Leoba logbook PDF

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DEPARTMENT OF ACCOUNTING STUDENT NAME: LEOBA TASHINGA JEJE STUDENT NUMBER: N0163263G PROGRAMME: BCOMM HONOURS DEGREE IN ACCOUNTING INDUSTRIAL ATTACHMENT LOGBOOK COMPANY DETAILS: PROPERTY WORLD PVT LTD PERIOD OF ATTACHMENT: 10JAN 2019-31JULY 2019 SUPERVISOR: MR CHIPIKA

SUPERVISOR”SIGNATURE…………………………………

TRAINEE” SIGNATURE………………………………….

JANUARY DATE WEEK 1 (10– 15)

WORK DONE INDUCTION/ORIENTATION

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Week 2

Week 3

The week was about getting to know the organization, the people in the organization and everything else surrounding the organization. Amongst the staff members I was introduced to the directors Mr. Shaw, Mr. Chipika the Accountant who is my immediate supervisor. I was also taught how the firm operates.

TRAINING

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This week I was introduced to the way the company records its transactions under supervision.

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Checking for completeness and accuracy in the files of clients who bought stands. Bank Reconciliation Checking for those clients who still have outstanding balances

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SUPERVISOR”SIGNATURE…………………………………

REMARKS The induction process was very helpful in that it helped me familiarize with the organization, the staff members and the surrounding. I had the opportunity to learn how the real estate organization operates.

The training was helpful in that it helped me understand the way the company records it transactions. The company mainly uses EXCEL. This helped me understand how payment are processed from the purchaser of the property-estate agent(Property World)-the Developer/Property Owner

TRAINEE” SIGNATURE………………………………….

FEBRUARY DATE WEEK 1

WORK DONE    

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Filing of company’ Zimra returns and proof of payments Filing of the company’s expenses according to their cost classifications. I was involved in the calculation of the following taxes PAYEtaxes on monthly salaries VAT-taxes charged on goods and services(in the case of Property World P/L it was taxes on rent commissions) I was involved in the calculation of Input Tax being tax charged to Property World by Suppliers.

Week 2 

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Writing up daily requisition forms for payment of rentals to owners as well as stand installments to the developers. Capturing of expenses in excel for the purposes of computing input tax and posting them in the income and expenditure account. Updating statements of rent received and paid for tenant and owner respectively. Tracing rent received back to the bank statements, It helped me identify rent payment are made through ecocash,POS and Transfers

SUPERVISOR”SIGNATURE…………………………………

REMARKS This helped me understand how the Zimra system operates and how the company submits its returns to Zimra. I also got to know what a tax invoice is and he monthly expenses of the company. Was assigned to file each and every document to its prospective files

I learnt the way rent is received and receipted. I also learnt how commission and VAT is calculated and deducted. CHALLENGES Sometimes the rent paid is inclusive of lease fees, Deposits and levies which are not subject to commission deductions. Failure to account for theses properly on Commission and VAT calculation results in an incorrect payment of rent due to the owner. SOLUTION Proper checks have to be conducted with requisition

TRAINEE” SIGNATURE………………………………….

forms being verified by two or more people. However, If an error is not picked up the underpayment of rent to the owner have to be rectified on the next rental receipt by reducing the commission deduction with the underpayment amount previously calculated in error. Week 3   

Writing daily requisition forms Updating statements of rent received and paid for tenant and owner respectively Tracing rent received back to the bank statements, It helped me identify rent payment are made through Eco cash, POS and Transfers.

Week 4   

Writing daily requisition forms for salaries Updating statements of rent received and paid for tenant and owner respectively Tracing rent received back to the bank statements, It helped me identify rent payment are made through ecocash,POS and Transfers

SUPERVISOR”SIGNATURE…………………………………

As a Real Estate Agent we stand between the tenant and owner, there is need to prepare statements for the owner showing the amounts being paid by the tenant and the amount of money being transferred into the owners’ account. With the preparation of the statements I got to know the amount of commission obtained by the company for the rentals and also the breakdown of how some of the money is used to pay for maintance and utilities. With the capturing of rentals on a schedule which shows the VAT and Commission charged on the properties, I got to know that all rentals have 15%VAT but the commission depends on the amount agreed on by the company and the owner.

TRAINEE” SIGNATURE………………………………….

MARCH DATE WEEK 1

WORK DONE  Writing daily requisition forms for payment of expenses  Tracing rent received back to the bank statements, It helped me identify rent payment are made through ecocash,POS and Transfers  Confirmation of payments to owners

REMARKS Preparing Requisition forms and statements over and over again helped me to get more confidence and I was in control of what I was doing, with little supervision.

Week 2    Week 3

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Writing requisition For Payments Creating statements for clients Capturing rentals received Computation of VAT. Creating statements for clients. Tracing queries of payments done by tenants and stand buyers not receipted.

SUPERVISOR”SIGNATURE…………………………………

CHALLENGES Some payments come through the bank statement without beneficiary reference therefore making it difficult to allocate them to the tenants who would have paid without a confirmation of payment from the tenant verified by the bank that indeed they are the respective owners of the money deposited.

TRAINEE” SIGNATURE………………………………….

SOLUTION

Week4

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Updating statements of rent received and paid for tenant and owner respectively

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Checking the cashbook to check if all transactions where receipted and putting the receipt number and the address of the premises Checking if the daily swipe balances correspond to the statements

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Had some challenges identifying some payments as they were being paid via zip it did not come with beneficiary reference. There is need to verify if they were receipted.

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SUPERVISOR”SIGNATURE…………………………………

TRAINEE” SIGNATURE………………………………….

APRIL DATE WEEK 1

WORK DONE  Updating clients statements  Reconciliation of the cashbook  .

REMARKS

Week 2   

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Week 3

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Capturing rentals received Updating statements of rent received and paid for tenant and owner respectively Tracing rent received back to the bank statements, It helped me identify rent payment are made through ecocash, POS and Transfers Computation of VAT. Creating statements for clients. Tracing queries of payments done by tenants and stand buyers not receipted.

Work is becoming much easier as with repetition I can now do it with little supervision

Week4 

Updating statements of rent received and paid for tenant and owner respectively

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Checking the cashbook to check if all transactions where

SUPERVISOR”SIGNATURE…………………………………

TRAINEE” SIGNATURE………………………………….

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receipted and putting the receipt number and the address of the premises Checking if the daily swipe balances correspond to the statements

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SUPERVISOR”SIGNATURE…………………………………

TRAINEE” SIGNATURE………………………………….

MAY DATE WEEK 1

WORK DONE  Updating clients statements  Reconciliation of the cashbook  .

REMARKS

Week 2   

Capturing rentals received Updating statements of rent received and paid for tenant and owner respectively

SUPERVISOR”SIGNATURE…………………………………

TRAINEE” SIGNATURE…………………………………....