ACKNOWLEDGEMENT

The internship opportunity I had with RAINBOW

PUBLIC SCHOOL was a great chance for learning and
professional development. Therefore, I consider myself as
a very lucky individual as I was provided with an
opportunity to be a part of it.

Bearing in mind previous I am using this opportunity to

express my deepest gratitude and special thanks to Mr.
AJAY GUPTA SIR who in spite of being extraordinarily
busy with their duties, took time out to hear, guide and
keep me on the correct path and allowing me to carry out
my project at their esteemed organization and extending
during training.
I will continue to work on their improvement, in order to
attain desired career objectives. Hope to continue
cooperation with all of you in the future.

Thank You
Himanshi Jaiswal
[Link]
Sr Topics Page
no. no.
1. Report Brief 3
2. Declaration 4
3. Introduction 5
4. Daily Cash Book 13-31
Maintaining
5. Ledger Entries 32-37
6. Learning Payroll Processing 38-53
as an Accounting Intern
7. Voucher making 54-59
8. Conclusion 60-64
INDEX
 REPORT BRIEF

The duration of the internship was one months

which started from 25/08/2024 to 25/09/2024. The
timing of the internship was consistent with the
suitability of the scholars and it had been from
Monday to Saturday. It was conducted online with
suitable working hours.

During this Internship, the precise area of focus was

to be a “knowledgeable scepticism”. The Internship
Programme has been very fruitful for me and as an
intern; I got in-depth knowledge of understanding
the function of Accounting Department.
 DECLARATION

I the undersigned solemnly declare that the project

report is based on my own work carried out during
the course of our study. I assert the statements
made and conclusions drawn are an outcome of my
research work. I further certify that the work
contained in the report is original and has been
done by me under the supervision of my supervisor.
The work has not been submitted to any other
institution for any other degree/diploma/certificate
in this university or any other colleges. I have
followed the guidelines provided by the university in
writing the report.
 INTRODUCTION

Accounting
Accounting, which is often just called "accounting,"
is the process of measuring, processing, and sharing
financial and other information about businesses and
corporations.

What is accounting?
Accounting is the processor keeping the accounting
books of the financial transactions of the company.
The accountants summarize the transactions in the
form of journal entries. These entries are used in
bookkeeping. The books of accounts are prepared by
the accountants as per the regulation of the auditors
and various regulating bodies. The accountants
might follow the Generally Accepted Accounting
Principles (GAAP) or the IFRS (International
Financial Reporting Standards) principles

If an analyst reads the book of accounts, he/she can

get a fair idea of the financial situation of the
company. Thus, for public listed companies, the
book of accounts is necessary to determine the
company valuation.

How does accounting work?

Accounting is one of the most important things a
business does. A bookkeeper or accountant might do
it in a small business or by dozens of people in a
large organization's finance department. The reports
made by different types of accounting, like cost
accounting, financial accounting and managerial
accounting.

The operations, financial status, and cash flows of a

large organization over a certain time period are
summed up in the financial statements. These are
short reports after incorporating all the transactions
based on hundreds of individual financial
transactions. So, on top of years of schooling and
hard tests, all accounting credentials require a certain
number of years of real-world accounting
experience.
In the United States, a bookkeeper can handle simple
accounting tasks. In contrast, other qualifications
like the CMA or the CPA might be required for
complex tasks. In Canada, the CPA manages
complex tasks.

In India, the CA or the Chartered Account is the

qualification for the accountants. It is a competitive
exam, and the student needs to pass the papers to
become a chartered accountant. For all tax-related
and accounting related queries, the CA is considered
a knowledgeable person.

Various Accounting Varieties

Financial Accounting
The balance sheet, income statement, and cash flow
statement summarise all financial transactions that
occurred within a specific accounting period. The
process of preparing interim and annual financial
statements is called financial accounting. Most
businesses have their annual financial accounts
audited by an independent CPA firm. Certain
entities, such as publicly-traded corporations, are
required to undergo audits. As part of their lending
covenants, lenders frequently require the annual
results of an external audit. Therefore, the bulk of
businesses will perform annual audits for whatever
reason.

Managerial Accounting
Managerial accounting and financial accounting use
many of the same data, but they organize and use the
data in different ways. In managerial accounting, the
accountant needs to prepare peroidical reports for
actionable insights. The decisions by the
management are taken after considering these
managerial reports. In addition to budgeting,
forecasting, and different tools for analyzing
finances, managerial accounting has many other
accounting features. This is for any kind of
information that management might find useful.

Cost Accounting
Cost decisions are taken after considering the
insights of cost accountants. Cost accounting looks
at all of the costs of making a product. The relevant
managers make use of the costing decisions to check
the viability of the products and improve costing
decisions.

Conditions for Accounting

Most of the time, accountants in the United States
use generally accepted accounting principles
(GAAP) when making financial statements. GAAP
is a set of rules and regulations meant to make it
easier for businesses to compare and share their
financial reports.

The International Accounting Standards Board is in

charge of the International Financial Reporting
Standards (IFRS), used in most other countries.

What are the responsibilities of an

accountant?
Accountants help businesses keep accurate and up-
to-date records of their finances. Account ants
summarize business transactions in the form of
various financial statements. Also, the job of the
accountants is to prepare actionable reports for the
top management.

Accounting requires skills.

There are many different kinds of people who
become accountants. In general, though, accountants
need to pay close attention to details because they
need to be able to spot and fix small mistakes or
oddities in a company's financial statements.
Problem-solving also requires being able to think
logically. Due to the widespread availability of
computers and calculators, math skills are not as
important as they used to be.

What does accounting mean for

investors?
Modern financial markets are based on the work of
accountants. Without accounting, investors wouldn't
be able to trust that financial information is correct
or up-to-date, and company executives wouldn't
have the information they need to manage risks and
plan projects. Accountants are important to
regulators because they give auditors' opinions on
annual 10-K reports. Accounting is an important part
of modern finance, even though it is sometimes
overlooked.

What are the seven things that accounting

does?
Your accounting department needs to be good at and
do seven very important things. Accounts receivable
and payable, payroll, inventory management,
budgeting, reports and financial statements, legal
compliance and financial control, and keeping
records.

What does the word "ledger" mean?

A ledger is a book with accounts where the
categorized and summarised information from the
journals is written as debits and credits. The second
entry book is another name for it. The information
needed to make financial statements is in the ledger.

What are the basics of accounting?

Simple accounting is keeping track of the money
that comes in and out of business. It involves
evaluating, summarising, and reporting on these
transactions to regulators, watchdog groups, and tax
collection groups.

What is the accounting journal?

A journal of accounts is a complete record of how a
business handles its money. It is also called the book
of original entry because it is the first place where
transactions are written down.

Daily Cash Book Maintaining

Introduction
A daily cash book is an important record that is
maintained in accounting to track all cash receipts
and payments on a daily basis. It is usually the first
step in the accounting process before entries are
posted to the general ledger. For accounting interns,
learning how to properly maintain a cash book is a
crucial skill that provides hands-on experience in
recording financial transactions.

- What is a Daily Cash Book and Why Is It

Important
- Cash Book Format - Single Column vs Double
Column
- Recording Cash Receipts
- Recording Cash Payments
- Balancing the Cash Book
- Petty Cash
- Posting to General Ledger
- Errors and Corrections
- Role of Technology/Accounting Software
- Benefits of Maintaining a Cash Book
- Challenges and How to Overcome Them
- Skills Learned as an Accounting Intern

What is a Daily Cash Book and Why Is It

Important

A daily cash book, or cash ledger, is a record that

tracks all cash payments and receipts on a daily
basis. It is a chronological record of all transactions
related to cash inflows and outflows. For every
transaction, the date, description, receipt (Dr) or
payment (Cr), and running total are recorded in the
cash book.
Maintaining a daily cash book serves several
important purposes:

- It helps summarize and easily track all cash

transactions in one place. This improves efficiency
and organization.

- Detailed recording of cash flows improves

transparency and accountability.

- It aids in bank reconciliation by comparing book

balances to bank statements.

- Entries in the cash book form the basis for posting

to the general ledger accounts.

- It provides information and figures needed for

preparing financial statements.
- Analyzing the cash book helps assess liquidity and
cash flow position.

For these reasons, manually maintaining or learning

to use software to maintain a daily cash book is an
imperative skill for accounting interns to develop.

Cash Book Format - Single Column vs

Double Column

Cash books can be maintained in either a single

column or double column format.

Single Column Cash Book

In a single column cash book, there is one money

column where all cash receipts are recorded on the
debit side and payments on the credit side in a
chronological order. After each entry, a running total
is maintained.

Double Column Cash Book

In a double column cash book, there are separate

columns for recording cash and bank transactions.
Under cash columns, only cash receipts and
payments are recorded. Under bank columns,
transactions like deposits, withdrawals and contra
entries are recorded.

The double column format enables segregating cash

and bank transactions for reconciliation and leads to
fewer postings in the general ledger. It provides a
more detailed and orderly record compared to a
single column cash book.
For interns, becoming familiar with both formats is
useful as each have their own pros and cons in
practice.

Recording Cash Receipts

Recording cash receipts accurately is an important

task in maintaining a cash book. The key steps are:

- Note the date the cash is received

- Record the payer details like name of customer or

client

- Enter a brief description of the payment purpose

- Enter the amount received and record it in the

debit 'Receipts' or 'Cash' column
- All supporting documents like receipts, payment
slips, or invoices should be retained for future
reference

- Update the running total by adding the amount

received

For example:

Date - 01/06/2024
Received From - John & Co.
Description - Payment for invoice #123
Receipts (Dr) - $500
Running total - $25,600
This records a cash receipt of $500 from John & Co.
against their invoice payment. The running total is
updated to reflect the new balance.

Recording Cash Payments

Recording cash payments involves similar steps:

- Note the date the payment is made

- Record who the payment is made to - the vendor,

supplier, or payee details

- Enter a short description of what the payment is

for

- Enter the amount paid and record it in the credit

'Payments' or 'Cash' column
- Retain any payment supporting documents like
bills, purchase orders, or receipts

- Update the running total by deducting the amount

paid

For example:

Date - 01/10/2024
Paid To - CDE Corp.
Description - Stationery purchase
Payments (Cr) - $100
Running total - $25,500

This records a cash payment of $100 made to CDE

Corp. for stationery bought. The running total
reflects the latest balance.
Balancing the Cash Book

An important step in maintaining a cash book is

balancing it at the end of each day or periodically.
This involves:

- Adding up all amounts in the receipts column

- Adding up all amounts in the payments column
- Deducting the payments total from receipts total
- The resulting balance should match the actual cash
in hand

For a double column cash book, cash and bank

column totals should be balanced separately.

If balances do not match, then it indicates an error.

This should be investigated and corrected
accordingly after cross-checking with supporting
documents and actual cash/bank account.

Balancing ensures the cash book accurately

represents cash transactions and closing balances
match realities. It is a critical control activity for cash
management.

Petty Cash

Petty cash funds are small amounts of cash kept on

hand for minor business expenses. Handling petty
cash also requires recording in the cash book.

When a petty cash fund is first established, enter it

in the payments column as cash is withdrawn to
create the fund. As employees make purchases
using petty cash, record it in the payments column
with details. When reimbursements are made to
refresh petty cash, log it in the receipts column. The
running total will reflect the updated petty cash
balance on hand.

Managing petty cash flows through the cash book

improves tracking and reconciliation.

Posting to General Ledger

The daily cash book serves as a book of original

entry or prime entry book. The entries recorded in
the cash book are periodically posted or transferred
to the various general ledger accounts.

This results in up-to-date general ledger account

balances in line with the cash transactions. It
enables preparation of trial balance and financial
statements.
Cash receipt entries result in debit postings to
accounts like Accounts Receivable. Cash payment
postings credit accounts like Accounts Payable or
Expenses.

Timely and accurate posting from detailed cash

books results in correct general ledger account
balances.

Errors and Corrections

Despite best efforts, errors may occur in cash book

recording. Common errors include:

- Posting an entry on the wrong side – receipt

recorded in payments and vice versa

- Entering an inaccurate amount

- Entering transaction details inconsistently

- Forgetting to update running totals

- Incorrect balancing

It is vital that such errors are caught in a timely

manner and corrected through appropriate steps:

- Cross verifying with bank statements and

supporting documents

- Investigation of discrepancies

- Identifying causes of errors like posting mistakes

- Correcting errors by counter-entries or striking out

incorrect entries
- Adding explanatory notes and signing corrections

- Re-balancing cash books

- Implementing controls to prevent recurrence of

errors

Timely error correction ensures the credibility of the

cash book and prevents financial misstatements.

Role of Technology/Accounting Software

While manual cash books are still used, accounting

technology and software are increasingly utilized to
maintain computerized cash books in organizations.
Benefits of using accounting software/apps
include:

- Increased efficiency through automated and

integrated features

- Better accuracy by removing manual errors

- Real-time tracking of cash flows

- Easy analysis using filters and reports

- Cloud-based access improving collaboration

- Built-in controls and audit trails

Using applications like QuickBooks, Sage, Tally, Zoho
Books etc. for digital cash management leverages
technology for better cash monitoring.

However, it is still useful for interns to learn manual

double entry bookkeeping for foundational
knowledge.

Benefits of Maintaining a Cash Book

Consistently maintaining complete and accurate

cash books accrues the following benefits:

Improved Cash Management

- Up-to-date cash position information

- Tighter cash controls
- Optimized cash flows through insights
- Aids forecasting and budgeting

Better Financial Accounting

- Completes bookkeeping process

- Foundation for financial statement preparation
- Audit trail from documents to postings

Enhanced Internal Controls

- Minimizes fraud and financial risks

- Improves compliance and governance
- Supports robust reconciliation processes

More Informed Decision Making

- Cash flow analysis for decisions

- Identifies peak and low cash cycles
- Cash requirements for goals/projects

Despite advances in technology, manually

developed skills in cash book techniques provide a
strong foundation in financial accounting for interns.

Ledger Entries
A ledger is a critical component of an organization's
accounting system, serving as the permanent and
complete record of all financial transactions over
the life of a company. Ledger entries are the
individual accounting entries that are made in the
general ledger for each business event that impacts
the financial position of the company. As an
accounting intern, developing a strong
understanding of ledgers and the ledger entry
process will be an essential part of your duties.

One of the primary responsibilities as an accounting

intern will be recording day-to-day financial
transactions through double-entry bookkeeping.
This means that for every business event, you will
make at least two ledger entries: a debit to one
account and a corresponding credit to another
account. This allows the accounting equation to stay
in balance, reflecting that every transaction has an
equal effect across the system.

For example, when goods are purchased on credit,

you would make a debit entry to the Purchases
account to record the inventory coming in, and a
credit entry to Accounts Payable to record the
obligation. The key is that total debits must match
total credits at all times. This double-entry method
provides a checks-and-balances that helps minimize
errors and fraudulent activities.
As transactions occur throughout the organization,
source documents like invoices, receipts, and
contracts will make their way to the Accounting
department. One of your jobs will be to take those
source documents, analyze the financial impact, and
record the appropriate ledger entries in the
company's accounting software system. This
requires familiarity with the standard chart of
accounts and accounting closing procedures.

Some common types of transactions an accounting

intern will routinely post to the general ledger
include:

- Sales and associated accounts receivable activity

- Purchases made on credit by the company

- Cash receipts from customers paying off their

Accounts Receivable

- Cash payments made to suppliers to pay off

Accounts Payable

- Payroll entries for salaries, wages, and tax

withholdings

- General journal entries for accruals, prepayments,

depreciation, etc.

A key skill you will need to develop is the ability to

read source documents like sales invoices and
purchase orders, understand the underlying
accounting impact, and know which specific ledger
accounts to debit and credit, and for what amounts.
Having a conceptual grasp of accounting
fundamentals is crucial.

As part of your role, you will also perform account

reconciliations to ensure ledger entries are
accurate. This involves comparing account balances
from the general ledger to third party statements,
bank accounts, inventory counts, etc. Any
discrepancies or unmatched items must be
researched and resolved through adjusting entries.

Your manager will review your ledger postings to

ensure they are properly classified and compliant
with accounting standards. Pay close attention to
guidance and feedback so you can continuously
improve. Also inform your manager immediately if
you notice any suspicious or unusual activity in the
ledgers.

With ledger entries forming the backbone of the

accounting system, meticulous attention to detail is
imperative. Even small mistakes can accumulate into
material misstatements on the financial statements.
By developing strong ledger entry skills and
knowledge of accounts, you will be equipped for
higher-level accounting work in areas like financial
reporting and analysis. Overall, mastering ledger
postings and reconciliations is foundational to a
successful career in accounting.
 Learning Payroll Processing as an
Accounting Intern

Introduction

Payroll processing is a crucial accounting function

that manages employee compensation and
government tax obligations. For accounting interns,
getting hands-on experience in payroll provides
invaluable learning about compliance, tax
regulations, and generating paychecks.

- Role of Payroll Department and Key Tasks

- Understanding Employee Pay
- Timekeeping and Attendance Tracking
- Calculating Gross Pay and Deductions
- Tax Payments and Compliance
- Payroll Systems and Software
- Steps in Payroll Process
- Pay Distribution Methods
- Payroll Reconciliations
- Reporting and Analysis
- Audits and Controls
- Common Payroll Issues
- Importance of Payroll to Employees
- Payroll Best Practices
- Career Growth in Payroll

Understanding these payroll elements equips interns

with practical skills and sets the stage for a career in
compensation and benefits administration.

Role of Payroll Department and Key

Tasks

The payroll department is responsible for handling

all employee compensation, tax, and compliance
activities. Main tasks include:
- Processing payroll according to pay schedules
- Tracking timekeeping and attendance
- Calculating gross-to-net pay amounts
- Withholding and remitting taxes to government
agencies
- Issuing paychecks or direct deposits
- Managing garnishments, bonuses, reimbursements
- Ensuring accurate payroll transactions
- Managing payroll systems and technology
- Reporting payroll costs and data to managers
- Complying with labor laws and regulations

Interacting cross-functionally with HR, legal,

finance, and managers is also critical. As an intern,
one gets exposed to the breadth of payroll activities.

Understanding Employee Pay

It is key to understand different components that
make up employee pay:

- Base salary - Fixed regular wage or hourly rate

- Allowances - Additional fixed amounts like
transport allowance
- Reimbursements - Repayments for expenses
incurred
- Bonuses/Commissions - Variable performance-
based pay
- Overtime/Premiums - Extra hourly wage for
additional hours
- Perquisites - Non-cash benefits like company car,
insurance
- Equity - Stocks or stock options

These elements have differing impacts on gross pay

and taxability. Interns should familiarize themselves
with company pay structures.
Timekeeping and Attendance Tracking

Timekeeping involves tracking hours worked, leave,

overtime, and shifts for hourly workers. Timesheets,
paper registers, or electronic time clocks can be used
to record attendance.

Accurate time data feeds into payroll to determine

gross pay. Interns can help ensure proper tracking,
calculation, and approvals for timesheets.

Calculating Gross Pay and Deductions

Gross pay is total earnings before any deductions. It

includes:

- Regular wages or salary amount

- Additional allowances, reimbursements,
commissions
- Bonuses or performance pay
- Overtime or premium pay

Deductions reduce gross pay to arrive at net take-

home pay. Major deductions include:

- Statutory taxes like income tax, social security

contributions
- Insurance premiums, retirement savings
- Garnishments like court orders, tax levies
- Voluntary deductions like health plans, union fees

Interns can learn to use pay policies and payroll

software to accurately determine gross and net pay.

Tax Payments and Compliance

Various taxes are withheld from employee

paychecks and remitted to government agencies:
- Individual income tax
- Social security and Medicare taxes
- Federal and state unemployment taxes

Compliance involves issuing tax statements like

Form W-2, filing quarterly and annual returns, and
reconciling taxes.

Interns get exposure to payroll tax processes and

using tools like e-filing. This provides valuable
learning on the interplay between payroll and tax
compliance.

Payroll Systems and Software

Payroll software automates calculation, reporting,

and integration with HR, timekeeping, general
ledger etc. Popular platforms include SAP
SuccessFactors, Oracle HCM, Workday, ADP,
Paychex.

Interns can get hands-on practice in using payroll

systems for end-to-end processing. This develops
familiarity with key functions like tax tables, pay
schedules, earnings/deductions setup, and report
generation.

Steps in Payroll Process

The payroll process entails:

1. Collecting time, attendance, expense, and pay data

2. Calculating gross wages using pay rules and rates

3. Determining and processing deductions

4. Withholding taxes for remittance

5. Generating paychecks or direct deposit advices

6. Posting payroll entries to general ledger

7. Reporting payroll metrics and analytics

An accounting intern can get exposure to the

workflow and transactions involved.

Pay Distribution Methods

Common pay distribution methods include:

- Paper paychecks – issued on payday for employees

to deposit/cash
- Direct deposit – electronic salary transfer to
employee bank accounts
- Payroll debit cards – bank-issued card credited
with net pay
- Online pay – paycheck details accessible through
employee portal

Understanding the company’s pay delivery methods

provides well-rounded learning.

Payroll Reconciliations

Key periodic reconciliations include:

- Reconciling payroll system to general ledger

accounts
- Matching wages expense to payroll register totals
- Comparing tax payments to liabilities accounts
- Verifying paid wages match reported wages
- Reconciling payroll bank account for any unpaid
wages
Reconciling payroll transactions improves
compliance and prevents discrepancies. Interns can
assist and learn reconciliation controls.

Reporting and Analysis

Payroll reporting consists of:

- Internal reports for managers on headcount, costs,

liabilities
- External reports on taxes, wages, union dues for
agencies
- Ad-hoc reports and analytics for business insights

Interns can learn to extract and present data for

decision support using reporting tools.

Audits and Controls

Payroll is subject to internal and external audits
focusing on accuracy, compliance, and controls.

Key controls include:

- Segregation of duties
- Access controls in payroll systems
- Authorization and supervisory review
- Reconciliations
- Process documentation
- Vendor validation
- Audit trails and retention of records

As an intern, one can assist in audits and learn

importance of controls.

Common Payroll Issues

Payroll is prone to errors like:

- Inaccurate gross or net pay calculation

- Improper tax withholding and remittance
- Processing fraudulent hours or wages
- Delayed payments and disbursements
- Non-compliance with regulations

Interns can learn how to proactively identify and

address such issues through preventive controls.

Importance of Payroll to Employees

Payroll processes have a direct impact on employee

experience and financial wellbeing. Delayed,
inaccurate, or non-compliant payroll causes
detrimental effects on morale and engagement.
Interns gain perspective on the employee viewpoint
and how payroll issues affect people. This builds
empathy and a service mindset.

Payroll Best Practices

Some payroll best practices include:

- Payroll continuity planning using backup systems

- Regular process audits and control testing
- Employee education on payroll policies
- Routine reconciliations and reports review
- Staying updated on changing regulations
- Seeking payroll certifications like CPP, FPC
- Ongoing system enhancements for efficiency

Adopting such practices improves payroll

performance. Interns gain exposure on strengths and
gaps in payroll programs.
Career Growth in Payroll

Besides foundational accounting knowledge, an

internship provides specific learning around
compensation, compliance, and people management
– helping chart a career in payroll:

- Payroll Manager/Director
- Compensation Analyst
- Payroll Tax Specialist
- Payroll Consultant
- HRIS Manager
- Compensation and Benefits Administrator

The hands-on experience serves as a talent pipeline

into the organization’s payroll team. For interns
seeking specialized payroll roles, it provides vital
resume-building skills.
 Voucher making

Voucher making is an important accounting task

that interns often gain experience with during their
internships. A voucher is a document that contains
details of a payment that needs to be made or a
transaction that has occurred. The voucher typically
includes information like the date, the amount to be
paid or received, the reason for the payment, and
authorizations and approvals.
In an accounting internship, interns may be tasked
with preparing, reviewing, processing, and filing
vouchers. Here is a more detailed overview of what
voucher making may involve in an accounting
internship:
Preparing Vouchers
Interns may help prepare vouchers for various types
of payments and transactions. For example:
* Expense vouchers - These are used to reimburse
employees for business-related expenses. The
intern will need to obtain receipts and
documentation to support the expenses, verify that
they comply with company policies, input the
details into the accounting system, and fill out the
voucher form.
* Accounts payable vouchers - These vouchers are
used to pay vendors and suppliers. Interns could
match invoices to purchase orders, confirm receipt
of goods or services, check for proper approvals,
code expenses to the right accounts, and create the
vouchers to send to vendors.
* Journal vouchers - These vouchers adjust or
correct accounting entries. Interns could help
identify transactions needing adjustment, research
discrepancies, and determine the accounts and
amounts needing adjustment.
* Transfer vouchers - These shift money between
different company accounts or departments. Interns
may help process intercompany transfers and vouch
for the validity of the transfers.
For all voucher types, interns learn to obtain proper
documentation and approvals, fill out voucher
forms accurately, code expenses appropriately, and
input the voucher into the accounting system
correctly.
Reviewing Vouchers
After vouchers are prepared, they go through
reviews and approvals. Interns may review vouchers
to verify that:
* The voucher form is filled out properly with all
required info such as dates, descriptions, amounts,
vendor details, etc.
* Receipts and supporting documents are sufficient
and in compliance with policies.
* Account coding is correct.
* Proper authorizations and signatures are present.
* Calculations are accurate.
* The vendor, amounts, and other details match the
supporting invoices or other documents.
* Expenses are charged to the right department and
cost centers.
The intern must carefully conduct these reviews to
catch any errors or discrepancies before vouchers
are processed and approved. Reviews help maintain
the accuracy of the accounting records.
Voucher Processing
Once vouchers are reviewed, interns may take part
in voucher processing:
* Vouchers are logged or numbered for tracking
purposes.
* Details are entered into the accounting software
system, such as vendor names, account codes,
dates, and amounts.
* Physical paperwork is sorted and filed by voucher
number, vendor, date, or other method. Electronic
copies may also be filed.
* Batches of vouchers may be created for more
efficient processing and entry into the system.
* Questions or issues with vouchers are investigated
and addressed.
* Vouchers needing extra approval or review are
flagged and routed to the appropriate parties.
* Reconciliations are done to match vouchers to
invoices, orders, or other related documentation.
Interns gain experience with data entry,
organization, attention to detail, problem-solving,
and approval processes during voucher processing.
Disbursements
Finally, interns may help with voucher
disbursements:
* Print checks corresponding to the voucher
payments.
* Mail checks and vouchers to vendors.
* Record confirmation when checks are cashed.
* Research uncashed checks.
* Manage electronic payments or ACH transfers
related to vouchers.
* Update accounts payable records when payments
are disbursed.
* File paid vouchers and supporting papers.
This provides interns experience with payment
systems, bank records, and vendor communications.
In summary, voucher making is a central accounting
duty that interns learn through hands-on activities
like preparing, reviewing, processing, and disbursing
vouchers. It provides a range of skills from attention
to detail, data entry, and paperwork management
to analytical thinking, problem-solving, and
company processes and controls. Mastering voucher
making helps interns understand the accounts
payable process while contributing to real
accounting work during their internships. The
variety of voucher types and required steps makes it
an important experiential training activity for
interns new to the accounting world.

Conclusion

In conclusion, an accounting internship provides

valuable opportunities for students to gain practical
experience and apply their knowledge in a real-
world setting. Throughout the internship, I had the
chance to work on various accounting topics and
tasks that enhanced my skills and understanding of
the accounting profession.
One of the key areas of focus during the internship
was financial statement analysis. I had the
opportunity to analyze financial statements of
different companies and gain insights into their
financial performance and health. This experience
improved my ability to interpret financial data and
identify key trends and indicators.
Budgeting and forecasting were other important
aspects of the internship. I was involved in the
process of developing and monitoring budgets and
forecasts for different departments within the
organization. This allowed me to understand the
importance of financial planning and its impact on
decision-making.
Bookkeeping and financial record-keeping were
integral parts of my day-to-day responsibilities. I
learned how to accurately record transactions,
reconcile accounts, and prepare financial reports.
These skills are crucial for maintaining accurate
financial records and ensuring compliance with
accounting standards.
Tax preparation and compliance was also an area I
had the opportunity to gain exposure to during the
internship. I assisted in the preparation of tax
returns, researched tax laws and regulations, and
ensured compliance with tax requirements. This
experience provided me with a broader
understanding of the complexities of tax systems
and their implications for businesses.
During the internship, I learned about internal
controls and their significance in preventing fraud
and ensuring the accuracy of financial information. I
assisted in documenting, testing, and monitoring
internal controls and gained an understanding of
their role in safeguarding company assets.
Cost analysis was another area of focus, where I
learned how to analyze and track costs related to
production, projects, or services. This knowledge
helped me understand the cost structure of
businesses and how management decisions impact
profitability.
Working with various financial software and
systems, such as QuickBooks, SAP, or Oracle, gave
me hands-on experience in inputting and retrieving
financial data. This exposure to accounting software
is crucial in today's digital era, where technological
skills are highly valued.
Throughout the internship, I also gained insights
into compliance and regulatory requirements. I
became familiar with financial reporting standards
like GAAP and industry-specific regulations.
Understanding and adhering to these requirements
is essential to ensure accurate and reliable financial
reporting.
Additionally, the internship provided opportunities
for financial research and analysis. I worked on
research projects, such as analyzing financial
markets, industry trends, and company-specific
analysis. These experiences improved my research
skills and ability to critically analyze financial
information.
Cash flow management was another area that I
delved into during the internship. I learned about
managing cash flows, monitoring liquidity, and
optimizing working capital management.
Understanding cash flow dynamics is essential for
efficient financial management.
In conclusion, my accounting internship was a
valuable experience that allowed me to apply my
theoretical knowledge to real-life scenarios. I gained
practical skills in various accounting areas such as
financial statement analysis, budgeting,
bookkeeping, tax preparation, internal controls, cost
analysis, compliance, financial software usage,
financial research, and cash flow management.
This internship not only helped me develop
technical and analytical skills but also improved my
communication, teamwork, and problem-solving
abilities. I was able to work collaboratively with a
diverse team and contribute effectively to the
organization's goals.
Moreover, the internship provided me with a
comprehensive understanding of the accounting
profession and its role in supporting businesses. It
reinforced my interest in pursuing a career in
accounting and deepened my understanding of the
potential career paths available within the field.
I am grateful for the opportunity to intern in the
accounting department and for the support and
guidance provided by my supervisors throughout
the internship. This experience has undoubtedly
prepared me for a successful career in accounting
and equipped me with the skills necessary to make
meaningful contributions to organizations in the
future.