Tuesday, February 26, 2019
Internship in Accounting Department Essay
INTRODUCTIONThe following report describes the activities carried come out of the closet during a 6-week, Full-time internship at the American university of lebanon, pay Department. The document contains selective information about the organization and the responsibilities performed throughout the period between the 1st of July until thirty-first of July, 2014.The first part of the report offers an overview of the organization, and then describe the process which has been apply by finance discussion section according to the policy which has been approved by the higher management represented by the university chairman and the bench vise president of finance and administration. Fin on the wholey the report wraps up with a few windup remarks and conclusions from the develop. The American University of Lebanon is a non-profit institution for public benefit founded in 2007 to come through a student-centered American-style education that embodies the philosophy, standards, and te aching practices of the American higher education model. AUL admits all qualified students regardless of social, ethnic, or religious background. Students argon admitted based on a record of past donnish performance and potential for success, including content to engage in self-directed learning and demonstrated high levels of censorious thinking.At AUL, young Lebnonis do more than co-exist they learn lasting value of respect for the individual and a spirit of free inquiry, and they thrive in a culture of achievement and rateability. Today nearly 1,100 students from all move of Lebnon study at AUL. The university currently offers six academic programs that lead to a bachelors degree, as well as a passe-partouts of Business Administration (MBA) and continuing education classes from its Professional increment Institute. The MBA program allows students to customize their degree by offering three areas of specialness Leadership, Project Management, and pay. Undergraduate degre e programs include Business Administration, Engineering, Mechanical Engineering, study Technology, International Studies, and English-Journalism.The Professional Development Institute at AUL provides passe-partouts, companies, and organizations with access to professional education programs, including English language studies and project management. Rounding out the university experience is a robust campus life, with several university sports teams and more than a dozen student-sponsored clubs and former(a) activities. AUL offers competitive mens and womens basketball, volleyball, ping pong, and soccer, and a dozen other student activities, including an transnationally competitive debate society, drama, business, hiking, photography, running, and radio clubs. Students beat also participated in conferences and competitions outside of Lebnon, including an international Model United Nations conference, Hult globular Case Challenge, and various Fulbright scholarships.Further, AUL is home to the nations first and all independent student newspaper, the AUL Voice, and houses student chapters of the U.S.-based Society of Professional Journalists and the Association for com cast offing Machinery. In the fall of 2011, AUL marked the beginning of its fourth academic course of study with a move to its new 169-hectare (418-acre) campus. The university grounds include an administrative building, gender-specific dormitories, and an academic building, which houses lecture halls and classrooms, conference rooms, and faculty offices. AUL also has a cafeteria, two out-of-door basketball courts and an outdoor soccer field. State-of-the-art science labs will be completed next year.Working PlanThe main project to be carried out during the internship understood the whole procedures and process that performed by finance plane section and determineing closely with the finance staff and understanding the all principles and rules. Finance department in AUL has organization c hart contains1. Director of Finance (report to the Vise President of Finance & Administration)a. Financial Planning policemanb. Accounting ships policemani. Account payableii. Cashier (treasury)c. Bursari. Account receivableFinance department in AUL is creditworthy of the following duties1. Preparing the financial contestation2. Preparing monthly history report3. Preparing monthly payroll report4. Preparing annual budget5. Preparing departmental budget6. Making inter-fund carry-over7. Making intar-fund transfer8. Monthly salary9. Managing bank account10. Monthly adjustmentPurchasing and PaymentFinance department devising sure that no-financial transaction will be graceful without proper authorization and it is the responsibility of all staff to ensure that commitments entered into are legal, reasonable and provide value of money.After understanding the all principles and rules, starting line to work with each staff separately, I hold back the chance to work with the account ing officer who is prudent for account payable and the cashier.The accounting officer is making sure to have document every transaction and have original acceptable document according to the policy, also he is accountable to check all daily transaction and making the necessary entranceway and records. The accounting officer is responsible to preparer the balance sheet, approving the paycheck, fund transfer after getting the permission from finance director.The staff that is responsible for managing the account payable is responsible to check the paperwork which has been approved by the accounting officer then agree the payment through Bank Transfer or Bank Check or Cash and getting the necessary story and signatures. Also the account payable staff is making sure to make the payment at due date without any delay in order tohave the services continues without any interruption or penalty calm.The Cashier is responsible for managing the cash (treasure) making payment and receiving the due installment (tuition) payment for the customers. The Bursar is responsible for managing the tuition due payment with accordance with understand office, also he is responsible for managing the account receivable. The account receivable is responsible for issuing the due invoice for the customers and sends it to them by email , then making sure to chase these invoices till get paid by the customers analyze process there are two audit offices are responsible to monitor the all financial process and transaction within the university a. intimate Audit office is responsible to check all document and statement on daily basis b. External Audit office an international audit company is responsible for auditing the all document and statement on annual basisConclusionIt was a good opportunity to put in practice and develop further accounting and organizational skills remember some principles and concepts in finances required for the University of the Event. Last but not least, it was a great opportunity for developing personal networking activities and making contacts which may prove of value in the near future and work with dotty team of very hard working.