Bangalore City University

VI- Semester (NEP) BCOM Internship Report on

“CHARTERED ACCOUNTANCY FIRM”
Submitted by

NEHA M.B
U18AF21C0001
Under the Guidance of

ASST PROF.RAJATH G
Department of Commerce – BCOM

VIDYA VARDHAKA SANGHA FIRST GRADE COLLEGE

(Affiliated to Bengaluru City University)

NAAC ACCREDITED “B++” GRADE

2nd block ,3rd stage , Mangaladhama, Baveshwara nagar ,

Bengaluru -560079

Phone 080- 23226182

Fax:+(91)-80-23228373

Email : vvfgcw@gmail.com
Website:www.vvsdegreecollege.com
 CERTIFICATE

T h is is to c ertify th a t Ms. Neha M.B, 6 th s em es ter B .c o m R eg N o . U18AF21C0001 h a s

c a rrie d o u t th e In te rn s h ip a t Sanjay K and Co ., B en g a lu ru u n d e r th e g u id a n c e o f Mr.

Rajath G A s s is ta nt P ro fe s s o r, D ep a rtm en t o f c o m m erc e in p artia l f u lfilm en t o f

re q u irem en t o f B a c h e lo rs o f C o m m erc e .

Sri S G NAGARAJU

P rin c ip a l, A s s o c ia te Pro fes s o r o f C o m m e rc e

V id ya V a rd h a k a S a n g h a F irs t G ra d e C o lle g e
D a te:

Pla c e: B e n g a lu ru .

GUIDE CERTIFICATE

Th is is to c ertif y th a t M s . Neha M.B, 6 th S E M E ST E R B . c o m b ea ring u n iv ers ity R eg N o .

U18AF21C0001 a s p re p a red th e rep o rt u n d er m y g u id a n c e a n d s up erv is io n . Sh e h a s

atten d ed th e req u ire d g u id a nc e s e s s io n s h eld . T h is re p o rt h a s n o t fo rm a b a s is fo r th e

aw a rd o f a n y o th e r D eg re e/ D ip lo m a o f a n y o th er In s titu tio n o r U n ive rs ity.

Signature of
Guide

Date:

Place: Bengaluru.
 DECLARATION

I h ereb y d e c la re th a t th e In te rn s h ip R ep o rt p re p a re d b y m e is th e res u lt o f o rig in a l w o rk

u n d e rta k e n a t SANJAY K and Co c a rried o u t b y m e u n d er th e g u id a n c e o f Mr. RAJATH

G, B a c he lo rs o f C o m m e rc e b y B e n g a lu ru C ity U n ive rs ity .

I als o d ec la re th a t th is re p o rt is o u tc o m e o f m y o w n ef fo rts a n d th a t it h a s n o t b ee n

s ub m itted to a n y o th e r U n iv ers ity o r In s titu te fo r th e a w a rd o f a n y o th er D eg ree o r

D ip lo m a o r C ertif ic a te.

Pla c e: B e n g a lu ru .

N a m e: N E H A M .B

R eg is te r N u m b e r: U 1 8 A F 2 1 C 0 0 0 1
D a te:

ACKNOWLEDGMENT

I ta k e th is a s a n o p p o rtu n ity to e xp re s s m y p ro f o u n d g ra titu d e to a ll w h o h a v e b e en

s ig n if ic a n t c o n trib u to rs to th is lea rn in g p ro c es s .

I c o n ve y m y g ra titu d e to SANJAY SIR, C h a rte red A c c o u n ta n t

I ex p res s m y d e ep es t s en s e o f g ra titu d e to Sri S G NAGARAJU, Prin c ip al a n d

A s s o c ia te P ro fe s s o r, D ep a rtm en t o f C o m m erc e, V id ya V a rd h a k a F irs t G ra d e C o lle g e

fo r h is c o n s ta n t s u p p o rt.

I a m g ra tefu l a n d T h a n k fu l to Mr. RAJATH G , A s s is ta n t P ro fe s s o r, D ep a rtm en t o f

C o m m erc e , Vid ya V a rd h a k a Firs t G ra d e C o lla g e fo r h er s u p p o rt, g u id a n c e a n d

en c o u rag em e nt a n d f o r s p a rin g h er v a lu a b le tim e a n d g u id in g in th e s u c c e s s fu l

c o m p le tio n o f th e re p o rt.

I am g ra tefu l a n d th an k f u l to m y P a ren ts .
 Pla c e: B e n g a lu ru .

D a te:

Department of Commerce

- BCOM

Internship Table of Contents

Student Name and USN No:Neha M.B (U18AF21C0001)

Company Name:Sanjay K and Co
Address:Bashveshwara Nagar

SI. No. Chapters Topics

01 C ha pte r 1 Introd uc tio n a b ou t o rg a niz a tion s

02
C ha pte r 2 O rg a niza tio n p ro file se rvice offe red

03
C ha pte r 3 S W O T A N A LY SIS

04 Introd uc tio n to G S T a nd G ST R e gistra tio n a nd

C ha pte r 4 R e turns
05
C ha pte r 5 V ou ching a nd B o o k K ee p in g in A u dit

06
C ha pte r 6 T A LL Y

07
C ha pte r 7 L ea rnin g E xp erie nce

08
C ha pte r 8 R e view s B y C lie nts

09
C ha pte r 9 C o nc lusio n

10
C ha pte r 10 B ib liog ra p hy

CHAPTER-1

INTRODUCTION ABOUT ORGANISATION

ABOUT THE INDUSTRY

T h e Frim Sanjay K & Co , is a C h a rtered A c c o u n ta n t firm b a s ed o u t o f B a n g a lo re, In d ia

es ta b lis h e d in th e ye a r 2 0 1 2 .

W e h a v e b e en ren d e rin g a m u ltitu d e o f s ervic es u n d e r o n e ro o f o ve r th e p as t 5 . 6 yea rs ,

es p ec ia lly in th e field o f b a c k o ffic e m a n a g em en t s ervic es , a u d it a n d a s s u ra n c e,
d irec t a n d in d irec t ta x a tio n , in tern a tio n a l ta xa tio n , c o rp o ra te la w , m an a g em en t
c o n s u lta n c y, m a tters re la tin g to F E M A , m e rg ers a n d a c q u is itio n s , a n d o th e r a llie d
a rea s .

S a n ja y K & C o , a firm o f c h a rtere d a c c o u n ta n ts h a s b e en s erv in g c lie n ts fro m a c ro s s

v ario u s in d u s trie s a nd w e b e lie ve in p ro v id in g c o m p reh e n s iv e s o lu tio n s to a s s is t its
c lien ts in m ee tin g th e c h a lle n g e s o f a d yn a m ic b u s in es s en v iro n m e n t.
W e a re c o m m itte d to p ro v id in g u n m a tc h ed q u a lity s ervic es in a tim e -b o u n d m a nn e r
a n d b eliev e in e m p o w e rin g c lie n ts th ro u g h th e c o n tin u o u s c yc le o f k no w le d g e s h a rin g .
W e s triv e to d elive r v alu e a n d b u ild lo n g term a s s o c ia tio n s w ith its c lien tele. W e a re
c e rta in th a t th is k n o w led g e p o rta l w ill b e o f im m e n s e h elp to a ll its u s e rs .

T o g g le n a v ig a tio n M o ne y D o es n ’ t C o m e W ith o u t C a re F in d in g yo u r n ex t F in a n c ia l
A d vis o r is a s e a s y a s c o u n tin g fro m o n e to five .

F rie n d ly A s s is ta n c e W ith o v er 3 0 ye a rs o f e xp erien c e w e’ ll e n s u re yo u a lw a ys g et th e

be st

g u id a n c e. w e ’ re w ith yo u ev ery s te p o f th e w a y E x p e rie n c e is E v eryth in g W ith o v er 3 0

ye ars o f e xp erien c e.

O u r M is s io n

T o b e a C a talys t in th e G ro w th o f P eo p le a n d O rg a n iza tio n , th ereb y m a k in g th em p ro u d

& re s p e c ta b le .

O u r V is io n

W ith ‘ Q u a lity is P rio rity’ a s a n u ltim a te a s p ira tio n , SA N J A Y K & C O .. ’ s v is io n is to

n u rtu re a p ro f es s io n a l firm o f rep u te w h ic h is c o m p etitiv e, d yn a m ic a n d f o c u s e d tea m
lea d er in th e a rea s o f its o p e ra tio n , p ro vid in g th e b es t o p p o rtu n ity to p ro g res s a n d
g ro w to a ll th o s e w h o a re a s s o c ia ted w ith it a n d als o s e rvin g th e b e s t in teres ts o f th e
c lien ts

O u r V a lu e

S A N J A Y K & C O . is fo c u s e d o n c re a tin g s u s ta in a b le va lu e g ro w th th ro u g h in n o v ative

s o lu tio n s a n d u n iq u e p a th w a ys . O u r va lu es a re a t th e h e a rt o f o u r b u s in e s s re p u ta tio n
a n d a re es s e n tia l to o u r c o n tin u ed s u c c e s s . W e fo s ter a n e n viro n m en t to in s till th e s e
v alu e s in ev ery fa c e t o f o u r o rg a n iza tio n .

CHAPTER - 2

ORGANISATIONAL PROFILE
2.1 INTRODUCTION

SANJAY K & Co is a lea d in g C h a rtered A c c o u n ta n c y firm . It is re n d e rin g

c o m p re h en s ive p ro f es s io n a l s e rv ic e s w h ic h in c lu d e a u d it , ta x c o n s u lta nc y ,

m a n a g e m en t c o n s u lta n c y , a c c o u n tin g s erv ic es e tc .

It is a p ro f es s io n a lly m a n a g e d firm . T h e tea m c o n s is ts a p ro p rie to r C h a rte re d

A c c o u n ta n t a n d o th e r A s s o c ia tes . T h e firm re p res e n ts a c o m b in a tio n o f s p ec ia lize d

s k ills , w h ic h a re g ea red to o ffe rs s o u n d f in a n c ia l a d v ic e a n d p ers o n a lize d p ro ac tiv e

s ervic e s . Th o s e as s o c ia ted w ith th e firm a re th e s k illed w o rk ers w h o w o rk

c o n s is ten tly in th e firm , w h ic h e n a b le s th e firm to k e ep p a c e w ith c o n te m p o ra ry

d ev elo p m en ts a n d m e et th e n ee d s o f its c lie n ts .

Sa n ja y k a n d A s s o c ia tes C o m p a n y h a s a c lea r v is io n fo r th e f u tu re g ro w th a n d

d ev elo p m en t o f fin a n c ia l m a rk e ts , s e rv ic e s a n d re s ea rc h to s ta y a h ea d o f th e s e

tren d s an d d e ve lo p m en ts .

2.2 SERVICES OFFERED :

● C o m p a n y La w C o n s u lta n c y
● G o o d s & S erv ic e T a x
● S etting o f N ew B u s in e s s
 ● S ta rt U p V e n tu res
● C re d it S yn d ic a tio n
● N eg o tia tio n s w ith th e B a n k s

2.3 CORPORATE SERVICES :

● In c o rp o ra tio n o f c o m p a n y

● A d vis o ry P la n n in g f o r M e rg ers , A c q u is itio n , D e- m erg e rs a n d C o rp o ra te

re-o rg a n is atio n .

● C o n s u lta n c y o n C o m p a n y L a w m a tte rs

● F ilin g th e a n n u a l re tu rn s a n d va rio u s fo rm s , d o c u m en ts .

● M a in ten a n c e o f S ta tu to ry rec o rd s .

Benefits of Corporate Services

1 . Expertise and Knowledge : A c c e s s to p ro fes s io n a ls w ith s p e c ia lize d k n o w led g e

in v a rio u s fie ld s , e n s u rin g a c c u ra te a n d eff ic ien t h a n d lin g o f tas k s .
2 . Compliance : E n s u re s ad h ere nc e to a ll le g a l, re g u la to ry, a n d s ta tu to ry
req u irem e n ts , red u c in g th e ris k o f n o n -c o m p lia n c e p en a lties .
3 . Efficiency: S tre a m lin es a d m in is tra tiv e p ro c e s s es , a llo w in g b u s in e s s es to fo c u s
o n c o re a c tivities .
4 . Cost Savings: R e d u c es th e n ee d fo r in -h o u s e s ta ff fo r s p ec ia lize d ta s k s , le a d in g
to c o s t s a v in g s .
5 . Risk Mitigation: Id en tif ie s a n d m itig a tes ris k s , p ro tec tin g th e b us in e s s f ro m
p o ten tia l is s u es .
 CHAPTER 3

SWOT ANALYSIS

SW O T A N A L Y SIS

STR E N G TH S

W EA K N E SSE S

O P P O R TU N ITIE S

TH R EA TS
SWOT Analysis is a s tra teg ic p la n n ing to o l u s ed to id e n tif y a n d a n a lyz e th e S tre ng th s ,
W e a k n es s es , O p p o rtu nities , a n d T h rea ts re la te d to a b u s in es s o r p ro jec t. It h elp s
o rg a niz a tio n s u n d ers tan d th e ir in te rna l a n d e xtern a l e n viro n m en ts to m a k e in fo rm e d
d e c is io n s a n d d ev elo p effe c tive s tra te g ie s .

Components of SWOT Analysis

1 . Strengths:

In tern a l a ttrib u te s th a t g ive th e o rg a n iz a tio n an a d va n ta g e o ve r c o m p e tito rs .

2 . Weaknesses:

In tern a l a ttrib u te s th a t p la c e th e o rg a n iz a tio n a t a d is a d v a n ta g e rela tiv e to

c o m p etito rs .

3 . Opportunities:

E x te rn al fa c to rs th a t th e o rg a n iz a tio n c a n ex p lo it to its a d va n ta g e .

4 . Threats:
 E x tern a l fa c to rs th a t c o u ld c a u s e tro u b le fo r th e o rg a n iz a tio n o r p ro je c t.

▶ STRENGTH

● B en e fit to c lie nts

● S tro n g firm m an a g em en t
● A v a ila b ility o f s ys tem a n d s o ftw a re
● G e n era l a v a ila b ility
● G o o d f in a n c ia l p o s itio n

Examples:

▪ S tro n g b ra n d rep u ta tio n .

▪ Lo ya l c u s to m er b a s e.
▪ In n o va tive p ro d u c ts o r s e rv ic es .
▪ E f fic ien t s u p p ly c ha in m a na g em en t.
▪ S k ille d w o rk fo rc e.

▶ 2 . W e a kne ss

● N o o n lin e p re s en c e
● C o m m u n ic a tio n g a p
● N o fo re ig n a f filia tio n

Examples:

▪ H ig h em p lo y ee tu rn o ve r.
▪ O u td a te d te c h n o lo g y.
▪ Lim ite d m a rk e tin g re ac h .
▪ P o o r fin a n c ia l p e rfo rm a n c e.
▪ W e a k o n lin e p res e nc e.

▶ 3 . O pp o rtunity

● E m e rg in g m a rk ets a n d ex p a n s io n a b ro a d
● Le s s c o m p etitio n
 Examples:

▪ E m e rg in g m a rk e ts .
▪ N ew c u s to m e r s e g m en ts .
▪ T e c h n o lo g ic a l in no va tio n s .
▪ S tra te g ic p a rtn ers h ip s .
▪ R eg ula to ry c h a n g es fa vo u rin g th e in d us try.

▶ 4 .C ha lleng es:

● J o b s tres s
● E x tern a l c h a n g e s
● T ec h n o lo g y C h a lle n g e s

Examples:

▪ In ten s e c o m p etitio n .
▪ E c o n o m ic re c e s s io n .
▪ C h a n g es in c o n s u m er p ref eren c es .
▪ R e g u la to ry c h a n g e s .
▪ S u p p ly c h a in d is ru p tio n s .

Steps to Perform a SWOT Analysis

▪ Gather Information : C o lle c t d a ta fro m in tern a l rep o rts , m a rk e t

re s ea rc h , a n d in d u s try a n alys is .
▪ Brainstorm : O rg a n ize a b ra in s to rm in g s e s s io n w ith k ey
s ta k e ho ld e rs to id e n tify s tre n g th s , w ea k n e s s es , o p p o rtu n itie s ,
a n d th rea ts .
▪ Categorize: C a teg o rize th e id e n tifie d fa c to rs in to th e f o u r S W O T
c a teg o rie s .

CHAPTER 4

INTRODUCTION TO GST AND GST REGISTRATION

What is GST?

Goods and Services Tax (GST) is a c o m p reh e n s iv e, m u lti-s ta g e, d es tin a tio n -b a s ed ta x

th a t is le vie d o n ev ery va lu e a d d itio n . It h a s rep la c ed m a n y in d irec t ta xe s in In d ia , s u c h
a s th e Va lu e A d d ed T a x ( V A T ), S erv ic e T a x , a n d E x c is e D uty. G ST is d e s ig n ed to b rin g
u n ifo rm ity in th e ta x s tru c tu re a c ro s s th e c o u n try, m a k in g it a s in g le , in d irec t ta x fo r th e
en tire n a tio n .

Key Features of GST

1 . Comprehensive :

G S T s u b s u m es m o s t o f th e ex is tin g in d irec t ta xe s .

2 . Multi-Stage :

G S T is im p o s e d a t ev ery s ta g e o f th e p ro d u c tio n p ro c e s s , b u t is refu n d ed to a ll

p a rties in th e p ro d u c tio n c h a in o th e r th a n th e fin a l c o ns u m e r.

3 . Destination-Based :
 G S T is c o llec ted a t th e p o in t o f c o n s u m p tio n ra th er th a n th e p o in t o f o rig in ,
m ea n in g th e tax re ve n u e g o es to th e s ta te w h e re th e g o o d s o r s erv ic es a re
co nsum e d.

Types of GST

G S T is d ivid e d in to fo u r typ es :

1 . Central Goods and Services Tax (CGST):

C o lle c ted b y th e C e n tra l G o v ern m e n t o n a n in tra -s ta te s a le (e .g . , w ith in

M a h a ra s h tra ) .

2 . State Goods and Services Tax (SGST):

C o lle c ted b y th e S ta te G o v ern m e n t o n a n in tra -s ta te s a le (e. g ., w ith in M a h a ra s h tra ).

3 . Integrated Goods and Services Tax (IGST):

C o lle c ted b y th e C e n tra l G o v ern m e n t fo r in ter-s ta te s a le s (e. g ., M a h a ras h tra to

T a m il N a d u ).

4 . Union Territory Goods and Services Tax (UTGST):

C o lle c ted fo r tra n s a c tio n s in U n io n T errito ries w ith o u t leg is la tu re.

Benefits of GST

1 . Elimination of Cascading Effect:

G S T a vo id s th e ta x -o n-ta x effe c t, th ereb y re d u c in g th e o ve ra ll ta x b u rd e n o n g o o d s

a n d s e rv ic e s .

2 . Higher Threshold for Registration :

B u s in es s e s w ith a tu rn o ve r o f le s s th a n ₹ 4 0 la k h s a re ex em p t fro m G S T
(in c re as e d th re s h o ld fo r s p ec ific s ta tes ) .

3 . Composition Scheme for Small Businesses:

S m a ll b u s in es s e s c a n p a y ta x a t a fixe d ra te o n tu rn o v er a n d a vo id th e te d io u s
G S T fo rm a lities .

4 . Simple and Easy Online Procedure :

 T h e en tire G S T p ro c es s — fro m re g is tratio n to filin g re tu rn s — is o n lin e , m a k in g it
u s er-f rien d ly.

5 . Improved Efficiency of Logistics:

G S T h a s re d u c ed th e n e ed fo r m u ltip le c h e c k p o in ts a n d d o c um e n ta tio n a t s ta te
b o rd ers , fa c ilita tin g s m o o th er a n d fa s te r m o v em en t o f g o o d s .

GST Registration

GST Registration is m a n d a to ry fo r b u s ine s s es w h o s e tu rn o v er ex c e ed s th e th res h o ld

lim it p re s c rib e d b y th e g o v ern m e n t. R eg is tra tio n p ro vid es a u n iq u e G S T Id en tif ic a tio n
N u m b er (G S T IN ) to th e b u s in es s .

Who Needs to Register for GST?

1 . Businesses with a Turnover Exceeding Threshold Limits:

₹ 4 0 la k h s fo r g o o d s a n d ₹ 2 0 la k h s fo r s erv ic es (th e th re s h o ld m a y va ry fo r s p e c ia l
c a te g o ry s ta te s ).

2 . Inter-State Suppliers:
A n y b u s in e s s s u p p lyin g g o o d s o r s e rvic e s a c ro s s s ta te b o rd e rs .

3 . E-commerce Operators:

B u s in e s s es o p era tin g th ro u g h o n lin e p la tf o rm s .

4 . Casual Taxable Persons and Non-Resident Taxable Persons:

T h o s e w h o o c c a s io n a lly s u p p ly g o o d s o r s erv ic es in a ta xa b le te rrito ry w h e re th e y

d o n o t h a v e a fixe d p la c e o f b u s in e s s .

5 . Agents of a Supplier :

In d iv id u a ls w h o s u p p ly g o o d s o n b eh a lf o f o th ers .

6 . Input Service Distributors:

B u s in es s e s th a t rec eiv e in vo ic es fo r s e rv ic e s a n d d is trib u te th e c re d it o f G S T p a id

to b ra n c h e s .

7 . Reverse Charge Mechanism :

B u s in e s s es req u ire d to p a y ta x o n th e re ve rs e c h a rg e b a s is .

Steps for GST Registration

1 . Visit the GST Portal: G o to th e o ffic ia l G S T p o rta l (g s t.g o v. in ) .

2 . Generate a TRN : Fill in P a rt A o f th e fo rm to o b ta in a T em p o ra ry R e feren c e N u m b er
(T R N ).
3 . Fill Part B of the Form : U s e th e T R N to lo g in an d fill P a rt B w ith d eta ile d
in fo rm a tio n a n d n e c e s s a ry d o c um e n ts .
4 . Submit and Verify: S ub m it th e a p p lic a tio n a fter ve rifyin g d eta ils w ith a D ig ita l
S ig n a tu re C ertific a te (D S C ), E le c tro n ic V erific a tio n C o d e (E V C ), o r E -s ig n .
5 . Acknowledgment: U p o n s u c c e s s fu l s u b m is s io n , a n A p p lic a tio n R e feren c e N u m b er
(A R N ) is g en e ra ted .
6 . GSTIN Allocation : O n c e a p p ro v ed , a u n iq u e G S T IN is a llo c a te d a n d th e b u s in e s s is
reg is te re d u n d e r G S T .

Required Documents for GST Registration

PAN Card : o f th e b u s in es s o r a p p lic an t.

Proof of Business Registration: In c o rp o ra tio n c e rtific a te o r p a rtn ers h ip d e ed .

Identity and Address Proof: O f th e p ro m o te rs / d irec to rs w ith p h o to g ra p h s .

Address Proof of Business: R e n ta l a g ree m e n t o r e le c tric ity b ill.

Bank Account Details: A c a n c e lle d c h e q u e o r b a n k s ta tem en t.

Digital Signature : F o r ve rific a tio n .

CHAPTER 5

VOUCHING AND BOOK KEEPING IN AUDIT

What is Vouching?

Vouching is a c ru c ia l a u d itin g p ro c es s in w h ic h a u d ito rs ve rif y th e a u th en tic ity o f

tra n s a c tio n s rec o rd ed in th e c o m p a ny ’ s b o o k s o f a c c o u n ts . T h is in vo lve s e xa m in in g
d o c u m en ta ry ev id en c e s u c h a s inv o ic es , rec eip ts , v o u c h ers , a n d o th e r s u p p o rtin g
d o c u m en ts to en s u re th a t a ll e n tries a re v alid , ac c u ra te, a n d c o m p ly w ith a c c o u n tin g
p rin c ip le s .

Objectives of Vouching

1 . Accuracy and Authenticity:

E n s u re th a t a ll re c o rd ed tra n s a c tio n s a re g e n uin e a n d a c c u ra te.

2 . Detection of Errors and Frauds:

Id e n tify a n y d is c re p a n c ie s , erro rs , o r fra u d u len t a c tivitie s .

3 . Compliance :

V erify th a t tra n s a c tio n s c o m p ly w ith le g a l an d o rg a n iza tio n a l p o lic ie s .

4 . Completeness:

E n s u re th a t n o tra n s a c tio n s h a ve b ee n o m itted .

5 . Proper Classification :
 C o n firm th a t tra n s a c tio n s a re rec o rd e d in th e a p p ro p ria te a c c o u n ts .

Types of Vouchers

1 . Primary Vouchers:

O rig in a l d o c u m e n ts s u c h a s in vo ic e s , re c e ip ts , b ills , a n d c o ntra c ts .

2 . Collateral Vouchers:

S ec o n d a ry d o c um e n ts th a t s u p p o rt th e p rim a ry v o u c h ers , s u c h a s inte rn a l m e m o s

a n d c o rre s p o n d e n c e .

Steps in Vouching

1 . Gather Documents:

C o lle c t a ll re lev a n t s u p p o rtin g d o c u m en ts f o r th e tra n s a c tio n s re c o rd ed in th e

bo oks.

2 . Check Authenticity:

V erify th e a u th e n tic ity o f th e d o c u m en ts b y c h ec k in g s ig n a tu res , d a tes , a n d s ta m p s .

3 . Match Entries:
 C ro s s -c h ec k th e en trie s in th e b o o k s w ith th e s u p p o rtin g d o c u m e n ts .

4 . Verify Details:

E n s u re th a t th e d eta ils lik e a m o u n t, d a te, a n d d es c rip tio n a re c o rre c tly re c o rd ed .

5 . Check Authorization:

C o n firm th a t tra n s a c tio n s a re a u th o riz ed b y th e a p p ro p ria te p ers o nn e l.

6 . Follow Up:

In ve s tig a te a n y d is c rep a n c ies o r u n u s u a l e n tries fo u n d d u rin g the p ro c es s .

Importance of Vouching

1 . Builds Credibility:

E n h a n c es th e relia b ility o f th e fin a n c ia l s ta tem en ts .

2 . Ensures Accountability:

H o ld s p ers o n n e l a c c o un ta b le fo r th e ir a c tio n s a n d d e c is io n s .

3 . Prevents Fraud :

H elp s in d e te c tin g a n d p re ve n tin g fra u d u le n t a c tivities .

4 . Maintains Accuracy:

E n s u re s th e a c c u ra c y o f fin a n c ia l rec o rd s , lea d ing to b etter d e c is io n -m a k in g .

5 . Legal Compliance :

E n s u re s c o m p lia n c e w ith le g a l an d re g u la to ry re q u irem en ts .

What is Bookkeeping?

Bookkeeping is th e s ys te m a tic rec o rd in g a n d o rg a n iz in g o f fin a n c ia l tra n s a c tio n s in a

c o m p a n y’ s b o o k s o f a c c o un ts . It fo rm s th e f o u n d a tio n o f th e a c c o u n tin g p ro c e s s
a n d p ro vid e s th e ne c e s s a ry in fo rm a tio n fo r fina n c ia l a n a lys is a n d re p o rtin g .

Objectives of Bookkeeping
1 . Record Transactions:

M a in ta in a d eta ile d a n d a c c u ra te re c o rd o f a ll fin a n c ia l tra n s a c tio n s .

2 . Financial Reporting:

P ro v id e d a ta fo r p rep a rin g f in a n c ia l s ta te m e n ts a n d re p o rts .

3 . Decision Making :

S u p p ly in fo rm a tio n ne c e s s a ry f o r m a k in g in fo rm ed b u s in e s s d e c is io n s .

4 . Compliance :

E n s u re a d h eren c e to leg al a n d reg u la to ry req u irem e n ts .

5 . Track Financial Position :

M o n ito r th e fina n c ia l h e a lth a n d p e rf o rm a n c e o f th e b u s in e s s .

Types of Bookkeeping Systems

1 . Single-Entry System: R e c o rd s o n ly o n e s id e o f e a c h tra n s a c tio n , s u ita b le fo r s m a ll

b u s in e s s es .
2 . Double-Entry System : R ec o rd s b o th d eb it a n d c red it s id e s o f tra n s a c tio n s ,
en s u rin g a c c u ra c y a n d c o m p leten e s s .

Key Bookkeeping Activities

1 . Recording Transactions:
a . E n te rin g a ll f in a n c ia l tra n s a c tio ns in th e a p p ro p ria te b o o k s ( jo u rn a ls a n d
led g e rs ).

2 . Posting to Ledgers:
a . T ra n s ferrin g jo u rn a l e n tries to in d ivid u al a c c o u n ts in th e led g e r.

3 . Balancing Accounts:
E n s u rin g th a t d e b it a nd c red it b a la n c es a re eq u al.

4 . Preparing Trial Balance :

 S u m m a rizin g a ll led g e r a c c o u n ts to c h e c k th e a c c u ra c y o f rec o rd e d
tra n s a c tio n s .

5 . Reconciling Accounts:
C o m p a rin g in tern a l re c o rd s w ith e xtern a l d o c u m en ts ( b a n k s ta te m e n ts ,
s u p p lie r in v o ic e s ) to e n s u re c o n s is te n c y.

6 . Generating Reports:
C re atin g fin a n c ia l re p o rts s u c h a s in c o m e s ta te m en ts , b a la n c e s h ee ts , a n d
c a s h flo w s ta te m e n ts .

Importance of Bookkeeping

1 . Financial Management: P ro v id e s a c le a r p ic tu re o f fin a n c ia l h e a lth , e n a b lin g

ef fec tiv e m a n ag em e nt.
2 . Legal Compliance : E ns u re s c o m p lia n c e w ith ta x la w s a n d re g u la tio n s .
3 . Performance Analysis: F a c ilita tes a n a lys is o f fin a n c ia l p e rfo rm a nc e a n d
id e n tific a tio n o f tren d s .
4 . Resource Allocation : H elp s in b u d g e tin g a n d res o u rc e a llo c a tio n .
5 . Audit Trail: C rea te s a v erif ia b le tra il o f fin a n c ia l tra n s a c tio n s , a id in g in a u d its a n d
in ve s tig a tio n s .

Relationship Between Vouching and Bookkeeping

● Foundation:

B o o k k eep in g la ys th e fo u n d a tio n fo r vo u c h in g b y s ys te m a tic a lly rec o rd in g a ll

tra n s a c tio n s .

● Verification:

V o u c hin g in v o lve s ve rifyin g th e a c c u ra c y a n d a u th en tic ity o f th e tra n s a c tio n s

rec o rd e d d u rin g b o o k k e ep in g .

● Accuracy:

B o th p ro c es s e s w o rk to g eth er to en s u re th e fin a n c ia l s ta tem en ts a re ac c u ra te a n d

relia b le.

● Compliance :

T h ey h e lp in e ns u rin g th a t th e fin a n c ia l re c o rd s c o m p ly w ith leg a l a n d reg u lato ry

req u irem e n ts .
● Fraud Prevention :

C o m b in ed , th e y p la y a c ritic a l ro le in d etec tin g a n d p rev en tin g erro rs a n d f ra u d .

CHAPTER-6

TALLY

What is Tally?
Tally is a c o m p re he n s ive b u s in es s a c c o u n ting a n d in ve nto ry m a n a g e m e n t s o f tw a re
w id ely u s ed b y s m all a n d m ed iu m -s ize d en te rp ris e s ( SM E s ) in In d ia a n d a c ro s s th e
g lo b e . D ev elo p e d b y T a lly S o lu tio n s P vt. Ltd ., T a lly E R P 9 is o n e o f th e m o s t p o p u la r
v ers io n s , o f ferin g a ra n g e o f fe a tu re s th a t fa c ilita te a c c o u n tin g , in ve n to ry m a n a g e m e n t,
ta x m a n a g em en t, p a yro ll, a n d m o re.

Key Features of Tally

1 . Accounting :

T a lly s u p p o rts a ll m a jo r a c c o u n tin g f u n c tio n s s u c h a s re c e iv a b le s , p a ya b le s ,

g e n era l le d g er, a n d m o re. It a ls o p ro v id e s d eta ile d fin a n c ia l s ta tem e n ts a n d rep o rts .

2 . Inventory Management:

H elp s in tra c k in g s to c k lev els , m an a g in g o rd e rs , a nd re c o rd in g in ve nto ry

tra n s a c tio n s .

3 . GST Compliance :

S im p lifie s G S T c a lc u la tio n s a n d re tu rn s filin g .

4 . Payroll Management:

M a n a g es e m p lo yee p a yro ll, in c lu d in g s a la rie s , d e d u c tio ns , a nd s ta tu to ry

c o m p lian c es .
5 . Multi-User Environment:

S u p p o rts m u ltip le u s ers w ith d iffere nt a c c es s rig h ts .

6 . Data Security:

O ff ers ro b u s t s ec u rity f ea tu re s to p ro tec t fin a n c ia l d a ta .

7 . Banking:

F a c ilita tes b a n k re c o n c ilia tio n , c he q u e p rin tin g , a n d o th er b a n k in g o p era tio n s .

8 . Customization:

H ig h ly c u s to m iz a b le to s u it th e s p ec ific n e ed s o f b u s in es s e s .

Tally in Bookkeeping and Accounting

Bookkeeping in T a lly in v o lv es s ys tem a tic a lly rec o rd in g a ll fin a n c ia l tra n s a c tio n s to

en s u re a c c u ra te a n d relia b le fin a n c ia l s ta tem en ts . T a lly a u to m a tes m a n y b o o k k e ep in g
ta s k s , re d u c ing m a n u a l effo rt a n d in c re as in g e ffic ie n c y.

Key Bookkeeping Activities in Tally

1 . Creating Masters:
o Chart of Accounts:
o S etting u p led g er a c c o u n ts u n d er va rio u s h ea d s (a s s ets , lia b ilities , in c o m e ,
ex p e n s es ) .
o Inventory Items: D ef in in g s to c k ite m s , u n its o f m e a s u re , a n d in ve n to ry
g ro u p s .

2 . Recording Transactions:
o Voucher Entries: R ec o rd in g d a ily tra n s a c tio n s u s in g d if feren t vo u c h e r typ e s
(s a les , p u rc h a s es , re c e ip ts , p a ym en ts , jo u rn a l en trie s ).
o Purchase Vouchers: R e c o rd ing a ll p u rc h a s e tra n s a c tio n s .
o Sales Vouchers: R ec o rd in g a ll s a les tran s a c tio n s .
o Payment Vouchers: R ec o rd in g p a ym en ts m a d e to s u p p liers a n d o th e r
p a rties .
 o Receipt Vouchers: R ec o rd in g rec eip ts fro m c u s to m ers a nd o th er p a rtie s .
o Contra Vouchers: R e c o rd in g fu n d tra ns f ers b etw ee n c a s h a n d b a n k
a c c o u n ts .
o Journal Vouchers: R e c o rd in g ad ju s tm e n ts , a c c ru a ls , a n d o th e r n o n -c a s h
tra n s a c tio n s .

3 . Inventory Management:
o Stock Transfers: R ec o rd in g tra n s fer o f s to c k b etw ee n lo c a tio n s .
o Stock Journal: A d ju s tin g s to c k q u a n tities fo r in te rn a l p u rp o s es .
o Delivery Notes: Is s u ing d e liv ery n o tes fo r g o o d s d is p a tc h e d to c u s to m ers .
4 . Bank Reconciliation: R e c o nc ilin g b a n k s ta tem en ts w ith T a lly’ s rec o rd s to en s u re
c o n s is te n c y.

5 . Generating Reports:
o Financial Reports: B a la n c e s h ee t, p ro fit a n d lo s s s ta te m e n t, tria l b a la n c e.
o Inventory Reports: S to c k s u m m a ry, s to c k m o ve m e n t a n a lys is .
o GST Reports: G S T s u m m a ry, G S T re tu rn s .
o Payroll Reports: P a y s lip s , p a yro ll s ta te m e n ts .

Vouching in Tally
Vouching in Ta lly in v o lv es ve rif yin g th e a u th en tic ity o f th e tra n s a c tio n s rec o rd e d in th e
s o f tw a re. It en s u res th a t e a c h en try is b a c k ed b y a p p ro p ria te d o c u m e n ta tio n a n d
c o m p lies w ith a c c o u n tin g p rin c ip les a n d reg u lato ry req u ire m e n ts .

Steps for Vouching in Tally

1 . Access Voucher Entries:

N a vig a te to th e v o u c he r e n try s c re en to view rec o rd e d tra n s a c tio n s .

2 . Verify Supporting Documents:

C h e c k th e p h ys ic a l o r s c a n n e d c o p ie s o f in v o ic es , rec eip ts , b ills , a n d o th e r

d o c u m en ts s u p p o rtin g e a c h tra n s a c tio n .

3 . Cross-Check Details:

E n s u re th a t th e d e ta ils s u c h a s d a te, a m o u n t, a n d p a rties in vo lv ed m a tc h th e

s u p p o rtin g d o c u m en ts .

4 . Check Authorization:

V erify th a t tra n s a c tio n s a re a u th o riz ed b y th e a p p ro p ria te p ers o nn e l.

5 . Investigate Discrepancies:

In ve s tig a te a n y d is c rep a n c ies o r u n u s u a l e n tries fo u n d d u rin g the vo u c h in g

p ro c e s s .

Benefits of Using Tally for Bookkeeping and Vouching

1 . Efficiency:

A u to m a tes rep etitive ta s k s , re d u c in g m a n u a l e ffo rt a n d in c rea s in g e ffic ien c y.

2 . Accuracy:

M in im iz es e rro rs th ro ug h a u to m a ted c a lc u la tio n s a n d d a ta va lid a tio n .

3 . Compliance :
 E n s u res c o m p lia nc e w ith a c c o u n tin g s ta n d a rd s a n d reg u la to ry req u irem en ts (e .
g . , G S T ).

4 . Real-Time Data:

P ro vid e s re a l-tim e fin a n c ia l d a ta f o r b etter d e c is io n -m a k in g .

5 . Audit Trail:

M a in ta in s a d eta ile d a u d it tra il, m a k in g it e a s ie r to tra c k a n d ve rify tra ns a c tio n s .

6 . User-Friendly:

In tu itiv e in te rf ac e th a t s im p lifies c o m p lex a c c o u n tin g ta s k s .

OVERVIEW OF TALLY ERP 9

▶ Journal Entry
J o urn a l Vo u c h e rs a re u s u a lly u s e d fo r fin a liz a tio n o f a c c o u n ts . T o p a s s a

jo u rn a l V o u c h er .

G o to G a te w a y o f tally > A c c o u n tin g V o u c h e rs

C lic k o n F 7 : J o u rn a l o n th e b u tto n b a r o r p res s F 7

Fo r e xa m p le : th ere m a y b e e n tries m a d e fo r in te re s t a c c ru ed o r in teres t d u e . If yo u

ha v e to rec eive In teres t fro m a p arty , th e s a m e c a n b e e n te red u s in g J o urn a l Vo u c h e r .

1 .D eb it th e p a rty

2 .C re d it th e In te re s t R ec eiva b le s A c c o u n t J o u rn a l e n try is d is p la yed as s h o w n :

 CHAPTER 7

Learning Experience

▶ T h e w o rk in g e xp erien c e w as v ery b e n efic ia l.

▶ M o re k n o w le d g e g a in ed b y lea rn in g m o re .

▶ T o p ic s rela ted to c o m p a n y.

▶ W e ll trea ted th e s tu d e n ts .
 ▶ G o o d h a n d lin g a n d c o n tro l o v er u s .

▶ E xc ellen t in w o rk in g ef fec tiv ely a n d eff ic ien tly .

▶ B e tte r k n o w led g e in T a lly a n d E xc el.

▶ It w a s a g o o d ex p e rie n c e a n d o p p o rtu n ity to B e a p a rt o f th em .

Learning Objectives:

● C le a rly d e fin ed g o a ls o u tlin in g w h a t th e lea rn er s h o u ld k n o w o r b e a b le to d o

a fter th e le a rn in g e xp erien c e.
● E x a m p les : U n d ers ta n d b a s ic a c c o u n tin g p rin c ip le s , d e ve lo p p ro f ic ien c y in a
s p e c ific s o ftw a re, im p ro ve c o m m u n ic a tio n s k ills .

Content Delivery:

● T h e m a te ria l p ro v id e d to le a rne rs , w h ic h c a n in c lud e tex t, vid e o s , in tera c tive

m o d ule s , a n d h a n d s -o n a c tivitie s .
● E x a m p les : O n lin e c o u rs e s , tex tb o o k s , w e b in a rs , w o rk s h o p s .

Engagement and Interaction :

● O p p o rtu n itie s f o r le a rn e rs to in te ra c t w ith th e m a teria l, th e in s tru c to r, a nd o th er

lea rn ers .
● E x a m p les : D is c u s s io n fo rum s , g ro u p p ro jec ts , in tera c tive s im u la tio n s , Q & A
s es s io n s .

Assessment and Feedback:

● M eth o d s to e va lu a te lea rn ers ’ u n d ers ta n d in g a n d p ro vid e fee d b a c k to h elp

th em im p ro v e.
● E x a m p les : Q u izz es , a s s ig n m e n ts , p ee r rev iew s , in s tru c to r fe ed b a c k .

Reflection:
 ● A c tiv ities th a t e n c o u ra g e lea rn ers to th in k c ritic ally a b o u t w h a t th ey h a v e
lea rn ed an d h o w th e y c a n a p p ly it.
● E x a m p les : J o u rn a ls , s elf-a s s e s s m e n t e xe rc is es , g ro u p d is c us s io n s .

Empathy:

● B ein g a n em p a th etic in d ivid u a l c o m es n a tura lly to s o m e , b u t is les s n a tu ra l to

o th e rs . B e h a vin g w ith em p a th y m e a n s m o re th a n fe elin g b a d f o r s o m e o n e

w ho’ s s a d o r s h a rin g in s o m e o n e e ls e ’ s w o rld to u n d ers ta nd n o t ju s t w h a t

th eir p o in t o f view is , b u t a ls o w h y th ey h a ve th a t p o in t o f v ie w . E m p a th y is a

b e h a vio u ra l s k ill th a t c a n h elp o n e n o t o n ly k ee p th eir o w n p ea c e o f m ind b u t

c a n a ls o h e lp o n e to g ro w in yo u r c a ree r b e c a u s e em p a th etic p e o p le te n d to p u t

o th e rs a t e a s e.

CHAPTER 8

REVIEWS BY CLIENT

• It’ s a v ery g o o d s e rv ic e . T h ey p ro v id e c o rrec t S o lu tio n .

• I a m g la d to re fer th e m to a ll o f yo u .

• G o o d s e rv ic e a n d q u ic k res p o n s e.

• T h a n k y o u to SA N J A Y & C o .

• I a m v ery h a p p y to b e p a rt in th eir tea m .

 CHAPTER 9

CONCLUSION

Sa n ja y a n d A s s o c iate s C o m p a n y is o ve ra ll o n e o f th e p ro fits m a k in g a n d re p u ted firm

o f E a rth . T h e o rg a n iz a tio n s in c e its ve ry firs t d a y is d e vo te d to p ro vid in g q u a lity

s ervic e s .

Th e d eta ile d a n d th ro u g h rev iew o f w o rk a n d c lien t’ s trus t s h o w s th e p e rf ec tio n w ith

w h ic h it is w o rk in g .

A d d itio n to th es e p ro je c ts , I a ls o h elp e d m a n y o f th e C P A s w ith d o c u m en t o rg a n iz a tio n ,

tria l b a la n c e re vie w s , a n d m a n y o th er d a y-to -d a y n e ed s . W h ile I w a s a b le to lea rn a lo t

fro m n o rm a l o ffic e life , th is w a s a g re a t e xp erien c e to in te ra c t w ith ev eryo n e in a n

in fo rm a l s ettin g o u ts id e o f w o rk .

O ve rall, m y in tern s h ip a t O rio n E d u tec h p vt. ltd ha s b ee n a s u c c es s . I w a s a b le to g a in

p ra c tic a l s k ills , w o rk in a fa n ta s tic e n viro n m en t, a n d m a k e c o n n ec tio n s th a t w ill in

c o n c lu s io n , the in te rn s h ip w a s a u s e fu l e xp erien c e. I h a v e fo u n d o u t w h a t m y

s tren g th s a n d w e ak n e s s es a re .I g a in e d n e w k n o w led g e a nd s k ills a n d m e t m a n y n ew

p eo p le .

I ac h iev ed m a n y o f m y le a rn in g g o a ls , h o w e ve r fo r s o m e c o n d itio n s d id n o t p erm it to

ac h iev e th em a s I w a n ted . A d d itio n a lly, I fe lt lik e I w a s a b le to c o n trib u te to th e

c o m p an y b y a s s is tin g a n d w o rk in g o n p ro jec ts th ro u g h o u t th e d a ys . F o r e xa m p le , I

as s is ted o n e o f th e p a rtn e rs w ith s e ve ra l P o w erP o in t p res en ta tio n s fo r c lien ts o f th e

c o m p an y. A ls o , I h e lp ed to o rg a n ize a ll o f th e firm s m a rk e tin g c o n ta c ts b y u tilizin g

G o o g le D o c u m e nts .

In a d d itio n to th es e p ro je c ts , I a ls o h elp ed m a n y o f th e C P A s w ith d o c u m e n t

o rg a n iza tio n , tria l b a la n c e re view s , a n d m a n y o th er d a y-to -d a y n ee d s . W hile I w a s a b le

to le a rn a lo t f ro m n o rm a l o ffic e life , th is w a s a g re a t e xp erie n c e to in tera c t w ith

ev eryo n e in a n in fo rm a l s ettin g o u ts id e o f w o rk

O ve rall, m y in tern s h ip a t O rio n E d u tec h P v t. ltd h a s b e en a s u c c es s . I w a s a b le to g a in

p ra c tic a l s k ills , w o rk in a fa n ta s tic e n viro n m en t, a n d m a k e c o n n ec tio n s th a t w ill la s t a

life tim e. I c o u ld n o t b e m o re th a n k fu l.

B IB L IO G R A P H Y

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