The above is the entire report of her mid-internship on the topic: " ACCOUNTING FOR VALUE ADDED TAX AT VIETNAM INDUSTRIAL INVESTMENT JOINT STOCK COMPANY 1”. I would like to send my sincere thanks to the instructor, Ms. Vu THU THUY guided and instructed us before and during the internship as well as VN1 JSC has provided me with data, information, as well as help and teach me a lot during the internship and writing this report. I would like to express my sincere thanks to Mr. Le Thanh Cong- the teacher of Foreign Trade University, who give me helpful advice during the internship. Finally, I want to thank the board of school , the department of accounting and auditing Who give me an appotunity to intern and have reality experience.
FOREIGN TRADE UNIVERSITY FACULTY OF ACCOUNTING AND AUDITING -*** MID-TERM INTERNSHIP REPORT Major: Accounting - Auditing with ACCA Orientation ACCOUNTING FOR VALUE ADDED TAX AT VIETNAM INDUSTRIAL INVESTMENT JOINT STOCK COMPANY Student name: Nguyen Thi Quynh Giang Student code: 1618820019 Class: English Intake: 55 Supervisor: Le Thanh Cong, MCs Ha Noi, August 2019 CATEGORY ACKNOWLEDGE LIST OF ARONYMS INTRODUCTION CHAPTER OVERVIEW OF VIETNAM INDUSTRIAL INVESTMENT JOINT STOCK COMPANY 1.1 History of establishment and development of Vietnam Industrial Joint Stock Company 1.2 Organizational apparatus of Vietnam Industrial Investment Joint Stock Company 1.3 Organize accounting work of VN1 JSC 1.3.1 Accounting apparatus of the Company 1.3.2.Tasks and relationships between the parts of the accounting apparatus 1.3.3 Original voucher system in accounting work CHAPTER 2.CURRENT SITUATION OF VAT PROFESSIONAL ACCOUNTING IN VIETNAM PUBLIC INVESTMENT INVESTMENT JOINT STOCK COMPANY 11 2.1 VAT characteristics at VN1 JSC 11 2.2 Adequate input VAT (133 acc) 12 2.2.1 Documents and accounts used 12 2.2.2 Accounting details of input VAT 14 2.2.3 General accounting with input VAT 14 2.3.Accounting of output VAT (Account 3331) 15 2.3.1 Documents and accounts used 2.4. Accounting for VAT deduction and VAT settlement report 15 17 2.4.1. Accounting for VAT deduction 17 2.4.2. Tax settlement reports 17 CHAPTER COMPLETE VAT ACCOUNTING ACCOUNTING AT PUBLIC INDUSTRIAL INVESTMENT JOINT STOCK COMPANY 19 3.1 Assessing the status of accounting of VAT operations at the company 19 3.1.1 Advantages: 19 3.1.2 Existence, cause 20 3.2 Complete accounting of VAT operations at the company 3.2.1 Recommendations on accounting documents: 20 20 3.2.2. Timely tax payment declaration 21 3.2.3. Perfect the accounting book system 21 3.2.4. Proposals on tax finalization reports 22 CONCLUSION 23 LIST OF REFERENCES 24 INTERNSHIP DIARY 25 ACKNOWLEDGE The above is the entire report of her mid-internship on the topic: " ACCOUNTING FOR VALUE ADDED TAX AT VIETNAM INDUSTRIAL INVESTMENT JOINT STOCK COMPANY 1” I would like to send my sincere thanks to the instructor, Ms Vu THU THUY guided and instructed us before and during the internship as well as VN1 JSC has provided me with data, information, as well as help and teach me a lot during the internship and writing this report I would like to express my sincere thanks to Mr Le Thanh Cong- the teacher of Foreign Trade University, who give me helpful advice during the internship Finally, I want to thank the board of school , the department of accounting and auditing Who give me an appotunity to intern and have reality experience Thank you sincerely! LIST OF ACRONYMS WORDS DETAILED VND Viet nam dong VAT Value added tax INTRODUCTION We know that tax is an important source of revenue, it accounts for the largest proportion of the total state budget revenue (about 70% - 80%). Today with the trend of globalization of the world economy, international economic integration with the regional economy is an urgent matter which is indispensable for all countries. Therefore, the role of current education does not stop at securing revenue to serve the State's spending needs, but it must ensure the role of regulating the macro economy, promoting the economy The country is growing So the policy has been revised to suit this trend. In order to encourage people to boldly invest in investment, encourage business establishments to expand production, the Ministry of Finance issued a VAT law instead of a turnover tax law to overcome the disadvantages of this tax law . Policies aiming at encouraging establishments to invest aggressively, increase their competitiveness and take initiative in international economic integration VAT is levied on the value added in each stage of the production process, so it is not duplicated, promoting the specialization of production. VAT refund in case of exporting goods; service ; Investment in assets of great value has encouraged the development of exports, contributing to strongly encouraging investment and promoting the fast-growing economy with higher and higher efficiency In the process of application, besides the inherent advantages, the tax administration of sector officials also faces many difficulties. Because some people use loopholes, there are many incentives to encourage them, encouraging investment, stimulating production development has used all sophisticated fraud tricks to evade taxes Especially VAT is implemented by the deduction method to overcome the duplicate tax drawbacks, encourage establishments to invest boldly, promote exports but this is also a gap allowing taxpayers to cheat and evade taxes for the purpose of reducing tax amounts to be remitted into the state budget or appropriating money from the budget through the tax reimbursement mechanis The current and urgent issue is fraud on buying and selling invoices; fake invoices; buy short-sell; export is short and many other frauds are overtaken by tax officials to be refunded. This has caused damage to the state budget - causing great damage, loss, and coolness to the society, causing headaches for relevant managing agencies, especially the tax sector. So it is necessary to have immediate but practical measures to prevent these fraudulent acts. And measures to strictly handle objects acts committed nham revenue assurance, avoid losses for the state budget, bringing many benefits to the whole society because the urgency of it, so I chose the subject "ACCOUNTING FOR VALUE ADDED AT VIETNAM INDUSTRIAL INVESTMENT JOINT STOCK COMPANY 1" CHAPTER OVERVIEW OF VIETNAM INDUSTRIAL INVESTMENT JOINT STOCK COMPANY 1 1.1 History of establishment and development of Vietnam Industrial Joint Stock Company 2009: The company was officially founded by Mr Phung Khac Nghia. At the time of establishment, the company had people contributing capital. . The main activity of the company is gas price, metal treatment and coating. In addition, the company also sells and sells mechanical-related products, repairing motorcycles, cars and large-distribution vehicles • Transaction name: Viet Nam Industrial Investment Joint Stock Company • International transaction name: Vietnam Industrial Investment Joint Stock Company • Abbreviated name: VN JSC 2013: After years of establishment, the company has made certain steps, raising the capital to VND 10,000,000. A big turning point on road running 2015: Human resources from 2009 up to now have increased to 10 people compared to the initial time of people. In addition, the work force of the workers is up to 58 people Representative: Mr Phung Khac Nghia Address: Cluster 8, Huyen Ky, Phu Lam Ward, Ha Dong District, Hanoi Tax code: 0104832806 Business license: 0104832806 1.2 Organizational apparatus of Vietnam Industrial Investment Joint Stock Company The company currently has 10 staff working directly, adjusting the activities of the company. In addition, there are 58 workers operating mechanical processing and machine repair The system of works that the company operates mainly in mountainous areas, mainly in northern Vietnam such as Cao Bang, Ha Giang, Lang Son, The organizational structure of VN1 JSC is as follows: • BOARD OF DIRECTORS • ACCOUNTING SYSTEM • SHOP SYSTEM • SYSTEM OF WAREHOUSE, FACTORY The organizational structure of the company is organized according to a unified organization, highly effective operation with leaders with experience in business organizations All leaders and employees are well-trained, with diplomas and certificates. Employees in charge of book activities, related to finance and operations, account for 60% The number of technical workers accounts for 40%, the technical staff are mostly experienced because almost All have been experienced in the works. Besides, the technical staff has a high sense of responsibility, so all the technical requirements of the Company are met with high quality We have the organization chart of VN1 JSC as follows: - Sample TGTGT declaration No 01 value added Original documents related to value added tax: - Paper for cash receipts - Debit notices and bank statements - Warehousing and warehousing bills - Attachments except debt Common significant invoices for goods and services sold in the form prescribed by the Ministry of Finance, and documents other specific invoices ● Organizing the circulation of accounting vouchers Every day when there are arising economic operations related to the sale of goods, accountants shall base themselves on invoices of sold goods to put in the list of goods sold invoices and vouchers of their sections. At the end of the month at the finance department of the company, the list of invoices and vouchers of sold goods is opened in details for each account depending on the form of payment: cash, bank deposits or method deferred payment and transferred to general accountants to enter into computers. After that, the machine will automatically transfer the revenue and output VAT into detailed books and lists. More specifically, these documents will rotate through the following steps: Related department buyers prepare money and related documents Payment accounting accounting department receives payment invoices for VAT invoices (cum delivery note) - copies Chief accountant, account holder signs and approves invoices Consumption accountants receive signed invoices, sign the buyer (the buyer keeps copies kept in the sales department, for payment) 17 Accounting of consumption and payment of accounting books Invoice for VAT department VAT accounting department records VAT details Invoice to relevant departments Record related accounting books 10 Save invoices in sales department 11 Finish 2.4. Accounting for VAT deduction and VAT settlement report 2.4.1. Accounting for VAT deduction VAT VAT Top VAT must turn in = output - to be deducted 2.4.2. Tax settlement reports The presentation and provision of financial accounting information for the objects using information is the final stage in the entire financial and accounting work of the enterprise. Financial report is both an accounting method and a form of expressing and transferring information. The report is an effective tool for managers to make economic decisions timely and reasonably in today's increasingly competitive market. The financial report presents and provides information on the financial situation, business performance and financial fluctuations of the business, in which tax information occupies an important part, from which the Home water as well as objects use other information to capture and check the company's performance status with the State. From the information related to the payable tax amount, the actual tax payment situation of the enterprise shows the operation scale, operational efficiency and financial situation of the enterprise VN1 Joint Stock Company made and submitted financial statements in accordance with the State's regulations. Every period, according to regulations, 18 the company makes all necessary reports such as monthly tax declaration and send it to competent authorities on time. The company uses the reporting system to reflect the situation of payment to the state budget: Report on business results Part II - Status of implementing obligations to the State to determine specifically for each tax item on the Target of the beginning balance, arising in the period and the balance at the end of the period 19 CHAPTER COMPLETE VAT ACCOUNTING ACCOUNTING AT PUBLIC INDUSTRIAL INVESTMENT JOINT STOCK COMPANY 3.1 Assessing the status of accounting of VAT operations at the company 3.1.1 Advantages: Joint stock company VN1 JSC is a joint stock company so the accounting apparatus has not been completed, so the implementation of accounting is also difficult, however, the company still fully performs the accounting operations required by management of the company The company has applied accounting software to the management of the financial situation, thus creating favorable conditions for financial management and accounting workload reduction. Through the research process of accounting organization at the company, in particular, the organization of VAT accounting at the company has found the following: The outstanding advantage of the organization of the accounting apparatus of the company is that it has approached quickly with computer software applications. Currently, the company is using BRAVO accounting software The use of accounting software has help the nature and workload of accountants be very compact. Recording operations, setting up journal entries, uploading tables, making reports are done correctly The accounting apparatus is organized neatly, combined with the rational work assignment of the chief accountant, the work of each member is moderate, suitable to the ability of each person. Active and creative staff with professional qualifications to meet the work requirements Process of accounting in the form of book-recording vouchers and accounting books used in conformity with the prescribed regime and at the same time suitable to the actual operation characteristics of enterprises. On the other hand, the implementation of combined machine accounting With manual accounting, the accounting work can be done quickly at the same time when 20 comparing and comparing specific figures on the machine with manual tracking accountants to detect errors to fix The company has organized full implementation of VAT accounting vouchers such as a list of invoices and vouchers of purchased goods services, list of invoices and vouchers of goods services sold In addition, the company has created detailed book of revenue, details of export turnover and detailed book of revenue of each domestic consumer goods item to create favorable conditions for recording in accounting books related, making lists and declaring VAT and tax reporting 3.1.2 Existence, cause Besides the advantages, the accounting work also has problems to solve: Regarding the transfer of vouchers : The accounting vouchers are not reasonable. Vouchers are transferred to the Finance Department of the company, sometimes not timely, making gathering and reporting work often slow Regarding the establishment of a list of goods from purchased goods : although the company makes a list according to the prescribed form of the state, the company keeps track of all items with different tax rates on the same declaration sheet so it is difficult to check Regarding the use of accounting vouchers : in the process of purchasing goods, the company uses warehousing vouchers not in accordance with the form issued by BTC. At the same time, the use of sales invoices and ex-warehousing bills will make it difficult for the company's management 3.2 Complete accounting of VAT operations at the company 3.2.1 Recommendations on accounting documents: The transfer of documents to the accounting department has a delay due to the lack of working attitude of some irresponsible employees. In fact, in the company, the documents are directly held by employees and taken to the 21 finance department, so sometimes there is a situation of loss or delay due to many forgetting things So to overcome the above situation, please give opinion. It is the finance department that needs to urge the work of the staff, combined with the management of the board of directors, to give the regime of discriminatory penalties for activities affecting the business performance of the company The responsibility to remind other employees to gather sufficient number of vouchers arising during the day 3.2.2. Timely tax payment declaration Every month, the accountant must declare and pay tax in full the criteria for both output VAT and deductible input VAT. To this, first of all must ensure timely invoices and vouchers When making a list of invoices and vouchers for goods and services purchased into the Company, it is necessary to make separate lists for each tax rate for easy comparison and inspection 3.2.3. Perfect the accounting book system On March 20, 2006, the Minister of Finance signed Decision No 15/2006 / QD-BTC promulgating the Enterprise Accounting Regime applicable to enterprises of all sectors and domestic economic sectors from the financial year in 2006, replacing Decision No 1141 TC / QD / CĐKT. The enterprise accounting regime has basic parts: ❖ Accounting account system ❖ Financial reporting system ❖ Accounting voucher mode ❖ Accounting book mode In which, the form of books clearly shows that enterprises need to apply correctly. Therefore, the company should apply strictly according to the aforementioned forms of bookkeeping At the same time, the company also has to 22 apply the newly issued accounting system to ensure that the accounting work in general and tax accounting work say Exactly contributes to improve the business performance of the company. On the other hand, the company should open the tracking book TK 13312 for fixed assets. The following are some examples of forms for book vouchers specified in Decision No 15/2006 / QD-BTC 3.2.5. Proposals on tax finalization reports The preparation of reports relating to the tax liability of the Company generally meets the required standard requirements. However, the preparation of tax reports is a bit slow and often does not meet the time requirements set by the tax authorities The company often has to pay fines for filing late tax reports. This increases the management cost of the company and therefore reduces the Company's profit. Therefore, the tax accountants of the Company should focus on completing tax reports on time or the Company can recruit more tax accountants to ensure that tax reporting and tax payment are made on schedule as set by the state 23 CONCLUSION After the economy of our country operates under the state-controlled market mechanism, the regime policies have been renewed in accordance with the development trend of the economy. On January 1, 1999, the VAT Law was put into use so far, there have been additional amendments to adapt to the state of our economy. The accounting regime has made significant progress to become more integrated and in line with international accounting standards. The reality shows that the accounting system in general and VAT accounting in particular are relatively complete, but the application in practice in units still has some issues to be solved in VAT accounting . For enterprises with VAT accounting, it is important to help enterprises calculate correctly and fully pay payable tax amounts so that enterprises can take initiative in fulfilling their obligations to the State and ensuring their interests when accounting deductible and refundable VAT Being aware of the above problem and receiving the help of Mr Le Thanh Cong and his staff, he studied and completed the graduation thesis with the topic: "Perfecting VAT accounting work. at Vietnam Industrial Investment Joint Stock Company 1. "Through the internship at the company, I have deeply studied and clearly realized the outstanding advantages and discovered the shortcomings in the work VAT accounting so I boldly made some comments and solutions to improve and improve the VAT accounting work at Vietnam Industrial Investment Joint Stock Company Although the internship time not much, limited reference resources and knowledge are limited but thanks to the help and advice of the staff p Special financial - accounting department is the enthusiastic guidance of Mr Le Thanh Cong, who has completed the topic 24 Thank you sincerely! LIST OF REFERENCES 1 . Business Accounting Curriculum _ Theory - Sample exercises and solutions of Assoc. Dr. Nguyen Van Cong - National Economics University Publishing House, 2007 System of documents, books, reports of 3C Technology and Trading Joint Stock Company VAT Law (amended in 2005) _ Statistical Publishing House - Hanoi 2006 Enterprise accounting regime (issued in accordance with Decision No 15/2006 / QD-BTC dated March 20, 2006 of the Minister of Finance) _ Finance Publishing House 25 INTERNSHIP DIARY Training location and instructor During the internship at Vietnam Industrial Investment Joint Stock Company 1, I was interned as an accountant intern. Her main job is mainly to learn and support the accountant My guide is Ms Vu Thu Thuy, born in 1990, she has been working here for over years Training time: from July 1, 2019 to August 4, 2019 The process of internship Week 1st from 1,July to 5, July The first day of working When I first went to work, Ms Thuy guided me very enthusiastically. The first job I got was to register for a tax code for workers. This work is quite meticulous, first, with a photo identification of the workers, I was on the site https://www.tncnonline.com.vn/Pages/TracuuMST.aspx of Taxation to lookup their ID card number, if If the tax code has not been shown, I will register their tax code in the software SUPPORT FOR PAYMENT TAX. In this software, I will declare all relevant data such as name, date of birth, gender, 26 ID number, country of birth and nationality. If any data is wrong, it is considered that the person is not allowed to register for a tax code. After declaring the list of workers, the next job is to write data, export it to xml file to submit to the tax department. In addition to submitting soft files, I have printed two more hard copies to bring the stamp to the tax department, a copy stored at the tax department, and one copy I kept at the company. This is a very important thing that Ms Thuy has stressed for me many times to submit both hard files and files . Because once she made a mistake not to file the hard file, so wait for the whole month the tax department did not send any files. My first job completed quite well so I felt very happy, and the first day of work passed so smoothly The first day I went to work, I felt less stressed than I thought because I was pretty shaky because I first worked at a company. The brothers and sisters are enthusiastic, happy and help me a lot. I just hope I will meet such colleagues later The first week passed smoothly like that, I felt gradually interested in this job Weeky 2nd from 8, July to 12, July Morning started working from 8am so I got up from to prepare. The weather is so hot, this is probably the hottest season this summer. Because my family is far away from the company, so 7.30h has already started leaving the house. Looking forward to the 2nd working week. In the morning, the work I get is to list the labor for the company, and continue to be a job of importing personal data and information related to each worker. The list that day I imported up to 96 workers, each with a different information. And I finished the set up in hours, quite long. But not stopping there, Ms Thuy asked me to check those data, one by one to detect errors. It may be that the computer is sitting for a long time and is completely related to the digits, so when I check again, I have discovered quite a lot of errors though very basic, such as: wrong date, birth and gender So it ends at the morning of hours from 8:00 to 27 11:00 Ms Hanh asked me to have lunch together, the sisters were quite reasonable, so it was easy to talk and cut the wind. Everyone let me try writing a red bill. Because the sisters told me to write carefully because one word is wrong and they will have to be rewritten so I am quite worried. I had enjoyed meticulously on Statistics paper coal so true, one important note is not to reverse carbon paper backwards it would kg of printing was to the back and remember to press hard if not the letter will not print out of all. Because I was the first time I wrote an invoice, I was written down times. Hopefully, after encountering this kind of work, I won't have any more mistakes Week 3rd from 15, July to 19 July On the third week, I became more familiar with the brothers and sisters, people were easier to talk to, so my errands also increased. In this week, I got a completely new job, which is to make a delivery record and attached list. For items that are bolts, there is no need to make the attached list . The attached list is actually a more detailed version along with the delivery version, which details each item for each project. The list will include fully enclosed t hip on the order number, name of materials, unit, quantity and in value. In the delivery minutes, I will omit the part into money. This job is quite time consuming because it is new and many not understand that I immediately asked Ms Thuy. Ms Thuy is very friendly, maybe because of her hometown, she sometimes asks too much but she still says very gently. Sometimes I feel shy because I ask a lot while she is working but thinking back if I something wrong, it really takes a lot of time to fix it so I try to face it. I have to make an invoice and a list with 53 invoices, but sometimes because the bill with the bill is the same, so I copied them, so because too much, I sometimes got the wrong copy and wrong both. Making the contract and the attached list on Excel software helps me improve typing ability as well as functional applications, correcting a. Ms Thuy is the one who directly instructs me to each job, she 28 always creates time for me to the work and screams so I am quite comfortable with the time to complete the work I also intend to go home to work on a personal computer, but for each record, I have to check with each bill. But the red bill is not allowed to take home so I wait until tomorrow to complete this task Week 4th from 22, July to 26, July Ms.Thuy reminded me to go to the tax department to check if they had sent the tax code registration file to workers so that she could still make a list of workers. Back to the first day job, on the tax code lookup page, they have not yet returned, it must be to days to get results . May be she is busy so she forgot to hand over the next job, sitting for minutes she asked: "sister, what else needs to be done?". After that, I was assigned to print out all the delivery records as well as the statements that I had just completed to attach to the 3rd copy of the invoice for internal storage. Lan print head was wrong because I did not align the A4 frame so I was missing letters, I learned one more thing. Actually printing is quite easy because just enter Print to finish, remember that before printing, you should go to Print Preview to preview how the print is suitable before OK. After I finished, I put them in a tico bag, then remember to write them down from the 865 bill to the 918 bill So when I finished the 4th session, I sat down and tried to all that bill until 11.30 go for lunch. I aslo started working on a tax book. A fairly stressful job and coolness to synthesize, check each bill to calculate output and input VAT. With a set of red invoices as well as the documents that the company received from the customer, I had to sort them by the generated date, each month clamped with a file and clamped episodes in a quarter. And I work on March 3,4,5 as well as the second quarter of 2019 This job requires a lot of carefulness and meticulousness, checking every single bill, either a collection slip or an inventory slip with Different sizes and colors are really messy. Thuy always 29 reminds me to check carefully before sending it to her, so when I check my input bill, I think I checked at least times. Relatively self with invoice output, but the output bill easier when it was classified correctly in accordance with the order in the tax books so has eliminated the turn filter arrangement. After fully entering the VAT of both input inputs into a second quarter of 2019 taxbook, she has completed the work. This work is very hard in that I need to check every detail, number one from day to day because only one number of deviations is wrong . Check each bill to enter the tax book, but when you finish entering it, you will check it again, the invoice will be redeemed. So the import VAT of the first to have closed the 4th day my work Four days of work still feel good for an apprentice like me, the first time I work at the company, the girls don't much hard Week 5th from 29, July to 5, August The last week I intern here Sitting at the desk, first I go to the tax code page to check if they have sent the registration code and still have no copies yet. Today, the company received more sales invoices, and now the job of writing this bill is mine. Every bill I wrote very carefully and seemed to get used to it , so I didn't get wrong, wrote it properly and I was praised by everyone, I felt very happy. Ms Hanh With Ms Thuy often ordered products online so today is Thursday she went to work and saw two times she took things I had to pick up the goods twice. I travel a lot, so I am more familiar with my security guard, he is also very gentle, starts to talk to me first and also says: "I am used to receiving this item, you get used to it as well." In fact, it is quite simple because it takes nearly minutes to get from the work place to the delivery line, moreover, this will also make your sisters more ☺ A working week has passed like that and the new week started with new jobs. This morning with the bright sunshine very early, two hours a dazzling day 30 Feelings and lessons learned after the practice: Practice more computer skills, practice the carefulness, the fineness and draw the directions for future careers later And I want to thank you, all brothers and sisters, Ms Thuy, who helped me a lot to complete my work completely, expand relationships and find joy in the office 31 ... PUBLIC? ?INVESTMENT INVESTMENT? ?JOINT STOCK? ?COMPANY 11 2 .1 VAT characteristics at? ?VN1 JSC 11 2.2 Adequate input VAT (13 3 acc) 12 2.2 .1 Documents and accounts used 12 2.2.2 Accounting details of input VAT 14 2.2.3... related accounting books 10 Save invoices in sales department 11 Finish 2.4.? ?Accounting for VAT deduction and VAT settlement report 2.4 .1. ? ?Accounting for VAT deduction ? ?VAT VAT Top VAT must... General accounting with input VAT 14 2.3 .Accounting of output VAT (Account 33 31) 15 2.3 .1 Documents and accounts used 2.4.? ?Accounting for VAT deduction and VAT settlement report 15 17 2.4 .1. Accounting