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September 2021

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My Daily Internship Journal

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Month of September

Reminder:

  • Always Pray
  • Learn and Improve
  • Always do my journal

Alliah Fe A. Prado

San Carlos College

13

Activity:

• Orientation on OJT Policy

• Tips on Resume Content

• Interview Common Questions

• Expectation on Skills

• Employee Attitude

Monday

Task/Assignments:

September 13, 2021

(1st Day of Internship)

Learning Objectives:

• Wear formal attire or have a pleasant look, join Ms Teams on time or as early at the said time and submit a Memorandum of Agreement (MOA) and enrolment form.

• Watch the tips on making a resume that stands out in indeed.com. And create a new and creative resume.

• Answer the 11 interview questions and submit it in messenger or email. And ready for an interview in Ms Teams.

• Read the Work Attitude posted in Facebook.

• Pass the outline sample of Student Intern Daily Journal in excel.

• Watch the Webinar session of Mon Abrea about the Pharmally audited financial statements.

• Give a feedback on what happen and to the activity.

• To know the policy for the virtual on the job training.

• To identify the different tips on resume content.

• To review the issue on the Pharmally Pharmaceutical Corporation after watching the video of webinar of Mon Abrea on Facebook.

• To improve my attitude and character in work through reading the work attitude.

• To develop my skills and creativity.

Learning Outcomes:

.• I learned that the result of their personality, environment fit, stress levels, and interpersonal relationships, people develop positive work attitudes. Our feelings toward various components of the job are referred to as work attitudes. People who have a positive attitude about work are more likely to perform better, show citizenship behaviors, and be absent less frequently and for shorter periods of time, as well as be less likely to leave their jobs prematurely. Increased safety and better customer service, as well as greater business performance, are all benefits of more positive workplace attitudes.

• Whether it's an online or face-to-face interview, I should stare directly into the interviewer's eyes or into the camera. When conducting an online interview, I may place my script near my camera and read it.

• When I go to work or a meeting, I should wear my uniform, apply makeup, and ensure that I have a pleasant and tidy presence.

• When creating a Resumes, I should be creative and include things like Pag-Ibig, Philhealth, SSS, and other government programs. I should also include my weight and height. In addition, I should work on strengthening the abilities that I include on my Resumes. Canva is indeed an app which I can use to create a nice Resumes.

• Because of the students' daily journals, I learnt how to organize and manage my time.

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Tuesday

September 14, 2021

(2nd Day of Internship)

Learning Objectives:

Activity:

1. Career Planning

2. BIR Compliance

3. SEC

4. Business Permit

1. To be proficient in making a flowchart

2. To understand the flow and checklist on starting a business with SEC< BIR and Mayor’s Office.

3. To learn to fill up and distinguished the different BIR Forms.

4. To know the different part of official receipts

5. To be able to create an accounting policy as to compliance of a business.

6. To be able to see the different BIR forms use in business.

Keep Smiling!

Task/Assignments:

Learning Outcomes:

1. Create a flowchart/process flow and checklist on how to start a business with SEC, BIR, and Business permit .

2. Create your accounting policy as to compliance of a business every January of each year.

3. Download and print BIR Forms.

4. Download Authority to print invoices/receipts (ATP).

5. Take a picture of any Official Receipt and Sales Invoice.

6. Design your own official receipt.

7. Fill up Authority to Print Office Receipts and Sales Invoice

8. Make a description about when to use BIR Forms 1601-E and 1604-E.

9. Create a checklist on How to start a business with BIR, SEC and Mayor’s Office.

• Because of the work that ma'am assigned to us, I noticed a variety of BIR forms. As a result, I witnessed everything myself rather than through pictures, since our professor at school have never assign us to downloaded these all.

• I gained experience filling out Authority to Print Office receipts as a product of my internship. And I want to thank you for this ma’am.

• I also understood what parts make up an official receipt and what else may be added to it if I plan to create my own official receipts like paypal, gcash, and other services.

• I also learned how to properly register a company. And what are the papers and items that I need to register the business and, in specifically, its flow

• I can able to create my own receipt, flowchart and checklist with my creativity.

• I learned the accounting policies of the business. That these policies will be their guide for proper management.

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Wednesday-Friday

September 15-17, 2021

(3rd-5th Day of Internship)

Learning Objectives:

Activity:

1. Internal Audit vs. External Audit

2. Audit Process

3. Accounting Policy and Procedure Manuals

4. Sales-Receivable Cycle/Flowchart

• To be able to improve our leadership skills and time management.

• To be able to work in new environment and out of our comfort zone.

• To know different people through groupings.

• To be able to create an Accounting Policy and Procedure Manual.

• To be able to analyze a Sales-Receivable Cycle/Flowchart.

• To be able to have a good camaraderie.

• To know how to create Sales-Receivable Cycle/Flowchart.

Learning Outcomes:

Task/Assignments:

TO BE SUBMIT ON OR BEFORE THE DEADLINE (SEPTEMBER 20, 2021 – MONDAY)

1. Create a group with five (5) members.

2. After grouping, create an accounting policy and procedure manual.

3. Create a narrative report of Sales-Receivable Cycle/Flowchart by group.

4. Update always the student’s intern daily journal.

5. Create your own Sales-Receivable Flow Chart.

• I learned a lot of things about how to get along with others as a product of this activities.

• I also learned how to create a manual procedure and accounting policy. What form is required, how it is to be completed, and for whom is it to be executed and use for.

• Due to the sales-receivable cycle, my analytical abilities have improved even more.

• We worked well together and had a nice sense of camaraderie.

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Monday-Wednesday

September 20-22, 2021

(6th-8th Day of Internship)

Learning Objectives:

Activity:

• Internal Controls

• Organizational Chart in Accounting Policy and Procedure Manual

• Sales-Receivable Cycle/Flowchart.

• To be able to learn new things and improve knowledge.

• To be able to attend new meeting in Ms Teams

• To update and improve the group activities.

Task/Assignments:

Learning Outcomes:

• For successful results, I learned that there must always be fellowship in the group.

• You will learn from others and be motivated by their struggles in assignments as a result of the group activity. My accounting expertise grows every time I alter and make our accounting policy in compliance with Philippine standards.

• We learned that the Sales-Receivable Cycle should be broken down into 12 steps.

• Internal controls are procedures that assist a company protect itself and achieve its goals by reducing risk. Internal controls help to reduce risks and safeguard assets, as well as assure record accuracy, increase operational efficiency, and promote adherence to policies, rules, regulations, and laws.

TO BE SUBMIT ON THURSDAY SEPTEMBER 23, 2021 (DEADLINE)

• Update Group Activity Accounting Policy and Procedure Manual with Organization Chart and accordance with Philippine Standard, Laws, Rules and Regulations.

• Update Sales-Receivable Cycle Narrative with 12 steps.

• Attend Ms Teams on September 20, 2021 and learned a lot from ma’am’s discussion.

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Thursday-Friday

September 23-24, 2021

(9th-10th Day of Internship)

Learning Objectives:

Activity:

• Review of AR Controls, Fraud, and AR Aging.

• Forms in Accounting Policy and Procedure

• Write-Off and Bad Debts in Accounting Policy and Procedure

Task/Assignments:

• To be able to know the importance of Accounts Receivable Aging Report.

• To understand the definition of Aging.

• To review Accounts Receivable Controls, Frauds and Accounts Receivable Aging.

• To update the Accounts Receivable in Accounting Policy and Procedure with Write-off, Bad Debts,

• Create Accounts Receivable Aging Report using Ms Excel.

To be submit on September 27, 2021 (Monday)

• Update Accounting Policy and Procedure Manual with Forms and Accounts Receivable, consisting of Write-off and Bad Debts.

Learning Outcomes:

• I learned that the aging of accounts receivables might help you figure out how much you should set aside for doubtful accounts. The accounts receivable aging report can be used to predict the total amount to be written off when evaluating the amount of bad debt to declare on a company's financial statements.

• The two schemes involving overstated accounts receivable are recording fictitious receivable and the failure to properly account for uncollectible customer accounts. And accounts receivable are prone and vulnerable to manipulation, particularly in sales and inventory.

• One example is that they can use business accountants for the personal benefit of the business owner by overstating accounts receivable to show their future investor that they have large sales available, but this will show up in inventories, especially if there is no deduction, so proper accounts receivable control is required.

• The inventory department is especially vulnerable to theft and fraud; they will reduce inventories and keep receipts, therefore you should do a comprehensive investigation with the Human Resource Department before employing an employee.

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Monday

Task/Assignments:

September 27, 2021

(11th Day of Internship)

Learning Objectives:

• Fill up BIR Form 2550M in offline eBIRForms or printed Forms.

• Fill up BIR Form 2550Q in offline eBIRForms or printed Forms.

• Create excel consist of sales, purchase and compute its input and output vat for 3 months, these will use as guide in filing up the BIR Forms.

• Give journal entries for 2 months deposit, for 2 month advance, receiving 10 checks (March-December) post-dated check and taxes involve in the 3 transactions

To be submit on or before September 29, 2021 (Wednesday)

• Create narrative of Cash Receipts Cycle with 7 steps.

• Picture cash or bank deposit slips and bill payment form of various Banks.

• To be able to learn how to fill up BIR related forms.

• To familiars to different BIR Forms

• To be able to attend MS Teams meeting with Ms. Virginia

• To be proficient in BIR Forms and Tax Compliance

Activity:

• BIR related forms for filing.

Learning Outcomes:

• To compute the total amount payable, input tax due less output tax due.

• Most important in the business is to secure expenses like utilities and most specially employee salaries.

• When filing BIR Forms you always need to save or have a copy when submitting it to BIR.

• I learned how to fill up BIR Form 2550M or Monthly Value-Added Tax Declaration and BIR Form 2550Q or Quarterly Value-Added Tax Return.

• BIR forms must have been filed or sent to the BIR at least three days before the deadline. You can pay without receiving confirmation from the BIR when filing BIR forms because it is frequently delayed, especially when the filing period ends.

• Shopee is not a merchandising company but an e-commerce, they don’t keep inventories.

• When releasing checks, funds must be sufficient to ensure that the check does not bounce and you will not be penalized.

• Input Tax can be computed Sales (Exclusive of VAT) multiply by 12% or divided by 1.12 while Output Tax computed Purchases (Exclusive of Vat) multiply by 12%.

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Tuesday

September 28, 2021

(12th Day of Internship)

Activity:

• Code of Ethics Webinar

• Internal Auditing

Learning Objectives:

Task/Assignments:

• To learn the different code of ethics of internal auditor or staffs within of an organization.

• To distinguish the right and wrongs in the organization.

• To be able to attend code of ethics webinar and take quizzes.

• Attend code of ethics webinar.

To be submit on or before September 29, 2021 (Wednesday-Morning)

• Answer the given questions/quiz regarding the code of ethics webinar. Give explanation or reason why the answers are correct and incorrect in a clean coupon band.

• Create a Narrative for Cash Receipt Cycle with 6 steps, embedded control and include forms needed

Learning Outcomes:

• One of the code of ethics is the auditor should be independent.

• Primary purpose of the code of ethics in a company is to promote an ethical culture.

• Code of ethical conduct should contain following principles like integrity, objectivity, confidentiality, and competency. The absence of any of these principles not only hindrances of effectiveness of code of ethics but also severely impairs the best effort of the internal auditors.

• Internal auditing is an independent objective assurance and consulting activity that improve company’s organization.

• Code of ethical conduct should have essential components of principle and rules of conduct.

• Violation of code of ethics should be reported to the board of directors.

• Integrity establishes trust, employees and internal auditors should perform their work with honesty, diligence and responsibility, should obey and knows the law and be independent.

• The internal auditors should perform professional objectivity in gathering evaluating and communicating information about the activity or process being examined.

• Confidentiality, the internal auditors should respect the value and ownership of information they receive and do not disclosed information without appropriate authority unless there is legal and professional obligation to do so.

• Competency, internal auditors possess the right knowledge and skills in order in order to satisfy the competency requirements in order to have the ability to accept any engagement.

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Wednesday

Activity:

• Cash Receipts Cycle

• Discussion of auditing quiz.

September 29, 2021

(13th Day of Internship)

Learning Objectives:

Task/Assignments:

• Create a Narrative for Cash Receipt Cycle with 7 steps, embedded control and provide forms needed.

• Add deposit slips form of the different banks in the Philippines.

• To be able to understand cash receipt cycle.

• To be able to see the deposit slips of different banks

• To be able to check my answers in quizzes yesterday

• To learn from the correct and incorrect answers of the quizzes questions.

Learning Outcomes:

• Always ensure that the cash receipts journal is updated.

• Accounts Receivable and General Ledger Files should have separated additional accounting control

• The customer accounts are kept current.

• The remittance advice should be separated and filed.

• In mail room, two clerks are need to be present at all times. In order to reduce risks of misappropriation by a single employee.

• Remittance listing provides a control total

• Bank provides independent evidence for the deposits.

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Thursday

September 30, 2021

(14th Day of Internship)

Task/Assignments:

Learning Objectives:

• Create a Narrative for Cash Disbursement Cycle with 6 steps, embedded control and provide forms needed.

•To understand the cash disbursement cycle.

•To know the proper process of cash disbursement cycle.

•To improve my team and time management

• o learn more about accounting policy about the proper signatory.

Activity:

• Cash Disbursement

Learning Outcomes:

• Donations should approve by board resolution or accounting policy of the company. In accounting policy, proper person will responsible for the signatory. Even though there’s a contract between done and donor the signatory should always approve and base on board resolution, the contract will be the supporting paper.

• Do not sign the check even if it is ordered by the president of the company. first thing to find out is if the check is family own, as an accountant don't always agree because maybe the check will also bounce and be used badly and I will still be accused and prosecuted. Also find out if the check belongs to the company and he will use it at his own discretion. And the signatory of the check must always be considered in the accounting policy.

• A company should always had accounting policy and procedure manual, so I should not always say yes or no right in any command by my superior.

• Internal auditors examine transactions and was there when they occur.

• The COA will release a report after 2 years. The COA also checks transactions when it is done.

• A corporate secretary position are usually lawyers or CPA lawyers. Superior to them are the boards of directors or the management level.

• There are many anomalies and fraud in cash disbursement. For example the order is fully delivered then they say no check was received to avoid this, the company always has remittance advice.

Thank You For Watching My Chapter 1 (September Journey)

Excited To Take My Next Chapter (October)

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