WELCOME TO

PRESENTATION

A PRESENTATIONON

“How to Design of Daily Operation, Plan & Working Mechanism Assign

as a Sr. Executive, Finance Accounts – A Study on HNS Group”

PRESENTED BY:

Talukder Abdulla-Al-Mamun

WHAT IS CASH BOOK?

Cash book - a daily record of all cash, credit or cheque transactions received or paid out by a business.

Cash Book serves dual role of a ledger as well as journal.

Cash book is also a book of original entry. Cash Account is an Asset account or Real

Account Cash Book always shows a debit balance

TYPES OF CASH BOOK

1. Single Column Cash Book

2. Double Column Cash Book

3. Triple Column Cash Book

4. Petty Cash Book1. Simple Petty Cash Book 2. Analytical Petty Cash Book

SAMPLE OF CASH BOOK IN EXCEL SHEET

SAMPLE OF PETTY CASH BOOK IN EXCEL SHEET

BANK RECONCILIATION

Bank reconciliation - a cross-check that ensures the amounts recorded in the cashbook match the relevant bank statements.

Bank reconciliation performed by following ways:

Step 1. Adjusting the Balance per Bank

Step 2. Adjusting the Balance per Books

Step 3. Comparing the Adjusted Balances - After adjusting the balance per bank (Step 1) and after adjusting the balance per books (Step 2), the two adjusted amounts should be equal.

Step 4. Preparing Journal Entries – Journal entries must be prepared for the adjustments to the balance per books (Step 2). Adjustments to increase or decrease the cash balance.

SAMPLE OF RECONCILIATION STATEMENT

WHAT IS A/C PAYABLE & A/C RECEIVABLE

Accounts payable - a record of all short-term invoices, bills and other liabilities yet to be paid. Accounts payable will decrease a company's

cash. Examples: Purchasing goods on credit

Accounts receivable - a record of all short-term expected payments, from customers that have already received the goods/services but are yet to pay. Accounts receivable will increase a company's

cash. Examples: Selling goods on credit.

COMPONENTS OF THE ACCOUNTING SYSTEM

Chart of Accounts General Ledger Checkbook Accounting Procedures Manual

THE FOLLOWING STEP NEED TO BE FULFILL BEFORE APPROVING ANY INVOICE FOR PAYMENT

Invoice should be match with Purchase Order (PO). Invoice should has all the supporting documents such as

PO copy, Delivery Challan (duly signed), Invoice Date, Quantity, Price, Tolerance, Insurance, Goods Receipt Note, Vendors name & address.

Check with the primary approval from respective purchase department/stores/accounts department to be sure the work was completed satisfactorily. 

Once we satisfy with the documents the bill to be accounted and post it for payments as. Per the terms of payment.

DISCOVER DISCREPANCY & RESOLVE IT

Yes , But discrepancies in invoices could be many such as: 

1. Quantity or Unit price mismatch with PO.2. Incorrect amount, incorrect date, duplicate bills, duplicate challan, not authorized signature, not approved, not billed to company and so on.3. No proper supporting documents.

First inform to the concern billing department in writing about the discrepancy and this should be done without delay !!

To correct an error than an actual purchase order listing the correct items, quantities and prices. Send the vendor a copy of your PO and a copy of the invoice, noting the discrepancies and requesting correction.

Do not pay the invoice until vendor takes

corrective actions.

WAY OF RESOLVE DISCREPANCIES

ABOUT TAXATION & VALUE ADDED TAX (VAT)

Taxation: One of the major sources of public revenue to meet a country’s revenue  and development expenditures with a view to accomplishing some economic and social objectives, such as redistribution of income, price stabilization and discouraging harmful consumption

Value-Added Tax - VAT: A value-added tax (VAT) is a type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale.

PERSONAL TAX RATE STRUCTUREFor individuals: On first upto Tk. 2,50,000/- Nil On next upto Tk. 4,00,000/- 10% On next upto Tk. 5,00,000/- 15% On next upto Tk. 6,00,000/- 20% On next upto Tk. 30,00,000/- 25% On balance amount 30% For female taxpayers, senior taxpayers of age 65 years and above, On first upto Tk. 3,00,000/- Nil On next upto Tk. 4,00,000/- 10% On next upto Tk. 5,00,000/- 15% On next upto Tk. 6,00,000/- 20% On next upto Tk. 30,00,000/- 25% On balance amount 30%

PERSONAL TAX RATE STRUCTURE For retarded taxpayers, tax free income

threshold limit is TK.3,75,000/-. For gazetted war-wounded freedom fighters,

tax free income threshold limit is Tk. 4,25,000/- .

Minimum tax for any individual assessee living in Dhaka and Chittagong City Corporation area is Tk. 5,000/-.

Minimum tax for any individual assessee living in other City Corporations area is Tk. 4,000/-.

Minimum tax for any individual assessee living in any other areas is Tk. 3,000/-.

Non-resident Individual 30% (other than non-resident Bangladeshi)

INTERNAL AUDIT

Internal audit is a function that, although operating independently from other departments and reports directly to the audit committee, resides within an organization (i.e. they are company employees). It is responsible for performing audits (both financial and non-financial) within a wide range of areas within a business, as directed by the annual audit plan. Internal audit look at key risks facing the business and what is being done to manage those risks effectively, to help the organization achieve its objectives.

MERITS DEMERITS OF INTERNAL AUDIT

Merits of Internal Audit: Lead to discovery of errors. Helping protect assets and reduce the possibility of fraud. Improving efficiency in operations. Increasing financial reliability and integrity. Ensuring compliance with laws and statutory regulations. Constant procedure where records are checked regularly.

Demerits of Internal Audit: Cannot eliminate or catch all the frauds. Reports are not accepted by shareholders and therefore it

is for only management use. Fail to disclose the correct information of what's

happening. Fail to independent decision for corrective action.

EXTERNAL AUDIT

External audit is an independent body which resides outside of the organization which it is auditing. They are focused on the financial accounts or risks associated with finance and are appointed by the company shareholders. The main responsibility of external audit is to perform the annual statutory audit of the financial accounts, providing an opinion on whether they are a true and fair reflection of the company’s financial position.

MERITS & DEMERITS OF EXTERNAL AUDIT

Merits of External Audit Identifies Weaknesses in Internal Control Lends Credibility to Financial Statements Audit efficiency and effectiveness Unbiased, Expert Recommendations

Demerits of External Audit Increased costs Increased risk of audit failures Reluctance to invest putting them at a weakness when navigate the

surroundings

IMPORTANCE OF PRODUCT KNOWLEDGE & HOW IT ACHIEVE

An account team from the vendor company is often assigned to the purchasing company. The account team is responsible for knowing the vendor’s products and the customer’s needs then matching the customer’s needs to the vendor’s products.

Way of achieving the product knowledge: Consistent Training Allow Hands-On Experience Put Learning into Practice with Role Play Provide Incentives and Reward Progress Take Training Out of the Office

WHY YOU WILL SELECT ME AS A SR. EXECUTIVE ACCOUNTS/AUDIT

That's a great question. It's really the reason we're here today. Because I'm honest and hard-working & I've got a great track record in this field“.

You're going to be looking at each interview, I imagine, as a way to determine which candidate 'gets' your situation the best. You're going to be looking for fit, an intangible thing. I'm doing the same thing, of course. I'm looking at the same fit from my perspective.

CASH FLOW STATEMENT & HOW TO WORK

A Cash Flow Statement, also known as statement of cash flows, is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and

Breaks the analysis down to – Operating Activities, Investing Activities and Financing Activities.

INCOME STATEMENT & BALANCE SHEET

An income statement (also referred to as a profit and loss statement (P&L), statement of financial performance) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period.

Balance sheet - a snapshot of a business as of a particular date. It lists all of a business' assets and liabilities and works out the net assets.

ANY QUESTION?

THANKS TO ALL