Number6 PIT Personal Income Tax7 VAT Value Added Tax8 JSC Joint Stock Company Trang 8 LIST OF DIAGRAMSDiagram 1.1: The order of accounting for sales revenue...17Diagram 1.2: Accounting
BASIC THEORETICAL ISSUES ABOUT SALES ACCOUNTING, DETERMINING BUSINESS RESULTS IN ENTERPRISES
General overview of sales accounting and determination of business results
Sales is the process by which the seller transfers the ownership of the goods with benefits or risks to the customer and is paid or accepted by the customer.
Sales is the final stage of the business process in enterprises, this is the process of converting capital from the form of product capital, goods to the form of monetary capital or payment capital Therefore, it is necessary to accelerate the sales process, which means shortening the production and business cycle, increasing the turnover of capital, and increasing profits for businesses.
The sales process in enterprises in general and commercial enterprises in particular has the following main characteristics:
There is an exchange agreement between the buyer and the seller, the seller agrees to sell, the buyer agrees to buy, they pay or accept to pay;
There is a change in ownership of the goods: The seller loses ownership, the buyer takes ownership of the goods sold In the process of consuming goods, businesses provide customers with a volume of goods and receive back from customers an amount called sales revenue This revenue is the basis for enterprises to determine their business results.
Sales play a very important role for the business itself in particular and the economy in general From the business side, only when selling goods will the business earn income to cover expenses, the profit can be used to expand business activities, increase scale, improve life, income for workers, creating an accumulation source for the economy.
1.1.2 The concept of determining business results
Business results are the final results of ordinary production and business activities and other activities of an enterprise in a certain period, expressed in the amount of profit or loss.
Determining business results is the comparison between business expenses spent and income from business received in the period If the income is greater than the expenses, it means that the sale is profitable, if the income is less than the expenses, it means that the sale is made at a loss The determination of business results is usually conducted at the end of the period (month-end, quarter-end, year-end) depending on the characteristics and management requirements of the enterprise.
Accurate determination of business results is the basis for accurately determining the operating efficiency of enterprises for the State through the payment of taxes, fees and charges, determining a reasonable cost structure and using with high efficiency in the number of profits obtained, harmoniously dealing with economic interests among: the State, collectives and individual employees.
Selling and defining results have an organic relationship with each other Sales is the last step in the business process of an enterprise, on the other hand, determining business results is an important basis for the unit to decide whether to continue selling goods to the market or not Thus,business results are the end goal and sales are the direct means to that end.
1.1.3 Requirements of sales accountants and determination of business results
Sales operations are related to each customer, each payment method, and each certain item and type of service Therefore, the management of sales and service provision requires management of indicators such as revenue management, revenue deductions management, changes in material responsibility at the sales stage , the situation of consumption and collection of money, the situation of debt and debt payment, management of cost of goods sold
Sales management, determining business results should adhere to the following requirements:
- Manage the movement of each item in the process of export - import - inventory on the criteria of quantity, quality and value Determining the right time when goods are considered to have been consumed in order to promptly prepare sales reports.
- Closely monitor each sales method, payment method, customer and product type Regularly report on sales and payment, in order to closely monitor sold goods in terms of quantity and type Urging payment, full refund of goods.
- Organize the rotation of the system of scientific and reasonable documents, avoid duplication or omission, not too complicated but still ensure requirements and efficiency The form of accounting books used also needs to be most suitable and optimal for the characteristics of the business line.
- Properly calculate and determine the costs, revenue and results of each type of activity and strictly implement the profit distribution mechanism.
- To fulfill all obligations towards the State according to the prescribed regime.
1.1.4 Duties of sales accountant and determining business
In today's commercial and service enterprises, accounting work in general as well as sales accounting in particular has helped enterprises and the State to assess the level of completion of the plan on the following indicators: Cost of goods sold sales, costs, profits, etc., thereby getting an overview of the business situation and management in the unit, which is the basis for proposing solutions to overcome the limitations and shortcomings.
The stages in the sales process need to be organized and streamlined, creating consistency throughout the system, contributing to creating favorable conditions for sales accounting and determining business results.
To promote the important role of accounting in the management of production and business activities, sales accountants need to perform the following tasks well:
- Calculating and reflecting accurately, in a timely manner, in detail the quantity, quality and capital value of purchased goods, sold goods and inventories Correct calculation of selling and administrative expenses, etc to serve the determination of business results.
- Check and supervise the implementation of the sales plan, profit plan, check the management of sales proceeds, the observance of payment discipline and the fulfillment of obligations of the enterprise to the enterprise. Government.
- Calculating and reflecting accurately, in a timely manner, in detail the revenue from sales and service provision, regularly urging and ensuring the full and timely recovery of sales proceeds, avoiding unreasonable appropriation of capital.
- Provide truthful and accurate information, make complete and timely settlements, assess and properly reflect the business situation and the performance of obligations to the State.
The good performance of the above tasks helps to closely manage goods and sales results In order to perform these tasks well, accountants need to master the content of work in the organization of accounting work and must ensure the requirements mentioned above.
Basic content of sales accounting and determining business results
1.2.1 Sales method and payment method
There are many sales methods, here is an overview of some basic sales methods:
Sales method applies in case the seller and buyer transact directly Based on the object of transactions with the seller, this sales method is divided into wholesale and retail:
Wholesale (wholesale) means the activities of selling goods to traders
(wholesale traders and retail traders), other organizations excluding direct sales to buyers for use for the purposes of daily-life consumption of other organizations individual, family Usually wholesale has the following basic forms:
Wholesale goods through the warehouse: The goods must be exported directly from the warehouse of the selling company, with the wholesale through the warehouse, the company can deliver the goods directly to the customer at the warehouse or deliver the goods to the buyer's warehouse or contract location.
Wholesale of goods shipped directly (three-way delivery): goods after being purchased, received goods, the company does not bring back to the warehouse, but sells them directly to the buyer, with this form the company also has 2 form is direct delivery or consignment.
Retailing is a method of selling goods directly to end consumers for personal and family use There are many retail methods such as sales at counters, supermarkets, sales by phone, via the internet, mobile retail on small trucks, mobile stalls namely:
Direct cash-on-cash retail: A form of sales where the seller collects money from the customer immediately.
Installment sale: Is the sale of goods to customers and customers pay many times, with this form the company will receive additional interest on deferred payment.
Self-service retail: Customers buy goods themselves and bring them to the payment table.
Vending: Trading company uses vending machines to sell its products and goods.
Telephone sales: is a way to find and approach and persuade customers through phone calls, in this way the telesales department is responsible for helping businesses increase sales opportunities, increase sales with more convenience and flexibility in terms of time.
Online sales (online sales) are understood as business activities, trading and exchanging goods taking place on the global market - the internet Unlike traditional sales, online sales do not necessarily have a store The buying and selling process will take place mainly on the internet.
This method of sale is applied in case the seller consigns the goods to ask the consignee to sell the goods on his behalf and receive a remuneration as agreed The time when goods are sent for sale is just transferring the temporary management and disposition of their property to the consignee. Goods are considered to be consumed only when the consignee confirms that the goods have been sold to the customer.
- Cash payment: After delivery, sales staff can directly represent the company to collect money according to the signed contract.
-Payment by bank transfer: Customers pay via bank transfer, notify the company when the transaction has been completed.
-Paying by check online: When making a payment, the user will use the check via the internet, the user fills in the required information form of the bank, accurately fills in the transaction date and transaction value Then press the “send” button to send After that, the transaction center after receiving the information will automatically process it for the trader From the actual operation, the check payment method brings many advantages that the payment transaction is faster and more convenient than many traditional checks.
-Payment by e-wallet: When using e-wallet payment method, users are required to create and own accounts on e-wallets such as: Mobivi, Payoo, VnMart, Momo , the payment method by e-wallet makes it easy for users to transfer money from their bank account to their e-wallet account, or can also top up the wallet by paying cash if desired, to proceed with the transaction. payment translation However, the downside is: users can only make payments on websites that accept this e-wallet.
-Payment in goods: The exchange of goods, equivalent goods does not generate an additional amount of money from the exchange, non-equivalent goods generate an additional amount of money from that exchange.
Collection payment method: The beneficiary requests the bank to collect a certain amount of money on the buyer's payment account.
Late payment method: The business has delivered the goods but the buyer has not yet paid the seller Late payment can be made under preferential credit terms as agreed between the two companies on the payment time. Company accountants keep track of customer debt details to ensure the payment process.
1.2.2 Sales accounting and determination of business results
1.2.2.1 Accounting for sales revenue and sales deductions
Turnover is the total value of economic benefits obtained by the enterprise in the accounting period, arising from the enterprise's normal production and business activities, contributing to the increase of equity, but excluding other capital contributions of capital owners.
Thus, revenue includes only the total value of the economic benefits received or will be obtained by the enterprise Receipts on behalf of a third party that are not a source of economic benefits, do not increase the equity of the enterprise, will not be considered as revenue Equity contributions by shareholders or owners increase ownership but not revenue.
According to VAS 14, sales revenue is recognized only when the following 5 conditions are simultaneously satisfied:
1 The enterprise has transferred substantially all the risks and rewards of ownership of the product or goods to the buyer.
2 The enterprise no longer holds the right to manage products and goods like the owner of the products or goods or the right to control the goods.
3 Revenue can be measured with relative certainty
4 The enterprise has obtained or will receive economic benefits from the sale transaction
5 Determine costs related to sales transactions.
Specific revenue calculation method for some specific cases:
Revenue is measured at the fair value of the amounts received or to be received, arising from the transaction determined by the agreement between the enterprise and the buyer or user of the asset Revenue is determined at the fair value of amounts received or to be obtained after deducting trade discounts, sales rebates and sales returns.
For cash or cash equivalents that are not immediately received, revenue is determined by converting the nominal value of the amounts to be received in the future to their actual value at the time of revenue recognition, in percentage terms At current interest rates, the actual value at the time of revenue recognition may be less than the nominal value to be realized in the future.
Overview of Nghe An Pharmaceutical Medical Material And Equipment
2.1.1 The process of forming and developing Nghe An Pharmaceutical Medical Material And Equipment Joint Stock Company
The company is in the form of a joint stock company, operating in accordance with the enterprise law and other current regulations of the Socialist Republic of Vietnam.
Vietnamese name: CÔNG TY CỔ PHẦN DƯỢC VẬT TƯ Y TẾ
English name: NGHE AN PHARMACEUTICAL MEDICAL
Address: No 16, Nguyen Thi Minh Khai Street, Hung Binh Ward, Vinh City, Nghe An Province
Figure 2.1: Logo of Nghe An Pharmaceutical Medical Material And
Legal representative of the company: Mai Trong Minh _ Position: Director
Nghe An Pharmaceutical - Medical Supplies Joint Stock Company was established on January 30, 2002 by the Department of Planning and Investment of Nghe An Province granted a business license Through 21 years of operation and development, the company has achieved achievements and has certain positions in the industry.
The main line of business of the company is trading and trading in pharmaceuticals, curative drugs, wholesale and retail of curative drugs, medical instruments, pharmaceutical materials
The results of production and business activities in 2021 are as follows:
Table 2.1 Some indicators to evaluate the performance of the company
KEY ECONOMIC INDICATORS AT THE COMPANY
3 Net profit from business activities 2.710.191.047 3.131.784.489 -421.593.442 -13,5%
4 Total accounting profit before tax
Excerpt from the financial statements for 2021 of Nghe An Pharmaceutical -
Medical Equipment Joint Stock Company
In 2021, although there is a clear direction in the process of operating and dealing with the epidemic situation, the business results in 2021 still have no growth compared to 2020 Specifically, net sales from sales of goods in 2021 only reached VND 179,691,850,639, a decrease of 15.8% compared to 2020. Profit in 2021 decreased compared to 2020 mainly due to a decrease in net revenue in 2021 and an increase in business administration expenses strong, many expenses are incurred, making the profit in 2021 decrease compared to 2020
2.1.2 Characteristics of production and business organization at the company
Characteristics of business organization at the company: Commercial business organizations can follow many different models such as wholesale and retail organizations of pharmaceuticals, medicines, wholesale and retail of medicines and instruments medical, pharmaceutical…
Characteristics of activities: The main economic activities of the company are trading in pharmaceutical products, medicinal herbs, medicines, medical instruments
Scope of activities: Widespread throughout the country, specializing in providing goods according to the necessary needs of customers.
2.1.3 Business performance characteristics of the company
The main business of Nghe An Pharmaceutical Medical Material And Equipment Company is producing drugs, pharmaceutical chemicals and pharmaceutical materials Business of pharmaceutical and disease drugs leading in the country Products provided by the Company as: Chorlatcyn,
2.1.3.2 Characteristics of production and business organizations
Products of Nghe An Pharmaceutical Medical Material And Equipment JSC are supplied with raw materials from domestic and foreign companies. Due to the specificity of the medical industry, all imported products must undergo a very high-quality inspection before being put on the market to enjoy Products of the Company are curative drugs and functional foods, so the requirements for product quality, transportation and storage are very high because they are directly related to the health of consumers The company selects sources from reputable and long-standing factories to ensure product quality when released to the market Transportation and strict storage following the GMP standards of Viet Nam
During the 20 years of operation, the company has always focused on the quality of products in compliance with the regulations of the Ministry of Health, so its products have created a reputation in the market Moreover, the company's distribution network is also very interesting by the company, the product is increasingly expanding
The diagram below illustrates the process of goods rotation at DNA Pharma, which is designed as a two-part process including the buying from source suppliers and selling to end customers:
Diagram 2.1: Goods rotation process at Nghe An Pharmaceutical
Medical Material And Equipment JSC
The two-part process above includes import activities as the input and the
Liquidating sale contract Exporting goods from the warehouse
Checking goods, stock receiving sales of goods to customers as the output.
The process of buying goods: One key requirement for this process is the stability in both the quantity and quality of the goods, to ensure that the selling activity will never come to a halt Since most of the purchases made by the company are not direct but require an amount of shipping time or manufacturing time, to keep up with the demand for goods, the company has to keep just the right number of goods in stock in case sudden orders pop up. The company has had quite an effective management accounting team providing them with appropriate figures on the EOQ (Economic order quantity), Reorder level, etc.
(1) Signing a purchasing contract: The company and the seller discuss and agree on certain terms to form an official business contract on goods provision with detailed information of both parties, order information including quantity, quality, goods specifications, delivery methods, payment terms, etc When the contract satisfies both parties' requirements, the contract will be signed.
(2) Goods screening and storing: Testing procedures including stock count, and quality checks are performed once the goods are transported to the company's warehouse Once all goods are checked and are meeting all requirements, goods are received, and invoices are produced and sent to related departments.
(3) Liquidating purchasing contracts: The company proceeds to liquidate the contracts and payments are made by the company to the seller.
(4) Signing sale contract: Similar to the process in stage (1), information of two parties, quantity, quality, goods specifications, delivery methods and payment terms are adequately provided in detail After the agreement is reached, both parties will sign the contract
(5) Goods dispatch from the warehouse: The company proceeds to dispatch goods from the warehouse and issues an invoice for the customers after carefully checking the quantity and quality of goods
(6) Sale contracts liquidation: Payments are fully transferred based on the contract value, occasionally there are cases that the company carries out a warranty for customers
2.1.4 Characteristics of the organization of the accounting apparatus at at
Nghe An Pharmaceutical Medical Material And Equipment JSC
To thrive in the market, self-reflection and contemplation are vital for a company This is the reason why the company is constantly evaluating the effectiveness of the management system
Each department will take on a different role and function, but there is always a link between the departments in many activities of the company to create a unified whole and ensure coherence and management efficiency in business activities Requirements or budgets are to be made by directors, but before it is put into effect, these are being reviewed by the people who will directly work and dedicate their time and effort to fulfill the budgets/requirements Accordingly, each department has its functions, duties, and powers and has a close relationship with each other
Functions of each level of the organizational system:
The Director : is the legal representative of the company, who was appointed by the members during the General meeting of shareholders. The Director is the The General Director is the person who manages the day-to-day business of the company and is under the supervision of the Board of Directors and is responsible to the Board of Directors and the law for the implementation of the assigned rights and duties.
Administrative Department: responsible for several internal arrangements regarding the workplace for employees and matters other than the main function of operation such as the management of human resources, remuneration, bonuses and the overall set of rules for employees in the company.
Business Department: responsible for the purchases and sales of goods.
The actual accounting for sales accounting and determination of
business results At Nghe An Pharmaceutical Medical Material And Equipment Joint Stock Company
2.2.1 Accounting status of sales revenue and revenue deductions
As a company specializing in the supply of pharmaceuticals, medicinal materials, curative drugs, medical supplies, medical instruments, etc., the company's revenue is determined to be the entire benefit the company derives from the supply provide the above items.
The company recognizes revenue when the goods have been delivered to the buyer and the buyer accepts payment for the purchased goods.
Documents: VAT invoice, sales invoice, economic contract, receipt, payment slip, payment order, delivery note, warehouse entry
The process of transferring documents
Customer Sales department or accountant Cash accounting
Orders Business contract Receipts, bank statements
Value-added invoice, delivery note
Procedures for accounting documents for sales and determination of business results:
The company applies direct sales method (wholesale and retail):
For wholesale, the accounting vouchers used are: Contract, VAT invoice, warehouse release note made by the enterprise.
This voucher consists of 3 copies: 1 copy (2 copies) is delivered to the buyer, the other 2 copies are delivered to the accounting department for payment procedures.
The wholesale process at the company is shown in the following diagram:
Accounting for making warehouse receipts, value- added invoices
Warehouse shipment under the contract
Fulfill obligations to customers and receive payment
Based on the signed contract, agree on the price, mode of transportation and payment between the company and the customer The accountant prepares the delivery note and VAT invoice.
The accountant transfers warehouse receipts and VAT invoices to the board of directors for approval.
Export the consignment according to the correct quantity, model and type of goods according to the signed contract.
Deliver the goods to the carrier (or deliver directly to the customer) When fulfilling its obligations to the customer, the company proceeds to collect the proceeds from the sale.
The retail process is shown in the following diagram:
When a customer wants to buy
Consulting company to help customers choose products Price notification to customers
Accountants issue VAT invoices, delivery notes
Deliver to customer and receive payment
When a customer has a need to buy, the company advises customers to buy retail.
Informing prices, accountants write sales invoices and delivery notes
User account: Account 511 – Sales and service provision
Enter data into accounting program
Diagram 2.5 Sales revenue recording process
Explanation: From original documents, VAT invoices, payment documents (receipts, credit notes, bank statements, etc.), accountants determine Debit and Credit Then, the accountant enters the data into the Data Entry Table, the program automatically processes the data After the data is entered, the data will be automatically reflected by the program to the accounting books: General Journal, 511 Ledger and related ledgers (111,112, 131…), Detailed Ledgers (5111) and Other relevant details…
Accounting order: Quoting figures for the fourth quarter of 2022:
On December 30, 2022, the company sold to Do Luong General Hospital a batch of drugs according to VAT contract number 00033883:
Enter data into accounting software:
From the interface of the software select the "Sales" section
On the Tab screen, enter data:
Client's name: Do Luong General Hospital
Unit: Do Luong General Hospital
CPS01 (Software automatically updates product names, units), quantity column: 800, selling price column: 1200
COP01 (Software automatically updates row name, unit), quantity column: 500, selling price column: 17,142.86
COM02 (Software automatically updates item names, units), column quantity: 987, column price: 6,809.52
CPE02 (Software to automatically update product names, units), column quantity: 200, column price: 55,000
After entering data, press save data.
Figure 2.4: Business data entry screen on the software
When entering sales invoices on the software, clicking the "Save data" command will automatically record this operation in the general log From the general ledger, the accountant can continue to access the relevant numbers: Ledger Account 5111, Account 3331, Account 131, Account 1111.
Table 2.2: Sales revenue account ledger
Sales deductions at the company include trade discounts and rebates on sales and returns.
The company has a discount policy if customers buy enough in large quantities as required, or support discounts if the products provided by the company are defective.
The company applies the accounting system according to Circular No 200 of the organizers, so the account used to record revenue deductions is Account 521.
In the fourth quarter of 2022, the company did not incur any deductions from revenue.
2.2.2 Current status of cost of goods sold accounting at Nghe An
Pharmaceutical - Medical Supplies Joint Stock Company
Cost of goods sold is the actual ex-warehousing price of sold goods (or including purchase costs amortized to goods sold in the period).
The company's cost of goods sold is automatically calculated on the accounting software.
Documents used: warehouse release note, goods inventory record
After an order is received from the sales department, the sales department will transfer it to the accounting department, the accountant will start to make the goods release note and transfer it to the warehouse.
Diagram 2.6 Cost of goods sold bookkeeping process.
Enter data into accounting program
Explanation: From inputting the initial inventory balance, after each data entry related to import and export, the system has a self-processing program programmed to determine the ex-warehousing unit price for each sale , the ex-warehousing unit price will be automatically reflected in the relevant journals and books to calculate the cost of goods sold.
User account: Account 632- Cost of goods sold
On December 30, 2022, the company sold to Do Luong General Hospital a batch of drugs according to the VAT contract number 00033883 The accountant made a warehouse release note:
Họ và tên người nhận hàng: Bệnh Viện Đa Khoa Đô Lương
Lý do xuất kho: Xuất kho bán hàng
Xuất tại kho (ngăn lô): Kho hàng hóa
Theo chứng từ Thực xuất
Seduxen 5mg - Gedeon Richter Plc Hungary
Pethidine hameln 50mg/ml Ống 500 500 15942,86 7.971.428
Morphin 30mg - Công ty CPDPTW2- Việt
Ephendrine Aguettant 30mg/ ml - Laboratoire
Tổng số tiền (viết bằng chữ): Hai mươi tư triệu, tám trăm năm mươi bảy nghìn, năm trăm bốn mươi hai
- Số chứng từ gốc kèm theo:
Người nhận hàng Giám đốc
(Ký, họ tên) (Ký, họ tên)
Người lập phiếu Thủ kho
(Ký, họ tên) (Ký, họ tên) (Hoặc bộ phận có nhu cầu nhập)
STT Tên, nhãn hiệu, quy cách, phẩm chất vật tư, dụng cụ, sp, hàng hoá Mã số ĐVT Số lượng Đơn giá Thành tiền
CÔNG TY CỔ PHẦN DƯỢC - VẬT TƯ Y TẾ NGHỆ AN Mẫu số 02 - VT
(Ban hành theo Thông tư số 200/2014/TT-BTC Ngày 22/12/2014 của Bộ Tài chính)
Enter data into accounting software:
From the interface of the software select the "Sales" section
On the Tab screen, enter data:
Client's name: Do Luong General Hospital
Unit: Do Luong General Hospital
CPS01 (Software to automatically update product names, unit), quantity column: 800, Cost cost column: Software automatically updates cost price
COP01 (Software to automatically update commodity names, units), quantity column: 500, Cost cost column: Software automatically updates cost price
COM02 (Software to automatically update commodity names, units), quantity column: 987, Cost cost column: Software to automatically update cost price
CPE02 (Software to automatically update row names, units), quantity column: 200, cost price column: Software automatically updates cost price
After entering data, press save data.
After entering data, the data will be automatically updated to the ledger account of Account 632…
Table 2.3: Cost of goods sold account ledger
2.2.3 Current status of business management cost accounting
Selling expenses at Nghe An Pharmaceutical - Medical Supplies company include: shipping costs, packaging costs
Accounting documents: VAT invoice, service invoice purchased from outside, payment slip
Order of transfer of documents:
Diagram 2.7: Order of document circulation User account: Account 641– Selling expenses
On November 10, 2022, the company paid the freight for Vo MinhTransport - Trade and Service Co., Ltd according to VAT invoice number445:
Figure 2.7: VAT invoice for purchase of transportation service No 445
Enter business data on the software:
From the system screen select purchase / select purchase voucher / voucher
On the toolbar, enter data:
Full name: Le Thi Tam
Reason for spending: Payment of freight from Hanoi to the company in October 2022
Tax section, choose 8% tax rate
After the accountant enters the data into the accounting software, the computer automatically allocates it to the General Journal, Account 641Ledger, and Account 641 Details.
Table 2.4: Selling expenses account ledger
Administrative expenses at the company include: staff salaries, costs of services purchased outside for business management, depreciation costs of fixed assets, etc.
Accounting documents: VAT invoice, service invoice purchased from outside, payment slip, monthly salary payment table, calculation and amortization of fixed assets, table of short-term and long-term prepaid expenses
Order of transfer of documents:
Diagram 2.8: Order of document rotation User account: Account 642 – Business administration expenses
On November 8, 2022, the company paid for the replacement of engine oil for Thang Tien company according to the VAT invoice no 49:
Enter business data on the software:
From the system screen select purchase / select purchase voucher / voucher
On the toolbar, enter data:
Full name: Le Manh Hung
Reason for spending: Paying for periodic engine oil changes
Tax section, choose 10% tax rate
Figure 2.11: Business data entry screen on accounting software
After entering data on the software, clicking the “Save” command will automatically record this action in the general log From the general ledger, the accountant can continue to access the relevant master numbers of Account
642, the detailed book of Account 642:
Table 2.5: Ledger of General administration expenses accounts 2.2.4 Accounting status of financial revenue and financial expenses
Revenue from financial activities at the company is the interest from the bank deposit account.
Documents used: Cash receipt, Credit note, Accounting slip
User account: Account 515 – Financial revenue
On October 31, 2022, when receiving interest on a deposit at Southeast Asia Commercial Joint Stock Bank with the amount of 138,724, the accountant entered business data:
After entering data on the software, clicking the “Save” command will automatically record this action in the general log From the general ledger, the accountant can continue to access the relevant master numbers of Account
515 and account details of Account 515:
Table 2.6: Ledger of Financial income accounts
Financial expenses at the company are recognized as interest payments on a monthly basis.
Documents used: Interest slip, Debit note, Payment slip
User account: Account 635 - Financial expenses
On October 20, 2022, the bank collected interest on a loan of VND
After entering data on the software, clicking the “Save” command will automatically record this action in the general log From the general ledger,the accountant can continue to access the relevant numbers of Account 635,account details of Account 635:
Table 2.7: Ledger of financial expenses accounts
2.2.5 Accounting status of other income and other expenses
Other income is the income of the enterprise in addition to sales revenue from production and business activities and revenue from financial activities.
Documents used: VAT invoices, sales invoices, economic contracts, receipts, certificates of credit
User account: Account 711- Other income
In the fourth quarter of 2022, there were no other income-related transactions.
Other expenses at the company include: expenses for liquidation and sale of fixed assets, fines for breach of economic contracts, tax penalties, tax arrears, expenses due to mistakes in accounting, omissions, and other expenses remaining expenses.
Documents used: Minutes of liquidation of fixed assets, Receipts for payment of fines, Debt notices, Payment slips
User account: Account 811: Other expenses
In the fourth quarter of 2022, the company did not incur any other cost- related transactions.
2.2.6 Current status of CIT expense accounting
Current corporate income tax expense is the amount of corporate income tax payable on taxable income for the year and the current corporate income tax rate.
This account is used to record the enterprise's CIT expenses incurred in the year as a basis for determining the enterprise's after-tax business results in the current fiscal year.
CIT = Profit before tax x current CIT rate
Account 821 – current corporate income tax expenses
Based on the results achieved in the fourth quarter of 2022, the company temporarily calculates CIT, the data is then transferred to the general journal,account ledger 821:
Table 2.8: Ledger of income tax expenses accounts
2.2.7 Accounting status determines business results
Accounting book used: Ledger account 911, 421
Account 911: Determination of business results
According to the documents collected in the fourth quarter of 2022, carry out the transfer to determine the results in the quarter (data is automatically updated on the accounting software, from the ledger of accounts 511, account
Figure 2.16: Transition screen to determine business results
After the business results are transferred, the data is updated in theAccount 911 ledger, the General Journal:
Table 2.9: Ledger of income tax expenses accounts 2.3 Assessing the current situation of sales accounting and determining business results at Nghe An Pharmaceutical - Medical Supplies
During my internship at the company, I understood somewhat about accounting work and the process of sales accounting and determining business results at the unit From the knowledge I have learned at school along with a practical approach, I would like to make comments and some orientations to contribute to the improvement of sales accounting and determination of business results for the company in the near future next.
In general, the organization of accounting work at the company is carried out in a systematic manner, in accordance with the current financial and accounting policies, regimes and institutions.
Firstly, about the accounting apparatus: It can be said that the accounting apparatus operates effectively with a team of qualified and enthusiastic accountants who have timely access to the accounting regime and apply a flexible way Each person is in charge of separate operations, but they all support and compare each other in each business and with other departments, so it has created a synchronization and close connection in the common work.
Secondly, about the application of the accounting system: Currently, the company applies the Vietnamese accounting system, Circular No. 200/2014/TT-BTC dated December 22, 2014 of the Ministry of Finance, accounting standards Vietnam and the attached amendments, supplements and implementation guidelines issued by the Ministry of Finance.
Third, in terms of accounting form: The company applies the general journal form which is suitable for the size of the company, the advantage of this form is that the book form is simple, easy to record and understand.
Fourthly, about accounting books: The system of accounting books used is full of detailed and summarized books according to the form in accordance with regulations and standards.
SOME SOLUTIONS TO COMPLETE SALES ACCOUNTING AND DETERMINATION OF BUSINESS RESULTS AT ANH AN
PHARMACEUTICAL AND MEDICAL SUPPLIES JOINT STOCK
COMPANY 3.1 Requirements and principles for perfecting sales accounting and determining business results at Nghe An Pharmaceutical - Medical Supplies Joint Stock Company
In the context of the market economy, with increasingly fierce competition, commercial enterprises will constantly thrive to expand their trading relationships and serve the people's consumption needs well In economic and commercial activities, the sales process is the most important last step in the process of circulating business capital in an enterprise. Commodity capital often accounts for a large proportion of total business capital, so it must be monitored closely and regularly Therefore, it is an urgent matter to perfect the sales accounting and determine the sales results in terms of both content and accounting methods to suit the reality of the business fierce competition in the market.
To complete the sales accounting and determine the business results in particular and the entire accounting in general, it is required to meet some of the following requirements: accounting regimes The organization of sales accounting and determination of business results at the company must follow certain principles, ensure compliance with the provisions of the Vietnamese accounting regime, in accordance with accounting practices international math.
- Perfecting sales accounting and determining sales results must be based on decisions issued by the Ministry of Finance on implementation methods, accounting voucher system, accounting account system, bookkeeping system. accounting books, accounting reporting regimes and compliance with Vietnamese accounting standards.
- Perfection must be based on the basis in accordance with the management characteristics of the company suitable to the characteristics of the organization, management and business; characteristics of the organization of accounting work in order to bring the highest efficiency.
- Must aim to do better the role of providing information of accountants for internal management of the company as well as for financial managers who are interested in the financial situation of the company; must ensure timely, accurate and appropriate response to management requirements.
- Perfection must also take into account the qualifications of the accounting staff and the physical conditions of the company.
- Perfection must be sensitive, honest, in line with market rules on the basis of saving time and costs.
3.1.2 Principles of perfecting sales accounting and determining business results
To complete the sales accounting and determine the business results in particular and accounting in general, it is required to meet the following principles:
The organization of sales accounting and determination of business results at the company must follow certain principles, ensure compliance with the provisions of the Vietnamese accounting regime, in accordance with accounting practices international math.
Properly apply accounting principles based on the decisions issued by the organizing committee that the company is applying.
3.2 The content of completing sales accounting and determining business results at Nghe An Pharmaceutical - Medical Supplies Joint Stock Company
First, Determine detailed business results for each item, each product group: The company needs to determine the sales results of each item so that the company can know which products are losing and which are profitable in order to have reasonable business development strategies, focusing on key products to bring about high economic efficiency Accountants can open additional items "Amortized selling expenses", "distributed administrative expenses", "results of the business" on the summary of sales details This table is made quite detailed by the accountant, so it is very convenient to calculate the profit. for each item, but at the end of the accounting period, they are allocated to each item according to the value of sold items The distribution formula is as follows:
Selling expenses, management arise allocation management = x Sales of goods i
Second, Encourage payment discount policy: Payment discount is actually used to encourage customers to pay quickly Therefore, the Company needs to properly evaluate the discount policy to encourage customers to pay quickly and recover capital soon The company needs to apply discount forms flexibly.
For commercial contracts, when customers pay early, the company can calculate a discount of 1%, 2% of the total payment amount to the customer. This discount amount is accounted for as an expense (Finance expense). Accounting pen:
Third, about the company's management accounting: It is still fuzzy,unclear, it is necessary to improve the management accounting to help the company make decisions about costs, revenue, and estimates expenses,revenue… to help the company develop more in the coming years Making estimates so that the company has goals and purposes for business activities, the estimates are also the basis for checking and evaluating the implementation of the expected targets, thereby giving a general overview of the whole company strengths and weaknesses as a basis for making reasonable and timely business decisions
3.3 Conditions for implementing sales accounting solutions and determining business results at Nghe An Pharmaceutical - Medical Supplies Joint Stock Company
In order to well implement the above-mentioned complete solution, the Company needs to:
- Regularly monitor the change of legal documents guiding the accounting regime to make appropriate and timely amendments.
- The management and administration department of the company needs to be more flexible and thoughtful in making decisions and policies for business activities.
- Every period, the unit should organize training classes to improve the qualifications of its staff, update new regulations of the law and the State, especially the recruitment process needs to be carried out tight and effective.
- The company should invest in more material and technical facilities, new technology for the accounting department so that the accounting work can be performed optimally.
- It is possible to consider the feasibility and try to apply some of the
- The implementation of solution implementation must be uniform: The unity required here is the unification of solutions, the regulations from above, from the management level to the staff level, and the agreement between the solutions departments with each other, there should be smooth coordination, no overlap in work between departments and between employees In order to perform well the solutions on the board of directors, it is necessary to pay more attention, as well as the accounting staff to try their best.
- In addition, the implementation of the solution must be consistent and appropriate: The solutions offered by the company need to be appropriate and consistent in the accounting work and in accordance with the legal policies. gorvernment's Before deploying any solution, the company must consider its suitability with the business characteristics of the unit, the implementation ability of the unit as well as the suitability with the level and performance of the company staff.
- Finally, the implementation of solutions must go hand in hand with cost savings: Saving not only helps the Company avoid unnecessary costs but also helps the Company rationally use its business capital However, savings must go hand in hand with efficiency The Board of Directors needs to carefully consider the cost, effort spent with the effective part to make an informed decision, avoiding useless waste.
- The State must rely on legal documents to decide and guide economic organizations to implement First of all, legal systems and document systems must be drafted and promulgated in a uniform, timely, simple, easy-to- understand manner, and especially suitable to the current actual conditions of the law enterprises in terms of both size and capacity so that they can follow the spirit of the State's guidance.