Internship in accounting department article
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The following statement describes the actions carried out throughout a 6-week, A lot of the time internship at the American university or college of lebanon, Finance Division. The document contains information about the organization plus the responsibilities performed throughout the period between: the first of This summer until 31st of September, 2014.
The first section of the report offers an overview of the organization, and then identify the process that can be implemented by simply finance section according to the coverage which has been given the green light by the higher management represented by the university chief executive and the Vise president of finance and administration.
Finally the statement wraps plan a few closing remarks and conclusions in the experience. The American University or college of Lebanon is a not for profit institution for public profit founded in 2007 to realise a student-centered American-style education that embodies the philosophy, criteria, and teaching practices of the American advanced schooling model. AUL admits almost all qualified college students regardless of social, ethnic, or religious history. Students happen to be admitted depending on a record of past academic efficiency and prospect of success, including capacity to engage in self-directed learning and proven high amounts of critical pondering.
At AUL, young Lebnonis do more than co-exist ” they will learn enduring values of respect pertaining to the individual and a heart of free query, and they prosper in a traditions of achievement and accountability. Today nearly you, 100 learners from each of the parts of Lebnon study for AUL. The university at the moment offers 6 academic applications that lead to a bachelor’s degree, as well as a Masters of Organization Administration (MBA) and training classes from the Professional Expansion Institute. The MBA program allows students to modify their degree by offering 3 areas of specialization: Leadership, Task Management, and Finance. Undergrad degree courses include Organization Administration, Engineering, Mechanical Executive, Information Technology, Foreign Studies, and English-Journalism.
The Professional Development Institute in AUL supplies professionals, businesses, and businesses with access to professional education programs, including English vocabulary studies and project management. Rounding out the university experience is a powerful campus lifestyle, with several university athletics teams and more than a dozens of student-sponsored night clubs and other activities. AUL offers competitive gents and ladies basketball, football, ping pong, and soccer, and a dozen other student actions, including a great internationally competitive debate society, drama, business, hiking, photography, running, and radio golf clubs. Students have participated in conferences and competitions outside of Lebnon, including an international Unit United Nations convention, Hult Global Case Obstacle, and numerous Fulbright scholarships.
Further, AUL is home to the country’s first and later independent college student newspaper, the AUL Words, and homes student chapters of the U. S. -based Society of Professional Journalists and the Relationship for Computing Machinery. In the fall of 2011, AUL marked first its next academic year with a go on to its fresh 169-hectare (418-acre) campus. The university reasons include a great administrative building, gender-specific dormitories, and an academic building, which houses lecture entrée and classrooms, conference areas, and faculty offices. AUL also offers a cafeteria, two outdoor basketball tennis courts and a backyard soccer field. State-of-the-art research labs will probably be completed next year.
The main task to be carried out throughout the internship comprehended the whole types of procedures and process that performed by financing department and working strongly with the fund staff and understanding the most principles and rules. Financing department in AUL offers organization graph contains:
1 ) Director of Finance (report to the Vise President of Finance & Administration)
a. Financial Planning expert
b. Accounting police officer
i. Account payable
ii. Cashier (treasury)
i. Bank account receivable
Financial department in AUL is usually responsible with the following tasks:
1 ) Preparing the financial affirmation
2 . Preparing month-to-month accounting statement
3. Preparing regular monthly payroll record
5. Preparing twelve-monthly budget
5. Organizing departmental budget
6th. Making inter-fund transfer
7. Making intar-fund transfer
almost eight. Monthly payment
9. Handling bank account
10. Monthly adjustment
Getting and Payment:
Finance division making sure that no-financial transaction will be processed without right authorization and it is the responsibility coming from all staff to ensure that commitments entered into are legal, reasonable and supply value of money.
After understanding the all concepts and guidelines, starting to work with each staff separately, I have the chance to work together with the accounting officer that is responsible for consideration payable plus the cashier.
The accounting police officer is making sure to have file every purchase and have first acceptable document according to the insurance plan, also he is responsible to check all daily transaction and making the necessary entry and records. The accounting police officer is dependable to preparer the balance sheet, approving the paycheck, fund transfer following getting the authorization from financing director.
The staff that is in charge of managing the account payable is accountable to check the paperwork that can be approved by the accounting police officer then associated with payment through Bank Copy or Traditional bank Check or Cash and obtaining the necessary account and validations. Also the account payable staff is making sure to help make the payment by due date with no delay in order tohave the services continues without any interruption or perhaps penalty peaceful.
The Cashier is responsible for taking care of the cash (treasure) making repayment and receiving the due sequel (tuition) repayment for the shoppers. The Bursar is responsible for managing the tuition due repayment with obedience with enroll office, as well he is in charge of managing the account receivable. The account receivable is responsible for issuing the due invoice for absolutely free themes and transmits it to them simply by email, then simply making sure to chase these invoices till get paid by customers
Audit process: you will discover two taxation offices are responsible to keep an eye on the most financial method and transaction within the university or college a. Inner Audit workplace: is dependable to check every document and statement upon daily basis b. Exterior Audit office: an international taxation company is responsible for auditing the all document and affirmation on gross annual basis
It was a great opportunity to place in practice and develop further accounting and organizational skills refresh a lot of principles and concepts in finances required for the School of the Celebration. Last but not least, it had been a great opportunity for developing personal networking activities and producing contacts which may prove of value in the near future and work with fantastic team of very hard operating.
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