2.1 Overview of Thien Ung Service Training Company Limited
2.1.3 The features of accounting system of Thien Ung Service Training Company Limited
The company is a unit of an independent accounting firm, therefore the Company's accounting system is relatively complete and suitable for the organizational structure of the consultant business. Accounting system of the Company is expressed through the following chart:
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Chart 2.2: The chart of accounting system
Chief accountants: Have responsibility for directing and guiding the work of accounting, accounting information of the company and the work of finance.
General accountant is responsible for analyzing and preparing financial documents and reports, such as tax returns, income statements and balance sheets. Accountants keep track of the money coming in and the money going out. General accountants ensure that the financial statements up-to-date. It is the responsibility of a general accountant to stay current on tax regulations and make sure that taxes are paid correctly and on time.
Accountants of payment is a person who is responsibility for checking and monitoring all the payment of the company, which help the board of director can control the financial situation of the company. For example, they can collect the tuition of the students who are training at the company.
Chief Accountant
General Accountant
Payment Accountant
Tax
Accountant Payroll
accountant Treasurer
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Tax Accountant is responsible for assisting clients and companies with their financial and income tax statements. Their work includes preparing payments, identifying tax savings, and analyzing tax issues.
Payroll accountant is a person who make salary statements of employees and issues paychecks to employees. They are responsible for maintaining payroll related accounts.
They are responsible for the reconciliation of accounts and accuracy of accounts.
Treasurers: have responsibility to manage income cash funds, export cash funds in the company.
2.1.3.2 Accounting form, applied accounting policy and reporting system at the company
The accounting form
Accounting form is the accounting book system used to record, systematize and synthesize data from original documents according to a certain order and method of recording.
Recently, Thien Ung Training Service Accounting Company Limited is using General Journal. General Journal is a type of accounting form which is simple and easy to record.
All economic events are recorded in a chronological order. Moreover, the records make it possible to trace the debits and credits of accounts when errors are committed. Accountants will record into a ledger after entering items into the general journal.
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Diagram 2.1: Diagram of general journal form
Record daily
Record at the end of the month or periodically Reconciliation and Examination
Accounting policy
- The company’s fiscal year starts on 1 January and ends on 31 December. The accounting period is calculated by month.
- The currency unit used in accounting records and financial statements is Vietnam Dong.
- VND / USD exchange rate at the average real interbank exchange rate at the time it occurs.
GENERAL JOURNAL Special
journal
Detailed books General detailed reports General ledger
Trial Balance
Financial statements Original Vouchers
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- The accounting regime issued by Circular No. 133/2016/TT-BTC dated 26/08/2016 of the Ministry of Finance. However, basing on the scale of the enterprises according decree No.39/2018/NĐ-CP or the requirements of the enterprise, Thien Ung Training Service Accounting Company will choose the regime No.200/2014/TT-BTC, No.133/2016/TT- BTC or No.132/2018/TT-BTC.
- Method of accounting VAT: the deduction method.
- Depreciation method: The straight-line depreciation method.
- Inventory accounting method: The periodical declaration method
The reporting system
Thien Ung Service Training Company Limited is a small enterprise, so the company has used 3 types of financial statement:
- Balance sheet - Income statement
- Notes to financial statements
With the accounting year based on the calendar year (from 1st January to 31st December), the deadline submission of annual financial statements is within 90 days from the end of annual accounting period. Recipients of financial statements are Tax agencies, Statistics agencies, Business registration agencies.
The preparation and presentation of financial statements must comply with the provisions of Accounting Standards, "Presentation of financial statements" and other accounting standards related. The important information must be explained to help users understand the true financial situation of enterprises. Financial statements must be signed and stamped by the accounting unit, the chief accountant and the legal representative of the accounting unit
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2.1.3.3 The feature in condition of using accounting software
Accounting software are designed for accounting professionals to manage accounts and simplify financial operations in organizations. Accounting software can range from single- entry programs used for storing individual record-keeping, to more advanced accounting systems which can used to manage accounts such as payable, accounts receivable, ledgers, invoices, salaries, and assets. Therefore, accounting software is an importance part for the business because of many benefits such as ensuring financial control, saving costs, increasing data accuracy, improving decision making and improving financial data security.
Currently, Thien Ung Service Training company uses Misa accounting software. Misa accounting software is suitable for all enterprises, from small and medium sized businesses.
The software can also be installed on multiple computers at the same time. Misa accounting software is one of the pioneering applications which helps to manage stock, cash, bank, sales, invoice management, taxes, inventory, fixed assets, instruments & tools, payroll, production cost, contracts, ... As the result, employees and managers save more than 50%
of the time, increase job performance.
In general, a good accounting software helps company make their financial report as good as possible. The current accounting software of Thien Ung Service Training company is operating quite efficiently, it helps company save their cost and maximum performance.