Internship Report 1
Internship Report 1
Internship Report 1
This internship report reflects my experiences and contribution in the bookkeeping department at
Sheikh & Choudhury Chartered Accountants. It highlights the knowledge, skills and professional
growth I have achieved during my tenure at the firm.
Introduction
I have experience in Accounts Receivable section of City News Network, with responsibilities
including posting entries related to accounts receivable. All transactions undergo monthly review
before final postings to the financial statement. The job involves utilizing software to handle the
company's receivables. The individual emphasizes the importance of training at the firm, stating
that it enhances skills, boosts productivity, and keeps employees updated on industry trends. I
receive training as a strategic investment contributing to employee satisfaction, retention, and
overall organizational success. A key duty involves monthly account closure.
Professionalism
As an intern with City News Network, I am dedicated to upholding utmost professionalism,
prioritizing accuracy and precision in every assignment, and actively fostering a positive and
cooperative workplace atmosphere.
Effective Communication
• Make sure to tell people what the company wants to say and achieve.
• Pay close attention to what customers are saying and understand their needs and worries.
Professional Behavior
Tell people useful things about what the company sells or does.
Give helpful advice based on what the company is good at.
Building Relationships
• Tell the company about your talks with clients and how things are going.
• Give regular updates on projects or tasks.
Adaptability
• Be ready to change and adjust to how the client works and what they expect.
• Talk to clients the way they like to be talked to.
Company Overview
City News Network is the biggest local TV network in Pakistan. It has many channels like 24
News HD, City42, City41, Rohi TV, and UK44. A city news network is a media company that
talks about what's happening in a city or region. It tells people about local news, events, and
other things. They share information through TV, radio, and online. The network talks about
politics, community stuff, business, entertainment, and more. The goal is to keep local people
updated about what's going on in their area.
Functions associated with receivables companies:
1. Invoicing
I also play a key role in reconciling received payments with outstanding invoices. This
reconciliation process ensures that the recorded payments match the corresponding invoices,
minimizing the risk of errors and discrepancies in the accounts receivable ledger. Timely and
accurate recording of payments not only contributes to the organization's financial accuracy but
also facilitates a transparent and efficient financial reporting system.
4. Analysis
I analyze aging reports to assess the status of outstanding payments and prioritize collection
efforts. By categorizing receivables based on their age, I can develop targeted strategies for
following up with clients and optimizing cash flow. This analytical mindset is also applied when
assessing credit risk, helping to make informed decisions regarding credit limits and terms for
clients.
5. Follow-up on overdue accounts
• Contacting customers with overdue payments to remind them of their outstanding bal-
ances.
• Sending statement and notice for prompt payment.
6. Cash Application
• Applying payments received to specific customer accounts in the accounting system.
• Ensuring accurate and timely allocation of payments to corresponding invoices.
7. Customer Communication
• Conducting inquiries from customers regarding their accounts.
• Providing necessary documents and resolving any disputes that may arise.
8. Bad Debt Management
• Identifying and addressing accounts that are unlikely to be collected (bad debts).
• Making necessary adjustments to the financial statements to reflect potential losses.
9. Reporting
• Generating reports on accounts receivable metrics and performance.
• Providing insights into the company's cash flow and financial health.
Software
We are using two software in our company to record all our transactions in the software.
• Soft Dev
• Oracle
Soft Dev
Soft Dev is a tool we use for keeping track of our money and recording regular transactions. To
put in the day-to-day information, we start by making a report of what agencies have paid. In this
report, we check the invoices that have been paid. Once we find the right invoice, we match it up
with the payment.
Types of Transactions
We write down two kinds of transactions: those involving the bank and those involving cash.
When we deal with the bank, we pick 'Bank' as the type, and for cash transactions, we choose
'Temp' as the type.
Generating reports
We make reports to keep track of how much money our clients and agencies owe us and how
much they've paid. At the end of each month, we check our bank records to make sure
everything matches up, and then we finish the month's work.
We give clients two months to pay their bills. If a client or agency licensed by APNS doesn't
pay within this time, we complain to APNS about them. If the client or agency isn't licensed by
APNS, we go to the police station and file a FIR against them.
Oracle
Many companies around the world use Oracle to make their work smoother, handle data better,
and make smart decisions using real-time information. Oracle is a big player in the tech industry,
offering services like infrastructure, platform, and software.
After putting in information on Soft Dev, our next step is Oracle. We add the same information
on Oracle, just like we did on Soft Dev. Like Soft Dev, Oracle also has different sections for all
channels. It's organized by departments, such as receivables and payables. In the receivables
department, my job is to put in entries.
Process of Recording Receivable Transaction
To put information into Oracle, we start by going to the account receivable section. Once there,
the first thing we do is adjust the withholding tax taken from the invoice. We make this
adjustment on the same date we want to put in our information. This adjustment is only for
entries involving banks.
Next, we move to the receipts tab and choose the bank where we got the payment. Then, we type
in the amount and the name of the agency that paid us, and we mark off the invoice as
completed.
After that, we send that information on the same date it happened. Then, we go to the cash super
section to make sure everything is clear. We pick the same bank where the transaction is
recorded and choose the specific entry we want to clear. This clearing of the transaction also
happens on the same date.
For an Est invoice, we put our information in a pretend bank (cash in hand). The process is the
same, but in this case, we can't do a remittance because that's only done when we get paid by
cheque. If the amount is received in the bank against the Est invoice, then we do a bank transfer
in which we transfer the amount from our bank to the dummy bank (barter bank). After that, we
clear the transaction from both the bank and the dummy bank. After the transfer, we post our
entry like we post our entries in cash.
Cheque Making:
I have recently updated how we make cheques in the finance department, making the process
smoother and more accurate. This change helps ensure we pay vendors and others on time,
making our financial operations run better.
Tax working on bank payments:
I have improved how we calculate taxes for bank payments in the finance department, making
sure everything is correct and following the rules. This update helps us avoid mistakes and
makes our tax-related work easier to understand.
Bank Accounts combine recovery sheet:
I have update all bank accounts balance of receivable and payments of yesterday with in a single
sheet. That sheet show’s combine yesterday summary of income and payments balances.
Benefits of internship
Internships are like a trial to discover what you're good at and what you like. Doing an internship
helps you get experience and become more attractive in the job you want. This experience goes
on your resume to show you've worked professionally. Nowadays, bosses like it when you've
done a few internships, even if you didn't get paid. So, students think it's a good idea to do both
paid and unpaid internships.
An internship is like a sneak peek into the real world of work for students. It shows them
how a job works and teaches them about things like how people work together, what the
office is like, and how to be a leader. This experience makes it easier for them when they
start their first real job.
Internships are good for making connections at work. You meet people who can help you choose
the right career. They might even recommend you for a job. That's how you can get a job by
making friends during your internship.
• Challenges and solutions
During my internship, I faced challenges like learning new technology and having to finish tasks
quickly. But by talking a lot with my team and getting help from mentors, I could solve
problems. I tried to learn from everything, and that made tough situations a chance to get better
at my job. This made my internship more interesting and helped me develop new skills.
Learning from Internship
During my internship, I can learn real-life skills for my job, get better at solving problems,
improve how I talk to people at work, and make connections in the industry. I'll also get hands-
on experience using tools and techniques, understand how the company works, and see how what
I learn in school is used in the real world.
Conclusion
Being an intern can be hard because you have a short time to impress your bosses. Whether
you're getting paid or not, internships come with challenges. It's crucial to connect with
experienced employees who can guide you, assist in future job searches, and improve your
decision-making skills. Working independently is important, so always give your best effort,
even for small tasks, to build a strong work ethic. Take criticism in a positive way as it helps you
get better at your job. This experience will boost your confidence and make you more
experienced when you start interviewing for jobs.