essay on accounting research on accounting information system of nhan binh joint stock company

Functions and responsibilities Table 1.1: Job description of Accounting Department Position Functions and responsibilities Chief Accountant - Build up and manage accounting control s

NATIONAL ECONOMICS UNIVERSITY

ESSAY ON ACCOUNTING

Research on Accounting Information System

of Nhan Binh Joint Stock Company

Nguyen Thuy Hang Tran Xuan Nam

An Quoc Dung Duong Thi Ngoc

Class Accounting CFAB K61

Instructor Dr Ha Hong Hanh

November 2022

TABLE OF CONTENTS CHAP 1: AN INTRODUCTION TO ACCOUNTING ORGANIZATION AND SYSTEM APPLIED IN NHAN BINH JOINT STOCK COMPANY 1 1.1 Structure of accountIing OTØAnIZ4f[OT c2 212221221221 121 22151121 211211121211 21122 xkE 1 1.2 Features of Accounting ŠVsfem - - c2 212212 1121221212 11112111111101 2111112112181 se 4

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1.2.5 Features of Accounting Reports:

1.3 Features of some key accounting cycles in Nhan Binh Joint Stock Company 21 1.3.1 Features of Accounting for payroll ccc cece 2 1211211221212 151221551 21121 1812112112111 xe 21 1.3.2 Feature of Accounting for material ccc 21321322121 155122151 2151221555 21111 211111 5 xer 40 CHAPTER 2 : EVALUATION ACCOUNTING ORGANIZATION AND SYSTEM 1N TAN BINH JOINT STOCK COMPANY 2 Hee He 49 2.1 Evaluation of accounting OrparIIZafIOT c1 211212211212 21 2221111011121 2 211111 81x kg 49 2.2 Evaluation of accounting sysfem c2 121 2122121 2211121112 21121111111 011 0120110 xkg 49 Pa 49 2.2.2 Disadvanfagỹes c2 ng nnnnn n0 1511112111111 11 1112112151011 11T H111 Hư 51

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List of diagram

Diagram 1.1: Structure of accounting organization of Nhan Binh Joint Stock Company

1

Diagram 1.2: Bookkeeping process in the form of the voucher registerl9

Diagram 1.4; Accounting process for payroll 3 Diagram 1.5: Document flow of input material 40 Diagram 1.6: Document flow of output material 41 Diagram 1.7: Accounting process for material 43 Diagram 1.8: The detailed accounting process following parallel accounting method

46

List of table

Table 1.1: Job description of Accounting Department 2

Table 1.3: Voucher register — Form SO2a-DN 16 Table 1.4: Voucher register book — Form S02b-DN 17 Table 1.5: General ledger — Form S02¢2-DNN 18 Table 1.6: Detailed book — Form SD38-DN 19

Table 1.19: Voucher register — Form S02a-DN 44 Table 1.20: Voucher register book — Form S02b-DN 45 Table 1.21: General ledger — Form S02c1-DN 45 Table 1.22:The detailed book account 1521 47

Table 1.20: The detailed book account 1522 48

Accounting information is always a language of businesses which is regarded as a bridge connecting enterprises to other stakeholders such as investors, customers or suppliers Owing to the undeniable importance, the disclosure of information in the manner of timing, accuracy and controllability requires AIS to operate smoothly and effectively A fruitful AIS also helps to detect and prevent errors and fraud, ensuring minimum risks and maximum benefits for businesses Therefore, those who work on accounting need to be expert in both design and implementation of AIS

Based on specific characteristics, each enterprise applies a different operating process Therefore, each AIS should be exclusively well established which possibly serves the demand and purpose of companies In this report, we would take Nhan Binh Joint Stock Company — a company specializing in construction in Ha Noi as an object to analyze and evaluate the effectiveness of its AIS

The report consists of two chapters:

Chapter 1: An introduction to accounting organization and system applied

in Nhan Binh Joint Stock Company

Chapter 2: Valuation accounting organization and system in Nhan Binh Joint Stock Company

CHAP 1; AN INTRODUCTION TO ACCOUNTING ORGANIZATION AND SYSTEM APPLIED IN NHAN BINH JOINT STOCK COMPANY

1.1 Structure of accounting organization

a Model of accounting organization structure

Nhan Binh Joint Stock Company has applied a centralized accounting system in which the enterprise has only one accounting department to perform and account for all accounting work Regarding other divisions, assigned staff merely carry out initial accounting tasks such as collecting or recording, then transfering all documents to the accounting department for further processing In other words, the company does not operate a separate accounting function for each division The chart as illustrated below demonstrate the structure of accounting apparatus in Tan Binh Company:

Diagram 1.1: Structure of accounting organization of Nhan Binh Joint Stock Company

Chief Accountant

General Accountant

Accountant Accountant | | Accountant | | Accountant

b Functions and responsibilities

Table 1.1: Job description of Accounting Department

Position Functions and responsibilities

Chief Accountant - Build up and manage accounting control system to ensure

compliance with accounting principles and government law

- Review and improve accounting procedures with appropriate internal controls and measures

- Manage accounting department’s activities

- Set financial plan in short-term and long-term

- Work with banks and other financial institutions for investment

- Control budget and cash flow

- Provide training and supervision for staff

- Advise board of directors on management and operating improvements

General Accountant - Supervise regular journal entries

- Monitor authorized account reconciliation process

- Prepare financial statement, management report timely and accurately

- Control and check tax return, work with tax authority

- Collaborate with Chief accountant to produce company operational analysis and propose risk-prevention remedies

Cost Accountant

- Collect and organize cost information

- Prepare journal entries relating to cost

- Debt settle with internal division

- Develop and analyze standard costs

- Prepare periodic reports by compare standard costs to actual

cost

- Recommend changes to process and policies for cost

2

efficiencies

Payment Accountant - Process outgoing payment in compliance with financial

policies and procedures

- Review and upload general ledger and accounts payable, account receivables data files

- Perform monthly reconciliation of accounts payables, account receivables and related account

- Prepare reports detailing account payables, account receivables status

- Update and monitor debt recovery

Asset Accountant - Monitor system of control, procedures, forms for recording

fixed assets

- Record fixed asset acquisitions and dispositions

- Reconcile balance in fixed asset subsidiary ledger to the general ledger

Tax Accountant - Receive and check input invoice

- Prepare and store tax returns, tax reports and other necessary documents

- Manage and maintain company’s tax database

- Reconcile tax liabilities with Tax Department

- Regular supervision of suppliers to detect tax evasion

- Update changes in tax policies and provide guidance for staff

Credit Staff - Prepare capital-related plans in short and medium terms

- Tackle with credit-related issues

- Work with financial institutions for disbursement

- Manage financial activities, cash flows

- Analyze and assess financial and non financial information and make forecast for upcoming strategies

- Prepare and track credit contract, mortgage agreement

Treasurer - Manage cash management procedures

- Ensure security during cash transferring process

- Prepare reports of financial situation

1.2 Features of Accounting System

1.2.1 General Accounting Policies

Basis for preparing separate financial statements: The separate financial statements are presented in Vietnam Dong (VND), using the historical cost principle and

in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System for Enterprises and other legal regulations of management relevant to the preparation and presentation of the separate financial statements The accompanying separate financial statements are not intended to present the financial position, results of operations and cash flows in accordance with generally accepted accounting principles and practices in countries other than Vietnam

The accompanying separate financial statements are the separate financial statements of the Company and, therefore, do not include the financial statements of subsidiaries Users of the separate financial statements should read them together with the Company's consolidated financial statements for the year ended 31 December 2021 for complete information on the financial position and results of operations and cash flows of the Company during the year

Accounting estimates: The preparation of the separate financial statements is in accordance with the Vietnamese Accounting Standards, the current Vietnamese accounting regime for enterprises and the legal regulations relevant to the preparation and presentation of the separate financial statements The Directors are required to make estimates and assumptions that affect the amounts in the Report of liabilities, assets and the presentation of liabilities and contingent assets at the date of the separate financial

4

statements, as well as the amounts Report on revenue and expenses throughout the financial year Actual business results may differ from estimates and assumptions

Principles of recognition of cash and cash equivalents - Money includes cash, bank deposits: As short-term investments, term deposits with a maturity of no more than

3 months from the date of investment, deposits that are readily convertible into a known amount of cash and are risk-free in converting to cash at the reporting time

Accounting principles for financial investments - Held-to-maturity investments: Held-to-maturity investments include term deposits with the purpose of earning periodic interest and other held-to-maturity investments Held-to-maturity investments are stated

at cost and measured at fair value based on the recoverability of the investment

Loans - Loans are measured at cost less provisions for bad debts: Provisions for doubtful debts of the Company's loans are made in accordance with current accounting regulations

Investments in Subsidiaries: Investments in Subsidiaries over which the Company has control are stated at cost in the separate financial statements Profit distributions received by the Company from the accumulated profits of the Subsidiaries after the date the Company took control is recognized in the income statement of the Company during the year Other distributions are treated as a return on investments and are deducted from the value of the investment Investments in Subsidiaries are presented

in the separate balance sheet at cost less allowance for diminution in value (if any) Provision for loss of investments: Provision for diminution in value of investments in Subsidiaries is made to the extent that it is probable that impairment in the value of these investments will be made at the balance sheet date

Accounting principles for accounts receivable: Receivables are amounts that can be collected from customers or other entities Receivables are stated at carrying amount less provisions for doubtful debts Provision for bad debts is assessed and considered to be made for receivables that are past due and difficult to collect, or

receivables that the debtor is unable to pay due to bad debts, bankruptcy or similar difficulties

Principles of inventory accounting: Inventories are determined on the basis of cost, in case the cost of inventories is higher than the net realizable value, it must be calculated at the net realizable value Cost of inventory includes the cost of direct materials, direct labor, and manufacturing overhead, if any, to bring the inventory to its current location and condition Net realizable value is measured at the estimated selling price less costs to complete and any marketing, selling, and distribution costs incurred Inventories are accounted for using the perpetual inventory method Ex-stock prices are calculated using the monthly weighted average method

The Company's provision for devaluation of inventories is made in accordance with current accounting regulations Accordingly, the Company is allowed to make a provision for devaluation of obsolete, damaged and inferior inventories in case the actual value of the inventories is higher than the net realizable value at the end of the accounting year

Accounting principles and depreciation Tangible fixed assets: Tangible fixed assets are stated at cost, stated at cost less accumulated depreciation The historical cost

of fixed assets includes all costs incurred by the Company to acquire the fixed asset up to the time of bringing that asset to the ready-for-use state Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives The specific amortization period is as follows:

When fixed assets are sold or disposed of, their cost and accumulated depreciation are written off and any gain or loss resulting from the disposal is included in other income or other expenses for the year

Accounting principles and depreciation Intangible fixed assets: Fixed assets are land use rights: are all actual expenses spent by the Company that are directly related

to the used land area, including: money spent to acquire land use rights, expenses for compensation, site clearance, leveling, registration fee Intangible fixed assets are long- term land use rights at the 8th floor and Room P2907, Song Da mixed-use building, Tran Phu street, Van Quan ward, Ha Dong district, which is amortized over a period of 25 years

Principles of prepaid cost accounting: Prepaid expenses include expenses actually incurred but related to the results of production and business activities of many accounting periods Prepaid expenses of the Company include the following expenses

Tools: Instruments that have been put into use are amortized to expenses on a straight-line basis with an amortization period not exceeding 3 years

Asset repair costs and other pending expenses: One-time asset repair costs of great value, other pending expenses are amortized to expenses on a straight-line basis over 6-36 months

Accounting principles for Liabilities: Liabilities are tracked in detail according

to payable terms, payable objects, payable currency types and other factors according to the Company's management needs

Liabilities including trade payables, debt payables, intra-company payables and other payables are liabilities that can be measured reliably at amount and time and recognised not less than the obligation to pay, classified as follows:

Trade payables: Including trade payables arising from the purchase of goods, services and assets between the Company and the seller (which is an independent entity from the Company, including payable between parent company and subsidiary

Other payables include payables of non-commercial nature, unrelated to the purchase, sale and provision of goods and services

Principles of loan recognition: The item of loans excludes loans in the form of bonds or preferred shares that have a provision that obliges the issuer to repurchase at a certain time in the future The company keeps track of loans in detail by each debt object and classifies short-term and long-term by repayment period Expenses directly related to the loan during the year are recognized in finance expenses

Principles of recognition of payable expenses: Actual expenses that have not been spent but are deducted in advance into production and business expenses in the year

to ensure that when incurred costs actually do not cause a sudden change in production and business costs on the basis of ensuring principles matching revenue and expenses The Company recognizes payable expenses according to the following main expenses: Interest expense payable based on the loan contract and guarantee cost: based on

guarantee contract,

Principles of recognition of equity: Owner's investment capital is recognized according to the actual amount of capital contributed by shareholders The Company's profit after tax is distributed as dividends to shareholders after it is approved by the Shareholders’ Council at the Company's Annual General Meeting and after setting aside reserve funds in accordance with the Company's Charter Dividends are declared and paid based on the estimated profit Official dividends are announced and paid in the next year from undistributed profits based on the approval of the Shareholders’ Meeting at the Company's Annual General Meeting

Principles and methods of recognizing revenue and other income

Sales: Sales revenue is recognized when all five (5) of the following conditions are satisfied simultaneously: (a) The Company has transferred substantially all the risks and rewards of ownership of the product or goods to the buyer; (b) The company no longer holds the right to manage the goods as the owner of the goods or the right of cargo control; (c) Revenue can be measured reliably; (d) The Company will gain economic benefits from the sale transaction; and (e) The costs associated with the sales transaction can be determined

For service provision revenue: Revenue from a service transaction is recognized when the outcome of the transaction can be measured reliably In case the service provision transaction involves several periods, revenue is recognized in the year according to the result of the completed work at the balance sheet date of that period The outcome of a service transaction is determined when all four (4) of the following conditions are satisfied: The amount of revenue can be measured reliably; It is probable that economic benefits will flow to the transaction for the provision of such services; The portion of the work completed as at the balance sheet date can be determined; The costs incurred for the transaction and the costs to complete the transaction can be determined

Construction contract: Revenue and expenses of construction contracts are recognized in the following cases: In case the construction contract stipulates that the company is paid according to the value of the volume to be performed, when the results

of the construction contract performance are reliably determined and confirmed by the customer, the revenue and expenses will be Contract-related costs are recognized in proportion to the amount of work completed that is confirmed by the customer during the year which is reflected on the invoiced invoice

For interest, dividends and distributed profits and other income: Revenue is recognized when it is probable that the economic benefits associated with the activity will flow to the Company and it can be measured reliably

Accounting principles for revenue deductions: Revenue deductions include: Sales discount: is a deduction due to payment of construction works that are not accepted

by the investor for payment or according to financial settlement or inspection decisions of competent State agencies

In the case of works from previous periods, until the next period, expenses are incurred, the Company records according to the following principles: If incurred before the issuance of the separate financial statements: write down revenue in the separate financial statements of the reporting period If arising after the issue of separate financial statements: write down the revenue of the period in which it arises

Cost of goods sold accounting principles: Including cost of products, goods and services recognized in accordance with the revenue of the year

Principles and methods of recording financial expenses: Losses related to financial investment activities: Borrowing cost is recorded monthly based on loan, loan interest rate and actual number of loan days

Principles and methods of recording current corporate income tax expenses: Corporate income tax expense (or corporate income tax income): The total current tax expense (or current tax income) when determining the profit or loss of a period Current corporate income tax expense: is the payable corporate income tax amount calculated on the taxable income in the year and the current corporate income tax rate Current income tax is calculated based on taxable income and the applicable tax rate for the tax year The company is obliged to pay corporate income tax at the rate of 20% on taxable income The determination of the Company's income tax is based on current tax regulations However, these regulations change from time to time and the final determination of corporate income tax depends on the examination results of the competent tax authorities

Related parties: Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial and operating decisions Parties are also considered to be related if they are subject to common control or common significant influence In considering the relationship of related parties, the nature of the relationship is emphasized more than the legal form

1.2.2 Features of Accounting Documents:

a Types of vouchers

The accounting voucher system includes the following types of vouchers:

Documents related to cash at the company, including Payment slips, Receipt notes, advance requests, and payment receipts

Salary documents at the company include: Timesheets, Salary payment sheet, product handover note, product quality inspection record, completed work

Documents on warehousing of inventory at the company include Economic contract, VAT invoice, warehouse receipt, and goods delivery note

Sales documents at the company include Value-added invoices, Sales invoices

Fixed assets documents include Minutes of delivery and receipt of fixed assets, Minutes of liquidation of fixed assets, Minutes of re-evaluation of fixed assets, Minutes

of inventory of fixed assets, calculation and amortization of fixed assets

b Process of transferring documents

The process of transferring documents is done uniformly and clearly, including the following steps:

Step 1: Preparing vouchers or processing accounting vouchers

Step 2: Checking the legitimacy and legitimacy of the documents

At this step, accountants must check compliance with regulations related to documents made by the State, check the amount and content of operations recorded on the vouchers, check the seals and signatures of the subjects having related to the document For documents that are not properly prepared in terms of content, form, and procedures, and with unclear numbers and signatures, they will be returned and require adjustment for accuracy

Step 3: Recording the accounting book

Step 4: Storing accounting vouchers

They store documents in the prescribed warehouse after the financial statements are prepared In terms of preservation, during the financial year, when the financial statements have not been approved, they will be preserved in the accounting sections of the accounting department

In general, all transactions, transactions, or events arising in the company are documented The company's vouchers are guaranteed to have sufficient content, accurately, truthfully, and reflect economic transactions and arising amounts, with full

signatures of relevant persons attached The company has also strictly implemented the voucher rotation process, ensuring compliance with the Vietnamese accounting regime

1.2.3 Features of Chart of Accounts:

The table of general chart of accounts frequently used by the company for arising economic transactions is as follows:

Table 1.2; Accounts used in the company

112 | Cash in bank 333 | Taxes and payable to State budget

113 | Cash in transit 334 | Profit tax

121 | Short - term securities investment 335 | Accruals

128 | Other short- term investment 338 | Other payables

131] Receivables 341 | Long — term borrowing

133 | VAT deducted 344 | Long — term deposits received

138 | Other receivables 347 | Deferred income tax

141 | Advances 352 | Provision for payables

151 | Purchased goods in transit 411 | Working capital

152 | Materials 413 | Foreign exchange differences

153 | Instrument and tools 414 | Investment and development funds

154 | Cost for work in process 421 | Undistributed earnings

155 | Finished products 511 | Sales

156 | Goods 515 | Income from financial activities

211 | Tangible fixed assets 521 | Sale discounts

212 | Fixed assets of finance leasing 621 | Direct raw materials cost

213 | Intangible fixed assets 622 | Direct labor cost

214 | Depreciation of fixed assets 627 | General operating cost

217] Real estate investment 632 | Cost of goods sold

229 | Provision for long — term investment | 635 | Expenses from financial activities devaluation

241 | Capital construction in process 641 | Selling expenses

242 | Long — term prepaid expenses 642 | Administration expenses

243 | Deferred income tax assets 711 | Other incomes

244 | Long — term collateral & deposit 811 | Other expenses

353 | Bonus and welfare funds 342 | Long-term liabilities

623 | Executing machine using cost 343 | Issued bond

129 | Provision short term investment 415 | Financial reserve funds

136 | Internal receivables 417 | Business arrangement support fund

142 | Short-term prepaid expenses 418 | Other funds

144 | Mortgage, collateral & short-term 419 | Stock funds

deposits

157 | Entrusted goods for sale 441 | Construction investment fund applied

for state enterprises

158 | Goods in tax-suspension warehouse | 461 | Budget resources

159 | Provision for devaluation of stocks 512 | Internal gross sales

161 | Administrative expenses 531 | Sale returns

171 | Government bonds purchased for 532 | Devaluation of sale

resale

221 | Investment in equity of subsidiaries | 611 | Purchase

228 | Other long-term investments 631 | Production cost

337 Construction contract progress

payment due to customers

a Detailed accounts

Basing on the general chart of accounts, the Company opens detailed accounts to record related transactions:

- Account 112: Cash in bank: A detail account was named after number from 01 to

17 to recognize the cash deposited in different banks

For example: Account 112101: to recognize for the cash deposited in the BIDV Nam Dinh bank while Account 112102: to recognize for the cash deposited in the BIDV Nam HN bank

- Account 1281: Time deposits: A detail account was named after number from 01

to 07 to recognise the time deposits at different banks

For example:

Account 128101: to recognize for the time deposits at BIDV Nam Dinh bank

Account 128103: to recognize for the time deposits at BIDV Ha Tay bank

- Account 341; Long-term borrowing: A detail account was named after number from | to 19 to recognize for the loans in different banks

For example:

Account 3413: to recognize for the loans of MB bank — My Dinh branch

Account 3414: to recognize for the loans of MB bank — Tay HN branch

Account 34112: to recognize for long-term borrowings of BIDV Nam Dinh bank

Account 244: Long — term collateral & deposit: A detail account was named after number from 3 to 8 to recognize the account in different banks

For example:

Account 2443: Long — term collateral & deposit at MB Bank West Hanoi branch

14

Account 2444: Long — term collateral & deposit in other money

b Rules applied for chart of accounts, subsidiary accounts, ledger account:

According to Article 9: Registration for amendments to Accounting policies of Circular 200, here are some rules to classify accounts:

According to chart of accounts of accounting policies for enterprises issued together with this Circular, the enterprise shall apply and detail chart of accounts in conformity with requirements pertaining business and management of every business line and unit, provided that it conforms to content, structure and method of accounting of equivalent ledger accounts

If the enterprise needs to add accounts or sub-accounts or modify accounts or sub- accounts about names, signs, content and accounting methods, the approval issued by the Ministry of Finance before the supplement or modification is required

The enterprise may open sub-accounts or sub-sub accounts if the Chart of accounts prescribed in Appendix 1 of this Circular does not regulate such accounts without the approval of the Ministry of Finance

1.2.4 Features of Accounting Books

The company uses the "Voucher Register" as their accounting form of general accounting books Using voucher register accounting form, accountants need to record transaction and their activities in 4 types of books: voucher register, voucher register book, general ledger and detailed accounting books of subsidiary ledger

Voucher registers are recorded daily or periodically based on source documents of typical transactions It means the company will combine similar economic transactions into one accounting document to reduce bookkeeping pressure instead of using a general ledger The voucher register is prepared following the form S02a-DN prescribed in Circular 200/2014/TT-BTC by the Ministry of Finance

Table 1.3: Voucher register — Form SO2a-DN

Tầng 8 tòa nhà HH Sông Đà, Văn Quán, Hà Đông, Hà Nội (Ban hành theo Thông tư số 200/2014/TT-BTC

ngày 22/12/2014 của Bộ Tài chính)

Ngay thang nam

Người lập biểu Kế toán trưởng Người đại diện theo pháp luật (Ký, họ tên) (Ký, họ tên) (Ký, họ tên, đóng dau)

Voucher register book is a general accounting book used to record all arising economic transactions in chronological order In addition, the voucher register book also supports enterprises to check and compare data with the arising balance sheet The accountant makes this general accounting book according to form S02b-DN prescribed in Circular 200/2014/TT-BTC by the Ministry of Finance

Table 1.4: Voucher register book — Form S02b-DN

CÔNG TY CỔ PHẢN NHÂN BÌNH Mẫu số S02b-DN

Tầng 8 tòa nhà HH Sông Đà, Văn Quán, Hà Đóng, Hà Nội (Ban hành theo Thông tư số 200/2014/TT-BTC

ngày 22/12/2014 của Bộ Tài chính)

General ledger is a general accounting book form used to record arising economic transactions according to accounting accounts specified in the accounting account regime

16

applicable to enterprises The data recorded in the general ledger is used to check and compare with the data recorded in the detailed summary sheet or detailed accounting books and to prepare the balance sheet of arising numbers as well as the preparation of financial statements General ledger of accounting form Bookkeeping vouchers are opened separately for each account and each account can open one page or several pages depending on the number of records of economic transactions arising more or less of each account This document follows the form §02c2-DNN prescribed in Circular 133/2016/TT-BTC

Table 1.5: Generadl ledger— Form S02c2-DNN

CÔNG TY CỎ PHẢN NHÂN BÌNH Mẫu số S02c2-DNN

Tầng 8 tòa nhà HH Sông Đà, Văn Quán, Hà Đông, Hà Nội (Ban hành theo Thông tư sô 133/2016/TT-

BTC ngày 26/8/2016 của Bộ Tài chính)

- Cộng luỷ kế từ đầu quý x

- Sé nay cé trang, danh sé tir trang sé 01 đến trang

- Ngay mở số:

Ngày tháng năm

(Ký họ tên) (Ky, ho tén) (Ký, họ tên, đóng dầu)

Besides general accounting books, the firm also prepares detailed books which are subsidiary ledger of account level 1 The accountant of the firm follows form SD38-DN prescribed in Circular 200/2014/TT-BTC when preparing these documents This form is for books used for some accounts of the capital payment type that do not have a separate book form

CÔNG TY CỎ PHẢN NHÂN BÌNH Mẫu số S3§-DN Tầng 8 tòa nhà HH Sông Đà, Văn Quán, Hà Đông, Hà Nội (Ban hành theo Thông tư số 200/2014/TT-BTC

Ngày 22/12/2014 của Bộ Tài chính)

Số chỉ tiết các tài khoản

Người ghi số Kế toán trưởng Giám đốc

(Kỹ, họ tên) (Kỹ, họ tên) (Ký, họ tên, đóng dẫu)

Diagram 1.2: Bookkeeping process in the form of the voucher register

—» Record dally

—> Rccord atthe end ofthe period

+> Reconciliation

On a daily basis, based on Source Documents or a summary of accounting vouchers of the same type that have been checked and used as a basis for book entry, the accountant makes a Voucher Register Based on Voucher Register to write in Voucher Register Book, then Voucher Register is used for recording in General Ledger Source Documents, after making the basis for making Voucher Register, are used to record in the Subsidiary Ledger

At the end of the month, accountants must close the book, calculate the total amount of economic and financial transactions arising in the month on the Voucher Register from the book, and calculate the Total Debit, Total Credit and Balance of each account on General Ledger Based on General Ledger to establish Trial Balance After reconciliation, the data recorded on General Ledger and Summary Sheet (made from Subsidiary Ledger) are used to make Financial Statements The reconciliation and checking relationship must ensure that the Total Debt and Total Credit

of all accounts on the Voucher Register Book and Trial Balance are equal and equal to the balance of each respective account on the Summary Sheet

1.2.5 Features of Accounting Reports:

About the reporting period, the company applies Vietnamese fiscal year which commences on January 1* to December 31* of the same year — a 12 months period Regarding the financial reporting system, there are 4 basic types of reports: Balance Sheet (form B01-DN), Income Statement (Form B02-DN), Statement of Cash flow (form No B03-DN) and Notes to the financial statements (form No B09-DN) This financial reporting is prepared by responsible accountant in the Accounting Department, monitored by the Chief Accountant and then approved by the Chief Executive Director at the end of each year Therefore, the financial statement will be signed by the reporting person, the Chief Account and the CEO

About the managerial statements: The Board of Directors of Nhan Binh Joint Stock Company presents this report together with the audited Separate Financial Statements for the year ended 31 December 2021 The report includes the following items: the company, the Board of Directors and management, events after the balance sheet date, the auditors, and the responsibilities of the Board of Directors

1.3 Features of some key accounting cycles in Nhan Binh Joint Stock Company

1.3.1 Features of Accounting for payroll

Documents of payroll management appear to be the evidence of performance of all staff in the firm, for example, electronic timesheets made by daily fingerprint scanners or overtime approval of the head of department The timesheets are managed by the Human Resources Department while overtime sheets are approved by each department before they are sent to HR for storage Payroll, payroll deduction (Social Insurance, Health Insurance, Trade Union Fund, Unemployment Insurance ) and payroll summary are also types of payroll management vouchers They are made by the Human Resources Department and then sent to the Accounting Department for further accounting

Mẫu số 01a - LDTL CÔNG TY CO PHAN NHAN BÌNH

PHONG KE TOAN Ban hanh theo Thông tư 133/2016/TT-BTC

BANG CHAM CONG Thang 06 năm 2022

26

26 25} 1

Table 1.8: Overtime sheet February 2022

CONG TY CO PHAN NHAN BINH Mẫu sô 01b-LĐTL

Thao Anh

Cong

Xác nhận của bộ phận (phòng ban) có a ời làm thê 9 pha Ni gười châm công et hie sô Người duyệt ¬

(KY, họ tên) (KY, ho tên) (Ky, ho tén)

22

Gg = : =| sts x ° Cai 2 is = + ` x * x x + CÔNG TY CÔ PHÀN NHÂN BÌNH ral

Chi loại | Thưởng thành | Phụ cấp trách ‘ š

> agit wrt | 5S | cao bes beh Tiểmánca | Truylinh | Tổngthushập

la ‘a NHL, DL, ĐT,CĐ KP" 1 TIN Thu

Table 1.10: Payroll summary June 2022

STT | MãNY Hạ vh tên Chức dmh | Lưmngcrbin —_ Tổng thu nhậP | Trm tănh | Tổng tha nhập s tat

7 vette [TBHP | amy | casey | ary Thu inte BHXH | BHYT | BHTN Cee TNCN | Tổng:

inBiizmer

¢ Document flow

Periodically, each department obtains timesheet and overtime sheet of employees

in that department from the fingerprint scanner and overtime application from employees These timesheets and overtime sheets are then sent to the Head of department to obtain approval Then approved timesheets and overtime sheets are sent to the Human Resources for further procedure

Based on labor contract, time records and performance, the Human Resources Department calculates salary, allowance, bonuses and payroll deduction for each employee Then they make payroll of each employee and 2 copies of payroll summary which includes salary, bonuses and deduction for all employees The copy 1 of the payroll summary is stored and the copy 2 is sent to the Chief Accountant for approval

The Chief Accountant signs payroll summary and sends it to Internal Audit to check

The Internal Audit checks payroll summary and sends it to the Managing Director for approval

The Managing Director approved payroll summary and send it back to Chief Accountant

Based on total amounts of payroll and payroll deduction approved by MD, accountant records employee payable and deduction relating to employee’s salary