WORK PLACEMENT AT THE PVG ACCOUNTING SERVICES & CONSULTANCY LTD
On the 14th of October, I received a phone call from Debs. It was about the work placement. She asked me first if I want to do a one week work placement. I accepted it as it will help me gain new experiences especially when I found out that I will be in an Accounting Services agency. After I accepted it, Debs informed the person who was in charge with work placements, and it's Mr. Lee Harland.
Mr. Lee Harland rang me on the same day and he explained to me what should I do when I arrive on my work placement. I had been advised to dress smart to look more professional. I then emailed Debs, I asked her to inform all my tutors about what I was about to do next week.
DAY 1: BOOKKEEPING AND INVOICES
When I got to my work placement, Mr Simeon Olowoyo which was the Administration Manager of the Accounting Services. He introduced me to one of his colleague and he gave me some brief information about the company. He then gave me a tour around the building and explained all the facilities.
The first thing that I did was to do some banking's. I first counted the money just to make sure that Mrs Olowoyo gave me the correct amount of money according to the paying-in slip. She also gave me a cheque that I needed to deposit to another account, after I finished those tasks, I went back to the office and Mr. Olowoyo asked me to photocopy some documents for him as I knew how to use the photocopy machine. Then after, I photocopied the documents I went to Mrs Olowoyo and I asked her the things that I should do, she told me that I need to do some bookkeeping's for a company.
She also told me that I need to sort out the invoices and purchase receipts according to their dates and months, to be able to record their figures to the excel sheet. After I had sorted out the invoices, I started filling up the excel. I first put in the date, followed by the type of document, the reference number, the Payee/Supplier, the description, followed by the Total, VAT and NET then the last part was the category where the products belonged. As shown below:
I did not finished the recording of the invoices because I ran out of time.
Thoughts/Opinion: I would say I was pleased, as I had applied what I had learnt in the college and I had experienced a proper accounting in "hands on" type. I will now focus on the ledgers because this is probably the most confusing bit in accounting bookkeeping. I am still looking forward on gaining new experience. But I will try my best to reach their expectations.
DAY 2: VAT ANALYSIS, BANKING ANALYSIS AND EXPENSE ANALYSIS
The 2nd day of my work placement went very well. As soon as I got to my work placement I took the laptop, the invoices and I started to record the VATs' again so I could move to my other tasks. I had finished the VAT Analysis for the month of July. After that I spoke to my line manager to explain the next task which was the Banking Analysis.
She gave me the pile of statements of account of the company. She explained to me first, what was the meaning of Banking Analysis. Then after that, she showed me how to record the figures into the excel. At the same time she also explained about the expense analysis, so I could work continuously.
Mrs. Olowoyo also asked me to do some banking like transferring money into another account via Barclays Bank. Before I went to the bank I double checked the money that Mrs. Olowoyo had given me, I also asked for the details such as; the account number, sort code and the reference.
Thoughts/Opinion: I had learnt so many things about accounting. I would say that I am less confused now. I have gained new experiences again. I am looking forward on completing the banking analysis and expense on my day 3.
DAY 3: RECEIPT & PAYMENT ANALYSIS
When I got to my work placement Mrs Olowoyo told me to finish off the VAT Analysis for the month of August, I started putting the figures into the excel. After I finished the VAT, I continued the Payment Analysis where I needed to put every single expense that the company had spent. Mrs Olowoyo also taught me the quickest way of solving the money out in excel.
Thoughts/Opinion: Although VAT, Receipt and Payment Analysis are all complicated and stressful, I am still willing to do this stuff to practice. I am looking forward for the 4th day because she is going to teach me on how to do a petty cash book.
DAY 4: ANOTHER RECEIPT, PAYMENT ANALYSIS & PETTY CASH BOOK
I had enjoyed my 4th day work placement. Mrs. Olowoyo gave me another set of bank statements and asked me to do an analysation to the given information. I first looked at each page to check and I made sure that the statements are complete and accurate. Then after that, I opened the Microsoft Excel and I sorted the template that I was going to use to input the numbers. I had finished the task a bit earlier than I expected.
Then I had a 15 minutes break. As soon as I got back from the break, Mrs. Olowoyo took a portfolio, took all the receipts out and she explained to me about the Petty Cash Book, where I needed to record all of the expenses of the PVG Accounting Services. I was shocked because of the mountain-like papers.
I was determined to finish it as soon as possible.
The first thing that I did was to do some banking's. I first counted the money just to make sure that Mrs Olowoyo gave me the correct amount of money according to the paying-in slip. She also gave me a cheque that I needed to deposit to another account, after I finished those tasks, I went back to the office and Mr. Olowoyo asked me to photocopy some documents for him as I knew how to use the photocopy machine. Then after, I photocopied the documents I went to Mrs Olowoyo and I asked her the things that I should do, she told me that I need to do some bookkeeping's for a company.
She also told me that I need to sort out the invoices and purchase receipts according to their dates and months, to be able to record their figures to the excel sheet. After I had sorted out the invoices, I started filling up the excel. I first put in the date, followed by the type of document, the reference number, the Payee/Supplier, the description, followed by the Total, VAT and NET then the last part was the category where the products belonged. As shown below:
 |
| NOTE: CP- Cash Purchases | PI- Purchase Invoices |
Thoughts/Opinion: I would say I was pleased, as I had applied what I had learnt in the college and I had experienced a proper accounting in "hands on" type. I will now focus on the ledgers because this is probably the most confusing bit in accounting bookkeeping. I am still looking forward on gaining new experience. But I will try my best to reach their expectations.
DAY 2: VAT ANALYSIS, BANKING ANALYSIS AND EXPENSE ANALYSIS
The 2nd day of my work placement went very well. As soon as I got to my work placement I took the laptop, the invoices and I started to record the VATs' again so I could move to my other tasks. I had finished the VAT Analysis for the month of July. After that I spoke to my line manager to explain the next task which was the Banking Analysis.
She gave me the pile of statements of account of the company. She explained to me first, what was the meaning of Banking Analysis. Then after that, she showed me how to record the figures into the excel. At the same time she also explained about the expense analysis, so I could work continuously.
Mrs. Olowoyo also asked me to do some banking like transferring money into another account via Barclays Bank. Before I went to the bank I double checked the money that Mrs. Olowoyo had given me, I also asked for the details such as; the account number, sort code and the reference.
Thoughts/Opinion: I had learnt so many things about accounting. I would say that I am less confused now. I have gained new experiences again. I am looking forward on completing the banking analysis and expense on my day 3.
DAY 3: RECEIPT & PAYMENT ANALYSIS
When I got to my work placement Mrs Olowoyo told me to finish off the VAT Analysis for the month of August, I started putting the figures into the excel. After I finished the VAT, I continued the Payment Analysis where I needed to put every single expense that the company had spent. Mrs Olowoyo also taught me the quickest way of solving the money out in excel.
Thoughts/Opinion: Although VAT, Receipt and Payment Analysis are all complicated and stressful, I am still willing to do this stuff to practice. I am looking forward for the 4th day because she is going to teach me on how to do a petty cash book.
DAY 4: ANOTHER RECEIPT, PAYMENT ANALYSIS & PETTY CASH BOOK
I had enjoyed my 4th day work placement. Mrs. Olowoyo gave me another set of bank statements and asked me to do an analysation to the given information. I first looked at each page to check and I made sure that the statements are complete and accurate. Then after that, I opened the Microsoft Excel and I sorted the template that I was going to use to input the numbers. I had finished the task a bit earlier than I expected.
Then I had a 15 minutes break. As soon as I got back from the break, Mrs. Olowoyo took a portfolio, took all the receipts out and she explained to me about the Petty Cash Book, where I needed to record all of the expenses of the PVG Accounting Services. I was shocked because of the mountain-like papers.
I was determined to finish it as soon as possible.
 |
| Here are the receipts that I did. It seems like it's an easy task but it's not. Looks can be deceiving. |
P.S. I did finished all of that in one day. Hahaha.
Thoughts/Opinion: All I can say is. If you have work to do, Do it as soon as possible. "Do it now, Chill later".
DAY 5: PAY ROLL AND MORE RECEIPT AND PAYMENT ANALYSIS
AHHHHHHH! The last day of my work placement was great. I did the analysis for 2 accounts by myself. Mrs. Olowoyo gave me a pile of bank statements, from this one customer that was from Bury, I was able to balanced it without the help of my line manager. I was so happy and to test if I really did get the analysis, my line manager gave me another set of statements with the same person but different bank account. I was challenged by that time, because the format of the statement was different, but I still managed to finish it. What I did was I looked through the information given and I tried not to make any mistake on numbers, as it may result to the unbalanced total. My line manager also discussed with me a brief information about pay rolls, how to use them, and where to use them.
At the end of the day, My line manager and I had a short meeting. She gave me some feedback. I think she was pleased with my performance.
**I would also like to thank Mrs. Olowoyo for giving me this opportunity to experience what accounting really is. She exposed me on real-life scenarios. I enjoyed my work placement at the PVG Accounting services because the staff their was so nice and I was able to cope up with them. It was a privilege to worked with them.
FINAL THOUGHTS: Well, Patience really is a virtue. Do what you need to do. I've gained so many experiences. Time management is very important in accounting. You need to balance you life. Too much stress is bad and too much relaxation is bad as well. ;)))))))))
