Chief Accountant
Accountant
purchase
Accountant
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Accounting for Revenue, Expenses and Business Results from a Management Accounting Perspective
sell
Accounts receivable
Accountant
Warehouse
Treasurer
Diagram 2.2: Organization of the Company's accounting department
Source: Accounting Department Chief Accountant : Collecting, processing information, accounting data, monitoring the subjects and contents of accounting work according to current accounting standards. Checking and supervising financial revenues and expenditures. Keeping confidential KTTC data as internal secrets of the Company. Based on the data, statistical accountants analyze the business situation and financial situation of the Company, thereby drawing conclusions about salaries, bonuses, policies and regimes for employees. Responsible before the State law for the completeness, accuracy and honesty of accounting data arising in the accounting reports of their units. Summarizing books, preparing reports, preparing accounting balance sheets to present to the company director and relevant agencies. Assigning work tasks and directing all accounting staff. At the same time, recruit, reward and discipline accounting staff in the company. Require departments in the company to provide necessary documents to serve accounting work.
accounting at the company
Purchase accounting : Prepare initial documents for purchased goods, enter detailed purchase ledger and summarize purchased goods by type.
Sales accounting : Prepare sales invoices and other documents for sales, enter into detailed goods book and general goods book.
Payment and debt accounting : Responsible for writing receipts, payment vouchers, entering payment details with buyers and sellers, tracking receivables and payables, and dealing with banks.
Warehouse Accountant : Check the quantity of goods purchased and sold. Be the most flexible person, promptly monitor goods in the warehouse. Goods in stock, out of stock goods and monitor the warranty period of remaining products.
Treasurer : Control all cash receipts and disbursements within the Company, manage cash receipts and disbursements at the fund, ensure safety, prevent monetary loss, and prepare fund reports.
2.1.5.2. General accounting regime applied at the company
- Applicable accounting regime: Tan Hoang Mai Joint Stock Company applies the Enterprise Accounting Regime issued under Circular No. 200/2014/TT-BTC dated December 22, 2014 of the Ministry of Finance.
- The currency used in accounting records is Vietnamese Dong. Principles and methods of converting other currencies follow the actual exchange rate of the State Bank of Vietnam at the time of announcement.
- Accounting year: from January 1 to December 31
- Method of calculating and paying VAT: according to tax deduction method
- Fixed asset depreciation method: Average annual depreciation is equal to the ratio between the original price of the fixed asset and the time of use of the fixed asset (straight-line depreciation method).
- Inventory accounting:
+ Inventory accounting method: perpetual inventory
+ Detailed accounting method: Parallel card recording method
+ Material valuation method: evaluate imported materials at original price, evaluate exported materials by average method of entire inventory.
2.1.6. Form of accounting records
To suit the business characteristics of the company, the company is currently applying the General Journal form to record arising economic transactions.
In addition, to support the accounting work at the unit, the Company has used Fast accounting software. Thanks to that, the preparation of documents, accounting records, tracking of operations, accounts, and preparation of financial reports becomes much simpler.
Every day, the accountant in charge of the operations enters data into the accounting software based on valid accounting documents. At the end of the period, compares and checks the operations and prints the accounting books.
ACCOUNTING SOFTWARE
Accounting documents
Summary table of accounting documents of the same type
- Financial report
- Management accounting report
Computer
Accounting books
General ledger Detailed ledger
Diagram 2.3: Accounting entry sequence in computerized accounting form
Source: Accounting Department
- Every day, original documents are transferred to the relevant accounting departments. Accountants check the correctness and suitability of accounting documents and classify accounting documents for accounting. After being checked and classified, data will be entered into the accounting software on the data entry screens into the accounting forms corresponding to that type of document.
- After entering data, accounting vouchers will be printed out for relevant departments to sign and approve and attached with original documents.
- Accounting vouchers will be automatically transferred by the accounting software to detailed accounting books and corresponding account ledgers. From these books, accountants use the necessary information to serve their work, creating reports according to management requirements.
- At the end of the month, the accountant performs the month-end transfer operation, the computer will automatically transfer the transactions corresponding to each accounting section.
- At the end of each month, the accountant prints detailed accounting books, ledgers of accounts, reports related to his/her work and stores documents and books during the month according to regulations.
2.2. Current status of revenue and cost accounting and determination of business results at Tan Hoang Mai Joint Stock Company
2.2.1. Accounting for revenue, expenses and determining business results at the Company from a financial accounting perspective
2.2.1.1. Revenue accounting
Revenue Classification
At Tan Hoang Mai Joint Stock Company, revenue and income are determined according to the provisions of Standard No. 14 "Revenue and income" issued with Decision No. 149/QD - BTC dated December 31, 2001, Circular No. 200/2014 dated December 22, 2014 of the Minister of Finance. Revenue arising at the company includes: Revenue from sales activities and revenue from financial activities, other activities.
Sales revenue: The total of all revenues arising from the company's sales transactions. Sales revenue is the main revenue of the Company, the main source of revenue to offset costs and maintain the Company's business operations. This is the amount of money collected or to be collected from the provision of the Company's construction products and goods. Sales revenue will be divided into three types:
- Revenue from selling construction steel, including types such as: D8 HP barbed steel coil, 6.8HP steel coil, D18HP, D12HP, D10HP steel bars...
- Revenue from selling construction cement, including types: Vissai cement, Trung Son cement, Sai Son cement, Bim Son cement...
- Revenue from sales of other goods: Sanitary equipment such as bathtubs, showers, mirrors, etc., ceramic tiles such as marble tiles, wall tiles, baseboard tiles, etc.
Through a survey at Tan Hoang Mai Joint Stock Company, the classification of new revenue is only to serve the requirements of KTTC, the Company has not implemented it.
Revenue classification serves the requirements of international accounting. The company mainly classifies revenue according to business performance.
Financial revenue mainly comes from interest on payment deposits, savings deposits, and exchange rate differences of the Company.
Other operating revenue is mainly revenue from liquidation of the company's fixed assets and collection of fines for breach of contract.
Revenue Accounting
Sales revenue accounting
- Documents used : To reflect sales revenue, the system of documents used at Tan Hoang Mai Joint Stock Company includes: VAT invoices, Sales contracts and contract liquidation, goods delivery and receipt minutes, receipts, collection orders, credit notes, bank statements... Including:
VAT invoice (Form No. 01 GTKT-3LL): Made in 3 copies.
+ Copy 1: Saved in the invoice book
+ Copy 2: Deliver to customer
+ 3rd copy: Used for payment
Warehouse delivery note (Form No. 02-VT): Made in 3 copies.
+ Copy 1: Save in the ballot department
+ Copy 2: Give to the warehouse keeper
+ Copy 3: Deliver to customer
Receipt (Form No. 01-TT): Made in 3 copies by the warehouse sales accounting department upon receiving payment from the customer. 1 copy is kept in the company's receipt book, 1 copy is given to the customer, 1 copy is given to the cashier to record in the cash book. The receipt is filled with all the contents and information, then transferred to the accounting department for the chief accountant to check and the director to sign and approve.
- Service contract
- Invoice list
- Minutes of acceptance of provided services
- Payment documents (receipts, transfer checks, payment checks, collection orders, bank credit notes, bank statements, etc.)
Depending on the type of company activities, the documents used and the basis for recording are different. The procedures for documents for basic activities are as follows:
* For sales activities: The company has 2 forms: wholesale and retail.
- Wholesale form: sales transactions usually take place through exchanges and agreements between customers and the sales department, usually with large volumes of goods. Upon receiving the customer's Order Form, the sales department staff will create a VAT invoice and then transfer it to the warehouse keeper at the warehouse to carry out the goods export procedures, and at the same time transfer it to the accounting department to enter into the accounting books. After receiving the VAT invoice and the Warehouse Delivery Note, the accountant will prepare a List of Export Invoices. Based on the above documents and payment documents, the accountant will record it into the appropriate account.
- Retail form: The accounting department sells goods at the warehouse directly to customers, creates VAT invoices, and transfers them to the warehouse to carry out warehouse delivery procedures. Every day, the sales department periodically collects invoices issued during the day and creates an invoice delivery list. Then, the documents including VAT invoices, warehouse delivery notes and invoice delivery list are transferred to the accounting department to record revenue.
- Accounting sequence:
Buyer makes purchase offer
Sales invoice accounting
Head, accountant approved
Accounts receivable accountant creates receipt
Accounting, record keeping, storage
Warehouse keeper
Cashier collects money
Diagram 2.4: Sales rotation process
Source: Accounting Department
Tan Hoang Mai Joint Stock Company uses Fast accounting software to perform accounting. The program has superior features to support accounting work. From the data initially entered by the accountant, the program automatically updates the detailed books, the general ledger of the corresponding accounts, and is capable of synthesizing the final report according to the regulations of the Ministry of Finance and some other reports. For service provision activities at the time of initial contract signing, customers usually deposit a part of the contract value, at that time, the accountant only records the amount the customer advances. Revenue is recorded at the time the service is completed, there is a record of acceptance of the completed service use.
Every day, depending on each specific type of transaction, based on actual documents, the accountant enters data into the software, then the data is automatically updated into the detailed books of account 511, account 3331, 131.., general ledger account 511. Finally, the system extracts the summary book of account 511, the balance sheet of account 511, and the revenue is transferred to account 911.
- In case the customer pays immediately , based on the Receipt, or Bank Credit Note, or Bank Deposit Note, the accountant enters it into the program, records the increase in revenue and increases the corresponding cash or cash equivalent account.
- In case the customer pays later , based on the invoice and contract, the accountant will record the increase in revenue and record the receivable. Upon receiving the payment document, the accountant will proceed to settle the receivable.
Revenue from commercial operations is reflected as follows:
- Accountants debit cash account, bank deposit, customer receivables and credit sales revenue and service provision account.
- For service provision activities, at the time the customer signs the contract and deposits a part of the contract value, the accountant initially records it in the accounting books. Debit the cash account, bank deposit and credit the customer receivable account.
- Upon completion of service provision, the customer signs the Service Acceptance Report. Based on the set of documents, the accountant debits the cash account, bank deposits, and customer receivables and credits the sales revenue and service provision account.
- When a customer returns goods due to reasons such as: Violation of commitment, violation of contract, poor quality goods, incorrect type, specification, design, etc., the accountant will reduce revenue by debiting the returned goods account and crediting the cash and bank deposit accounts.
- Account used : To monitor and record sales revenue, the company opens account 511 "Sales revenue". The company opens detailed accounts at different levels for this account in accordance with regulations. The company mainly opens detailed DT accounts for each product such as:
Account 5111 - Revenue from iron and steel goods.
TK5112 - Cement goods turnover,
Account 5113 - Revenue from providing other goods
Details are provided by each commodity and by commodity code. Specifically as follows:
Revenue from iron and steel goods The Company opens accounts:
TK 5111-D6 (steel coil diameter 6.8HP),
TK 5111-D8 (HP barbed D8 steel coil), TK 5111-D10 (HP bar steel D10)...
Cement goods revenue has the following accounts:
TK 5112-VS (Vissai cement), TK 5112-TS (Trung Son cement), TK
5112-SS (Sai Son cement)...
Revenue from other goods includes accounts such as:
TK 5113-BT (bathtub),
TK 5113-GH (marble tiles),
TK 5113-GC (baseboard)...