Internship in Accounting Department Essay

INTRODUCTIONThe following root word 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 put to work which has been implemented by pay department according to the policy which has been approved by the higher centering 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 t for each oneing practices of the American higher educa tion model. AUL admits all qualified students regardless of social, ethnic, or religious background. Students be admitted based on a record of past academic performance and potential for success, including electrical condenser 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 fly high in a culture of achievement and bank noneability. Today nearly 1,100 students from all parts of Lebnon study at AUL. The university currently offers six academic curriculums that lead to a bachelors degree, as well as a Masters 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 imply Business Administration, Engineering, Mechanical Engineering, Information Technology, International Studies, and English-Journalism.The Professional Development Institute at AUL provides captains, 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(prenominal) university sports teams and more than a dozen student-sponsored clubs and other activities. AUL offers competitive mens and womens 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 nations fir st 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 ground include an administrative building, gender-specific dormitories, and an academic building, which houses lecture halls and classrooms, conference rooms, and faculty steads. AUL also has a cafeteria, two outdoor(a) basketball courts and an outdoor soccer field. State-of-the-art science labs will be completed next year. working(a) PlanThe 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 contains1. Director of Finance (report to the V ise President of Finance & Administration)a. Financial Planning police officerb. Accounting officeri. Account payableii. bank clerk (treasury)c. Bursari. Account receivableFinance department in AUL is prudent of the following duties1. Preparing the financial statement2. Preparing monthly accounting report3. Preparing monthly payroll report4. Preparing one-year budget5. Preparing departmental budget6. Making inter-fund imparting7. Making intar-fund transfer8. Monthly retribution9. Managing bank account10. Monthly adjustmentPurchasing and PaymentFinance department making sure enough that no-financial execution will be processed without proper authorization and it is the responsibility of all staff to hold in 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 t he cashier.The accounting officer is making sure to have document every transaction and have master acceptable document according to the policy, also he is responsible to punctuate 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 enthral 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 overdue date without whatsoever 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 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 process get paid by the customers take stock 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 basisConclusionIt was a good opportunity to put in practice and develop still 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 persona l networking activities and making contacts which may prove of value in the near future and work with fantastic team of very hard working.