Organized Accounting or Finance Department Except a Cashier Paying - Accounting and Finance Assignment Help

Assignment Task:

Task:

You are a newly appointed Financial Accountant of a newly formed, medium sized private company that is planned to be having diversified operations in FMCG (Fast Moving ConsumerGoods) sector in domestic appliances in electronic, electrical and mechanical operations.Currently, there is no organized accounting or finance department except a cashier paying,receiving and depositing money and a clerk who accepts postal mails, sorting and filing themsystematically. Purchasing, Stores, Marketing & Sales divisions are also getting organised. TheManaging Director of the company is a well educated with 15 years experience in similarenterprises and knowledgeable in accounting functions as well.On the first day of your appointment, MD spent 3 hours with you and explained whole scenarioof the company where to go, how to go and what to do and what accounting support should begiven etc. At the end, he instructed you that you have to manage the finance division in stylewith minimum no. of employees with the assistance of 4 desktop computers and 01 laptopcomputers in the division. You can use common Accounting software like MS Office packagesand basically should be started with manual system.Before everything, you are requested to write an “Accounting Manual” or SAP (StandardAccounting Procedures) to be used by existing and future staff in the finance dept. in which youhave to follow “internal control measures, documents flow, delegation of authorities, doubleentry book keeping, accrual accounting system with objective evidence” under manual/semimanual accounting system especially in following processes. He gives you only one month to dothis task and wanted to see it before finalizing to evaluate how best you are going to organizethe division.

1. Purchases - cash and credit, and payments for suppliers

.2. Handling cash book, bank deposits and bank reconciliations.

3. Preparing salaries, payments. Journalising, statutory returns and payments.

4. Stock issues, Inventory control and accounting under weighted average pricing

5. Sales and debtors control.

6. Fixed asset control7. Bookkeeping functions and preparation of Monthly financial accounts.It would be suggested that for every process or sub process, you may provide with your writeup in the following order. However, it is not a must to follow; you may use whatever waycovering the whole process/s in a logical and systematic sequence.

31. Process title

2. Process description

3. Sub process/s if any to be crossconnected

4. Documents to be used and their flow

5. Internal control measures6. Accounting treatments

7. Identifying who does what and when

8. Exceptions if any,You are required to demonstrate your theoretical knowledge, practical application, internalmanagement skills, documentary evidence and skills of networking with other divisions. You areauthorized to refer any recognized, authenticated and relevant publications except social mediaopinions. All bases of references should be given under reference page, the last page of theassignment.

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