First of all, I must thank Almighty Allah for enabling me to complete my internship report on time. Hasan Mahadur Rahman, Executive Officer for giving me great guidance to make my Internship report, he help to collect information about Myone Energy Limited. Before working or doing my internship report, I was very interested to know about the basic accounting system.
Because, I wanted to inform you that the accounting position of the past few years to know about the whole system as it works with Head Office and other branches. That's why I choose this topic as I already work on it as an Account Executive. My main aim was to provide information on showroom wise accounting systems of Myone Energy Ltd.
Introduction
- Introduction to the study
- Aims of the study
- Objectives of the study
- Scopesof the study
- Methodology
The broader objective of this internship report is to fulfill the Master of Business Administration (MBA) degree requirements and to gather more knowledge about Myone Energy Ltd. The report also details the internship research focused on the topic “Accounting Procedures of Myone Energy Ltd.” The main source of this report is observation and personal experience while engaging in my work activities at the Myone Energy Ltd head office.
The majority of this internship was spent impacting the accounting systems of this company, particularly the showroom division.
Selection of the topic
Identifying data sources
So the source which has been used to collect and collect the data is given below- .. a) Annual report of One Energy Limited from past years b) Prospectus of this company.
Collection of data
Classification, Analysis, Interpretations and Presentation of data
Findings of the study
Final report preparation
Limitationsof the study
Ethical Considerations
Company Overview
- Background&Historyof the Organization
- Corporate information of the organization
- Branches
- Main Objectives of the Organization
- Products
- Mission & vision
- The Benefits of Myone’s Products
- Organizational Chart
The company's products have gained a significant share of the local market for standard quality and customer satisfaction. MyoneMychoice sets its vision to occupy a place towards the new generation by offering modern technology; reasonable price with high quality products and excellent after-sales service. Our dream is to export South Asian countries, provide environment friendly and high quality products and we intensively proved that "Brand No.1 MyoneMychoice" is the mark of ultimate trust.
With the best quality and premium service, Myone Energy Limited warmly welcomes our entire esteemed customer, well-wishers and friends across the country. First this company was opened by Minister & Myone, but in 2002 Myone was split under the new name Myone Energy Ltd. MychoiceMyone guarantees to deliver high quality products and services that exceed the high expectations of our customers, driven by the technological advancements in the industry.
These are all coming true from a dream thanks to MychoiceMyone team and this team is led by Mr. Abdul Hakim Khan, the Founder and Honorable Chairman of Myone Energy Limited, through his unparalleled and exceptional imagination, idea, plan and monitoring. The continuous development of state-of-the-art business strategy enables continuous product and service improvement.
To carry out the activity of production and to carry out and business inventing new products with high quality for the public. To be a dedicated and reliable business house with a high standard of business ethics that creates constant value for its clients in the capital market. Build and maintain a leadership position in the domestic financial services industry through prudent and strategic growth generated by manufacturing operations.
We have a grade class refrigerator using R-600a gas with a fast cooling system and high quality gasket, 100% copper condenser and automatic thermal system and 10 years warranty.
Chairman
- Contact Info
- Present position
- MainCompetitors
- Numbers of Department
- Analysis of Strategic Factors )SWOT)
In 2002 when myone was split into another company Co. they had only 35 showrooms but now they have 70 showrooms all over Bangladesh.
Strengths
Weakness
Opportunity
Threats
Theoretical Aspects of Accounting System
- Basic of Accounting
- Accounting Process
- History of Accounting
- The types of Accounting
- Classifications of Accounting
In general, by the word "Accounting" we can easily understand that the calculation of money and the recording of financial transactions together with the storage, retrieval, summary and analysis of systems of economy. The entire scenario of the economy of a country can be ascertained by examining the state of the accounting sector. Business grew mainly in the public sector with main emphasis on restructuring of the accounting system and development needs of the war-torn economy with gradual liberalization in the following years.
The accounting process involves summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. Today the concept of Accounting is not described in one word, it is the communication of financial or non-financial activities that continue within Organizations. As a result, it has become essential for every person or organization to have an idea about banking, financial institutions or some other area of life. The accounting process is a series of procedures in collecting, processing and communicating financial information.
While Brother Luca is considered the "Father of Bookkeeping," he did not invent the system. The history of accounting or accounting is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia and is closely related to the development of writing, counting and money and early auditing systems of the ancient Egyptians and Babylonians.
By the time of the Roman Empire, the government had access to detailed financial information. Accountancy began to move into an organized profession in the nineteenth century, [9] with local professional bodies in England amalgamating in 1880 to form the Institute of Chartered Accountants in England and Wales. Accounts are classified using two approaches - traditional approach (also known as British approach) and modern approach (also known as American approach).
According to the traditional approach or the British approach, accounts are classified into three types - real accounts, nominal accounts and personal accounts.
Personal accounts
Impersonal accounts
- Real accounts
- Nominal accounts
- Asset accounts
- Liability accounts
- Expense accounts
- Identifying and Analyzing Business Transactions: The accounting process starts with identifying and analyzing business transactions and events: At first the Organization has entered
- Recording in the Journals:The Company make a journal which has a detailed account that records all the financial transactions of a business, to be used for future reconciling of and
- Posting to the Ledger:Company creates a ledger that is the principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by
- Trial Balance: The Organizations makes a Trial Balace which is a statement of all debits and credits in a double-entry account book, with any disagreement indicating an error
- Adjusting Entries: Then if their have some transaction to adjust something then the Co. adjust those entities
- Financial Statements: Doing all the accounting activities the Co. make their Finalcial Statement at the end of the year
- Closing Entries: Finally, the companycloses their Accounts
Recording in the Journals: The company maintains a journal with a detailed record that records all financial transactions of a company, to be used for future reconciliations and to record all financial transactions of a company, to be used for future reconciliations and transfers to other official accounting records, such as the general ledger. Trial balance: The organization draws up a trial balance, an overview of all debits and credits in a double entry, with any disagreement indicating an error. Financial statements are prepared according to certain rules known as accounting frameworks, the best known of which are Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
The framework a company uses depends on the one the recipient of the financial statements wants. Thus, a European investor might want to see financial statements based on IFRS, while an American investor might want to see statements that conform to GAAP. These are usually treated as management reports rather than financial reports issued to external parties.
An accounting procedure is a standardized process used to perform a function within the accounting department. Although accounting is considered the language of business, it is certainly not error-free. Even after stricter regulations and tightening of accounting rules, accounting fraud will not stop.
As a student and practitioner of accounting, it is therefore imperative to know the limitations of accounting. Because if we just memorize the theoretical things, then we can know about them, but we don't have the idea of how to work practically, which is unnecessary for our life. So in one sentence we can say that it is nothing but everything if I can learn or want to learn different things. Now I would like to divide my all these learning areas into two categories.
My primary job is to post all sales, disbursements, ledger creation, payables, deed deposits and make a monthly report which are key points in the accounts.
Job responsibilities of Accounts (Showroom Division)
- How I work in Tally Software in daily basis
- Other responsibilities performed by me
- Observations
- Findings
- Recommendations
- Conclusion
First, the entire showroom creates a topark with sales or payment and then sends to the head office by courier service. Once we get all their couriers or letters we start sending them to Tally. To close the cards in Tally I first use F7 and then closed the card which was our standard card or any type of rental card from the customer to close the accounts.
When we open a Rental Card, we first create a ledger for that customer using all the given data and information. In this ledger we put all the details of that customer like name, address, product name, quantity, price etc. All the employees and Boss are so very active and free to help others at any time, which is very important for work.
Findings are actually an important outcome of a report and an important part of presenting the research is recognizing the sources we use to gather information. It is a results and discussion section of the report. Sometimes due to pressure from the higher level and sometimes due to various types of external problems, this business hinders a lot. Recommendation is a suggestion or proposal about the best course of action, especially when submitted by an authoritative body.
Myone Energy Ltd is doing better according to the past events, but they have some shortcomings so far and if they can overcome these problems, they can develop more things, I believe. However, this company is considered to be a small company, so in this competitive era, Myone Energy Ltd. use the latest accounting software that makes work easier and flexible.
Some operating procedures are so bad that they need to change that operating system and do some unique and special things that make the company more efficient and challenge others. Marketing is the best way to create good relations with the customer and introduce him to the public. In this current situation, everyone knows the internet and sees various advertisements through their smartphone, so marketing is very important to make people aware of Mychoice products.
Bibliography
Books
Annual Report
Web-sites
