Work Description:
Introduction: I have done my internship at Akbar Associates, a company involved in different segments of general engineering and fabrication specializing in Oil and Gas sector. The span of my internship was eight weeks, as I was surrounded by group of professionals so I have learnt a lot during this period. This organization is divided into many subsections and I was deputed in LPG section of this prestigious organization. Every subsection is further divided into functional hierarchies such as Marketing, Supply Chain and Finance; I was part of finance department. Week-I: As this is a new world for me manger finance helped me a lot to get settled in the organization. He told me to set goals for every week in order to make your internship period effective. In the first week I have decided first to understand the industry and then organization. As this was my first internship I was quite reluctant to communicate with everyone in the organization so I relied more on industrial manuals and websites to achieve the first goal I have set for myself. The LPG or liquefied petroleum gas in Pakistan is one of growing industry. It also encourage the private sector to invest in it and allow market forces to determine demand, supply, and pricing decisions. Local production is 1300 MT per day while demand lies between 1600-2000 MT per day. At the end of 2011, 500 MT additional production are expected. LPG producers in Pakistan are: JJVL OGDCL PARCO PPL NRL PRL OPI POL BYCO and ARL
Week -II After the first week I was able to understand the LPG business cycle in Pakistan but for this week I have decided to understand the company operations and chain of command. Who is responsible for what? o Plant manager are responsible for every thing.
Which department/subsection of Akbar Associates is providing what kind of services to its customers? o LPG
Who are their major Distributors? o o o o o Pak gas One ten Noor Energy Yaseen Taj gas
How they reach end customer? o No concern with end customers.
Who are their major suppliers, so and so forth? o o o JJVL OGDCL Shell gas (Hospitality)
Week-III: After the first two weeks of my internship, I started feeling myself more comfortable in the environment and I have started communicating with mangers at different levels in finance department. Taking into consideration my keenness towards learning they started to involve me in basic financial matters. I was assigned the following tasks during this week; Understand the vouchers procedure o BILL RECEIPT VOUCHERS (BRV)
90% sale on cash (Advance) 10% sales on credit
BILL PAYMENT VOUCHERS (BPV) Purchase from JJVL Payment after every 15 days
Understand how to write a voucher o o Distributor send demand draft to plant manager and then supply. For recording of vouchers use software of FICS.
To understand how to record the physical voucher in the files. o o Computerize vouchers are serial vise filed in descending order. Vouchers are filed monthly bases.
Week-IV: In the fourth week I was feeling myself more confident and enthusiastic to learn many other things; especially in this week my target was to understand the accounting software they were using at their organization. Luckily I was given the assignment at the start of this week to enter the vouchers in the accounting software. The name of the software was Financial Information Control System (FICS). Functions of Financial Information Control System (FICS) Financial Accounting Human Resource Management Material Management Sales & Distribution Management Fixed Assets Management Production Management Cost Accountant
Week- V: The learning experience for accounting software was quite a unique one and as I start understanding this software they have given me the salary of the employees to maintain proper records for that in the
software. I worked on the salary sheet, computed/recorded the salaries different employees by using this software. Week-VI: This week my objective was to understand the accounting software in detail and to get a know how of the tax audit. As I was involved in the vouchers handling/filling so they asked my help in to get them their required record out of the files. Things we will need in tax audit: Copies of all affected tax returns Copies of profit and loss account and balance sheet Copies of all relevant receipts and other information Copies of tax challans and other evidences for deduction of taxes Copy of tax computation Name and contact information for a tax accountant or lawyer
Week-VII: The time of my internship was very perfect as far as learning is concerned, as I understood the basics of tax audit the accounting audit get started in the mean while. I was not a main participant of the audit team but tried to learn few things about audit. Week-VIII: This week I have closed all the tasks assigned, as few of which were partially pending. I have submitted the final version of salary sheet that I have been assigned to work on. I have also submitted all the details of vouchers with proper indexing.
