Accounting regime, accounting policies applied at I1 Vietnam Technology and Development Joint Stock Company...13 1.5.3 Business analysis...15 CHAPTER 2.. LIST OF TABLESContent Figure map
OVERVIEW OF I1 VIETNAM DEVELOPMENT AND
The process of formation and development of I1 Vietnam Technology
1.1.1 General overview of the company
Name: VIET NAM I1 TECHNOLOGY AND
Legal type: Joint stock company
Address: No 8, Alley 63, Lane 191 Lac Long Quan, Nghia Do
Ward, Cau Giay District, Hanoi City
Business sector: Memory, software, computer components; information technology services and other computer-related services.
I1 Vietnam Technology and Development Joint Stock Company was established on April 24, 2012 based on the capital of Ms Pham Thi Hien, who is currently the director of the company Although it has only been in operation for more than 10 years, I1 Vietnam Technology and Development Joint Stock Company always strives to satisfy customers by providing products and services quickly and efficiently. condition, ensure the delivery time as well as the product quality at the best level I1 Vietnam Technology and Development Joint Stock Company has been building
"complete trust" with customers I1 Vietnam Technology and Development JointStock Company is always interested in expanding business activities, improving the quality of customer service, taking credit as the first The company has constantly strived and affirmed its leading position and capacity in the main business of wholesale, retail and supply of software products and computer components; information technology and computer services In addition , the management staff and employees are constantly learning and improving their professional and technical skills to bring the best services to customers.
1.1.3 Functions and tasks of the Company
- Provide the best products and services to customers within the company's ability to satisfy.
- Building a professional working environment, developing a team of enthusiastic, dynamic and responsible employees.
- Building and developing the company according to the goal of sustainable development.
- Create relationships with customers through direct business, create relationships with reputable partners to increase business efficiency of the Company.
- To organize the implementation of business plans in accordance with current regulations, to conduct business in accordance with the registered lines of business, for the purposes of enterprise establishment, and to perform the tasks assigned by government.
- Continuously improve the efficiency of the company's capital use Ensure proper implementation of regimes and regulations on management of capital, assets, accounting, and other regimes prescribed by government Pay taxes and other amounts payable to the state budget according to regulations of the Law.
- Improve business efficiency to meet customer needs, comply with state policies and laws related to the company's business activities, comply with the provisions of business contracts with customers Take responsibility before the state for the results of their business activities Take responsibility before customers, before the law for products, goods and services performed by the company.
- Comply with regulations on environmental protection, production protection, security assurance, safety and social order.
- Perform obligations towards employees in accordance with the provisions of the Labor Code.
1.2 Characteristics of production and business at I1 Vietnam Development and Technology Joint Stock Company
The company's main business activities:
Details: Agent for buying, selling and consigning goods; Bidding agency services;
4651 Wholesale of computers, peripherals and software
4652 Wholesale of electronic and telecommunications equipment and components
4773 Other retail sale of new goods in specialized stores
Details: Retail sale of flowers and ornamental plants in specialized stores;
4791 Retail on request, mail order or internet
6209 Information technology service activities and other services related to computers
- Investigation, survey, market research on information technology - Consulting, analysis, planning, classification, design in the field of information technology - System integration, test run, application management service, update, security - Design, archive and maintain website information - Warranty, maintenance, network and information security - Update, search, store, process data and exploit databases - Distributing information technology products - Information technology training - Authentication of electronic signatures - Supervision consultancy - Project management consulting - Bidding documents consulting
- Surveying, design and costing consultancy - Project formulation consultancy
6311 Data processing, leasing and related activities
Details: Investment consulting activities (excluding legal, financial, accounting, auditing, tax and securities consulting);
7110 Architectural activities and related technical consulting
Details: - Project management consulting services; - Investment project evaluation consulting service;
7320 Marketing research and opinion polls
(except for information prohibited by Government and investigative services);
Characteristics of business operations and management at I1 Vietnam
Technology and Development Joint Stock Company
The company in the development process must always ensure the completion of the following tasks:
- Managing and using capital in accordance with the current regime, the company has the right to mobilize and distribute capital from many different sources.
- Doing business in the right line of business registered under the business license.
- Implementation of commitments to commercial contracts.
- Develop and organize the implementation of the business plan set out and signed with customers.
- Capturing the needs of the market to come up with effective business measures, fully meeting the needs of the market in order to maximize profits.
- Implement a reasonable and lawful distribution of labor in accordance with state regulations.
Accounting Department Board of Directors
- Comply with the State's policies on economic management, fully and honestly make financial statements.
1.3.2 Organization of the management apparatus of I1 Vietnam Technology and
The company is an independent accounting unit, has full legal status, the organizational structure of the company's management apparatus is relatively compact, there is a clear division of powers and responsibilities of each employee department, employee, each department Below is the organizational model of the management apparatus:
Figure map 1: Management apparatus of I1 Vietnam Technology and
- Board of Directors: Decide the strategy, medium-term development plan and annual business plan of the company Proposing the type of shares and the total number of shares to be offered for sale of each class Decide to sell new shares within the number of shares authorized to be offered for sale of each class; decide to raise additional capital in other forms Determine the selling price of the company's shares and bonds Decide to repurchase shares according to regulations To decide on investment plans and investment projects within its competence and within the limits prescribed by law.
- Director: The director is the head of the company, is responsible for the whole company and is responsible before the law of the state for all production and business activities of the company, decides the direction, plan, production and business projects and major undertakings of the company.
- Sales Department : This is the department that plays an important role in the company's sales, including sales department, market engineering department, customer service The sales department is responsible for finding new customers and partners for the company, and negotiating economic contracts with partner customers Check the quality of goods according to regulations Control the operation of the goods consumption network; Participate in the analysis and evaluation of the Company's business performance Coordinate with the Accounting Department to monitor the payment and capital collection of the units. Check the payment price slips of the contracts signed by the Company and transfer to the Accounting Department.
- Accounting Department: Responsible for advising on financial affairs in the company, there must be regulations, regulations on spending levels of the Company, control of financial revenue and expenditure activities of the company. Record books and keep accounting vouchers for each period Prepare financial statements for each period Collecting, reflecting, processing and synthesizing information about financial resources in the unit helps the company's director to firmly grasp the capital source and know the profit in the year Prepare financial statements to analyze the company's business activities, provide complete and accurate information necessary for the Board of Directors Comply with the State's Ordinance on Financial Accounting.
- General Administration Department: Is the department that plays the role of guiding and maintaining the implementation of the company's rules Implement human resource management Policies for employees and administrative work.Recruiting and training company employees Advising on recruitment, training,arrangement, rotation, emulation, reward and discipline of personnel throughout the Company in accordance with the laws and regulations of the Company.Develop a strategy to develop human capital.
Overview of business operational results over the recent 2 years
Analyze of income statement in 2020 and 2021
Interpretation: From the table above, we can see that the revenue, cost and profit situation of I1 Vietnam Technology and Development Joint Stock Company in 2021 compared to 2020 has many significant changes, specifically:
- Net revenue from selling goods and providing services: In 2021, it will reach VND 69,509,536,768 and VND 75,796,463,637 in 2020 From there, it can be seen that total revenue in 2021 decreased by VND 6,286,926,869 compared to 2020, equivalent to a decrease rate of 8.29% Gross profit margin on sales and service provision in 2021 compared to 2020 decreased by 4.73% due to the fact that the growth rate of gross profit was smaller than the growth rate of net revenue This shows that the Company's business performance in 2021 is worse than in 2020.
- Revenue from financial activities: In 2021, the company's financial income is VND 550,889, an increase of VND 159,492 equivalent to an increase of 40.75% compared to 2020 Revenue from financial activities of the company comes from interest on deposits in the bank In 2021, the amount of interest from depositing money in banks will increase due to an increase in financial income.
- Total net revenue: In 2021, total net revenue will reach VND 69,510,087,657, down VND 6,286,767,377 compared to 2020, equivalent to a decrease rate of 8.29%.
- Other income: In 2021, the company's other income will reach VND 13,924,843,150, down VND 1,690,401,870 compared to 2020, corresponding to a decrease rate of 10.83%.
In general, the group of revenue and other income accounts of the company in 2021 compared to 2020 are reduced, the reason is that the Covid 19 epidemic has affected all aspects of life, economy - society, and typically small and medium enterprises I1 Vietnam Technology and Development Joint Stock Company has limited access to customers, supply chains and business activities are disrupted As a result, the company's revenue and income fell sharply.
- Cost of goods sold: Cost of goods sold in 2021 is 62,319,023,664 dong, down 2,054,940,063 dong compared to 2020, equivalent to a decrease of 3.19%.
- Financial expenses: In 2021, the company's financial expenses are VND 4,164,397,846, down VND 2,088,861,479 compared to 2020, equivalent to a decrease of 33.4%.
- Business administration expenses: Including costs of electricity, water, staff costs, depreciation of fixed assets, Business administration expenses in 2021 increased compared to 2020, specifically The cost of business administration in 2021 is VND 1,946,727,123, an increase of VND 1,172,058,608, equivalent to an increase of 151.30% compared to 2020 In order to increase profits in the next year, the company should limit expenses such as money electricity, water and other outsourced service costs, etc.
- Other expenses: Other expenses in 2021 are VND 13,683,736,413, down VND 3,810,908,739 compared to 2020, corresponding to a reduction rate of 21.78%.
- Corporate income tax expense: The Company's CIT expense in 2021 is VND 264,209,152, a decrease of VND 238,903,515 compared to 2020, corresponding to a reduction rate of 47.49%.
Although the company is interrupted in business operations by the Covid 19 epidemic,the unit still has to bear and pay expenses in the business during this period, but the group of expense accounts in 2021 compared to 2020 has tended to decrease.
- Gross profit from sales and service provision: In 2021, it will reach VND 7,190,513,104, down VND 4,231,986,806 compared to 2020, corresponding to a decrease rate of 37.05%.
- Net profit from business activities: The company's net profit in 2021 is VND 1,079,939,024, a decrease of VND 4,394,963,467 compared to 2020, equivalent to a decrease rate of 75.43%.
- Other profits: In 2021, the company's other profit is VND 241,106,737, an increase of VND 2,120,506,869 compared to 2020, corresponding to an increase of 112.83%.
- Pre-tax accounting profit: In 2021, the company's total pre-tax accounting profit is VND 1,321,045,761, down 1,194,517,574 VND compared to 2020, corresponding to a decrease rate of 47.49%.
- Profit after tax: Profit after tax in 2021 is VND 1,056,836,609, down VND 955,614,059 compared to 2020, corresponding to a decrease rate of 47.49% The after- tax profit margin in 2021 is 1.52%, down 1.13% compared to 2020, showing that the company's business performance in 2021 will decrease compared to 2020.
In general, the business results in 2021 are not good compared to 2020 due to the unfavorable economic situation, affected by the Covid 19 epidemic and because theCompany's business activities are not really effective In order for the company to achieve a higher profit growth, in the following years, the company needs to have longer-term business investment strategies, need to focus strongly on the available and upcoming advantages rearrange the compact sales and management apparatus with high professional qualifications, reduce the most unreasonable expenses, especially those related to other costs and cost of goods.
Fundamental characteristics of Accounting and business (financial) analysis
1.5.1 The structure of the accounting system at I1 Vietnam Technology and Development Joint Stock Company
The company's accounting department consists of 4 employees, organizes accounting in the form of centralized accounting and independent accounting All accounting work is done at the company and documents are kept by the employees in accordance with the current regulations Making detailed lists of documents, making
Sales accounting Treasurer accounting reports, checking books and keeping documents for checking and reconciliation when necessary Below is the organizational model of the accounting apparatus:
Figure map 2: Accounting system of I1 Vietnam Technology and Development
-Chief Accountant: The person who is responsible for the entire financial accounting work of the company To be responsible to the Director, superiors and State authorities for the current state of accounting-financial work , organization of the accounting system of the enterprise Fully set up and send on time accounting reports, statistics and final settlement according to state regulations Planning, organizing, examining, maintaining and innovating in the direction of effective accounting operations To organize the dissemination and timely implementation of financial and accounting regimes and regulations promulgated by the State to all executive levels in the accounting system Manage the financial activities of the business Directly directing the assignment of accountants Advising the director in financial strategic planning, in analyzing the company's economic - financial situation and controlling corporate finance Prepare financial statements and detailed explanatory reports.
-General accounting: is to track the movement of money in the company, handle banking issues, the company's receipts and expenditures Calculating salary for employees in the company Monitor and record arising economic transactions related to taxes and payables to the state Make import and export documents, purchase costs,sales invoices and declare input and output tax Monitor debts, make records of debt verification periodically (or upon request), submit to the company's accounting department Prepare various types of tax reports, use of invoices, financial statements and submit documents and reports according to regulations.
-Sales accounting: Manage and record sales-related transactions Issue invoices to customers Accounting for revenue, cost, and debt situation of the enterprise in the period c based on vouchers related to sales activities to record in accounting books such as cost books, revenue books and at the same time make sales reports and other related reports at the request of the chief accountant Track the debt status of partners and customers Compare and monitor the quantity of goods exported, imported and in stock at the end of the day.
-Treasurer: Perform the final check on the legality and reasonableness of the vouchers before exporting and importing money from the fund Perform daily cash payment according to the company's payment process Automatically perform daily inventory and reconciliation of funds with general accounting Keep track of cash payments, add books and determine the balance, make a balance report at the end of the month and submit it to the chief accountant Responsible for keeping receipts and payments Perform other tasks assigned by Chief Accountant and Director.
1.5.2 Accounting regime, accounting policies applied at I1 Vietnam Technology and Development Joint Stock Company
Accounting system applied at I1 Vietnam Technology and Development Joint Stock Company
Accounting software: General journal with the support of MISA Software.
The accounting book system at the enterprise includes:
Financial Statement Diagram 1: Accounting software Misa
Description: Daily accountants base on original documents such as receipts, payment slips, debt notices, credit notes, VAT invoices which have been checked, valid, have full signatures, and are used as documents On the basis of bookkeeping, accountants determine debit and credit accounts to enter data into the computer according to appropriate operating sections designed on Misa software According to the process of accounting software, the information is automatically entered into the General Journal, Ledger and related detailed accounting books and cards.
At the end of the month (or any necessary time), accountants perform book closing operations (adding books) and preparing financial statements The comparison between aggregated data and detailed data is done automatically and is always accurate and truthful according to the information entered in the period Accountants can check and compare data between accounting books and financial statements after they are printed on paper At the end of the month and at the end of the year, the General Journal, Ledger and Detailed Accounting Book are printed on paper, bound in volumes and legal procedures are carried out as prescribed.
• Accounting policies at I1 Vietnam Development and Technology Joint Stock Company
Since its establishment, the company currently applies the accounting system according to Circular 200 /201 4 /TT-BTC dated December 22 , 2014 of BTC applicable to small and medium enterprises The account system of other companies is adequate and meets the management requirements of the company.
- Annual accounting year: According to the financial year, the annual accounting period starts on January 1 and ends on December 31 of each calendar year.
- Currency used in accounting: Vietnam Dong (VND).
- VAT calculation method: deduction method.
+ Method of accounting for inventory: according to the perpetual declaration method. + Method of calculating year-end inventory value: Weighted Average method.
+ Depreciation method of fixed assets: The Company applies the straight-line method of depreciation, according to the historical cost and useful life of the fixed assets. + Principle of recognition of inventory: Payment is received at cost.
+ Principle and method of revenue recognition: According to the selling price written on the invoice.
+ Account system: The company uses the account system issued according to the Circular 200/2014 / TT-BTC issued on December 22 , 2014 of the Ministry of
The financial statements of I1 Vietnam Development and Technology Joint Stock
Company are prepared for the fiscal year beginning on December 31 of the previous year and ending on December 31 of the following year When preparing financial statements, the Company complies with the financial reporting system of Circular 200/2014/TT-BTC and Vietnamese accounting standards issued by the Ministry of Finance.
The members of the Board of Directors and the chief accountant of I1 Vietnam
Development and Technology Joint Stock Company are responsible for the preparation of the financial statements The chief accountant is responsible for making and synthesizing financial statements according to relevant principles and regulations.The Board of Directors of the Company is responsible for approving and ensuring that the preparation and presentation of the financial statements give a true and fair view of the financial position, results of operations and cash flows of the Company during the year At the same time, the Board of Directors ensures that relevant accounting books are kept sufficiently to reflect the Company's operations with reasonable accuracy at any time and the accounting books and the financial statements are prepared in accordance with the applicable accounting regime.
The I1 Vietnam Development and Technology Joint Stock Company conducts financial statements analysis based on the following criteria:
(1) The indicators reflecting the situation of profitability ratio:
Return on Equity (ROE): shows how efficiently the company's capital is used, in other words, how much profit is earned with 1 dollar of capital The coefficient is determined by the formula:
Equity Return on Assets (ROA): shows how efficiently a company's assets are used Investors will see how much profit the company earns per dollar of assets The higher the ROA, the more efficient the asset's ability to be used The coefficient is determined as follows:
Assets Return on Total Revenue (ROS): shows how much profit will be generated by 1 VND of net sales and service provision (profit after tax) ROS also shows the effectiveness of cost control management, the larger it is, the better the company's performance and high profitability The coefficient is calculated as follows:
1 Net sales from sales VNĐ 75.796.463.637 69.509.536.768 (6.286.926.869) (8,29)
Interpretation: From the analysis data, we see:
- Profit-to-sales ratio (ROS): In 2020 it is 0.0266, which means that for every 1 VND of revenue the company gets 0.0266 VND of profit In 2021, for every 1 VND of revenue, 0.0152 VND of profit after tax will be generated, a decrease of 0.0113 VND compared to 2020, corresponding to a reduction rate of 42.74%.
ACCOUNTING FOR SALES TRANSACTION AT I1 VIETNAM
Overview of sales transaction
I1 Vietnam Technology and Development Joint Stock Company deals in main products including:
- Computer components and accessories including: Memory, CPU, video card, chip, hard drive, switches, computer,
- Besides, the company also provides other services such as: Consulting bidding documents related to information technology; consulting, analysis, planning, classification and design in the field of information technology; Design, archive, maintain website,
The products the company provides are computer equipments; use direct distribution channel: company - customer The company's customers are mainly in Hanoi area, in addition, there are orders in provinces across the country The company's characteristics are commercial activities, the company's products are famous brands in the market In recent years, the economy has faced many difficulties and fluctuations, so the company is constantly trying to find new and potential customers, making the company more and more strong and developing in the market.
Method of calculating the cost of finished goods inventory:
The Company recognizes cost of goods sold using the weighted average method at the end of the period:
Average unit price of goods during the
Average unit price of imported goods during the period + Actual value entered in the period period Number of goods in stock at the beginning of the period +
Quantity of goods imported during the period Cost of goods sold = Average unit price x Quantity of goods sold
Sales methods at I1 Vietnam Development and Technology Joint Stock Company
Sales department is the key department performing the function of consuming goods of the company Sales department staff will survey the market, search, introduce information about products and take care of customers When there is an order, the sales staff will make a contract, then send it to the director to ask for the opinion of the director, the director will approve and transfer it to the accounting department for the accountant to write the sales invoice, and at the same time, the warehouse department will also Prepare delivery notes and deliver goods to customers After receiving the goods, customers can pay by cash or bank transfer.Currently, the company applies two main sales methods:
+ Wholesale: This is a form of company selling goods to other intermediaries in large quantities, then the intermediary companies transfer those goods to the final consumer. This form of sales is mainly used within the company.
- Bach Kim Network Solutions Joint Stock Company
- Nhat Nam Telecommunications Co., Ltd
- PAN technology development and investment trading joint stock company
+ Retail: a form of company selling products to consumers always This form is sold in small quantities, not as popular as wholesale.
Showroom: No 8, Alley 63, Lane 191 Lac Long Quan, Nghia Do Ward, Cau Giay District, Hanoi City
I1 Vietnam Technology and Development Joint Stock Company is a medium- sized commercial company dealing in various lightning protection, CCTV, fire prevention and fighting products Therefore, the combined use of the above two forms of sales is appropriate and optimal, contributing to meeting the needs of consumers and increasing customer satisfaction, high sales, business expansion.
Company payment method: For small customers, small quantity purchases, the company applies cash payment method Large customers which are mainly companies who often buy goods, the company applies the form of deferred payment by bank transfer or check.
Accounting for sales
Revenue from selling goods of the Company is the sum of economic benefits that the Company receives in the accounting period through sales, computer components and accessories including: Memory, CPU, card monitors, chips, hard drives, switches, computers Revenue is recognized at the tax-exclusive price.
- Details of each customer's revenue
- Bookkeeping vouchers and related documents
Account 511 “Revenue from sales and provision of services”
The company uses a detailed sales and supply revenue account service.
Account 632 “ Cost of goods sold”
- Cost of goods sold is used to reflect the cost of goods sold in the period.
- The Company recognizes cost of goods sold on a weighted average basis at the end of the period Under this method, the value of inventory is calculated according to the average value of each type of inventory at the beginning of the period and the value of inventory purchased or produced during the period The average value can be calculated over time or each time an inventory is imported, depending on the situation of the business.
Actual selling price = Quantity shipped x Average actual unit price
+ Amounts receivable from customers arising in the period when selling products,goods, fixed assets, etc.
+ The excess amount returned to the customer
+ Re-evaluate receivables from customers in foreign currencies (If the foreign currency rate increases compared to the book rate)
+ Amount paid by the customer
+ Amount received in advance, advance from customer
+ Amount of payment discount and trade discount for customers.
+ Re-evaluate the receivables from customers in foreign currencies (If the foreign currency rate decreases compared to the book rate)
- Balance at the end of the period: It can be on the Debit side or the Credit side or there can be balance on both sides.
+ Balance at the end of the period on the Debit side: Receivable amount from customers
+ Balance at the end of the period on the Credit side: Amount advanced by customers or overpaid by customers.
- Detailed book of account 5111, account 5113
5113 - Detailed book of account 5111, account 5113
3rd copy of VAT invoice, delivery note, purchase order
Record the end of the month
Description: On a daily basis, based on the 3rd copy of VAT invoices, sales release notes, receipts, receipts, credit notices that have been checked, are valid, have full signatures, are used as a basis for book-entry, accountants confirm Define debit and credit accounts to enter data into the computer according to the appropriate operating parts designed on Misa software From there, the information is automatically entered into the detailed books of accounts, the general ledger of accounts, the general journal, the ledger of accounts.
At the end of the month, the accountant closes the books and prepares the monthly financial statements The comparison between aggregated data and detailed data is done automatically and always ensures the accuracy and truthfulness of the information entered in the period Accountants can check the reconciliation between accounting books and financial statements after they are printed on paper.
Sale transactions will be recorded in the account system like the followings:
Dr 111, 112: At amount of cash received
Cr 511: Net of sale tax
Cr 333.1: Sale tax out put
Dr 331: Selling price (include sales tax)
Cr 511: Net of sale tax
Cr 333.1: Sale tax out put
Recording Cost of goods sold:
(1) April 17, 2021 Based on the approved order, the sales staff VAT invoice number
0000232 for sale to Manufacturing Co., Ltd Vinh Tien Trade and Service has not yet collected the shipment worth 111,032,640 VND (Including VAT 10%).
Based on the above documents, sales accountants recorded:
(2) May 2, 2021 Based on the approved order, the accounting VAT invoice number
0000252 for sale to Vu The Co., Ltd collects money by wire transfer for a shipment worth 229,031,200 (excluding VAT 10%)
Based on the above documents, the sales Accountant shall account:
(3) On 12/05/2021 According to the VAT invoice number 0000285 sold to the Company Muoi Duc Joint Stock Company has not yet collected the shipment value of 28,059,554 VND (Including VAT 10%).
Based on the above documents, the sales accountant shall record:
(4) Same as on 11/06/2022 Based on the quoted price BG.400062015 received Approval, accountant makes VAT invoice number 0000384 for sales to Engineering Co., Ltd Quoc Nam Technological Art collects in cash a shipment worth 17,757,600 VND (excluding VAT 10%).
Based on the above documents, the sales Accountant shall account:
(5) On June 27, 2022 According to the VAT invoice number 0000409 sold to the Company C.C.B Service Trading Co., Ltd collects cash for a shipment worth 2,715,955 VND (Including VAT 10%).
Based on the above documents, sales accountants accounted:
ASSESSMENT THE INTERNSHIP PROJECT
Comments and evaluations on sales and accounting practices at I1 Vietnam
Regarding the system of documents, books and accounts:
About the system of accounting vouchers: Accounting vouchers are the basis for recording accounting books, the legal basis of accounting data The company builds a system of vouchers according to the regulations and guidance of the Ministry of Finance, the documents are organized to record fully, honestly and reasonably the arising economic operations The vouchers always have full content and signatures of the parties involved, in accordance with actual requirements, ensuring the consistency of the scope and methods of calculating economic indicators between the accountants and the departments other related to the consumption of goods The scientific arrangement of documents makes the process of looking up accounting data to make books and determine business results quite quickly and conveniently.
About the accounting system: The company built an account system according to
Circular 200/2014 of the Ministry of Finance On the other hand, the Company opens detailed accounting accounts in accordance with management requirements to track revenue and results of each type of product or service, such accounting will help the Company know the revenue of each product and service goods and services are high or low to find the appropriate solutions.
About the accounting book system: With the general journal form, the accounting book system of the Company is opened reasonably and fully in accordance with regulations The books such as detailed book, general diary, And for the detailed book, it is detailed to each account By monitoring the content of expense items, it will let administrators know what is reasonable and what is not, and which is a lot to have a suitable spending orientation in the future
About the accounting system at the company:
The company's accounting apparatus: is organized relatively compactly and completely according to the centralized accounting model All arising economic - financial transactions are handled in the Company's accounting department This will make the management simpler and easier On the other hand, the staff of the accounting department are all highly responsible and enthusiastic in their work having professional qualifications, mastering and understanding professional techniques in business, financial institutions on payment, so the accounting department always fulfills its assigned tasks, providing information on a regular basis, Continuously helps the management to accurately assess the business performance of the unit at any time quickly, thereby making timely and effective business decisions Although the company is small in size, the organization of the accounting department is very focused, not cumbersome, and ensures a favorable work arrangement.
The company's internal information system is relatively tight and well, the close coordination between the company and departments helps with the planning inspection Accounting at the company is carried out synchronously, regularly and continuously during the collection process receive and process accounting information and also while preparing financial statements The next check The company's director and chief accountant are responsible for organizing, directing, ensuring ensure that the information provided in the financial statements is reliable.
Sales accounting system and determining business results: The company's goods are always strictly managed according to both quantity and quality criteria Quantity and quality of products are always monitored on a regular basis, continuously; When there is a mistake, it is promptly reported to the superior, ensuring that the sales accounting work is done better in the condition of applying machine accounting software Revenue accounting is basically in accordance with current principles and regimes Revenue is fully and accurately reflected The accounting and declaration of VAT is carried out quite strictly The enterprise always correctly and fully calculates the payable tax amount to the State and also uses all the VAT declaration forms prescribed by the State Sales accounting ensures the implementation of the sales plan that the company has set out The value of goods consumed and the payment situation of customers are tracked and reflected in a timely manner Good product quality, reasonable selling price, ensuring to cover costs and still be profitable and accepted by customers for payment Sales accountants can quickly and accurately provide information on prices, sales, and taxes.
In addition to the results in the organization of sales accounting that the company's accountants have achieved, there are also shortcomings that the company has the ability to improve and perfect in order to better meet the needs of customers, more requirements in the management of the Company
No reasonable discount policy: The company has policies on prices, payment policies but has not applied a very effective sales promotion method, which is a payment discount for those amounts prepayment and trade discounts for customers who buy in bulk with any customer when purchasing the company's products This makes business efficiency decrease, less new customers are obtained.
The sales network is not diversified, the form and sales are not rich, so sales activities have not exploited the full potential of the consumption market.
The sales of detailed items have not been separated, but total revenue for all products has not been opened Detailed books have not been opened for each item in stock
The use of computerized accounting software also causes some limitations for businesses, such as: Accounting work may be interrupted due to power failure, network failure or computer failure; Data can be completely lost if not backed up carefully The information in the system will be wrong if the input information is not correct, it is not carefully considered and it is also very difficult to find the error In addition, the error correction operations also take many stages, time Along with the fact that computers do not have high security, accounting information is easy to be penetrated and retrieved data Accounting software is compact in use, but when there are many people conducting data processing activities At the same time, the computer software often freezes, the processing happens slowly, it takes a long time
Overview of business analysis of I1 Vietnam Technology and Development
Despite being a small business, the company is still aware of the importance of economic analysis In fact, the enterprise does not have a specialized economic analysis department, but it is performed by the chief accountant to help the company save a lot of costs The staff has many years of experience in the profession, keeping up with economic changes.
Regarding the analytical method: using the comparison method and the ratio method The unit has analyzed some basic revenue and profit indicators between years to see unusual fluctuations The analysis has assessed the developments and results of the business process, the influencing factors and potential sources that can be exploited to take measures to continuously improve the effectiveness of the business activities business action.
In 2021, the company made good use of economic analysis reports from financial statements, accounting policies and market information to propose some effective solutions to help the company effective business during difficult epidemic times.
The company does not have its own analysis department, the analysis is assigned to the accounting department, so the analysis is still limited The company only did a general analysis, did not go into each criterion, so the analysis results did not fully reflect the financial situation of the enterprise.
The market is increasingly developing and volatile, but the company's economic analysis only stops at the company's data, so the management may not have grasped timely information to make decisions accurate and consistent with the company's business characteristics.
On the other hand, the economic analysis is only done once a year at the end of the year, so the lack of updating leads to the lack of accuracy and timeliness of the analysis results The company should conduct quarterly economic analysis to be able to grasp the business performance in a timely manner.
Solution
The company's accounting and business results have made a lot of efforts to improve and innovate, but besides that, there are still some stages that need to be revised and improved Through studying the theory and practice of planning in the company, we would like to boldly propose an idea to improve the sales accounting and determine the sales results for the company to consider.
Firstly: To speed up the payment of partners' goods, to attract customers customers, expand the consumption market, businesses should make payment discounts, trade discounts for buyers Reduce the situation of returning goods sold to both sell goods and reduce the cost of transporting goods back and forth Moreover, to avoid the backlog of those sold goods, quick capital turnover, creating a good relationship with customers.
Second: Accountants need to open detailed books for revenue, cost, for each item, group of goods, and clearly classify each item in the warehouse.
Thirdly: To avoid unfortunate data loss during work, the company should install software that automatically backs up data At that time, if the computer automatically loses power or there is a problem, the data that the accountant worked on in the previous period has not been backed up, the software will automatically back up
Finally: Comply with accounting standards and regulations in Vietnam and ensure qualitative characteristic of financial statement for users to suit the characteristics of production and business activities at the company The proposed solutions are partly to contribute to the improvement of accounting for business results, with the aim of reducing the work burden for accountants, providing more accurate accounting data,more reliable, effective support for managers in making economic decisions.
THESIS TOPIC PROPOSAL
Throughout the actual survey research and assessment in Section 3, each student in the group proposes, at least 2 topics in different modules: Accounting, Auditing, and Financial Statement Analysis, specify: a Mai Ngọc Hương
Direction of the first topic: “Analysis of business results of I1 VIETNAM TECHNOLOGY AND DEVELOPMENT JOINT STOCK COMPANY” Under the module: Economic analysis of enterprises.
The reason for choosing the topic: In the market economy, problems are raised the top for businesses is business results Business results of the better the business, the better it stands in the market Business needs progress conduct analysis of business performance to assess goals achieved as well as finding limitations to overcome. Therefore, I propose this topic to analyze the company's business results, thereby proposing solutions to help for a better company. b Lê Anh Quân
Direction of the second topic " Accounting for sales of VIET NAM I1TECHNOLOGY
AND DEVELOPMENT JOINT STOCK COMPANY”
Reason for choosing the topic: After my internship, I found that the company wants to promote the development of sales In order for sales to be effective, in addition to having general policies and management measures, it is essential to organize sales accounting in a reasonable way, which will help businesses have full information. Timely information to make business decisions respectable Realizing the importance of sales accounting, I want to apply the knowledge they have learned, combined with the actual research process, Internship at I1 Vietnam Technology and Development Joint Stock Company to perfect sales accounting of the Company for the company to be more complete.
Accounting is an important tool in providing detailed information related to the financial position as well as the business performance of the business Based on that information, managers analyze the current business situation and forecast the business's ability to operate in the future.
The internship report on general assessment of accounting for sales transactions at I1 Vietnam Technology and Development Joint Stock Company is the result of the learning and research process on the Company's business situation During the internship period, with the help of brothers and sisters in the Accounting Department of the Company along with the knowledge learned in school, we completed this report.
We would like to thank the Board of Directors of I1 Vietnam Technology and Development Joint Stock Company, the staff in the Accounting Department for creating favorable conditions during the internship At the same time, We would like to thank the instructors of the Accounting - Auditing Faculty, especially Ms Pham Thi Mai Anh for their guidance so that we can successfully complete this report Due to limited time and knowledge, errors cannot be avoided in the process of analyzing and presenting the report We look forward to your valuable comments and suggestions to make our report complete
1 Circular 133/2016/TT-BTC guiding the accounting regime for small and medium enterprises promulgated on August 26, 2016 by the Ministry of Finance.
2 Table of accounting accounts according to Circular 133/2016/TT-BTC.
3 Dr Nguyen Tuan Duy (2011), Textbook of Financial Accounting for Commercial Enterprises, Statistical Publishing House, Hanoi.
4 Website for reference: http://www.webketoan.vn/ ; https://masotue.com/ ; http://nhantokhai.gdt.gov.vn/ ; https://dangkykinhdoanh.gov.vn/ ;
5 Documents Accounting Department I1 Vietnam Technology and Development JointStock Company.