Thr Village House Intership - Admission/Application Essay Example

THE VILLAGE HOUSE INTERNSHIP REPORT Table of contents Abstract…………………………………………………………………..3 Preface……………………………………………………………………4 Acknowledgement………………………………………………………..4 Introduction……………………………………………………………….5 Organizational profile……………………………………………………...5 Internship process………………………………………………………….6 (i) Financial statements……………………………………………….6 (ii) Preparation of the voucher forms………………………………….7 (iii) The cash book system……………………………………………..7 (iv) The cherub register system………………………………………...8 (v) The general ledger and the advance ledgers……………………….9 (vi) Fixed assets recording……………………………………………...9 (vii) Control over cash system……………………………………....10 (viii) Expenditures of the organization………………………………11 (ix) The fixed assets of the organization………………………………..12 (x) Depreciation of the fixed assets……………………………………12 (xi) Quick Books………………………………………………………..13 Conclusion………………………………………………………………….13 Abstract I undertook the internship program was part of the partial fulfillment of my study area in the major of accounting. In the organization, I was exposed to many areas in the accounting department that I found to be very relevant to my major. I got exposed to the financial statements of the organization, preparation of the voucher forms, the cash book system, the cherub register system, the general ledger and the advance ledgers, fixed assets recording, control over cash system, expenditures of the organization, the fixed assets of the organization, depreciation of the fixed assets, and Quick Books. I gained a lot of experience in the whole process and realized how my classes were of great assistance and how my lectures have prepared me for the practical application of the knowledge gained in class. Preface I wish to indicate that I had several options to choose from and as a result, I had to consider the goals and objectives of each of the organization so that I could locate the one that fit my personal goals. I found The Village House to be the best option. The reason I choose to do my internship at The Village House is because I wanted to be in an organization that has humanitarian initiative as I have always wanted to assist the need. I have always wanted to work with children who need assistance. Another reason is because I have a lot of connections in Fremont Ohio hence it is a very convenient venue. Therefore, The Village House offered the best opportunity for me. The entire internship duration ran for a period of 150 hours and I had to drive a distance of about 17 kilometers to reach The Village House on a daily basis. In this internship report, I will offer a detailed description of my experience during the entire internship process. The report is composed of an overview of the internship company as well as other activities, projects and responsibilities that I undertook during the internship period. While engaging in this report writing initiative, I will offer a description and a reflection of my learning objectives and personal goals. Before beginning the process, I had to write down all my expectations and that of the company so that I do not deviate from them. Acknowledgements In this regard I wish to sincerely thank my director Miss Sue for being a great support to me during the entire internship period. I want to thank her for giving me the opportunity to follow my internship at The Village House. She had the kindness to accept me in the company and guide me through my internship with advice, feedback and tips despite her busy schedule. I also wish to extend my gratitude to all the employees of The Village House for their support and great understanding that they demonstrated towards me. They were very patient with me and helped me to adjust quickly to the environment and the working conditions. I finally wish to thank my college for the training that they gave me in preparation for the internship. Introduction The internship program was part of the partial fulfillment of my study area in the major of accounting. This was further geared towards assisting me to gain an experience in real life situation as far as my major is concerned. I must admit that I was able to achieve these objectives due to the opportunity that I was offered at The Village House which was my organization of choice. Organization profile I conducted my internship at the Village House which is situated in Fremont. Village House is a non profit making organization that has dedicated itself to offering assistance and support to children within the Sandusky County in Ohio. The children who are currently benefiting from the program are those suffering from neglect, abuse, divorce or separation by their parents. The organization assists them to rebuild their relationship with their families. A total of about 3,600 families have had their relationship with their children rebuilt since its formation. The organization is under the direction and supervision of the Kids in Crisis Start, Inc. which was established close to fifteen years ago when the community members came together to discuss the condition of the runaway children. There are a number of agencies that are currently utilizing The Village House and they include children’s services, domestic & juvenile judges, Court-Appointed Special Advocates, Sandusky County Educational Services Center as well as the local attorneys in the region. Internship process I reported to the organization everyday by 8 a.m. and the first thing I had to do just like other employees of the organization was to conduct a routine check that ensured everything was in place as they had been left the previous day. My first duty at the organization in line with my internship was to engage in filing. This was meant to assist me in knowing the documents that I was going to use during the whole process for monetary transactions and recording. This involved arranging the flies based on the records that they held as well as the periods in which the transactions were done. The files were arranged in alphabetical order for easy access and consistency. (i) Financial statements I got introduced to the organization’s financial statements and the mode of their preparations. The organization maintains its books of accounts as well as other records of the organization on the departmental basis and each of the department manages its own financial records. The accounts department of the organization has been charged with the responsibility of maintaining all the accounting records, management of finances and investments. The cash balances of the organization are held in the same bank account and transfers are made to the various departments depending on the allocations made in the quarterly budgets. (ii) Preparation of the voucher forms One of my duties was the preparation of the voucher forms that makes one of the most basic documents in financial transactions. Some of the basic elements of the voucher included Name of the organization number of the voucher, nature of voucher, date of preparation, signature of those who originated checked and authorized, cash memo and other supporting documents as attachments. It further contained department or the project code, heads of account, accounts code, amount in figures and words, a brief narration about the particular transaction. I prepared four types of vouchers that are used by the organization. The transfer voucher is used for the transfer of cash from one bank to another and it is used for cash or cherub deposit and withdrawals from the bank. The supporting documents for transfer vouchers include bank statement, deposit slip and counter foil of cherubs. The journal voucher is used in the recording of all non-cash transactions that are undertaken by the organization from time to time. Other transactions recorded in the journal vouchers include provident fund, income tax and other deductions from salary, expenses or income transfer from one project or department to another and depreciation on fixed assets of the organization. I prepared the debit voucher also referred to as the payment voucher which is used to record all cash as well as bank payments. Finally, the credit voucher which is also referred to as the receipt voucher was used to record the cash and bank receipts. (iii) The cash book system The organization applies the use of computerized cash book system and I was introduced to it on the third day of my internship as it was a very vital tool in the recording of all cash and bank transactions. The process operates by the use of the code system to identify the various departments and the projects that it undertakes to fulfill its mandate. I found the computerized system to be very informative and easier to work with in comparison to the traditional system that used books. Each and every day I had to derive the cash and bank balances of the organization. It further offered details of the various daily transactions and the balances besides stating the figures. I did the recording of three types of transactions to the cashbook namely payments, receipts and the transfers. Information on the transactions can be generated in various forms namely bank registers, bank transactions list, cash registers, cash transactions list and general list of the transactions. At the closing of each day, I send the records that I have done to the senior accountant of the organization for verification and to check if it matches with the physical cash balances. He also checks the bank balance as indicated in the bank register with the bank statements so as to reconcile any difference that may arise and process is undertaken at the end of every month. (iv) The cherub register system The organization uses the cherub register system in entering the name of the payees, the amount of money being paid, the cherub number as well as the date to which the cherub is issued or received. I prepared and printed out the cherubs and delivered them to the suppliers of the organization. These are businesses that supply the organization with food items, clothing for the children and salaries for the subordinate staffs. I printed the cherub registers which had all the relevant information for that particular period such as the column for the name of the recipient and their respective signatures. (v) The general ledger and the advance ledgers The general ledger of the organization takes record of both the cash and the non-cash transactions. The ledger books are maintained for each of the department of the organization. I witnessed the case where the cash transactions are automatically transferred to the general ledger book and that made my work very easy as I did not have to transfer every single transaction to the general ledger. However, the non-cash transactions have to be entered through the journal vouchers separate from the other transactions. The organization has to make advances to its suppliers and as well as the staffs so as to ensure prompt delivery of goods and services. I recorded the advances in the advance ledgers which fall in the category of subsidiary ledgers. The advance ledgers that are currently used by the organization exists in two forms namely advance to staff against the expenses and the advance to third parties such as the suppliers against the expenses. (vi) Fixed assets recording In recording the fixed assets of the organization, I was instructed on how to use the fixed asset ledger software which is used to keep track of all the information related to the fixed assets of the organization. Information that I recorded on this software include the details of asset disposal, depreciation, price, dates, voucher numbers, locations and the names of the assets being acquired or disposed. The two reports that are needed in this case are the details of the assets and the asset ledger summary. (vii) Control over cash system. The accounting department of The Village House is fully responsible for the receipts and disbursement of cash and its equivalents. The cash of the organization as maintained by the accounting department include cash in hand, pay order, drafts, cash at bank among other instruments. The organization tries to have few cash transactions as possible so as to minimize cases of fraud and misappropriation. It has employed a number of control systems that is composed of several unique features. The cash control system of the organization is marked by the following factors: 1. Minimum handling of cash by discouraging any form of receipt or payment through cash and at the same time adopting other forms of payment and receipts such as bank transfers, drafts and cherubs. 2. The use of the voucher system ensures that approval is sought for all the receipts and payments through the use of vouchers. The most commonly used vouchers are the debit voucher which is used to record all the payments and the credit voucher which is used to record all receipts. 3. The organization ensures that all payments are receipted by the payee. All the receipts by the organization are acknowledged through the accurate recording of the serial numbers of the receipts. 4. At the end of each of the working day, all the transactions have to be recorded in the cash book and then the daily certificate of bank and cash are prepared. This ensures a proper closing of the balances and the certificates are then signed and kept safe in the daily cash certificate file which is generated by the computer. 5. The management of the organization does surprise checks of physical cash from time to time. This is done at the point when cash is being counted and they make a comparison with the cash balances. 6. The organization has adopted various authorization levels based on the nature as well as the size of payment. The higher level authorization is undertaken for the capital expenditures and the unbudgeted payments. 7. All the payment that has to be made by the finance department of behalf of the organization must be under strict scrutiny so as to ensure that all the procurement procedures are carefully followed and the expenses have undergone proper authorization. 8. Timely bank reconciliation is done in cases where the balance indicated by the bank statement is different from the cash balances of the ledger accounts. The reconciliation process is undertaken to justify the differences that may exist and to offer proper explanations. 9. The organization has an internal check system that ensures proper distribution of duties and roles within the accounting department. For example the person charged with the responsibility of issuing the payment is not the same person authorizing the payment. (viii) Expenditures of the organization The expenditures of the organization are categorized into two main categories namely external payments and internal payments. The internal payments are composed of the salaries of the employees and the external payments include the amount paid to the suppliers and acquisition of assets by the organization. I mainly got involved in the internal payments. Payroll happened to be the largest payment that the organization has to make on monthly basis due to the many employees that the organization has employed to take good care of the children. Operating expenses such as travelling expenses, postal charges, authority taxes, heating and lighting expenses among other expenses must be met by the organization as part of its external expenses. Travelling expenses that I also took part in include visiting the areas where some children are to be rescued, visiting the children under the custody of their guardians or adopted parents. All the employees and department of the organization are expected to submit their bills or invoices so as to ensure that the payments are made in time. The invoices must pass through the approving authorities in the various departments before they are handed in to the accounting department for payment. (ix) The fixed assets of the organization The assets that the organization considers as fixed must meet some criteria such as having an expected life of more than three years, being tangible in nature and being in a position to generate economic benefits. Some of the assets that are currently held by the organization include land, computers, furniture and fittings, library of books, interior decorations, a wide range of vehicles and other assets. I took part in the procurement of some of the fixed assets that the organization was in the process of acquiring. In this case the organization recorded the fixed assets based on their original cost and any other capitalized cost. (x) Depreciation of the fixed assets I took part in the calculation of the depreciation of the fixed assets of the organization. All the fixed assets of The Village House are depreciated under the straight-line basis in which the expected economic life of the asset is ascertained in terms of the years. The depreciation is normally expressed in terms of the percentage of the cost of the asset. The total cost of the asset is then divided by the number of years that the asset has taken. In case there is some salvage value that is considered for a given asset upon the expiry of its expected life, then that amount is deducted from the original cost so as to arrive at the depreciable amount. I made the following entry for depreciation charged on a fixed asset: . Depreciation Expense Dr. Accumulated depreciation Cr. (xi) Quick Books I applied the use of Quick Books in the calculation for each of the visits that I made to the children in their various homes. This accounting software program is used in the calculation of accounting formulas and simple applications. The package is used for making business payments, payment of bills as well as payroll functions. Conclusion The internship process that took approximately one week offered me with the best experience throughout my study. Each of the steps that I took served to increase my knowledge and expertise in the accounting major. The financial statement that are kept by the organization are based on international standards that are applicable in every part of the world hence the experience that I got, can be applied in any place in the accounting department. Read More