LETTER OF THANKSI would like to send a special thank you to Vinh Phuc Construction And Trade HouseJoint Stock Company and the people in the accounting department, who spent their timeand
OVERVIEW OF THE INTERNSHIP UNIT
INTRODUCTION
Company name: VINH PHUC CONSTRUCTION AND TRADE HOUSE JOINT
Abbreviated company name: Vinh Phuc Construction And Trade House., JSC
Date of incorporation: July 23th, 2004
Address: No 616, Me Linh Street, Khai Quang Ward, Vinh Yen City, Vinh Phuc
Legal representative: Mr Nguyen Hong Dang - Chairman of the board
Over the past 20 years, Vinh Phuc Construction And Trade House., JSC has been one of the leading companies in building houses in Vinh Phuc province The company has been evaluated by customers as a reliable brand in the market because of its staff who are all engineers, workers and employees with many years of experience, ensuring quality, speed and high efficiency.
1 Mining of stone, sand, gravel, clay 0810
2 Production of construction materials from clay 2392
3 Production of cement, lime and plaster 2394
4 Production of concrete and products from cement and plaster 2395
5 Installation of industrial machinery and equipment 3320
6 Construction of houses for living 4101
7 Construction of houses not for residential purposes 4102
10 Construction of other public works 4229
11 Construction of other civil engineering works 4299
15 Installation of water supply, drainage, heating and air conditioning systems 4322
16 Installation of other construction systems 4329
18 Wholesale of other household appliances 4649
19 Wholesale of electronic and telecommunications equipment and components 4652
20 Wholesale of other machinery, equipment and spare parts 4659
21 Wholesale of materials and other installation equipment in 4663 construction
22 Retail sale of hardware, paint, glass and other installation equipment in construction in specialized stores 4752
Retail sale of household electrical appliances, beds, cabinets, tables, chairs and similar furniture, lamps and electric light sets, other household appliances not elsewhere classified in specialized stores
24 Transport of passengers by road within cities and suburbs (except transport by bus) 4931
26 Transport of goods by road 4933
29 Warehousing and storage of goods 5210
30 Real estate business, land use rights belong to owner own, use or rent 6810
31 Architectural activities and related technical consulting 7110
1.3 Mission, Vision and Core Values
Vinh Phuc Construction And Trade House., JSC has a mission to bring added value to customers through trading materials and building quality and sustainable projects.
Vinh Phuc Construction And Trade House., JSC is gradually realizing its goal of becoming one of the leading construction companies inside and outside Vinh Phuc province Not only does the company bring good things to customers, the company also creates many opportunities for success for its staff.
Quality: Providing the best construction services, on schedule to satisfy all customers.
Safety: Provide a safe, environmentally friendly workplace All potential risks can be prevented in each project.
Innovation: Embracing innovation and technology, continuously seeking new methods and solutions to improve efficiency, quality and value for our customers.
1.4 Organize the management apparatus of Vinh Phuc Construction And Trade House., JSC
1.4.1 Organization chart of the management apparatus of Vinh Phuc Construction And Trade House., JSC
Diagram 1: Organization chart of the management apparatus of Vinh Phuc Construction And
Vinh Phuc Construction and Trade House., JSC is a medium-sized construction company, with 2 levels of management and 4 main departments.
● The Board of Directors: is the company's management body, with full authority to decide on issues related to the company's purposes and interests on behalf of the Company The Board of Directors regularly monitors the Company's business operations, internal control activities and risk management activities.
● Board of Manager: Responsible for activities at the enterprise At the same time, they will lead and supervise departments to implement proposed plans, overcome difficulties and motivate the team.
● Accounting apartment: Carry out related finance and accounting work according to state regulations and resolve all cash flow and revenue and expenditure issues such as paying staff salaries, purchasing raw materials, creating welfare funds, and prevention funds risks, insurance for employees, tax accounting,
Project management is crucial for implementing construction projects, involving two key teams: the Technical Team and the Quality Management and Labor Safety Team The Technical Team oversees technical aspects of the project, while the Quality Management and Labor Safety Team ensures adherence to quality standards and worker safety regulations, ensuring a successful project outcome.
The main functions of Technical team: Plan and design projects, conduct technical supervision and resolve technical problems
The main function of Quality management and labor safety team: Manage and ensure that the project is built with proper technique, quality, completed on schedule and complies with labor safety regulations
● Human Resource Department: Responsible for recruiting, training and developing employees, managing salaries and benefits, resolving personnel-related issues, ensuring compliance with legal regulations and company policies on human resources
- Find customers to build good relationships and bring in construction contracts
- Research customer preferences, then coordinate with the Project Department to advise
- Research on the market and competitors
- Make plans to purchase equipment and machinery to serve business activities
REPORT ON THE RESEARCH RESULTS OF THE PRODUCTION
REPORT ON FINDING RESULTS ON BUSINESS ACTIVITIES
2.1 Financial and accounting activities in Vinh Phuc Construction And Trade House., JSC
2.1.1 Features of the organization of the accounting apparatus
- Chief Accountant: The person who has the right to manage all financial and accounting work, has the function of organizing accounting work, organizing accounting forms, checking receipts and payments, and payment documents At the same time, coordinate with general accounting to synthesize final settlement and make year-end final settlement report.
- General accountant: The person responsible for guiding the synthesis and classification of documents, accounting for arising economic operations, and preparing accounting books for each accountant's department Work directly on summarizing settlement accounts and preparing reports.
- Project accountant: The person responsible for managing revenue and expenditure at each project, instructing the work of the warehouse keeper and working with the warehouse keeper to check, manage and supervise the import and export of materials and tools at each project construction Every two days, the project accountant must gather income and expenditure documents, import and export receipts of materials with confirmation from the project commander and send them to the main accounting - accounting department for timely updates and reports periodically for company leaders.
- Material and equipment accountant: Person who regularly finds sources of materials and equipment to serve stable projects, updates prices promptly, and finds cooperative relationships with customers to provide adequate supplies for the project.
- Accounts receivable and salary accountant: Person who monitors debts, advance cash receipts and payments, and reimburses departments within the Company.
- Tax accountant: separate all costs for accounting based on the estimated value of the project built by the winning unit and in charge of tax issues and tax declaration in construction enterprises.
2.1.2 The accounting book template is applied at the company
Accounting system: Circular 200/2014/TT-BTC issued by the Ministry of Finance on December 22, 2014 regulates and guides the implementation of a number of articles of the Accounting Law
The accounting year begins on January 1 and ends on December 31
Currency used: Vietnamese Dong (VND)
The company applies accounting form: General Journal
Applied accounting form: Machine accountant (Use MISA software).
Exchange rate used to convert foreign currency: Actual exchange rate.
Method of declaring and calculating value-added tax: calculate value-added tax according to the deduction method.
Fixed asset depreciation method: calculate depreciation using the straight-line method.
General inventory accounting method: accounting according to the regular declaration method, ex-warehousing price according to the first-in, first-out method.
Rate of taxable income and insurance: According to the rate of the State.
Currency used for accounting records: Vietnam Dong (VND)
- VAT invoice: certifying sales transactions or service provision It contains information about the amount of value added tax payable to the tax authorities.
- Sales Invoice: records the organization's sale of goods and services
- Warehouse receipt: used to monitor import status and asset fluctuations at the enterprise
- Warehouse release note: used to track the delivery situation and asset fluctuations at the enterprise
- Receipt of money collected: a receipt of money collected as a basis for making a receipt, paying money into the fund, and at the same time for the payer to pay the agency or keep the fund.
- Economic contract: an agreement between the parties on the establishment, change or termination of civil rights and obligations, in which the content of the agreement is production activities, exchange of goods, services and other activities Other agreements related to business purposes.
- Material inventory: used to inventory assets and track goods at the company
- Receipt: records collection transactions with partners and customers who have completed payment when using, buying and selling goods and services.
- Payment slip: control the company's cash resources and spending activities
An accounting book is an important tool that helps record and organize financial information in a specific and systematic way The company records accounting books according to the general journal form and is done using Misa accounting software The company uses general ledgers, special journals, and detailed accounting books Because we work in the construction field, detailed accounting books are extremely important They track transactions and costs related to the company's activities, making financial management easy and accurate more precise Detailed accounting books include:
Accounting books detailing accounts receivable from customers
Accounting books detailing inventory accounts
Detailed accounting books of raw materials
Accounting books detailing cash and deposit accounts
Detailed accounting books of bank accounts
Accounting books detailing construction cost accounts
Accounting books detailing project management cost accounts
2.2 Business research of the Company in recent years
2.2.1 Report the company’s business results for the most recent 2 years
Net revenue from sales of services 99,822,733,002 139,429,647,196 Gross profit from sales and services 24,273,089,969 35,219,769,642 Net profit from business activities 4,008,384,587 7,989,265,533
Profit after corporate income tax 4,056,860,516 5,637,563,433
(Source: Accounting department - Vinh Phuc Construction And Trade House.,
There was a significant increase in net revenue from sales of services from 2022 to 2023, rising 39.68% This substantial increase indicates strong growth in the company's ability to generate revenue from its primary services Similarly, gross profit from sales and services experienced a substantial increase, rising 45,1% This indicates improved profitability in the company's core operations Net profit from business activities more than doubled from 2022 to 2023, rising 99,31%, suggests that the company's overall profitability from its primary business activities has substantially improved There was a change in other profit from a positive value of 1,085,736,265 in 2022 to a negative value of (727,813,641) in 2023 This indicates a shift from other profits contributing to overall profitability to other profits impacting profitability negatively The total profit before tax rise 42,55%, reflecting the overall improvement in the company's profitability before accounting for tax expenses Corporate income tax expenses also rise 56,56% This is in line with the increase in pre-tax profits and indicates higher tax obligations due to improved profitability Profit after corporate income tax rise 38,96%, reflecting the company's higher after-tax profitability resulting from improved business performance.
The financial reports for 2023 demonstrate a remarkable improvement in the company's financial performance compared to 2022 The company's substantial growth in profitability suggests effective management strategies and successful execution of business plans, positioning it well for continued success and growth in the future.
INTERNSHIP OBJECTIVES, ASSIGNED WORK CONTENT AND
Report on intern process at the company
My main goal during my accounting internship at Vinh Phuc Construction and Trade House., JSC is to gain practical experience and gain a deeper understanding of the accounting field in a real-life environment I want to apply the knowledge I learn at school to real-life tasks assigned to me at the company so that I can imagine what I need to do when I become an official accountant after graduating.
Besides, during my six-week internship, I hope to contribute to the organization's financial processes and procedures, for example: Supporting tasks such as reconciliation, budgeting policies and compliance, and learn how to use accounting software and systems effectively, etc Therefore, the time spent interning at the company is extremely important and valuable to me because it will be a solid foundation for my future career.
3.2 Task assigned at the company
Some specific tasks I was assigned during my internship at the company:
- Complete tasks assigned by the direct instructor
- Assist in tracking and analyzing project costs, including labor, materials, and overhead costs
- Monitor employee timekeeping daily and weekly
- Learn how to calculate salaries and wages for company employees
- Assist in invoicing customers for completed projects, tracking payments, and following up on unpaid invoices.
- Learn how to calculate taxes payable
- Learn how to complete monthly accounting books
- Support inventory management related to supplies and construction materials
During my internship, I was assigned and learned accounting skills in a number of positions, but mostly I would be in charge of tracking and calculating salaries for employees The remaining tasks are all at the level of getting to know and supporting everyone in the accounting department Learn and use accounting software in the construction field
3.3.1 Calculate salaries for construction workers
(1) Salary form applied at Vinh Phuc Construction And Trade House., JSC
The company's direct labor costs include salaries and allowances paid to workers directly involved in construction.
Salary = Working day x Salary of one working day
(2) Documents of use: Timesheet, Salary payment sheet, Payment voucher,…
(3) User account: To account for direct labor costs, accountants in the company use
Account 1541 to only detail the item Direct Labor Costs This account is also tracked in detail for each project and project item.
Vinh Phuc Construction And Trade House., JSC
Tabulator Construction Manager General Accountant The Director
Vinh Phuc Construction And Trade House., JSC
Tabulator Construction Manager General Accountant The Director
Form No 02-TT Decision No. 88/2021/QD- BTC
Nov 10,2021 of the Ministry Minister of Finance
Full name of recipient: Nguyen Hai Minh
Reason for spending: Payment of salary and allowance for direct workers at the construction site at Tam Dao district health station March 2024,
Received the full amount (in words): Seventy-six million zero five ten thousand zero hundred dong
Form No 02-TT Decision No. 88/2021/QD- BTC
Nov 10,2021 of the Ministry Minister of Finance
Full name of recipient: Nguyen Lan Phuong
Reason for spending: Collect 10.5% of social insurance, health insurance & unemployment for the Accounting Department, Vinh Phuc Construction And Trade House., JSC in March 2024.
Received the full amount (in words): Eight million one hundred and ninety thousand dong
+ Foreign exchange rates: ………. + Amount to be converted: ………
Vinh Phuc Construction And Trade House., JSC
Vinh Phuc Construction And Trade House., JSC
No Date Debit Credit Debit Credit
RESULTS ACHIEVED DURING THE INTERNSHIP PERIOD
RESULTS ACHIEVEMENT THROUGH INTERNSHIP
4.1 The theoretical knowledge content has been consolidated
During my accounting internship at a construction company, the theoretical knowledge that I strengthened was related to salary accounting (hard salary, soft salary, allowances, bonuses ), accounting administration and basic laws such as labor law, personal income tax law and related laws to be able to master and ensure regimes and benefits for employees or salary deductions (health insurance, social insurance, unemployment insurance, etc ).
The next important knowledge is inventory management With a company related to supplies and construction materials, I have been carefully guided by you guys Specifically:
Methods of calculating inventory value: Method of calculating by specific price; Weighted average method; First-in, first-out (FIFO) method; Last-in, first-out (LIFO) method,
Net realizable value and provision for inventory devaluation
Understanding tax laws and regulations is crucial in ensuring compliance and optimizing tax efficiency This knowledge is gained not only through one's primary responsibility in salary accounting but also through collaboration with colleagues in the accounting department By supporting them, one reinforces their understanding of tax accounting, which is vital for proper tax management.
Principles of corporate income tax
Principles of personal income tax
Sales and use tax regulations
4.2 Practical skills have been learned
Analyze financial statements: Learn to analyze financial data from a variety of sources such as invoices, project budgets, and payroll records to identify risks and save costs.
Accumulate more knowledge about related regulations and standards, such as GAAP and specific accounting principles and skills for the construction industry, including: project cost accounting, job costing, budgeting, etc.
Proficient in accounting software: Have experience using Misa accounting software for tasks such as processing invoices, managing accounts payable and receivable as well as supporting payroll processing.
Time Management: Improve your time management skills by meeting deadlines on assigned tasks and prioritizing your workload effectively.
4.3 Practical experiences have been accumulated
I think the internship process at this company will be an important stepping stone before I officially work as an official accountant after graduation I have gained a lot of practical experience as an accounting intern, there are many things that I think I need to learn more because there are some theoretical cases that are different from reality Some practical experiences that I have accumulated include:
Be careful and accurate when calculating employee salaries
Gain knowledge of accounting challenges such as project cost management and progress billing.
Gain knowledge of the accounting processes involved in the various stages of the construction life cycle, from project initiation to project completion.
Learn about construction project budgeting and reasonable cost control methods
4.4 Specific contributions to the agency where the internship is located
Participate in financial reporting: Provide accurate salary and payroll data to the finance department.
Collaborate with HR and other departments: Collaborate with HR to ensure data accuracy when making payroll
Support to answer employee questions: Resolve employee salary-related questions, for example: explaining salary calculations, deductions or assisting in resolving any issues related to employee salaries.
After interning at the company, I studied and accumulated a lot of knowledge about accounting work I have been able to apply the knowledge I have gained at school over the past four years to assigned tasks at the company and it has helped me better understand theory throughout the learning process and practice when applying it apply in practice
Although the internship period was not too long, I received very enthusiastic help and guidance from the staff in the accounting department Although my main internship job is in payroll accounting, my internship instructor allowed me to learn and gain knowledge about many accounting positions in a company As a result, I can analyze the company's financial situation, understand the organizational structure and accounting techniques, and provide my own comments and observations.
Initially going into practice, learning about the field of accounting, my knowledge is still limited and still confusing Therefore, it is inevitable that there will be shortcomings in understanding and presentation errors So I hope to receive suggestions from teachers.
I would like to send my most sincere thanks to Mr Le Van Lien, who guided me a lot and enthusiastically supported me throughout the report writing process.
Finally, I would like to thank the entire Vinh Phuc Construction And Trade House., JSC for supporting and helping me complete this report.