for deciding the direction for businesses, the company need to constantly improve their professional management skills For employees, it is necessary to create more opportunities for them to develop themselves, operate periodically training courses Therefore the business performance as well as the sustainable grow will be improved d oa nl w oi lm ul nf va an lu z at nh z m co l gm @ an Lu n va 110 ac th si CONCLUSION        In the current competitive economic environment, in order to survive and develop, enterprises must strive non-stop in the strategic business plan to adapt and be spoiled with a volatile economy In order to achieve this, accounting work in general and sales accounting and determining business results in particular also contributed significantly Therefore it needs to be strengthened and improved further so that this work becomes a business and financial management tool of the lu enterprise an very active in the business management process and determined the sales results n va Being aware of this, Phu Tho educational book and equipment, JSC has been to gh tn that have contributed significantly to the overall success of the company In the p ie coming time, with an expanding business scale, the company's accounting w organization will be further improved to meet the increasing management oa nl requirements of the market economy d Finally, I would like to express my sincere gratitude to Dr Tran Thi Ngoc an lu Diep and the accountants of Phu Tho educational book and equipment, JSC for nf va their kindness to help me complete this graduation internship oi lm ul Due to limited knowledge, no practical experience, not have much time to practice, so my writing definitely have lacks I look forward to the dedicating z at nh advice of teachers so that my topic will be improved z an Lu n va 111 m co l gm @ REFERENCES ac th si Prof.Dr.Ngo The Chi, Dr.Truong Thi Thuy (Ed) ,“Financial accounting curriculum”, 2010, financial Publishing company Prof.Dr.Ngo The Chi, Dr.Truong Thi Thuy (Ed) , “Accounting course of commercial service enterprises”, 2010, financial Publishing company Circulars 200/2014/TT- BTC issued by the Minister of Finance Graduation thesis of the courses Documents of Phu Tho educational book and equipment joint stock company lu Some websites about accounting: Webketoan.com, an n va ketoanthienung.com p ie gh tn to d oa nl w oi lm ul nf va an lu z at nh z m co l gm @ an Lu n va 112 ac th si SUPERVISOR’S JUDGEMENT lu Name of supervisor: Trần Thị Ngọc Diệp Comment on Graduation Thesis of: Student: Lê Kim Thoa Class: CQ54/21CL.02 Course: 54 Topic: “Accounting for sales and business result in Phu Tho educational book and equipment joint stock company” an n va to p ie gh tn oa nl w d an lu nf va oi lm ul z at nh z Mark - In number: Hanoi, … /… / 2020 Supervisor - In word: m co l gm @ an Lu n va 113 ac th si REVIEWER’S JUDGEMENT lu an n va gh tn to Name of reviewer: Comment on Graduation Thesis of: Student: Lê Kim Thoa Class: CQ54/21CL.02 Course: 54 Topic: “Accounting for sales and business result in Phu Tho educational book and equipment joint stock company” p ie nl w d oa lu va an oi lm ul nf z at nh z gm @ m co l Mark - In number: Hanoi, … /… / 2020 In word: Reviewer an Lu n va 114 ac th si lu an n va p ie gh tn to d oa nl w oi lm ul nf va an lu z at nh z m co l gm @ an Lu n va 115 ac th si