LEARNING JOURNAL FOR WEEK 5
September 2, 2024 – September 7, 2024
On the fifth week of my internship at LEXx Accounting, my experiences highlighted the
importance of meticulous attention to detail in tax compliance and financial reporting. Each step—
from tracing withholding taxes to organizing tax forms and filing remittance returns—requires
precision to avoid errors and ensure regulatory compliance. During this week, I was able to foster
a deeper appreciation for integrity and responsibility in handling financial data. By ensuring that
every transaction is accurately recorded and properly reported, I was not only fulfilling a regulatory
obligation but also upholding ethical standards in the accounting and business world. This
experience nurtures a personal and collective sense of accountability, as the accuracy of my work
can have significant implications for the company's legal compliance and financial transparency.
During the twenty-third day (September 2) of my on-the-job-training, I accurately entered
sales invoice details from the compiled data into the BIR Relief System and extracted necessary
documents from the database to support tax compliance. The assigned work required me to
manually transfer data from one database to another which nurtured a keen eye for small details as
I accomplish the task efficiently, yet accurately. It has also tested my patience and attentive focus
as I worked with hundreds of sale transactions. Nonetheless, I was able to typify a great attention
to detail and finished the task correctly and precisely.
Moving forward to the twenty-fourth day (September 3) of my internship journey, I traced
BIR 2307 Creditable Withholding Tax (CWT) from source documents to accounting records,
ensuring accurate and complete recording and organized and categorized scanned BIR 2307 forms
in the repository folder by date and quarter, streamlining preparation for tax filing. As someone
who loves organizing documents and tracing data to ensure precision, I truly enjoyed the work and
realized that meticulous documentation and structured workflows create long-term benefits.
Properly tracing and categorizing documents, especially tax forms, not only ensures compliance
but also simplifies future tasks, making the entire filing process smoother and more efficient.
On the twenty-fifth day (September 4) as an accounting intern, I manually wrote VAT sales
invoices in the subsidiary sales journal and subsequently traced data from monthly alpha list sales
report to the accounting records to countercheck completeness and accuracy of information. The
deliverables I accomplished accentuated the importance of manual validation in ensuring the
correctness of automated accounting records. By manually writing VAT sales invoices and tracing
data from the sales reports, I was able to verify that the recorded figures align with the actual
transactions, catching discrepancies that might otherwise go unnoticed. Furthermore, I realized that
manual tasks, though tedious, reinforces a sense of diligence and personal accountability in
maintaining the integrity of financial records.
Likewise, the twenty-sixth day (September 5) of my internship offered a new and
worthwhile experience as a student-intern. Initially, I was tasked to file multiple BIR Form No.
1601-E Monthly Remittance Return of Creditable Income Taxes Withheld and accomplished
workload immediately through the eBIR application. Nonetheless, I got extremely excited when
my immediate supervisor asked me to pay the taxes at the bank. I was immensely delighted to
accomplish the work since it would be my first time to be involved in the process of remitting tax
payments. The firsthand exposure to the practical aspects of tax compliance, like remitting taxes at
a bank, deepened my understanding of the entire accounting cycle. Filing returns digitally is one
part, but seeing the process through to payment gives me a fuller picture of what tax compliance
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entails in real-world practice. Most importantly, I was able to embrace a new experience that has
built my confidence and broadened my practical knowledge outside the corners of an office. This
moment offered me a glimpse into "adulting," revealing the responsibilities and processes that come
with managing finances in a professional setting.
On the twenty-seventh day (September 6) of internship, I encoded Creditable Withholding
Tax data from the source documents (previous BIR Creditable Withholding Tax Forms) in the
spreadsheet for recordkeeping purposes of the accounting firm. This has taught me the importance
of having a duplicate and back-up records of important files and ensure an organized database for
convenient retrieval, if needed. Likewise in the afternoon, our managing officer personally
instructed us to prepare and organize the comparative financial statements for a corporation with
several business lines. Because of this task, I was able to practice and apply a keen attention to
detail; mindful understanding of different business lines; and accurate financial accounting across
various financial categories to support comprehensive analysis.
Concluding the fifth week on my twenty-eighth day (September 7) at LEXx Accounting, I
double-checked and sorted out manually the lease agreements for 2020. After which, I retrieved a
pile of papers and organized the compliance documents of a firm including permits and registration
forms. Lastly, my immediate supervisor asked me to enter a set of data in the Alphalist Data Entry
and Validation Module for the submission of the Summary Alphalist of Withholding Tax (SAWT).
Although manual checking of files and entry of data required me to run-through multiple piles of
both physical and electronic files, I absolutely enjoyed the tasks and it actually provided me the
value of meticulous organization in handling legal and compliance documents, as even minor
oversights can lead to significant setbacks. The experiences I had underscored the importance of
precision and organization in managing both legal and compliance documents, as inaccuracies can
lead to significant complications. Additionally, working with the Alphalist Data Entry and
Validation Module for the SAWT submission highlighted the need for careful attention to detail in
data entry, given its tax regulatory significance.
Overall, during the fifth week of my internship, I truly grasped the significance of accuracy
and precision in both financial and legal documentation. I learned that even the smallest error could
lead to regulatory setbacks or financial misrepresentation. The experience solidified the need for a
keen eye when handling tax documents and financial records, emphasizing the crucial role attention
to detail plays in the overall accounting process. This heightened my sense of responsibility in
ensuring the correctness of all data entered and checked, knowing that accuracy is foundational to
compliance and ethical reporting.
I also came to appreciate how vital good organizational skills are when managing large
volumes of paperwork, whether digital or physical. When documents are well-organized, it allows
for quicker retrieval, simplifies future tasks, and minimizes errors, especially in time-sensitive
scenarios. This week deepened my understanding of structured workflows, as they contribute to
the seamless operation of tax compliance and financial analysis processes.
Finally, I learned the value of patience and diligence when performing repetitive tasks like
manual data entry and checking files. Although these tasks can be monotonous, they helped
reinforce my focus and fostered a greater sense of personal accountability. By maintaining accuracy
and dedication even in the smallest tasks, I am playing a part in safeguarding the financial
transparency and compliance of the firm, which is a crucial realization for my professional
development as a future accountant.
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PHOTO DOCUMENTATION
Week 5
Figure 1. Tracing monthly sales reports from the source documents to the accounting records
Figure 2. Encoding Creditable Withholding Taxes from the source documents (previous CWTs)
in Excel for recordkeeping
