Business Activities And Management Of Vietnam Air Petrol Company Limited .... ACCOUNTING DEPARTMENT AND ACCOUNTING SYSTEM AT VIETNAM AIR PETROL COMPANY LIMITED.. Accounting Department At
Trang 1NATIONAL ECONOMICS UNIVERSITY ADVANCED EDUCATIONAL PROGRAM
Supervior : Nguyễn Thị Hồng Thúy, PhD
Hà Nội - 2015
Trang 2Table of Contents
Acknowledgement 6
Introduction 7
1 OVERVIEW ABOUT VIETNAM AIR PETROL COMPANY LIMITED 8
1.1 Establishment and Development of Vietnam Air Petrol Company Limited 8
1.2 Business Activities And Management Of Vietnam Air Petrol Company Limited 11
1.2.1 Business line: 11
1.2.2 Management 12
1.2 Financial Position And Operational Results Of Vietnam Air Petrol Company Limited 14
2 ACCOUNTING DEPARTMENT AND ACCOUNTING SYSTEM AT VIETNAM AIR PETROL COMPANY LIMITED 18
2.1 Accounting Department At Vietnam Air Petrol Company Limited 18
2.2 Accouting Application: 19
2.2.1 Acocunting Standards: 19
2.2.2 Accounting Policies: 20
2.2.3 Accounting Vouchers And Accounting Documents 23
2.2.4 Accounts In Accounting System 27
2.2.5 Accounting Books: 30
2.2.6 Financial reports 32
2.2.7 Auditing In The Company 35
2.3 The Main Accounting Cycles Applied By Vietnam Air Petrol Company Limited 35
2.3.1 Accounting for Inventory 35
2.3.1 Accounting for fixed asset 38
3 SOME REMARKS ON FINANCIAL ACCOUNTING MANAGEMENT AT VIETNAM AIR PETROL COMPANY LIMITED 41
Trang 33.1 Remarks on Organizational Structure of Accounting Department at Vietnam Air Petrol Company Limited 41 3.1.1 Advantages of Organization of Accounting Division 41 3.1.2 Disadvantages of Organization of Accounting Division 42 3.2 Remarks on Financial Accounting Management at Vietnam Air Petrol
Company Limited 43 3.2.1 Advantages of Accounting Management 43 3.2.2 Disadvantages of Accounting Management 43 SOME RECOMMENDATION ON THE ACCOUNTING SYSTEM AT VIETNAM AIR PETROL COMPANY LIMITED: 45 REFERENCE 47 APPENDIX 48
Trang 4ABBREVIATION
HCM City: Ho Chi Minh City
Co , Ltd: Company Limited
Trang 6List of Figures:
Figure 1: The development of the company
Figure 2: Management Diagram of the company
Figure 3: Accounting department firm Diagram
Figure 4: Process of record in general journal:
Trang 7Acknowledgement
I express my deepest thanks to PhD Nguyen Thi Hong Thuy for for taking part in useful decision and giving necessary advices and guidance and arranged all facilities to make life easier Her guidance and support help me know the methods of information collection about the company She helped all time when we needed and he gave right direction toward completion of my internship report
I wish to express my indebted gratitude and special thanks to Mr Le Duc Dao, the chief accountant of Vietnam Air Petrol Company Limited, who in spite of being extraordinarily busy with his duties, took time out to hear, guide and keep me on the correct path and allowing me to carry out my industrial project work at their esteemed organization and extending during the training.I do not know where I would been without him
I also would like to express my thanks to the Advanced Educational Program in taking students chance to have this internship program It really is a good opportunity for learning and self development I consider myself very lucky and honored to have so many wonderful people lead me through in completion of this project
Trang 8Introduction
Vietnam Air Petrol Company Limited (VINAPCO) was officially established in
July 1993, and was assigned importing and exporting petroleum products directly After
more than 20 years, with nearly 1,500 staffs and employees, Vinapco is the best fuel
supplier to the airline at the Vietnam airport Fuel is imported from the major international
markets such as Singapore, China,
With over 20 years operating experience in the field of petroleum, VINAPCO is really a
company that has developed constantly and continuously, and have many outstanding
achievements in production and trading Moreover, accompanying wiht the development
of the company is a system of departments with efficient staffs, especially Finance and
Accounting department With professional activities of the accounting system of the
company, VINAPCO is really a good choice for AEP’S internship program so I can study
about organizational activities of a large company with a full accounting system Thereby,
I can learn a lot of practical experience to plan the next internship and for accounting
career path in the future Therefore, I choose the company to intern, and report
Trang 91 OVERVIEW ABOUT VIETNAM AIR PETROL COMPANY LIMITED
1.1 Establishment and Development of Vietnam Air Petrol Company Limited
Vietnam Air Petrol Company Limited is a state-owned company located in the unit
of independent accounting member of the Vietnam Airlines Corportaion In 1993, along with the innovation of the country, Vietnam Air Petrol company limited (VINAPCO) was established under Decision No 768 / QD / TCCBD on 22.04.1993 of the Ministry of Communications and Transport and officially operated in January 07/1993, after the Department of Civil Aviation invested 31 814 billion of capital (including 19 010 billion
of fixed capital: 17 804 billion in working capital)
On 06/09/1994, the company was established under Decision No 847 / QD / TCCLD of the Minister of Communications and Transport and Decision No 185 /CAAV on 20.01.1996 of Department of Civil Aviation of Vietnam
On 15/07/2010, the Vietnam Airlines Coporation made Decision No 1438 / TCTHK changing Air Petrol Company into Vietnam Air Petrol Company Limited Currently, the company operates under a certificate of business registration No
QD-HĐQT-0100107638 on 19/07/2010 by the Department of Planning and Investment in Hanoi issued
on 19.09.2012
Company’s name written in Vietnamese: Petroleum Company Limited Vietnam Airlines Company’s name written in English: Vietnam Air Petrol One Member Company Limited Company’s Name Abbreviation: VINAPCO
Head office: 202 Nguyen Son Street, Bo De Ward, Long Bien district, Hanoi City
Tel: 04 38272316
Fax: 04 38272317
Email: vianapco@hn.vnn.vn
Website: vinapco.com.vn
The development of Vietnam Air Petrol Company Limited
Throughout the operation of the company, the criteria is slogan: "Safety - quality - efficiency – development continuously" and respect the interests of customers, become a reliable partner of the domestic Airlines and abroad ones
Trang 10From 01/7/2010, the company officially operated under the form of singe member limited liability Company with a charter capital of 400 billion Vietnam dong, and was owned by Vietnam Airlines The objectives of the company is: To develop and maintain a leading role in the field of fuel supply to Vietnam Airlines, the national airline and international ones, and trade other petroleum products, operate the other industrial business sectors effectively, preserve and develop the owner’s equity, complete other duties, make the company growing, viable and developing in the economic socialist orientation market
The development of the company is shown in the below chart:
Figure 1: The development of the company:
Trang 11and 2010
• Investing more than 20 trucks form USA, expanding more than 60,000 m2 for containing JET A1 gasoline, build a new modern laboratory in Tan Son Nhat international Air port
• Improving new charging method
• Build a high quality staff
01/7/2010
• changing Air Petrol Company into Vietnam Air Petrol Company Limited
• with a charter capital of 400 billions Vietnam Dong
2012
• Purchasing 25 new transportation trucks, build a new tank with 6000 m2 capacity in Tan Son Nhat Airlines, build a new laboratory in North Air Petrol Company
• Purchasing many new equipments for business activities, and safety
• Improving warehouses, and supplying system for all airport operating within Vietnam
• with total investment reaching 177 billions Vietnam Dong
Trang 121.2 Business Activities And Management Of Vietnam Air Petrol Company Limited
Business activities, rights, obligations and organizational management of the company under the regulation about organization and operation of Vietnam Air Petrol Company Limited (issued together with Decision No 1444 / QD-HĐQT/ TCTHK on 15/07/2010 of the Board of Directors of Vietnam Airlines Corporation approved organization and operation of Vietnam aviation gasoline company Limited)
1.2.1 Business line:
Vietnam Petrol Air Company Limited has full legal status under the laws of Vietnam, registered business and activities in the form of limited liability company under the Enterprise Law On government assignment, company performs the rights and obligations
of the owners of the Vietnam Airline Corporations Operational objectives of the company
is to develop, maintain a leading role in the supply of gasoline for Vietnam Airlines corporations, the national airline and international ones, business efficiently, conserve and develop stockholer’s equity of the company, complete tasks assigned by company owners, grow in the socialist-oriented market
Customers of the company are the parent company, Vietnam Airlines, other 3 national airlines and 56 international ones such as: VietJet Air, AirAsia, Jet Asia, Malaysia
Hongkong, Silk Air, Dragon Air, Hongkong Airlines, Quatar Airways, China Eastern, Lao Airlines, Jetstar Pacific, Vasco,… in Noi Bai international Airport, Tan Son Nhat international airport, and other domestic airport from North to South Now, VINAPCO is the lead of gasoline supplier for airlines operating domestic
Business activities of the company include:
- Wholesale of solid , liquid, gas fuels and related products
- inland waterways cargo transportation
- Warehousing and storage of goods (excluding real estate)
- Loading and unloading of goods
- Wholesale of machinery, equipment and other machine parts
- Wholesale cars and other motor vehicles
- Retail sale of cars (12 seats or less)
- Maintenance and repair of automobiles and other motor vehicles
- Selling spare parts and accessories of automobiles and other motor vehicles
Trang 13- Retail sale of other goods in specialized stores (includes: oil, gas, coal used for specialized stores)
Trang 14Functions and responsibilities:
- VINAPCO operates under the control of the parent company, Vietnam Airlines Coporation, with some supervisor to checking and monitoring its activities
- The Board of members manage the company by issuing policies and making decisions on major company issues
- Genaral Director, and Vice general directors are responsible for planning, organizing, staffing, leading or directing, and controlling company’s activities to accomplish the goals and objectives that was assigned by the board of members Under the control of directors, there are 10 departments for each speciaized business activities: Department of Human resource, Department of Finance and accounting, Department of Import and export, Department of Investment and planning, Department of technology, Department of Informatic statistics, Department of safety, External relationship office, Party and Unions office, and Representative Office at HCM City
- The department of Human resource: supporting systems are responsible for personnel sourcing and hiring, applicant tracking, skills development and tracking, benefits administration and compliance with associated government regulations
- The department of Finance and Accounting: The business functions of this department typically include planning, organizing, auditing, accounting for and controlling its company's finances The finance department also usually produces the company's financial statements
- Department of Import and export: This department is responsible for import, and export activities, international transportation, and collecting information about international market
- Department of Investment and planning: It focuses on creating company’s trategies for investing activities, and planning business operations, analysis the result from every previous activities to allocating the resources more effective
- Department of technology: new product research and development: design new software and other information systems to support business activites, updating existing products: make improvement to currently systems in order to increase quality and stability of products and services; and maintain the information system
to work stablely
- Department of Informatic statistics: collection, classification, analysis, and interpretation of numerical facts or data by using of mathematical theories of probability and information systems, imposes order and regularity on aggregates of business
- Department of safety: Perform some activities for preventing buusiness and employees from events that causes health or economical losses
Trang 15- External relationship office: tasked with creating a positive public image for the company
- Party and Unions office: representative for Party and Labour Union to perform activities and missions of Party to the company, and to ensure the rights of employees
- Representative Office at HCM City: The representative office is responsible for operating the resident bank, depositing all cash receipts, and providing accounting assistance to the financial services unit at HCM City
Finally, the company have a large business distribution system with many member companies and subsidiaties: North Air Petrol Company, Middle Air Petrol Company, South Air Petrol Company, North Middle Branch, Air Petrol Transportation Company, Norht Air Gasoline Company, South Air Gasoline Company
1.2 Financial Position And Operational Results Of Vietnam Air Petrol Company Limited
Vietnam Air Petrol Company Limited has been developing over recent years This
is illustrated by the following table:
Table 1: The scale and operating results of the Company over 3 years: 2011, 2012, 2013:
Trang 17From operating result table, we have some kinds of financial ratios:
Table 2: Business ratios over 3 years: 2011, 2012, 2013
Financial
Ratios
es between
2011 and
2012
Diffirences between
Trang 18more profitable, that was performede by some important business ratio with great increases: ROA increased 532.94%, ROE increased 524.70%, Operating Income Margin increased 487.09%, and Gross Profit Margin increased 481.13%
From 2012 to 2013:
The company continued to grow up, and keep a increasing trend The operating results had slight increases, such as: sales increased 8.58% from 1,043,645 millions VND to 1,133,205 millions VND, total sales and services providing revenue increased 2.52% form 25,664,507 millions VND to 26.311.466 millions VND; specially, earnings before taxes increased 10.77% from 83,813 millions VND to 92,838 millions VND, and earnings after corporate income taxes increased 11.31% form 61,846 millions VND to 68,841 millions VND,… It shows that company always pay high attention in investing activities, and management activities to make the company work more effectively, improving the material facilities and equipments system
The ROA ratio increased rapidly from 0.18% in 2011 to 1.13% in 2012 with the diffirence
of 533%, and from 1.13% in 2012 to 1.23% in 2013 with the differnece of nearly 10% The increase in ROA figure gives investors an idea of that the company is converting the money
it has to invest into net income more effectively An increasing trend of ROA indicates that the profitability of the company is improving Therefore, it has shown the improvement of company’s ablility and the effectiveness of its management to utilize its assets to create profits The company’s management has performed exellent job is to make wise choices in allocating its resources, and operate the business
The ROE ratio also increased from 2.924% in 2011 to 18.266% in 2012 with the diffirence
of 525%, and from 18.266% in 2012 to 19.111% in 2013 with the differnece of 4.6% The company's ROE goes up due to an increase in the net profit margin or asset turnover, this
is a very positive sign for the company With this Return on equity, the company has brought large profit to its investors It pays to invest in this companies that generate profits more efficiently than their rivals The company’s high Return on equity (ROE) can attract more investors
Trang 192 ACCOUNTING DEPARTMENT AND ACCOUNTING SYSTEM
AT VIETNAM AIR PETROL COMPANY LIMITED
2.1 Accounting Department At Vietnam Air Petrol Company Limited
Choosing the organizational model applied in accounting department
Because the business organization of the company has subsidiaries in many provinces, and cities of the country, the company has organized an accounting department in the form of half-dispersed concentration The offices of company have Department Of Finance And Accounting is in charge of accounting all operations of the office block, and perform tests, reports for the subsidiaries and collect the company’s balance sheet At each subsidiaries also have Departments Of Finance And Accounting to track and account transactions of subsidiaries and petrol stations under the control of that subsidiaries On the basis of the costs incurred, sale received, the sales list at the retail stores of their units and the department of finance and accounting of subsidiaries are responsible for collecting, processing vouchers, details ledger, general ledger and prepare financial statements following the requirements of department of finance and accounting at the head office of the company
Choosing the organizational model of financial accounting and management accounting
Currently, the company are applying the combinated accoungting model That is the content in each organizational accounting tasks has a combination of financial accounting and management accounting However, the assignments are not specific and accurate enough, management accounting of the company is not paid enough attention, just stop at the first step and don’t bring information to serve the management works effectively
Staff of accounting department:
The Department of Finance and Accounting of the company consists of more than 20 members with positions: Chief Accountant, 2 vice chief accountants, sales accountant, cost accountant, business capital accountant, offical accountants, banking accountant, salaries accountant and accountants for other accounts and accountants for construction and investment, accountants of subsidiaries, and inventory accountants
Accounting department firm is organized according to the diagram:
Figure 3: Accounting department firm Diagram:
Trang 20Organizing training to update and improve professional skills:
In general, the accountant at the company are trained professionally; chief accountant is experienced, qualified, capable of organize the department efficiently However, some of the staff of the department has not been trained professionally The training, updating skills courses to improve qualifications for staff have not been interested for every staff, only has been interested in the key officials of the accounting department
2.2 Accouting Application:
2.2.1 Acocunting Standards:
Accounting regulations issued under Decision No 15/2006 / QD-BTC on 20/03/2006 of the Ministy of Finance, and Circular No 244 / 2009 / TT-BTC on 31/12/2009 about guidelines for amending corporate accounting regime, the Vietnam accounting standards issued by the Ministry of finance and the documents for amendment and supplement, guidelines
Trang 21- Accounting Standards: Practice under the Vietnam Accounting Standards
- Accounting Form: General journal
The monetary unit used in accounting records is Vietnam dong
Principles and methods convert other currencies into Vietnam dong at the actual exchange rate at the time of the transaction
Fiscal year starts on 01/01 and ends on 31/12 annually
The method of calculating the depreciation of fixed assets was accorded to the straight-line method over their estimated useful lives
Comprehensive accounting of inventory was accorded to the perpetual inventory method Inventories are determined on the base of the lower of cost and net realizable value cost
of inventory is determined by the weighted average method
Calculation of the value added tax was accorded to the tax deduction method
2.2.2.1 Principles of recording cash and cash equivalent accounts:
The monetary unit used in accounting records is Vietnam dong Principles and methods convert other currencies into Vietnam dong at the actual exchange rate at the time
of the transaction
Fiscal year starts on 01/01 and ends on 31/12 annually
- Cash accoounts: includes: cash, cash in bank, and cash in transit
- Cash equivalent accounts: Short-term investments maturing within 3 months, which are able to tranfer into a specific mount of money easily, and not take risk in tranfering it into money since purchasing this investmentss at the reported time
- Principle and method using to exchange other currency to Vietnam dong in accounting: + Principle: Transactions which involve with purchasing and selling goods and materials, assets, loan, and payment by foreign currencies exchange into VND to record entries Monetary accounts (cash account balance, account receivables, account payables) at the end of accounting periods are reported at the exchange rates at that time
Trang 22+ Exchanging method: based on foreign currencies in each transactions, to exchange into VND, it will be mutilplied with the exchange rates for each currencies
2.2.2.2 Principle of recording inventory:
- Principle of recording inventory is based on the historical costs of each kinds of goods
- Principles of identifying value of inventory at the end of period: For fuels which are not belonged to Aviation is weighted average method; for aviation fuel Zet-A1 is First in- First out monthly
2.2.2.3 Principles of recording and depreciating fixed assets:
Fixed assets consists of: Tangible fixed assets, intangible fixed assets, financial leasing fixed assets
Fixed assets are recorded and reflected in accounting book at historical cost In the balance sheet, it is reflected in 3 items: Historical costs, Accumulated depreciation, and residual value
Method of fixed asset depreciation: Straight-line method Depreciation time is regulated at Circulars No 45/2013/TT-BTC on 25/04/2013 of the Ministry of Finance guiding managing, applying, and depreciating fixed assets
Depreciation rate annually is equaled to residual value divided by residual depreciation time
2.2.2.4 Principles of recording and capitalizing borrowing costs, and other expenses:
- Principles of recording borrowing cost: Interest for operating activities is recorded into operating expenses
- Borrowing costs which are capitalized are investing borrowing costs in the period that fixed assest are not yet in use
- Prepaid expenses: Prepaid expense is amount of prepaid money, but it is the expense for next accounting period, includes: prepaid for suppliers,tools and íntruments equipments and mechines, major repair of fixed assets, insurance expenses, expenses for leasing warehouses, stores, and other expense of next period
Method of allocating prepaid expense:
+ Allocating service expenses for inventory according to the perpetual inventory method + Allocating tools and instruments in 2 years
+ Allocating major repair of fixed assets in 2, or 3 years
+ Allocating insurance expenses and leasing expense according to insurance, or leasing time
Trang 232.2.2.5 Principles of recording account payables:
Account payables are transactions incurred in that period, but not paid, or company doesn’t receive bills from suppliers
2.2.2.6 Principles of recording stockholder’s equity:
Stockholder’s equity is the capital of Vietnam Airlines Corporation invested in company Principle of reflecting diffirences in exchange rate: In the end of the accounting period, Cash, cash in bank, cash in tranfer, account receivables, account payables in foreign currencies are exchanged into VND according to purchasing rate of commercial banks Diffirences by re-evaluate the balance are recorded in financial activities, or financial expenses
Company doesn’t distribute profit or dividend on the diffirences by re-evalatue the foreign currencies balance in the end of accounting period
Principles of recording undistributed profit:
Undistributed profit is the profit from the activities of the company after pay corporate income tax; add, or pay deferred corporate income tax, the adjusted corporate income tax payables or receivables by applying retroactively adjustments of changing accounting policies and important mistakes of previous years
2.2.2.7 Principles of recording Profit:
A, Sales profit: are collected from paid sales invoices Receivables in advance of customers are not recording as profit in this period
Profit in foreign currencies are exchanged and recorded in VND according to exchange rate in the interbank market
Profit is monitored in detail by kinds of goods, customer’s name, selling stores Moreover, some accounts are monitored separately, there are:
A, Sales profit:
B, services profit:
Trang 24C, financial activities profit:
payable in foreign currency at the end of the year
2.2.2.8 principle and method of recording financial expenses:
Financial expenses includes: Interest on bank loan, loss in foreign exchange differences arising during the period, loss in interest from rate differences evaluating the balance payments, debts receivable and payable in foreign currency at the end of the year
2.2.2.9 Principle and method of recording Current corporate income tax, Deferred corporate income tax
Current corporate income tax is determined based on total taxable income, and current tax rate It includes the current year corporate income tax, and corporate income tax by adjusting immaterial mistakes in previous year
Deferred corporate income tax is determined based on the temporary diffirence, plus deduction value tranfered to next year of taxable loss and unused tax incentives and current tax rate
2.2.2.10 Transaction of foreign exchange risk provisions:
Accounts in foreign curency are re-evaluated at the purchased exchange rate of Commercial banks at the end day of this period
2.2.3 Accounting Vouchers And Accounting Documents
(1) The reality of applying the voucher system has been issued and regulated for endogenous vouchers forms
The company applies the accounting regime of Vietnam and the specific regulations based
on Decision No 15/2006 / QD-BTC on 20/03/2006 of the ministy of finance and other documents issued in accordance with other legislation documents Based on the vouchers regime were issued by decision of the Ministry of Finance, the company conducted a study about performance characteristics, characteristics of accounting subjects as well as the need
to receive, process information to build and apply vouchers that are suitabe for the requirement to manage and ensure the legality under the regulation of the government
Trang 25The company uses the voucher system that are suitable with the characteristics of the business and comply with the regulation of the government The types of documents are reflected in company, consists of five categories:
6 Checking sheet for products or completed works
7 Overtime payment book
8 Leasing payment book
9 Awarding contract
10 Awarding contract completion report
11 List sheet of payroll accounts
12 Book of contributing payroll and social sercurities
13 Book of cetificate for sick retirement with pay
14 List of employees being on leave with allowance for sick and pregnancy
- Vouchers of inventory
1 Receipt voucher
2 Delivery voucher
3 Receipt voucher for goods in warehouses
4 Delivery voucher for goods in warehouses
5 Fuel delivery voucher
6 Checking report for materials, tools, products, and goods
7 Purchasing list
8 Distribution sheet for materials, tools, and instruments
9 Goods importing sheet
10 Distribution sheet for transportation cost
11 Internal delivery and transportation voucher
12 Balanced sheet for goods in warehouses
13 Sheet for internal receipt and other receipt
14 Sheet for delivering goods at warehouses
15 Sheet for depreciation and import cost
- Vouchers of sales
1 Fuel sales and purchases contract
2 Reports of goods delivery and reception
Trang 263 Liquidation report of contract
4 VAT bill
5 Sheet for gasoline price for national and international airlines
6 Trial balance for debt of customer
7 Sales Accounting summary monthly, quarterly, yearly
8 Payment Accounting summary monthly, quarterly, yearly
- Vouchers of currency:
1 Order or receipts
2 Order of payments
3 Check
4 Debit (credit) authorizations
5 Notes to creditors/ debiters
6 Debit/ credit loans vouchers
7 Request paper for advance
8 Payment paper for advance
9 Payment request paper
10 Cash receipts bill
11 Lists of gold, silver, other precious metals, and gemstones
12 Fund checking report for Vietnam Dong
13 Fund checking report for foreign curency, gold, sliver,…
14 Payment report
- Vouchers of fixed asset:
1 Acquisition report of fixed asset
2 Liquidation report of fixed asset
3 Delivery records of fixed assets for major repairs completed
4 Revaluation records of fixed assets
5 inventory records of fixed assets
6 spreadsheets for calculation and allocation of depreciation of fixed assets Based on the list of accounting vouchers prescribed by law, Vietnam Air Petrol Company Limited has fully applied essiential vouchers under Decision No 15/2006 / QD-BTC on 20/3 / 2006 of the Ministry of Finance In addition, the company also uses some kind of vouchers designed by the company based on the regulations of the government and characteristics of the company's business, such as VAT invoices, shipping cards and internal transportation, receipt notes, devivery notes,
(2) Accounting report
Trang 27Accounting reports in Vietnam Air Petrol Company Limited comply with regulations of the current accounting regime Specifically, all business transactions are made vouchers Accounting vouchers unit has been not only established by the computer, but also designed for handwriting These documents have enough essential signature, and are completed with
a red seal However, there are still some sales invoices, service providing invoices not recorded enough information such as forms of payment, the seller's signature Some documents such as delivery notes, receipt notes, requesting for payment notes still have incomplete, inaccurate information or are crossed, are lack of important information Accounting report has met the requirements of financial Accounting and management accoungting
(3) Checking the vouchers
Checking the vouchers is an important task in accounting work, especially in the company with large quantity of input vouchers, so checking the vouchers are required to account carefully The voucher is checked to ensure the validity and legality of vouchers to prevent mistakes from making vouchers Through some surveys in Vietnam Air Petrol Company Limited, Accounting reports were checked first by payment accountants and general accounting will check again, so the errors will be handled timely Thus, payment vouchers are ensured to follow regulations and avoid the mistakes of companies
(4) Circulating vouchers
Survey of applying vouchers in the company shows that the company has developed processes of circulating voucher for each facilities based on the specific content of the business transactions incurred The process of circulating vouchers identify the way, the storage time in each stage, each department The vouchers are to be made in the accounting department to check and record into general ledger When business transactions inccured
in the company, in retail stores, in the warehouses, vouchers are collected and transferred
to the department of finance and accounting to enter to the account, then transfer lists to companies However, the construction for processes of circulating vouchers only to serve financia accounting, but pay little attention to management accounting
(5) Storage and preservation of vouchers
Vietnam Air Petrol Company Limited made the preservation stage and storage vouchers fully Monthly vouchers incurred are bounded into each episode, each file marked clearly
by month, year, in numerical order, according with the kinds of vouchers Therofore, it
is very convenient for inspection and preservation However, because of old infrastructure, the irrational arrangement of vouchers, some vouchers were moldy, termited, more vouchers for delivery, and receipt by the company incurred in large quantities, but accountants have not focused on the destruction of vouchers Thus, the storage of documents is too much, that affect on arranging and checking vouchers
Trang 282.2.4 Accounts In Accounting System
Through actual survey, accounting regime and accounting system at Vietnam Air Petrol Company Limited comply with Decision 15/2006 / QD-BTC on 20/03/2006, Circular 244 / 2009 / TT-BTC on 31/12/2009 of the Ministry of finance, and details on each line of business and management requirements of the company Based on the accounting system regulates Company conduct research, apply and detailize accounts of the accounting system in accordance with the characteristics of business and management Company bases on account system to open more detailed account to level 2,3, to take notes, reflect the business transactions incurred to meet the requirements of financial accounting and parts of management accounting; and regulate the relationship between the detailed accounts and consolidated accounts At the same time, it guides recording, aggregating data, checking and comparing
Based on the portfolio ;of accounts under the provision of the Ministry of Finance, company shall not apply some of the accounts as: TK611- "Buying", TK631- "cost of production" (by company account inventory by perpetual method), TK622 In addition, the company expanded into accounts to level of 2.3 to match the characteristics of business and management requirements of the company as the account detailed level 2, level 3 of TK136- "internal account receivabes ", TK336-" internal account payables " or detailed accounts at level 2 and 3 of TK 156-" raw materials ", TK511-" revenues from sales and services "TK632- "COGS" the detailed account was opened in accordance with the content, structure and accounting methods of the respective accounts
Accounting system consists of accounts in balance sheet and the accounts, and accounts out of the balance sheet
The accounting information encryption on the computer in the company are made in a scientific way to help managers to access data quickly and easily, to avoid mistake caused
by the same management information objects in terms of figures and names The company has done the accounts encryption to organize the storage of Accounts system in computer, that service requestment for processing necessary information for general accounting and detailed accounting To serve the provision of accounting information for detailed accounting Each account not only save information for general accounting, but also save portfolio of detailed object code The accounts encryption in company accounting is made
as follows:
- Account code: use account number as code
- Account name: use name in accounting system
- Type of account: depend on nat the characteristics of the accounts includes Debit, and Credit
Trang 29- Catalog address of detailed code: Each account codes is need to track for list of detailed object codes
- The company uses many accounts and has accounts to track details, so to be convenient for the users in building the code catalog to collect data for genera accounting and detailed accounting, companies have separated account coding system into one file, and detailed subject coding system into other file
The managerial code associated with the list of subjects including:
Table 3: List of the managerial accounts code:
6271