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Internship report about accounting, Study Guides, Projects, Research of Accounting

During the internship, I learn a lot of useful knowledge so that I choose to summarize all knowledge into this report.

Typology: Study Guides, Projects, Research

2022/2023

Uploaded on 05/25/2024

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INTERNSHIP REPORT
Name: Trần Nhã Yên
Student ID: BAACIU21142
Major: Accounting
Number of internship days:
Type of internship: Part-time Accounting
Name of company: Phu Nhuan Jewelry Joint Stock Company
Name of supervisor in University: Vũ Tuấn Anh
Name of supervisor in Company: Phạm Thu Cúc
Accounting organizations – Capital
Accounting
at Phu Nhuan Jewelry Joint Stock
Company
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INTERNSHIP REPORT

Name: Trần Nhã Yên

Student ID: BAACIU

Major: Accounting

Number of internship days:

Type of internship: Part-time Accounting

Name of company: Phu Nhuan Jewelry Joint Stock Company

Name of supervisor in University: Vũ Tuấn Anh

Name of supervisor in Company: Phạm Thu Cúc

Accounting organizations – Capital

Accounting

at Phu Nhuan Jewelry Joint Stock

Company

TABLE OF CONTENT

  • Executive summary
  • I. OVERVIEW OF BUSINESS ORGANIZATION AT PNJ
      1. General information
      1. Formation and development process
      1. Operational characteristics and business fields of PNJ
      1. Characteristics of management organization
      1. The result of Business Activity and Company Performance
  • II. INTERNSHIP ACTIVIES & DESCRIPTION OF DEPARTMENT
      1. Student’s internship activities
      1. Some accouting knowledge learned and summarized
      • A. Accounting form
      • B. Official accounting organization
      • C. Accounting software using in the department
      • D. Capital accounting
      • E. Cash capital accounting
      1. Evaluate the performance of the department
      1. Suggest measures to overcome
      1. Working environment and Company’s culture
  • III. An assessment of internship
  • IV. Conclusion of the report
  • V. APPENDICES AND SUPPLEMENTARY MATERIAL
  • VI. STUDENT INTERNSHIP EVALUATION
  • VII. REFERENCES

order to see how they manage to work effectively and support for PNJ’s development. That's why I decided to choose "Cash capital accounting in PNJcomapny” as the base of my research and learning platform throughout the entire internship process at the company. I. OVERVIEW OF BUSINESS ORGANIZATION AND BUSINESS MANAGEMENT AT PHU NHUAN JEWELRY JOINT STOCK COMPANY.

1.General information

 Phu Nhuan Jewelry Joint Stock Company (abbreviated name: PNJ) which is a Joint Stock Company established under Vietnam's Enterprise Law, based on Business Registration Certificate No. 0300521758, issued by the Department of Planning and Investment in Ho Chi Minh City. The certificate was issued on January 2, 2004 and was registered for the 34th change on January 11, 2023.  The company has been officially listed at the Ho Chi Minh City Stock Exchange since March 23rd, 2009 according to Decision No. 129/DKNY which was signed by the General Director of the Ho Chi Minh City Stock Exchange on December 26th, 2008.  The company's headquarters is at 170E Phan Dang Luu, Ward 3, Phu Nhuan District, Ho Chi Minh City, Vietnam.  The legal representatives are Ms. Cao Thi Ngoc Dung - Chairwoman of the Board of Directors and Mr. Le Tri Thong - General Director.  Company’s logo: Figure 1.1: Logo of Phu Nhuan Jewelry Joint Stock Company  Contact information: + Email: pnj@pnj.com.vn

  • Phone number: (84-28) 39951703
  • Fax Number: (84-28) 39951702
  • Website: http://www.pnj.com.vn  Tax code: 0300521758

2.Formation and development process

 The period 1988 - 1998, a pioneering journey:

On April 28, 1988, Phu Nhuan Gold and Silver Store was born at a time when the jewelry industry in Vietnam was still young and undeveloped. In 1992, the company began to focs on industrial jewelry production, investing in imported machinery and learning about technology, processes from other countries. From 1994 - 1998, PNJ focused on marketing activities, building and developing brand awareness with support from the World Gold Council. Furthermore, PNJ expected to expand the market to the North and Central of Vietnam.  The period 1999 - 2008, constant making breakthroughs: This period marked many innovations and core values of PNJ. In 1999, PNJ expanded its market to Can Tho and the southwestern provinces, completing the presence of 3 major economic centers of the country. In 2001, PNJ Silver brand was officially established. From 2004 to 2007 Phu Nhuan Joint Stock Company had many many groundbreaking advances. ( Acquired the capital contribution of SG Seafood Joint Stock Company, became the controlling shareholder of Hong Leong Saigon Gas Cylinders Joint Venture Company and changed the company name to Hong Vi Na Gas Cylinders Limited Liability Company,...)  The period 2009 - now, constituting achievements: During this period, PNJ realizes its vision of being Asia's leading jewelry manufacturing and retail company. They are looking forward to holding the number one position in the middle and high-end jewelry market segments in Vietnam. From 2009 until now, PNJ gains many considerable accomplishments such as:

  • In 2009, PNJ shares are officially listed on HOSE which makes this company become the first and only jewelry enterprise listed on the stock exchange until now.
  • PNJ became the company with the largest jewelry retail system in Vietnam with 142 stores.
  • In 2017, PNJ won the ASEAN Excellent Enterprise Award and Top 3 Excellent Retailers in Asia voted by JNA.
  • In 2018, PNJ was in the top 10 of 100 sustainable developed enterprises in Vietnam for the third time, and became a billion-dollar enterprise.
  • In 2021, PNJ was honored by the World Jewelry Industry as the Best Jewelry Manufacturer and Manufacturer of 2021, honored as Top 10 Enterprises meeting business culture standards according to the set of standards approved by the Prime Minister. => After 30 years of establishment and development, Phu Nhuan Jewelry Joint Stock Company (PNJ) has continuously developed.They became one of the largest jewelry manufacturers and retailers in Vietnam with famous brands includes: PNJ Silver, PNJ Gold, CAO FINE Jewelry and Jemma.

3.Operational characteristics and business fields

of PNJ

 The company's main activities are manufacturing and trading jewelry made of gold, silver, and gemstones, then they export and import their final products.  The company's business fields include:

  1. Testing diamonds, gemstones, and precious metal
  2. Producing and trading jewelry made of gold, silver, and precious stones

  Duties and Functions of each company department :

  • General meeting of shareholders: is the highest decision-making body of the Company, with the right to decide on issues falling within the duties and powers prescribed by Law and the Company's Charter. - Board of Directors: is the management agency of the Company, has full authority on behalf of the company to decide on issues related to the purposes and interests of the Company, except for issues falling under the authority of the General Meeting of Shareholders. - Chief executive Officer: is the legal representative, responsible for organizing and operating the Company's business activities, responsible to the Board of Directors and the General Meeting of Shareholders for implementing assigned rights, obligations and reporting to these departments upon request. - Audit Committee: is a department that coordinates closely with the Board of Directors and Executive Board, ensuring the company's activities comply with the law, charter, and operating regulations of the Company; Supervise the implementation of resolutions of the General Meeting of Shareholders and the Board of Directors; Direct the Internal Audit Committee to review and evaluate related transactions. - Board of internal audit: was established to independently and objectively ensure and give advice on the adequacy, effectiveness, and efficiency of internal control. They are also risk management and corporate governance systems. - Subcommittee of strategy – finance: is a department that bears responsibility to advise the Board of Directors on strategic issues, risk management, and short-medium or long-term investments; They have to follow up and direct the implementation of in-depth Corporate Affairs and Communication Center

analysis to complete long-term strategic development orientation for the company and its subsidiaries.

- Subcommittee of Environmental Social Governancẹ – ESG : has the function of advising and orienting to perfect the ESG system management model according to good practices. - Subcommittee of Human Resources – Rumeneration: is a department that implements human resources projects, including human resource development, planning, compensation policies and evaluation of succession planning.

  • Finance Division. is responsible for managing, inspecting, guiding and implementing accounting and statistical systems as well as financial and asset management according to State Ordinances, charters and financial regulations of the company. Departments need to help the company meet the financial needs for all production and business activities of the company as planned, and preserve, develop capital of company and its shareholders.
  • Operate Division: is responsible for organizing meetings, recording and summarizing the content of meetings to serve management and administration. They also organize a consultation to listen to direct reports from officials and record comments in the meeting minutes. - Strategy Division: is responsible for directing the operations of units within the company by planning, implementing, and controlling the company's business strategies. - Supply Division: is responsible for developing supply plans and supplier development, taking main responsibility for ordering, processing, supplying, searching, and developing additional suppliers. - Marketing Division: is responsible for organizing and executing marketing activities, including market researching, regional marketing, advertising, and PR campaigns according to the guidance of brands and company plans. - Information Technology Division: is responsible for researching, planning, organizing and deploying information technology activities. They also apply information technology solutions to production and business activities at the company. In addition, the department advises as well as develops technical conditions and standards when investing in information technology-related equipment systems. - Human Resources Division: is responsible for building an organizational structure with scientific functions, tasks and job descriptions. - Risk Management and Compliance: has the function of helping the company improve its internal control system and business assurance system as well as addressing risks or opportunities that arise. - International Business Development Center: Support to promote the company's business activities abroad and promote the potential to receive capital investment from foreign businesses. - Corporate Affairs and Communication Center: is responsible for building and developing accompanying activities with partners as

Figure 1.4: Table of financial situation There are 5 important factors that can be used to evaluate PNJ’s financial situation:

  1. Gross Profit reached 17,5% in 2022 In 2022, the Gross profit margin reached 17.5% mainly due to a shift in the product structure. The proportion of revenue contribution of weight jewelry - fine art increased. The jewelry line structure has changed to match the target markets
  2. Selling, and administrative expenses on gross profit decreased to 59,1% Selling and administrative expenses to the gross profit decreased from 60.8% in 2021 to 59.1% in 2022 thanks to continued effectiveness in optimizing operating costs. The standardization and digitization of processes, and practical implementation of many key technology projects help labor productivity continue to improve significantly. Selling and administrative expenses are strictly controlled and optimized to suit the functions of each unit.
  3. Profit after tax reached 1,811 billion VND Profit after tax increased by 75.9% over the same period in 2021 and reached VND 1,811 billion, exceeding 137% of the year plan. This is an unprecedented record number in the history of PNJ's development.
  4. Total Asset increased by 25,6% over the same period in 2021 Effective asset management brings good profits to the company: at the end of 2022, PNJG's total assets increased by 25.6% over the same period in 2021. Cash value and cash equivalents increased by more than 200% over the same period last year and contributed 8.1% to total assets. Good business profits and effective asset and debt management help the company increase idle cash
  5. The dividend payout ratio in 2022 is up to 20% ROE ratio increased from 18.3% (2021) to 25%, showing that the company uses capital reasonably and effectively. PNJ continues to pay cash dividends to shareholders with a payout ratio of up to 20% in 2022. II. INTERNSHIP ACTIVIES & DESCRIPTION OF A SPECIFIC FUNCTIONAL DEPARTMENT.

1.Student’s Internship Activities in “Capital

Accounting” department.

Doing an internship at PNJ company gives me many opportunities to approach work experiences in professional environment. I am so grateful that I can intern at the Accounting position at the company because accounting is currently my main major in university as well as the future career that I am aiming for. During the internship, I was assigned tasks of supporting basic daily administrative office job in the accounting department. Every day, I arrange, classify and take notes on accounting documents. Furthermore, I take on the task of checking and comparing documents with information on the software to print receipts. Then I have to send them to get stamps from the accountant in charge. After that, I need to draft sample reports for the accountants in the department. These jobs help me understand more about bookkeeping, data entry and reporting processes of accounting in PNJ company. Beside that, I also have the chance to learn how to use current accounting software, which helps me understand better how to enter and receive financial data about cash flows through computer. I am responsible for printing neccesary documents, composing and sending emails according to the company's standard format, as well as presenting a complete report. After comparing and checking the documents and invoices, I bear responsibilities to send these documents to the appropriate accounting office. Doing administrative jobs help me to observe and learn more about daily official account’s work at Phu Nhuan Jewelry Joint Stock Company. Although the internship period was short, I learned many necessary soft skills as well as accumulated a lot of useful knowledge for official work in professional working environment.

2.Some accouting knowledge learned and

summarized during the internship process:

A. Accounting form in PNJ company

Phu Nhuan Jewelry Joint Stock Company applies computerized accounting form according to the accounting book form which is designed base on the form of "General Journal". This form has considerable support from SAP accounting software. The company chose this form of accounting to help data processing in accounting department run more quickly and effectively, which can save time for staffs. This form also provides financial data and neccessary information faster and more accurate. The order of recording accounting books in accounting department is performed based on regulations of the current economic regime. Branches need to make monthly accounting reports, store reports as well as prepare statistical accounting reports in order to send them to the Company's Accounting Department for accounting in the end of every month. Regularly, chief accountant is legally responsible for supporting general manager in organizing accounting tasks and financial accounting work. The General Director and Chief Accountant must bear responsibilities for company's revenue and expenditure documents and accounting records. Chart of bookkeeping procedures in the computerized accounting form, with the participation of SAP accounting software.

and income of the company with accurate numbers by accounting tasks. Prepare financial reports according to Vietnamese and international accounting regulations and standards. (VAS và IFRS)

  1. Support the general director in directing and organizing accounting units to implement state financial regulations and company regulations. Plus, the departments must ensure accuracy and correct purpose to enhance capital turnover as well as conserve capital, and use capital effectively.
  • Mission:
  1. Departments need to record and use data to reflect the company's general financial situation and the import-export situation of goods. They must also have accounting details that are consistent with the inventory accounting method. Futhermore, tracking, checking and supervising goods and documents which are directly related to logistics - delivery - receipt at the warehouse is also one of the tasks of the accounting department.
  2. According to VAS accounting standards, departments must organize accounting work, open accounting books, import-export income data, and process information as well as accounting data according to prescribed principles.
  3. Departments must prepare financial reports annually and periodically according to the provisions of law and synthesize reports according to functions, tasks and requirements of leaders. Working systematically and orderly helps build an intuitive documentation system and strictly control the import-export and delivery-receiving system.
  4. Moreover, accounting department also bear responsibilities for: o Evaluate and liquidiate goods / inventories o Create final settlement, pay taxes, and pay fees according to state regulations o Carry out asset depreciation and dividend payments following the charter and resolutions of the board of directors o Check asset revaluations and periodically check accounting work as well as compliance with statistical ordinances and financial regulations of the company. o Preside over financial settlement activities of affiliated units as well as continuously update and disseminate state tax regulations in the department o Fostering accounting skills and financial management skills to ensure strong financial work in the company.

C. Accounting software using in the department

 Introduction to the software SAP S/4HANA

The company uses SAP S/4HANA software to support the management and recording of accounting data. SAP which is business planning software developed by the German company SAP. This software is suitable for large company. Basically, SAP S/4HANA is software that combines traditional ERP with data from Internet of Things applications, blockchain and artificial intelligence,... Thanks to that, this software can

perform a variety of tasks such as predicting models or consumer behavior as well as business planning, etc. Integrating a high-speed analytical reporting system allows corporations to collect and process data based on financial functions, fund controling functions, and risk management functions so that those companies can make financial plans quickly and exactly. Figure 2.3: SAP’s interface in PNJ

D. Capital Accounting (Cash capital accounting, Capital

accounting by bank transfer, Accounting for cash in transit)

In theory, Cash capital is a part of the current assets in an enterprise that exists in monetary form and has the highest liquidity, including:

  • Cash in the enterprise's fund/ assets
  • Deposits in banks and State treasuries
  • Funds are being transferred Cash capital is a tool which helps the enterprise meet payment needs, make purchases or expenses. Moreover, cash capital demonstrates the direct solvency of a business to create the best competitiveness. Cash capital accounting is all economic transactions that arise related to assets in the form of money of an enterprise, including account system:
  • TK111 (cash in the enterprise's fund)
  • TK112 (bank deposits)
  • TK113 (transit money) The capital account is used to identify each proprietor's commensurate part of the company's equity.

E. Cash capital accouting

  • Characteristic: Cash accounting implies that the company reports and classifies revenue and expenditure transactions according to the time they happen. (Only if the cash is paid) Almost the revenues of PNJ company mainly come from business activities such as: selling jewelry, gems, watches, and accessories;

Debit TK 1111: 5,616,000 VND Imagine 2.5: Payment voucher

Imagine 2.6: VAT invoice Imagine 2.7: Entry the general journal They have not only “ Capital Accounting in cash” but also “ Capital Accounting in bank transfer” and “ Accounting for Cash in transit”

3.Evaluate the performance of the department

(Capital Accounting)

 Strengths and good points of the department.

Phu Nhuan Jewelry Joint Stock Company always strives to improve and develop the quality of services as well as their products to provide customers with the best shopping experiences. The scientific and logical leadership of directors which is combined with the serious working spirit of the employees has helped the company have a strong position in today's volatile market. Futhermore, the company has a team of employees who are dynamic, enthusiastic, highly responsible in their work, highly qualified and professional, which brings a lot of achievements and potential development for PNJ. The company has all bases to open up a promising future. Besides that, accounting work at the company is well-organized and coordinates smoothly with other departments in the company. That helped improve work efficiency at the department in general and at the company in particular. The mutual comparison of data between the accounting department and other departments creates accuracy in the company's reporting. Moreover, works in the accounting department is always performed sequentially under close supervision so that working efficiencies of employees is always guarantees at an optimal level. The way PNJ organizes their working model

The company should expand document storage to limit document loss and to make searching and extracting documents jobs easier; thus the accounting department can work more effectively. To better manage revenues and payables, accounting department should consider fluctuations in accounting data, determine the time and cause of the above items to take timely measures. Moreover, increasing contracts with customers who have quick payment methods, investigating customers’ financial situation and their ability to pay will help the company have better financial strategies to control revenue and economic contracts Futhermore, it is essential for accounting department to invest in developing accounting software. They should also train new accountant to understand clearly how to use the software before working. Effective working software combined with the application of software to employees' work will help the department's work efficiency skyrocket which distributes to the company's growth level.

5.Working environment and Company’s culture

The working model at the PNJ company is very professional and modern. All departments rooms in the company are arranged based on their work and function in a logical manner. That helps board of directors operate the company easier and more efficient. Each department has a different office layout and design, which provide suitable working space for their own work’s functions and characteristics. This help employees have high working spirit. To accounting department, the supervision and management is strictly and clearly organized so that accountants always work independently and try to complete their work well to get the best results. Moreover, accountants have software to support their jobs and their work is clearly discussed from the beginning so that almost all employees clearly understand their own responsibilities and can coordinate teamwork with other employees smoothly. That's why the atmosphere in the company is always comfortable and supportive. Normally, if there is a problem at work, employees who are in charge of that task will support each other and find a way to solve the problem together instead of arguing and blaming each other. Employees in the department also regularly share snacks during breaks with each other, which helps increase the bond between everyone. Because of that professional working style, the department always maintains very good working progress. The PNJ company often organizes bonding sessions or events to help all employees relax. The company also regularly organizes talk shows which are hosted by company's directors in order to listen to employees' opinions and views as well as share their experiences. That not only helps employees' mental health improve, but also increases employee solidarity, which makes work efficiency always stable and increase over time. III. AN ASSESSMENT OF THE INTERNSHIP

1. Skills and qualifications that students gained from internship. Lessons that students learned from the internship. Through the internship process at Phu Nhuan Jewelry Joint Stock Company, I realized that accounting is an important position in a business. Accountants must always master their expertise and regularly update changes in laws and financial policies. They also have to apply theory and skills to practice scientifically and reasonably. The internship at the company gave me the opportunity to interact with the work of a cash accountant. I have been trained to be meticulous and careful in my work, because for an accountant, if errors occur during work, the business process and transparency of information will be seriously affected. Besides that, I learned many useful administrative skills such as printer-using skills, and report-making skills through my internship tasks at PNJ. I also know how to compare and check information on receipts. I have ascertained how to arrange and classify accounting documents and record relevant actual data. This helped me better understand how to present a financial statement in a company. I have responsibility for recording reports as well as composing and sending sample emails which allows me to observe how the accounting department operates. The accounting staffs at PNJ has supported me a lot in the process of learning and practicing on SAP accounting software. Checking the data and invoices on the software created an opportunity for me to get acquainted and better understand how to work in conjunction with SAP software. The internship process trains me to be more responsible at work and organize my time more effectively. I have been able to be more independent in self- studying and cultivating necessary skills. Furthermore, it helps me realize that not only expertise is very important, but careful practice is also extremely essential. I have become more meticulous in my work as well as more sociable when participating in an organization or group. The knowledge and experiences during the internship give me a stronger foundation and clearer vision of accounting work. 2. Knowledge Before/ After the internship and in comparison to your expectation After interning at PNJ, I realized that the knowledge learned at the university is extremely useful and practical. Thanks to quick updates applied to lectures and courses, I was not bewildered when entering an internship at a large company like PNJ. Most of the reports and working processes are based on the knowledge that I have learned at school. Normally, financial reports in the accounting department are always made according to VAS standards, but now they are all gradually shifting to IFRS. Besides that, during my internship, I also learnt that to be able to work in professional work place, specialized knowledge at school is not enough because actual work also requires soft skills, social knowledge, and legal knowledge. Therefore, cultivating, observing, and applying learned knowledge into practice is a journey that requires a high spirit of learning. Before the internship, I did not have any clear view about the accounting industry, did not know clearly about the working processes of the department and the accountant's job at the company. Thanks to the assigned work at the