W11 Day 53 of Nana's Internship
Activity
- Continued
generating the bank reconciliation statements for the second bank account,
focusing on December.
- Assisted
Ms Chan with data entry for a client’s personal income tax (Form B).
- Cross-checked
payroll transaction records with Ms Amber to ensure accuracy.
- Completed
the Property, Plant, and Equipment (PPE) schedule for a previous client that
was previously missed.
- Verified
the contra account transactions to check if payments made on behalf of clients
were accurately matched with incoming amounts.
Key Learning
- Learned to prepare and review Form B for personal income tax filing, gaining practical experience in individual tax reporting.
- Improved understanding of payroll transactions and how to verify them against accounting records through cross-checking with a supervisor.
- Strengthened knowledge in preparing and correcting Property, Plant, and Equipment (PPE) schedules and the importance of their accuracy.
- Understood the concept and practical use of contra accounts, especially how company payments on behalf of clients must be tracked and matched correctly.
- Enhanced attention to detail when performing bank reconciliations and identifying missing or mismatched transactions.
Reflection
Today I managed to complete the bank reconciliation
for December, which marked the final month for the second bank account.
Although it was tiring, I felt satisfied seeing the full year’s reconciliation
come together. Then, I assisted Ms Chan with keying in personal tax income
information for another client using Form B. It was a good opportunity to
deepen my understanding of how personal taxes are filed in real practice,
beyond just theoretical knowledge. Later, I cross-checked the payroll records
with Ms Amber to ensure the entries I recorded matched the actual transactions.
I also realized I had missed preparing a PPE schedule for a previous client and
quickly made up for it. Mistakes like this remind me that it’s okay to make
errors sometimes, but it’s even more important to take responsibility and
correct them promptly. Lastly, I checked the contra account entries
specifically payments made by the company on behalf of clients and found out
that many adjustments were still needed. Ms Amber guided me through it, and
although it was a bit overwhelming, I appreciated the chance to learn something
more complex. It’s these small but real challenges that help me grow more
confident in my accounting skills.
