May

For today, I continued to record the expenses for Sin San Min Market. Today I was told that for expenses, we only take from invoices, cash sales and cash bills. Delivery order or statement cannot be used because it might be questioned by LHDN. It is also the day that I finally finalized all expenses that I have typed. I ensured that everything has been recorded, and I also sorted out the expenses according to its type so that the next person can finally do and finalized the account for Sin San Mini Market.

Main things that I have learned:

• Today I learned that for expenses, we only take from invoices, cash sales and cash bills, and delivery order or statement cannot be used.

Today I started to record the expenses for Kedai Kopi Piang Siang as I have been focusing on to finish key in the expenses for Sin San Min Market. I did single entry to key in the expenses because this client did not provide any ledger. I keyed in the expenses that have full 12 months of documents first. The first one is purchases made in Dong Sin Food Sdn Bhd. I made tables to separate each transaction according to its months so it will be easier to see the purchases. Then, I keyed in all expenses by looking at the documents to see the date, document’s type and document’s number, as well as the amount. Next, I moved to key in purchases made in QQ Seafood Trading. I did the same step like Dong Sin Food Sdn Bhd. Invoices received for QQ Seafood Trading are only for 4 months, January until April because QQ Seafood Trading has ceased its operation. Therefore, I just keyed in the expenses for 4 months only.

Main things that I have learned:

• Today I learned how to key in the expenses in table type because previously I only keyed in it normally.

Today I continued to record expenses for Syarikat Kuen Fatt and Syarikat Kreah (gas and kerosene). I also did the same steps as Dong Sin Food Sdn Bhd where I made tables to separate each transaction according to its months so it will be easier to see the purchases. I keyed in the expenses one by one for each month from January until December. I looked at the documents carefully to ensure that I key in everything correctly. Next, I also keyed in cash purchases. There are two types of cash purchases that I had to key in which are cash purchases that have details (A) such as suppliers’ name and description, and also cash purchases that do not have details (B). It means that the documents did not have suppliers’ name and description of the goods. It only has date and amount of the goods purchased. 

For the cash purchases (A), I keyed in one supplier first where I typed the reference number of the documents, the date, documents’ number, description and amount from January until December. After that, I moved to next suppliers and did the same steps. I did the same steps for all suppliers. While for cash purchases (B), I keyed in it as Dong Sin Food SdnBhd where I made tables for 12 months, January until December. Then, I just typed the date, documents’ types, and the amount for all documents.

Main things that I have learned:

• Today I learned that it is better to separate the cash purchases with details and no details so it will be easier for my reviewer to see it.

For these two days, I make sure that I finished key in all expenses because I also need to finalize the account. Before this I was given the task to schedule only, but for this account I need to finalize it. Finalize the account means that I have to prepare the reports such as income statement, balance sheet, statement of changes in proprietor’s equity, income tax computation and notes to the financial statements. I was being taught on how to do the account because it was my first time to do it. The first thing that I did was preparing working trial balance (WTB). I referred previous year’s audit file to see the adjusted balance amount and put it on current year’s closing balance column. 

This is because the client did not provide any ledger, so I just look at the previous year’s amount. However, this is only for the balance sheet items in and it is not applicable to income statement items in WTB. If the clients provide ledgers, we just take the amount from ledgers for WTB. Next, I did the same step for income statement, balance sheet, other payables and accruals, and other receivables, deposits and prepayment. After that, I keyed in property, plant and equipment’s (PPE) summary where I brought the closing balance (31st December) to the opening balance (1st January). 

Main things that I have learned:

• Today I learned how to do WTB and learned that only balance sheet items that need to use previous year’s adjusted balance.

Today I prepared the schedule for salary, EPF, Socso, and employment insurance system (EIS). For salary schedule, I listed down all employees’ name, their identification number and their salary for each month from January until December. For EPS, Socso and EIS, I referred previous year’s tax file to see the amount. I also listed down the amount separately for employer and employees. I also had to refer the schedule for Socso and EIS to get the distribution amount for employer and employees. Then, I wrote the distribution for employer and employee on the statement of Socso and EIS for each employee, so it will be easier for me to key in it in the Excel. After that, I ensured that the total amount is tally with Form E. Next, I got a task to do callover. I did three callovers today which are for Chung Nyuk Loong, Lee Kim Peng, and Yong Plantation. 

Main things that I have learned:

• Today I learned how to prepare schedules for salary, EPF, Socso, and EIS and make sure that the amounts are tally with the amount in Form E.

Today I continued to do summary of sales for Kedai Kopi Piang Siang. The client has given a written copy of their estimated sales for each month, January until December. Therefore, I had to do a schedule for summary of sales based on the amount that has been given by the client so I can put the summary in audit file. This client did not prepare any ledger, so that is why they only write down their estimated sales for each month. Next, I did the schedule for other receivables, deposits & prepayment. This is where I list down the deposit made by my client which is rental deposit, and also prepayment expense which is license fee for year 2023. After that I also did other payables & accruals schedule. This client just had accruals expenses which are EPF, Socso, and EIS accrual, salary and wages accrual, and accountancy fee accrual. 

Main things that I have learned:

• Today I learned how to do sales summary so it will be easy to see the amount of sales for each month.

• I also learned how to prepare the schedule for other receivables and other payables as this was my first time doing it.

Today I continued to finalize Kedai Kopi Piang Siang. I did journal adjustment for today. Journal adjustment is to adjust expenses that have not been recorded such as amount being undertaken up or overtaken up, accrual and prepayment amount. Another example of journal adjustment is for sales and expenses for the year. So, I did a total of 13 journal adjustments with the help of my group mate. I also referred past year’s audit file to see the examples of previous year’s journal adjustment. After settled recording all journal adjustments, I then transferred the journal adjustments amount to WTB so I can get the adjusted balance for each items in WTB. I also transferred the journal adjustment toother receivables, deposits & prepayment schedule and other payables & accruals schedule. I also recorded new expenses which are Unifi bill because it was just given by the client and also some electricity bills that I overlooked before. After I keyed in the expenses, I then sorted all expenses. Next, I also did a callover for wong Yun Choi today. 

Main things that I have learned:

• Today I learned how to do journal adjustment and how to transfer the amount even though I had a bit troubles to understand it at first, but I still managed to do it.

Today I did income tax computation for year assessment 2022 for Kedai Kopi Piang Siang. I took the profit for that year and listed down the expenses that need to be added back which is unallowable expenses such as depreciation, penalties and goods taken for private consumption. After that, I did notes to the financial statements. This is where I put the principal place of business and activity, significant accounting policies used by the business, proprietor’s current account balance as at 1st January and balance as at 31st December, and property, plant & equipment schedule for year 2021 and 2022.

After done with tax computation and notes to the financial statements, I continued to do sampling which is to photocopy supporting documents for the expenses. But before that, I printed out all things that need to be put in audit file such as the list of expenses that has been sorted out, income statement, balance sheet, journal adjustment, working trial balance, and summary of sales. After I printed out the list of expenses, I then chose two or three amount from each type of expenses to be sampled. I usually take the highest amount as sampling. Next, I continued to photocopy the supporting documents that I have chosen. When all documents have been photocopied, I then rearrange the supporting documents in according to its order in expenses list. After that, I highlighted the amount on supporting documents as well as on the list of expenses so my reviewer knows which amount that I have chose as sampling. 

Main things that I have learned:

• Today I learned how to do income tax computation and learned what kind of expenses is allowed and not allowed for income tax computation. 

• I also learned how to do notes to the financial statements and learned what needed to be put in notes to the financial statements for sole proprietorship because it is different from Sdn Bhd.

Today I finalized and double checked everything before submitting the account to my reviewer. I sorted out everything in order like last year’s audit file. I made sure there are no mistakes such as typing error and wrong amount. After I was sure that everything is okay, I submitted the account to my reviewer so she can check it. Next, I got a new task which is to schedule Sunshine. I started scheduling by comparing ledgers with opening balance. I checked whether the balance brought forward value in ledger is same with the value in opening balance or not. If it is the same, I will put ‘OB’ letter in front of the value in both ledger and opening balance. 

After that, I compared the end amount in ledger with trial balance. If the value is same, I will put ‘B’ letter in front of the end amount and on trial balance. After I finished everything, I continued to do vouching. I gathered all ledgers for sales and expenses and chose three month, which are January, June and December to vouch. But for ledgers that did not have many transactions, I vouched everything. I started with purchase ledger. I looked at January, June, and December’s amount and find the documents. I also chose the highest amount from each month so I can put tagging if I have found the document, so it will be easier for me to photocopy all documents. I put ‘V’ letter on the ledger if I have found the documents for that amount.

Main things that I have learned:

• Today I learned to make sure that everything has been checked properly before submitting my work. It helps me to be a more detailed person.

The account that I have done which is Kedai Kopi Piang Siang has been reviewed by my reviewer. I was being called to her room for inquiry. My reviewer then told me what my mistakes in doing the account were. Therefore, I need to fix the mistakes before sending it again to be checked. The first thing that I had to fix is the sales amount. I did not realize that the sales amount for January was stated incorrectly, so I did a correction by typing the actual amount. From here I learned that it is important to not being careless because it could affect the total amount. Next, the electricity bill amount was double taken up, so I had to remove that amount and key in the actual amount. I was also told to do more sampling for gas and kerosene as well as rental expenses because the rental amount has increased from RM1,890 in January to RM2,200 in February. 

After that, I made a call to my client to ask if their sales amount is only from Boost or including cash sales. It was confirmed by the client that the total sales was included both cash sales and sales from Boost. I also made a confirmation with my client about the stock value because the client did not do any stock listing, so I was told by manager to just estimate the sales value.The client confirmed that their stocks were roughly around RM10,000. I learned how to fix any mistakes while preparing the account. 

Main things that I have learned:

• Today I learned that it is important to finalize the account properly and not being careless because it could affect amount.

• II also learned how to contact client to ask anything regarding their business because it was my first time contacting a client since I started my internship.

Today I continued to do corrections for Kedai Kopi Piang Siang’s account. I changed all related amounts in journal adjustment, working trial balance, balance sheet, income statement and proprietors’ current account. This is because I made some changes before, so I need to update the amount on those places again. I ensured that I typed the amount correctly so there will be no mistakes again. Next, I printed out the expenses list again because I made some mistakes before. While I just did corrections on the same paper using pencil for journal adjustment, working trial balance, balance sheet, income statement and proprietors’ current account so we know which one that have been corrected. These drafts that have been corrected will also be included in audit file for future reference.

Main things that I have learned:

• Today I learned how to do corrections after i got query from my reviewer. I learned that we do not have to print back the financial statements and balance sheet if there were mistakes on it. We just need to do corrections by using pencil so it will be easier to see which part that has been changed.

I have done corrections for account Kedai Kopi Piang Siang and submitted it again to my reviewer so she can recheck it back. After my reviewer rechecked the account, there are no more mistakes. Therefore, she told me to prepare the draft to be given to the client and also do Form B for tax. I learned that for Form B, if the income is below RM35,000, then the client is eligible for rebate of RM400. If their income is more than RM35,000, they are not eligible to get that rebate. Next, I printed out balance sheet, income statement and tax computation, and then put the “draft” stamp. I also did computation of tax payable for the client so he knows how much tax that he has to pay. After that, I scanned the documents and compile it to become a PDF file. I then sent the PDF file to the client and informed him how much taxes that he needs to pay for year 2022 and wait for his confirmation either he agree with the tax payable amount or not. Not long after that, my client has replied the chat. He stated that he agreed with the tax payable amount and also the draft account.

Main things that I have learned:

• Today I got a new knowledge on how to fill in the Form B. I learned how to fill in the relief section and then passed the total relief amount into the calculation of tax, so the chargeable income for the client can be deducted.

• I also learned how to prepare the draft report to give to client for their approval.

Today I continued to vouch the remaining expenses for Sunshine because I was focusing on correcting Kedai Kopi Piang Siang. For example, insurance, fuel and oil, and sundry expenses. It took quite a lot of time because they have a lot of expenses. After I have finished vouching the expenses, I photocopied sampling for Sunshine. I photocopied the documents that I have put tagging so it is easier for me to know which one that I have chosen as sampling. Then, I highlighted the amount on ledgers and on the supporting documents so it is easier to see which amount that has sampling. After highlighted everything, I rearrange the ledgers according to alphabet and save it to audit file.

Main things that I have learned:

• Today I learned that the sundry expenses ledgers are for the expenses that have small amount.  It is also do not fit into asset or business expense categories.

I did another task which is to schedule Stesen Minyak Ramli. I started by printing out the ledgers for income and expenses because it was in PDF files. After I printed out the ledgers, I then cut the ledgers one by one to separate it according to each expense. This is to make it easier for us to vouch the expenses and so we can easily put index number on each expense separately in the audit file. Then, after I cut the ledgers, I photocopied it again. It was a bit time consuming because this client has a lot of expenses, so it took me around a day and a half to prepare the ledgers before I can start vouch it. After finished preparing the ledgers, I compared opening balance with ledgers. This is to check whether client’s ledgers balance brought forward (b/f) agreed or not with our opening balance which we have done before. I looked at the balance brought forward amount on the ledgers to make sure that the amount in opening balance statement is same with ledger’s amount. If agreed with the opening balance, I will write OB in front of the brought forward amount in client’s ledgers and opening balance statement. If not agreed, I will write down the opening balance different in audit memo so it can be checked again. For this client, their ledger’s balance brought forward amount agreed with the opening balance. 

Main things that I have learned:

• Today I learned that if the ledgers were given directly by the client, they will give it in a PDF file and did not provide any softcopy. Therefore, I had to print the ledgers and cut it so I can separate each expense. However, if the ledgers were prepared by our bookkeeping department, we can get the softcopy and open the ledger by using SQL accounting software where we can directly print out the ledgers separately.

Today, I continued to check whether the balance carried forward (c/f) in ledgers agreed or not to the trial balance that the client has prepared. I looked at the balance carried forward amount on the ledgers to make sure that the amount in trial balance is same with ledger’s amount. If agreed, I will write B in front of the carried forward amount and the trial balance statement. If not agreed, I will immediately refer my reviewer for further action. For this client, their ledger’s balance carried forward amount agreed with the trial balance. After done with opening balance and trial balance, I did the next step which is to compare debtors balance and creditor balance with ledgers. If the amount in debtors and creditors balance is same with amount in ledgers, I will put ‘B’ letter besides both amount.

Next, I moved to vouch income ledgers for today. I started with rental income and interest income. I find all documents according to its code in the ledgers. Then, I chose three highest amounts for each month for sampling. I put tagging on the document that has the highest amount so that it will be easier for me to photocopy it later. After I vouched rental income and interest income, I then vouch commission income, sales Petronas lubricant, sales convenience store, sales primax & sales diesel, return inwards and other income. I did the same step like before for all these ledgers.

Main things that I have learned:

• Today I learned that the total amount of debtors and creditors balance are also need to be checked and put B by comparing the amount in ledgers.

Today I vouched the expenses ledgers for Stesen Minyak Ramli because I have vouched the income ledgers yesterday. I vouched other expenses such as accountancy fee, bank charges, purchase of diesel, purchase of primax and purchase of convenience store. Then, the next day I vouched printing & stationeries, sundry expenses, legal & professional fee, electricity & water fee, and medical fee. Vouching Stesen Minyak Ramli was quite challenging because it has a lot of expenses and it also have five big boxes of documents. Each ledger contains lot of transactions, so I had to vouch a lot of things hence why there are not many ledgers can be vouched in a day.

Main things that I have learned:

• Today I  learned how to vouch the expenses for Sdn Bhd’s company because I only vouched for sole proprietorship accounts before.

Today I continued to vouch license fee, insurance, postage & telephone, store & supplies, and repair & maintenance. After I have done vouched those expenses, I continued to do sampling which is to photocopy supporting documents for the expenses. I usually take the highest amount on the ledger as sampling. After I have finished vouching the expenses, I continued to photocopy the supporting documents that I have chosen. I photocopied the documents that I have put tagging so it is easier for me to know which one that I have chosen as sampling. Then, I highlighted the amount on supporting documents as well as on the ledgers so my reviewer knows which amount that I have chose as sampling. After highlighted everything, I rearrange the ledgers according to alphabet and save it to audit file.

Main things that I have learned:

• Today I learned that petrol station has different kind of license. It has license for selling LPG, license for transport of petroleum, petrol and diesel oil, license for petrol station, Kebenaran Di Bawah Akta Kemajuan Petroleum (PDA), and CSA license.

Today I did the sampling for EPF, Socso and employment insurance system (EIS) contribution. I photocopied the supporting documents for EPF, Socso and EIS and then I calculated the employer and employees portion for Socso and EIS according to Socso and EIS contribution table. This is to separate the employer and employees portion because we only need to take the employer's portion amount.

Main things that I have learned:

• I learned that for EPF, Socso and EIS, the amount in ledger is the employer’s portion, while the amount in Form E is the employees’ portion. Another amount which is amount in journal voucher or in file is the full amount for the contribution that has been paid by the employer.