CHAPTER 2: CURRENT STATUS OF ORGANIZATION OF MATERIALS ACCOUNTING AT SON THUY PRODUCTION AND TRADING JOINT STOCK COMPANY
2.1. Introduction to Son Thuy Production and Trading Joint Stock Company
2.1.1. History of formation and development:
Son Thuy Production and Trading Joint Stock Company is a company located in Hai Phong city, specializing in the production and trading of rainwear and plastic products with prestigious brands, trusted and loved by local people.
Name: Son Thuy Production and Trading Joint Stock Company
Company office: No. 136/2 Quang Trung - Phan Boi Chau ward - Hong Bang district - Hai Phong city
Tel: 031 3839237 – 031 3571019
Production:
Website: www.sonthuy.com
In addition to trading in rainwear products under the Son Thuy brand, the company also processes and trades in garments; is an agent, consignee, entruster, and freight forwarder; does real estate business; transports and services for transporting goods and passengers by waterway and road; produces and trades in labor protection equipment, packaging, PP, PE, HD, PP, OPP plastic films, shoes, hats, school bags, stationery, office equipment; trades in groceries, sundries, wooden furniture, and imitation leather goods. However, revenue from rainwear accounts for the largest proportion and has built the company's brand over the past time.
From a small S establishment established in 1992, but since entering S, Son Thuy has focused on high quality products. Established in 2004, the Company now has modern machinery, equipment, and technological lines from Taiwan, China... With highly skilled workers, who have been with the company for nearly 20 years, along with a professional design system and strict quality management, currently in the S raincoat industry in Vietnam, SN TH Y raincoat is one of the famous brands trusted by consumers.
Continuously investing in factory expansion, technology innovation, training workers, searching for new high-quality raw materials, changing designs to suit the needs and tastes of consumers, up to now, the company has achieved many certificates of merit for its brand and good quality products: "Gold medal and certificate of high-quality Vietnamese goods meeting standards", commemorative medal of Vietnam Economic Times, "Golden Cup for famous brands in the coastal region of the Northern Delta" .... With stores and agents in the provinces and cities:
- Hai Phong: Wholesale stores on Quang Trung and Phan Boi Chau streets, supermarkets and retail stores throughout the city.
- Hai Duong: Minh Kiem Agency – 420 Le Thanh Nghi Tinh Lien Agency – 2135 Mac Thi Buoi
- Bac Giang: Tuyen Dan Agency - Kiosk K2-2 Internal Road, Thuong Market
- Hanoi: Huyen Son Agency - Kiosk No. 2 Dong Xuan Market Thang Hoan Store - 16 Hang Khoai
Lan Thanh Agent – counter 385 A1, Dong Xuan market …
2.1.2. Functions and tasks:
Although doing business in many different industries, Son Thuy Production and Trading Joint Stock Company has the main function of: manufacturing and trading raincoats and PP plastic products. With that function, the company sets out the following tasks to be performed:
- Business according to registered industry
- Comply with state policies and laws
- Responsible for production and business activities
- Reduce costs and improve quality of raincoat products
- Training and improving S staff's skills, taking care of employees' lives, ensuring employees' dedication to S, increasing labor productivity and product quality
- Fulfill commitments to customers and suppliers
- Fully perform tax payment obligations and other obligations to the State Budget.
2.1.3. Characteristics of production and business activities
Product Features:
Products of Son Thuy Production and Trading Joint Stock Company are raincoats, rain gear, car and motorbike covers. These products are made from plastics and nylon fabrics. The company does not directly produce these plastics but buys them from other companies, while the company imports nylon fabrics from Taiwan and China.
Consumer market:
The company's main consumer market is currently Hai Phong city, occupying nearly 80% of the market share for raincoats. Not stopping there, in the past 3 years, the company has boldly brought its products to penetrate the markets of provinces such as Hanoi, Hai Duong, Hung Yen, Bac Giang, Quang Tri... In the next 2 years, the company plans to penetrate the Southern market, a market with great potential for development.
2.1.4. Organizational model
The enterprise applies a line management structure, meaning the administrator is in charge.
Decisions and direct supervision with subordinates and vice versa, each subordinate only receives management and is responsible to one direct superior leader. With this organizational model, the company ensures a one-man boss regime, clear responsibilities, the leader must take full responsibility for the work results of his subordinates.
Diagram 2.1. Management organization of Son Thuy Production and Trading Joint Stock Company
BOARD OF DIRECTORS
BOARD OF DIRECTORS
Administrative Department
Production department
Room | Room | Room | Room | PX 1 | PX 2 | PX 3 | PX 4 | PX 5 | |
Plan | Plan | Terrible | Tell | KCS | |||||
Maths | Plan | Business | Guard | ||||||
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Functions and tasks of each department:
Board of Directors (BOD)
As the highest management body of the company, all production and business activities must be approved by the Board of Directors. The Board of Directors includes shareholders who have contributed capital to the business capital, headed by the Chairman of the Board of Directors.
Board of Directors
As the legal representative of the company, directly manages all production and business activities, and is responsible to the Board of Directors for the results of production and business activities. Under the director are deputy directors in charge of departments.
Accounting Department
As a unit under the company's management apparatus, advising the company's executive director in the field of financial management, helping the director develop a business plan. Organizing accounting and supervising the company's business activities in accordance with current accounting standards and laws to promptly, accurately and fully reflect the company's business activities and the company's assets.
Sales Department
The Sales Department is responsible for expanding the market and finding customers to consume raincoat products manufactured and sold by Company S. In addition, it is also responsible for purchasing materials for production.
KCS Department (Product Quality Control)
As an important unit of the company, the department has the following main tasks: performing inspection and supervision of stages of the technological process, supervising and checking product quality before leaving the factory.
Production workshops
The production workshops are the most important part of the company, where S produces raincoat products. The company's production workshops include: cutting workshop, rolling workshop, sewing workshop, gluing workshop, and packaging.
2.1.5. Raincoat production process:
To produce a raincoat usually goes through 4 main stages.
Cut fabric
-This is the first and most basic step. Raincoats, like other clothes, are also assembled from separate pieces of fabric that are cut and shaped according to the design.
Printing advertising logo
- Raincoat products brought to the market will usually have the logo of the manufacturing factory. The logo will be printed in an eye-catching position, contributing to promoting the brand to customers.
Raincoat
-Assembling a raincoat or raincoat set is really simple for professional tailors. They not only have to sew with one needle, roll sew, or sew with two needles, but also have to assemble the hood to fit the shirt, prepare a size tag to attach to the neck, and when sewing, they have to sew extra seams and straps on the hood to make the shirt look more sturdy.
Raincoats are soaked mainly due to seepage through the seams and seams, the rest is due to seepage through the fabric. Even a very small hole will seep into the clothes inside, so after sewing, it will leave tiny holes on the shirt, so before finishing the raincoat, it is necessary to seal plastic inside each seam to ensure that water does not seep inside. Waterproofing stickers show the technology and techniques applied when manufacturing raincoats. Waterproofing stickers must be applied precisely on the seams, pressed firmly with good materials, otherwise they will soon peel off.
Check, fold, pack raincoats
Each raincoat brought to market must undergo a strict quality control process for sewing and printing, then be neatly folded and put into a bag.
2.1.6. Accounting policies applied by the unit
- Applicable accounting regime : According to the Vietnamese Enterprise accounting regime issued in Circular 200 dated December 22, 2014 of the Minister of Finance and current regulations in Vietnam.
- Currency used in accounting : Vietnamese Dong (VND)
- Fiscal year: Starts from January 1 and ends on December 31 every year
- Annual accounting period : From January 1, 2011 to December 31, 2011
- Principles and methods of revenue recognition: Record sales revenue, service revenue, and financial revenue according to Vietnamese Accounting Standards.
- VAT calculation method: Deduction method
- Inventory accounting method:
+ Inventory recording principle: At original price
+ Method of calculating the value of exported goods: According to the first-in, first-out (FiFo) method.
+ Inventory accounting method: regular declaration method
through
straight
- Method of calculating depreciation of fixed assets : Depreciation by straight-line method
*Accounting books and accounting procedures:
- Accounting form: General Journal form. The recording sequence is as follows:
-Daily, based on the checked documents used as the basis for recording, first record the arising transactions in the General Journal, then based on the data recorded in the General Journal to record in the General Ledger according to the appropriate accounting accounts. If the unit opens detailed accounting books and cards, after recording in the General Journal, the accountant records in the relevant detailed books.
-At the end of the month, quarter, and year, add up the data in the General Ledger and create a Balance Sheet. After checking and comparing the data recorded in the General Ledger and the detailed summary table (created from detailed accounting books and cards), they are used to create the Financial Reports. In principle, the Total Debit and Total Credit on the Balance Sheet must be equal to the Total Debit and Total Credit on the General Journal of the same period.