Week 11

 

Besides, my supervisor had assigned me to key in the data for the sales tax of 10% that we have collected from our customers in the last two months into the Microsoft Excel. Sales tax is a single stage tax that is applicable to those importers or manufacturers. 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 has some customers who are from local and mainly of them are from foreign countries. Therefore, I will need to calculate the total sales tax in January and February based on the sales region. After that, I will pass the document to my supervisor to sign and submit to the Custom Departments. One of the problem I faced in keying the data was because of it is difficult for me to search for the exchange rate when the sale was made as I need to calculate the sales amount for foreign currency. Hence, I had done some additional research online and found that there was a website which has the database for the past exchange rate. Then, I had used the exchange rate that was published online to calulate the total sales tax for the last two months. However, the raw materials and machinery used in productions are eligible for exemption from the tax. Moreover, I have also learnt some research skills as I search for the past exchange rate online. Hence, I hope that I can make use of these skills to improve my knowledge in the future.

 

 

 

 

 

 

Furthermore, my supervisor had also assigned me to check the invoice that the suppliers sent to us. The main objective of doing this checking is because we want to ensure that we did not overpay or underpay the suppliers. Firstly, I will need to check the details of the invoice such as the quantity we ordered, the unit price per piece and the total of the invoice amount. Secondly, I will also need to reconfirm that the details of the purhcase requisition form and the total amount of the purchase order is the same as the invoice. Purchase requisition form is a document generated by a user department to notify the procurement department of items it need to order, the quanity and the timeframe it needs. After that, I will need to submit the work that I had done to my supervisor to get her to authorize the payment that we owe the suppliers. One of the problem I faced in doing the checking was I thought there was a mistake on the quantity we ordered as we had only ordered 5 boxes of bolts as incated on the purchase requisition form but the invoice charged us for 500 pieces. Hence, I had highlight the problem to my colleague and she told me that sometimes the unit we used to order is not the same as the suppliers' unit of measure. Therefore, the different unit of measure is actually the same as 1 box is equal to 100 pieces. Besides, I have also learnt some observation skills in checking the invoice. Therefore, I hope that I can utilize these skills in the future to spot the problem within a short period of time.

 

 

 

 

 

 

 

Moreover, my supervisor had also assigned me to key in the purchase invoice into the SQL accounting software. Hence, I will need to key in the details such as the supplier's company name, invoice number, date of the invoice was issued and the purchase order number. The objectives of keying these data into the accounting software is because at the year end, our company will need to know the total amount of stocks we purchased for this year to calculate the profits we earned. Besides, our company has made a special chop for the account department to use to write the debit and credit account. Therefore, I have used the chop to chop on the invoice and write the specific account description such as debit purchase raw materials and credit the trade creditors based on the information on the purchase price history in the accounting software. However, if that particular account has two different job number, I will need to write down the job number seperately based the description of the account. However, I had also faced a problem in keying the data because I could not find the Goods Receipt (GR) code in the accounting software as my colleague who is from the account department had wrote the incorrect GR code on the invoice. Therefore, I had to call the in charge person from the procurement department to give me the correct GR code so that I can use the GR code to key in the goods' description into the accounting software. Furthermore, I have also learnt that I must improve my knowledge in accounting by reading more books that is related to account and finance as well. Besides, I hope that I can make use of my knowledge to improve my job performance and work productivity in the future.