Internship in Accounting Department Essay
Internship in Accounting Department
The following report describes the activities carried out during a 6-week, Full-time internship at the American university of lebanon, Finance Department. The document contains information about the organization and the responsibilities performed throughout the period between: the 1st of July until 31st of July, 2014.
The first part of the report offers an overview of the organization, and then describe the process which has been implemented by finance department according to the policy which has been approved by the higher management represented by the university president and the Vise president of finance and administration. Finally the report wraps up with a few closing remarks and conclusions from the experience. The American University of Lebanon is a non-profit institution for public benefit founded in 2007 to provide a student-centered American-style education that embodies the philosophy, standards, and teaching practices of the American higher education model. AUL admits all qualified students regardless of social, ethnic, or religious background. Students are admitted based on a record of past academic performance and potential for success, including capacity to engage in self-directed learning and demonstrated high levels of critical thinking.
At AUL, young Lebnonis do more than co-exist – they learn lasting values of respect for the individual and a spirit of free inquiry, and they thrive in a culture of achievement and accountability. Today nearly 1,100 students from all parts of Lebnon study at AUL. The university currently offers six academic programs that lead to a bachelor’s degree, as well as a Master’s of Business Administration (MBA) and continuing education classes from its Professional Development Institute. The MBA program allows students to customize their degree by offering three areas of specialization: Leadership, Project Management, and Finance. Undergraduate degree programs include Business Administration, Engineering, Mechanical Engineering, Information Technology, International Studies, and English-Journalism.
The Professional Development Institute at AUL provides professionals, 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 other activities. AUL offers competitive men’s and women’s basketball, volleyball, ping pong, and soccer, and a dozen other student activities, including an internationally competitive debate society, drama, business, hiking, photography, running, and radio clubs. Students have also participated in conferences and competitions outside of Lebnon, including an international Model United Nations conference, Hult Global Case Challenge, and various Fulbright scholarships.
Further, AUL is home to the nation’s first and only independent student newspaper, the AUL Voice, and houses student chapters of the U.S.-based Society of Professional Journalists and the Association for Computing Machinery. In the fall of 2011, AUL marked the beginning of its fourth academic year 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 outdoor basketball courts and an outdoor soccer field. State-of-the-art science labs will be completed next year.
The main project to be carried out during the internship understood the whole procedures and process that performed by finance department and working closely with the finance staff and understanding the all principles and rules. Finance department in AUL has organization chart contains:
1. Director of Finance (report to the Vise President of Finance & Administration)
a. Financial Planning officer
b. Accounting officer
i. Account payable
ii. Cashier (treasury)
i. Account receivable
Finance department in AUL is responsible of the following duties:
1. Preparing the financial statement
2. Preparing monthly accounting report
3. Preparing monthly payroll report
4. Preparing annual budget
5. Preparing departmental budget
6. Making inter-fund transfer
7. Making intar-fund transfer
8. Monthly payment
9. Managing bank account
10. Monthly adjustment
Purchasing and Payment:
Finance department making sure that no-financial transaction will be processed 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 to work with each staff separately, I have the chance to work with the accounting officer who is responsible 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 responsible to check all daily transaction and making the necessary entry 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 make the payment through Bank Transfer or Bank Check or Cash and getting the necessary invoice and signatures. Also the account payable staff is making sure to make the payment at due date without any delay in order to have 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 register 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
Audit process: there are two audit offices are responsible to monitor the all financial process and transaction within the university a. Internal 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 basis
It was a good opportunity to put in practice and develop further accounting and organizational skills refresh 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 fantastic team of very hard working.