Week 10

 

Moreover, my supervisor had assigned me to key in the data for the service tax of 6% that we have collected from our customers in the last two months into the Microsoft Excel. Service tax is a form of indirect tax imposed on the taxable service. The main objective of keying these data is because by the end of every two months, our company will be responsible to submit the taxes that they have been collected to the Customs Departments. Our company's core business is to provide the fleet services and the terminal services to the customers. Therefore, I will need to calculate the total service tax in January and February based on the two different services that our company provide. After that, I will pass the document to my supervisor to sign and submit to the Custom Departments. However, my supervisor had told me that the formula which I used by taking the total amount on the invoice to times with the 6% is incorrect because this amount does not exclude the transportation charges. Then,I had asked my colleague to teach me the correct formula of calculating the total sales tax and she told me that I have to take the amount we charged the customer for servicing to times with the 6%. After that, I have used the correct formula to recalculate the total service tax again.Generally, the imposition of the service tax is subject to a specific threshold based on an annual turnover ranging from RM150,000 to RM500,000. However, if the payment is not received within a year from the date of issuance of invoice, our company will also need to pay for the service tax even though the balance is not collected from us. Besides, a penalty of 10% will be imposed to the company who did not pay for the service tax within the stipulated period. Furthermore, I have also learnt that it is important to understand the process of performing the job instead of memorizing. In the future, I hope that I can spot my mistakes on the work by having a full understanding on the job process.

 

 

 

 

 

 

 

Besides, I will also need to check the suppliers' statement for the month of March by using the same procedures as I learned in week 2. After I had learned the mistakes that I made for the last few months, now I had learned to be more wiser and be more careful in checking the statement of accounts. However, I must remember to sign my signature on the statements that is correct. This is an important steps on checking the statements because my colleague will know who to ask if she found some problems on the statements rather than spending the unnesscary time to solve the problem by herself. 

 

Furthermore, my supervisor had assigned me to help the company to renew the credit term regarding about the total loan that our company can get for this year and the percentage of interest that we need to repay for the loan we borrowed. The main objective of obtaining a loan from the bank is because this is one of the alternative for our company to raise some additional funds to operate the business. Therefore, I will need to ask from my colleagues to teach me on the procedures of renewing the credit term for our company. Hence, my colleague had told me that the first step I will need to do is to download the renewal form the website. After that, I will need to fill in the information regarding about the background of our company by referring to our company profile. Furthermore, I will also need to fill in the details such as the total profits we earned during the last few years and how much assets and liabilities we have by reffering to our company's annual reports. After I had fill up all the informations, my supervisor will also double check my work before I submit the renewal form to the bank. Then, I will also need to call the bank to reconfirm that they have received the renewal form. One of the problem I faced in renewing the credit term was I couldn't call the bank because their line is busy at all time. Therefore, I had asked my colleague to give me some opinion on the other alternatives to contact the bank and they had told me that I can actually send an email to them. Moreover, I have also learnt some skills on how to manage our company's cash flow by using the limited fund we have. Hence, I hope that I can utilize these skills to help the company to manage their fund effectively in the future.