My Internship E-Logbook Report

  Week 5 (05 May - 09 May 2025) Day 21:  W5 Day 21 of Nana's Internship Day 22:  W5 Day 22 of Nana's Internship Day 23:  W5 Day 23 of Nana's Internship Day 24:  W5 Day 24 of Nana's Internship Day 25:   W5 Day 25 of Nana's Internship

  Week 5 Day 25 (09 May 2025) Activity -  Started working on a new task assigned by Ms. Chan, which involved keying in a client’s data for the calculation of personal tax using Schedule III and preparing an Income Statement. - Continued working on another client’s data entry in Excel to manually prepare their financial statements, similar to yesterday’s task by starting to key in the sales and organizing all the expense files that the client gave to us. Key Learning -  Learned how to prepare Schedule III and calculate personal tax for a client. - Gained experience in manually organizing and preparing financial statements using Excel. - Improved understanding of how personal tax and business income are reported and calculated. - Practiced managing multiple tasks for different clients efficiently.   Reflection After spending a lot of time yesterday trying to figure out why the balance sheet for Client A wasn’t balancing, I still couldn’t identify the issue. I felt ment...

  Week 5 Day 24 (08 May 2025) Activity -  Continued to adjust the general ledger and journal entries to resolve the imbalance found in the balance sheet. Key Learning -  Learned how to trace and adjust general ledger entries to fix imbalances in financial statements. - Gained a deeper understanding of how journal entries impact the balance sheet. - Developed problem-solving skills by identifying and correcting accounting discrepancies. - Realized the importance of accuracy and consistency when managing financial records.   Reflection Today, I continued adjusting the general ledger and journal entries to solve the imbalance in the balance sheet. I spent quite a long time trying to balance the figures, and it was quite frustrating because the trial balance matched, but the balance sheet still didn’t tally. I asked Ms. Amber for help, and she patiently guided me through the corrections. With her explanation, I managed to balance the trial balance. However, the balance s...

  Week 5 Day 23 (07 May 2025) Activity -  Calculated the Property, Plant and Equipment (PPE) depreciation for a previous client for the year 2024 in order to make necessary adjustments to the trial balance. Key Learning -  Learned how to calculate annual depreciation for fixed assets using a depreciation schedule. - Understood how depreciation affects the accuracy of the trial balance and financial statements. - Strengthened skills in making adjustments to financial records to reflect accurate book values. - Gained a clearer understanding of how asset depreciation ties into accounting principles and tax planning.   Reflection Today, I worked on calculating the depreciation for Property, Plant and Equipment (PPE) to adjust the trial balance for a previous client in the year 2024. I spent quite a long time trying to figure out where the amounts in the trial balance came from, and I felt confused because it wasn’t immediately clear how those figures were derived. This e...

  Week 5 Day 22 (06 May 2025) Activity -  Continued the task assigned by Ms. Chan by keying in expense transactions for the client’s business. - Made corrections to previous entries after realizing I had mistakenly recorded data under two different accounts, based on Mr. Lim’s advice and instructions. Key Learning -  Learned the importance of verifying client identities before keying in data, especially when documents are grouped together and understood how misclassification can happen when clients share documentation space and how to avoid it in the future. - Gained experience in correcting accounting errors based on supervisor feedback. - Learned that communication and clarification with supervisors are essential for solving misunderstandings. - Realized that making mistakes is part of the learning process, and receiving guidance can help build confidence and improve accuracy.   Reflection Today, I continued keying in the expense transactions for the client’s busin...

  Week 5 Day 21 (05 May 2025) Activity -  Checked email and printed out missing bank statements needed for the sales section data entry, then made the necessary amendments. -  Continued the task assigned by Ms. Chan by keying in cheque and online transfer transactions between the client’s business and its suppliers. Key Learning -  Learned to independently check and retrieve necessary documents (e.g., bank statements) for data accuracy. -  Gained experience in handling and recording cheque and online transfer transactions. -  Improved attention to detail when amending previous entries based on updated documents. -  Strengthened ability to manage accounting tasks involving real-time document tracking and corrections.   Reflection Today’s work involved more responsibility in handling real client data. I started by checking emails to retrieve the missing bank statements that were essential for completing the sales section. After printing them out, I ...