Professional Documents
Culture Documents
The Institute of Finance Management (Ifm)
The Institute of Finance Management (Ifm)
YEAR THREE
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AKNOWLEDGEMENT
I take this opportunity to thank God and everyone who helped me in my field practice
training. I recognize the support and assistance of various peoples during the time of field
work. It is the time to appreciate the kindness of the people who helped me in accomplishing
my field practical. I would like to express my most appreciation thanks to Mr. Edgar A
Dimoso, Ms. N.A. Kiraya, and Ms.Maryam Senga who contributed to undertaking practical
training at Tanzania Ports Authority. Their direction was great and has helped me to put into
practice. Also, my thanks go to Dr. Salehe Mwachakamy field report supervisor who played a
big role through advice and directing me to make sure that this report is well arranged and
organized so as to meet the intended goal. Also, I would like to appreciate my lectures for
providing me knowledge and skills, that I acquired from them with constructive ideas and
suggestions to accomplish my task. Lastly, my sincerely appreciation goes to my lovely
family, for their sponsor and being a source of courage to me. May almighty God bless you.
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EXECUTIVE SUMMARY
This report is about field practical training conducted at Tanzania Ports Authority (TPA) Dar
Es Salaam Port. The field practical training conducted on a period of two months 1 st August
2022 to 23rd September 2022.Finance department had different sections such us store
accounting, ledger , other payments, Pre-auditing and payroll section. Key activities done At
Tanzania Port Authority (TPA)were collection of voucher from suppliers, recording suppliers
voucher in excel, registration of payment voucher, making audit processes in system
application programs (SAP) and reconciliation of VAT returns against ledger.
The skills gained and lesson learnt during the performance of practical training were
preparation of voucher to the third parties such as DAWASA and TANESCO, reconciliation
of VAT returns against ledger, identification of transfer serial number and to give settle
statements of different vouchers so that they can easily be audited.
Challenges encountered during my field practical training were little equipment like
computer, photocopy machine, calculator, and printer which make easy performance of
duties. Communication was not officially, it’s difficult to understand the words used for a
new person entering to the Tanzania Port Authority (TPA).Adopting new skills that I had to
apply them in a short period of time. The most challenging issue was using computers in
most of activities performed.
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TABLE OF CONTENTS
ACKNOWLEDGEMENT..................................................................................................................i
EXECUTIVE SUMMARY...............................................................................................................ii
TABLE OF CONTENTS..................................................................................................................iii
LIST OF ABBREVIATION.............................................................................................................vi
LIST OF FIGURES..........................................................................................................................vii
CHAPTER ONE.................................................................................................................................1
INTRODUCTION..............................................................................................................................1
1.0 Introduction...................................................................................................................................1
1.1 Significance of Tanzania Port Authority (TPA).......................................................................1
1.2 Objectives of Tanzania Port Authority (TPA).....................................................................2
1.3 Background of Tanzania Port Authority..............................................................................2
1.4Mission, Vision and core value of Tanzania Port Authority....................................................2
1.4.1Mission...............................................................................................................................2
1.4.2 Vision................................................................................................................................3
1.4.3 Core Value........................................................................................................................3
1.5 Primary function of TPA....................................................................................................3
1.6 Products and services offered by TPA.......................................................................................3
1.7 Organization structure of TPA....................................................................................................4
1.8 Review of Tanzania Port Authority............................................................................................5
CHAPTER TWO................................................................................................................................7
WORKDONE AND LESSON LEARNT........................................................................................7
2.0 INTRODUCTION........................................................................................................................7
2.1 Descriptions of task performed and lesson................................................................................7
2.1.1 Preparation of payment voucher..............................................................................................7
2.1.2 Reconciliation of VAT returns against ledger.......................................................................8
2.1.3 Identification of transfer serial number..................................................................................8
2.1.4 Preparation of journal entry.....................................................................................................8
2.1.5 Registration of voucher............................................................................................................9
2.1.6 Pre-auditing..............................................................................................................................10
2.2 summarization of work done and lessons learnt based
on departments worked on weekly.................................................................................................10
2.3 Problem experienced at Dar es Salaam Port............................................................................11
CHAPTER THREE..........................................................................................................................13
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LITERATURE REVIEW................................................................................................................13
3.0 Introduction.................................................................................................................................13
3.1 VAT Reconciliation Report...............................................................................................13
3.2General Ledger Activity.............................................................................................................16
3.3 VAT Register Report.................................................................................................................17
3.4 Journal Entries Report................................................................................................................18
3.5 Reasons for reconciliation.........................................................................................................20
3.6 Relationship between theories against practices.....................................................................21
CHAPTER FOUR............................................................................................................................22
ANALYSIS.......................................................................................................................................22
4.0 Introduction.................................................................................................................................22
4.1 Task performed at Tanzania Port Authority............................................................................22
4.2 Description of skills Learned and enhanced............................................................................23
4.3 Experience gained during my field practical training at Tanzania Port Authority.............24
4.4 Theories learnt in class with what is happening in the market..............................................25
4.5 Skills that are lacking.................................................................................................................26
4.6 Career growth.............................................................................................................................26
CHAPTER FIVE..............................................................................................................................27
CONCLUSION AND RECOMMENDATION............................................................................27
5.0. Introduction................................................................................................................................27
5.1. Conclusion..................................................................................................................................27
5.3 Recommendation........................................................................................................................27
5.3.1 Recommendation to TPA.......................................................................................................27
5.3.2Recommendations to Institute of Finance Management (IFM)..........................................28
5.4 Review of how the experience affected my career plans and ambitions..............................28
REFERENCES.........................................................................................................................29
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LIST OF ABBREVIATION
TF Travel Facility
GL General Ledger
TANESCO Tanzania Electric Supply Company Limited
DAWASA Dar es Salaam Water and Sewerage Authority
PSPF Public Service Pension Fund
PSSF Tanzania’s Social Security Fund
v
LIST OF FIGURES
Figure 1.1 – Organization Structure of Tanzania Port Authority.
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CHAPTER ONE
INTRODUCTION
1.0 Introduction
Practical training is part of all the course work completed at the colleges. Practical training
means studying which takes place in a company or business, offering the student the
opportunity to adapt what he or she has learned in practice and develop professionally.
This report is a result of eight weeks of practical training session at TPA Dar es salaam Port
from 1stAugust 2022 up to 23rd September2022.Practical training is an essential tool in
transforming of theory or what is being taught in class into practice. It helps students to cope
with the working environment and learn the challenges that are encountered in the working
place and how to cope with those challenges.
Through practical training students can be aware to get experience relating to the field of
study they are operates with and thus enabling them to build confidence and experience
relating to the field they operate.
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1.2 Objectives of Tanzania Port Authority (TPA)
The following are the objectives of Tanzania Ports Authority.
1.4.1Mission
To Develop and manage ports that provide world class Maritime services and promote
excelling total logistics services in Eastern Central and Southern Africa.
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1.4.2 Vision
To lead the regional maritime trade and logistics services to excellence.
• Professionalism,
• Integrity,
• Customer Care,
• Transparency,
• Accountability,
• Teamwork and
• Organizational Growth.
TPA currently perform the role of both a landlord and Operator with the main functions of
promoting the use, development and management of ports and their hinterlands, entering into
contracts for the purpose of delegating the powers of the authority (through licensing ports
services).
TPA provide different services, these services include pilotage, towage, mooring and
unmooring, and vessel traffic services (VTS). Often, the harbormaster is also charged with a
leading role in management of shipping and port-related crises (for example, collisions,
explosions, natural disasters, or discharge of pollutants).
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1.7 Organization structure of TPA
The management team is led by the managing director Mr. Erick B Hamiss, Ms. Nuru
mhando (finance and account manager) Director of Human Resource Management and
Administration Mr. Gabriel Mwita, Director of Security Services Mr. Novatus Mpanda,
Director of Legal Services Mrs. Leticia Mutaki, Director of Engineering Services Dr. Baraka
Mdima and Port DirectorMr. Elihuruma Tanzania Port Authority (TPA) divided into revenue
and expenditure as main departments, finance department is on expenditure department. It
has different sections such as store account, payroll, other payments, ledger, Pre-auditing,
cash and bank.
PORT MANAGER
PROCUREMENT FINANCE
ENGINEERINGN
G H.RESOURCE
P.E PRINCIPAL
SECURITY MARINE
DISPENSARY
PRINCIPAL
PRINCIPAL
SENIOR PRINCIPAL
PURCHASE SUPPLIERS
PS SUPERVISOR
STORE KEEPER
Figure 1.1 Organization Structure of TPA
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The main tasks performed at Tanzania Port Authority (TPA)are collection of voucher from
suppliers, recording suppliers voucher in excel, registration of payment voucher, making
audit processes in system application programs (SAP) and reconciliation of VAT returns
against ledger. All of these activities were done manually and in computer by using Excel but
Pre-auditing were done using system application programs.
High productivity
Our ports are now renowned for its security, efficient and reliability. TPA ports use the most
modern technology and we have the right experience and knowledge in port operations. This
allows us to load or discharge cargos in a short period of time. Our port flexibility and
efficiency is very important for transporters and huge advantage to our customers as we are
accessible 24/7, even on public holidays.
All product types can be safely and quickly transported to and from any East African
hinterland. This is mainly due to the quality road transport and mostly secured oil pipeline
which enabled all cargos to get to their final destination efficiently and on time.
For many customers, the Port of Dar es Salaam is the main link with other countries
worldwide and the gateway to the World. TPA ports have the capacity and ability to transport
any cargo (general cargo, container cargo and oil cargo).
Sufficient capacity
Ports across the country have plenty of handling capacity, equipment’s and use advance
technology. Overall cargo handled for the period ending June 2022 registered a total of
20.665 million metric tons.
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WEAKNESS OF DAR-ES-SALAAM PORT
Clearance Delays, Increased Freight Rates, Capacity Issues & More
Dar-es-salaam port play a critical role in facilitates trade in neighborhood countries. They
represent a country’s national heritage, culture, and local commercial attitudes. Simply put,
ports are the gateways for trade. Unfortunately, despite the rapid globalization and
modernization, most ports in Tanzania are not as efficient as they should be and are becoming
barriers to international trade.
Dar-es-salaam port do not have all up-to-date look. Most ports cannot cope with the demands
of modern trade, and this has been the main cause that most problems stem from. To solve
this problem, governments should invest in deeper harbors, more jetties, wider entrances, and
more hinterland areas. A modernized port will redefine the concept of ‘economic gateway’.
Port congestion
Port congestion has been a dilemma for decades, and the problem is getting worse with the
introduction of mega-ships. Over the past ten years, most vessels have doubled in capacity
and are getting bigger and bigger over time. Ironically, most ports remain same, and there are
hardly any plans to renovate or expand them.
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CHAPTER TWO
WORKDONE AND LESSON LEARNT
2.0 INTRODUCTION
This chapter analyses the task performed during my training and the lesson learnt from my
field training, also this chapter will show the duties performed and all responsibilities taken
by the host organization. The major tasks and minor task all are explained in this chapter. So,
this chapter will show the tasks undertaken during my training and the lesson learnt from
those tasks.
In this section describe tasks performed at Tanzania Port Authority include preparation of
payment voucher, reconciliation of VAT returns against ledger, identification of transfer
serial number, preparation of journal entry, registration of vouchers, collection of voucher
and pre-auditing. Skills gained and summarization of tasks performed and lesson learnt.
When preparing payment voucher the right amounts should be recorded in respectively
accounts. Amount on delivery of goods (VAT amount) together with account payables should
be debited while crediting the amount of service offered (withholding amount). VAT rate
should be at 18% of goods offered and withholding rate 5% of service provided. Payment
Voucher is prepared in hard copy.
Lesson learnt
Payment voucher are prepared to the third parties such as DAWASA and TANESCO.upon
delivery of goods there should be a tax invoice, EFD receipt, delivery note, local purchase
order, inspection report and acceptance report. Skills gained there is to calculate amount of
withholding tax and VAT.
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2.1.2 Reconciliation of VAT returns against ledger
Reconciliation of VAT returns against ledger by Checking the net output and input totals, and
the VAT input and output totals, for each VAT code, from the VAT Return Transactions
report. Compare these to the combined total of the Sales and Purchase Vatable Transactions
reports, and the Nominal Ledger Non-trading Vatable Transactions report. To ensure the
collection of Value Added Tax (VAT),there should berequirements of periodic VAT returns
detailing the taxable and tax amounts for every tax code with point of supply within VAT
reconciliation of VAT returns against ledger were done in software by putting data Microsoft
excel.
Lesson learnt;
I have learned that the reconciliation of VAT returns against ledger aimed to get actual figure
to be paid every month, reconciliation done between cash and bank. Software used was
excelled and skills gained are to performing and recalculating different transaction to make
sure that they are accurate.
Lesson learnt;
I have learned that the virtual serial numbers are opened by communication application and
data from physical port is sent to all opened visual port simultaneously. Software used is
excelled and I can use it to key in data on journal entry. By using Transfer serial number to
any application will be easily known and be deducted automatically.
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then summarized and rolled forward into the general ledger. Expenditure department prepare
one year journal entry which starts From July and end up June each year. Journal entry shows
the amount paid on credit and expenses incurred by a given revenue collection. Preparation of
journal entry is through Microsoft excel.
Lesson learnt;
I have learned that journal entry shows transmission on debit and credit side of an account in
excel with a focused view of amounts and amount not visible from a transaction itself.
Software used is excelling. Revenue journal states the date of transaction and account
affected.
PV register book; this book record all vouchers before other processes. Payment Voucher
book records Date, check number, reference number, initial name, purpose and actual amount
of money.
Bandari loan register book; this mostly deals with payroll (deductions). Deductions are of two
types statutory and non-statutory deductions.Bandari loan is non-statutory deductions.
TF register book; this is transfer facility book which record amounts paid for employees
when traveling for purpose of TPA activities. This book record TF number, check number,
date, PV number, PAYE amount, initial name, initial salary and passenger.
Impress register book; it record all allowances to employees. It shows date, check number,
reference number, gross amount, PAYE and account payables.
Other miscellaneous expenses register book; this book record all expenses which does not
recorded on any other register book such as hardship allowances, risk environment example
cash and bank section,Suma jkt and funerals.
Lesson learnt;
I have learned that TPA organizes itself to provide loans to its employees. Also in recording
transaction there should be deductions which might be compulsory like
PSPF,PSSF,NSSF,NHIF,WCF and non-compulsory deductions like bandari loan and
SACCO’S . Registration done manually on such books. Skills gained was registering voucher
on their respectively books.
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2.1.6 Pre-auditing
Pre-audit of vouchers allows me to determine how much transaction correct is. Leads me
where will I need to make adjustment to make sure voucher details and transactions are
correct. There is a system known as SAP (System Application Program) which provides easy
way of recording of voucher. Making audit process in the system so as to overlook and
check-up the payment if are correct. After recording voucher they can be moved to other
processes to be approved and signed. All the processes in Pre-auditing are done using system
application programs (SAP)
Lesson learnt;
I have learned that Pre-auditing gives settled statement on a voucher so that they can easily be
audited. Vouchers move in different sections before they get approved and be signed.Pre-
auditing provide assurance of vouchers and gives confidence to the users. Software used is
SAP (System Application Program). Skills gained in Pre-auditing areimportant check-up and
overlook on vouchers provide assurance and confidence to the users.
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Week 4 Ledger section collection and sorting of files I have learned to collect,
batching and d sorting of files
by looking onchronological
order.
Week 5 Ledger section Reconciliation of VAT returns Reconciliation of VAT
against ledger returns against ledger aimed
to get actual figure to be paid
every month, reconciliation
done between cash and bank
Week 6 Other payment Identification of transfer serial virtual serial number are
number opened by communication
application and data from
physical port is sent to all
opened visual port
simultaneously
Week 7 Other payment Registration of voucher I learned to register different
vouchers on their respectively
register books such as TF
register book and other
miscellaneous expenses
register book
Week 8 Pre-auditing Making auditing processes I have learned that Pre-
auditing gives company a
chance to correct errors
before they caught by
independent audit agency
There is few equipment like computer, photocopy machine, calculator, printer for make
the performing the duties for example Cash and bank section have a few equipment. The
solution of these problem as public organization makes sure that all section within the
Ports must have the machine for perform the tasks they should buying as many as their
can even for extra one.
Data confidentiality, this is a problem which I experience most of the data are so difficult
to obtain. The solution of this problem is to create friendship, it was through friendship
that some information’s could be extracted easily and in a direct and more accurate way
that by any means facilitated the accomplishment of this paper work.
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Communication not officially, it’s difficult to understand for a new person enter to the
organization like practice training students for that time I was in hard situation to
understand them well due to that situation example TF, PV. The only solution of this
problem is to avoid the language which is difficult to other side to understand them must
use the official communication.
Combining what I learned in class and what I actually found in the practical training
which was a big challenge to be.
Adopting new skills that I had to apply them in a short period of time.
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CHAPTER THREE
LITERATURE REVIEW
3.0 Introduction
This is the literature review of my field report at Tanzania Port Authority with theories in
practice; also the comparison between theories with task performed against practice. My
literature review is about “ reconciliation of VAT returns against ledger”. To compares
the VAT amounts from your published VAT returns, with the VAT you have collected and
paid for the period, you need VAT reconciliation report.
To accommodate each country’s tax reporting requirements, you should be able to:
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According to IASB (2010) Conceptual Framework for Financial Reporting, the following are
the types of VAT reconciliation report
Within Receivables you can submit the VAT Reconciliation Report from the Submit
Requests window. The parameters for the VAT Reconciliation Report should be set to
include all tax transactions posted to your VAT liability accounts for the accounting period
you plan to review.
The Transaction Date Range should be set to null. Otherwise, if the transaction date and GL
date for a given transaction fall in different periods, your report will not balance to the
general ledger for the requested GL Date Range.
(A (Accruals: Choose whether to report on accrual transactions from the receivables sub
ledger, which include the following transaction classes:
Invoices
Debit Memos
Credit Memos
(b) Adjustments: Choose whether to report on adjustments of type ‘Invoice’ and ‘Finance.’
(C) Discounts: Choose whether to report on Earned and Unearned Discount transactions.
(d) Miscellaneous Cash: Choose whether to report on Miscellaneous Cash Receipts, including
bank charges.
(e) Receipts: Choose whether to report on cash receipts, including bank charges.
(f) Posting Status: You can report on posted, Unposted or all transactions. When you report
on posted transactions only, the Unposted column will always display zero, while the Posted
column will display zero when reporting on Unposted transactions.
(g) Detail Level: You can select various levels of details to report. The default level, Show
Summary and all Detail, displays all transaction detail, while the Show Summary and Manual
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Transactions level will display all transactions except for accruals. You can also display
transaction summary only by entering Show Summary Only.
(h) Payment Date: If you choose to include receipts that would be required in cash basis
reporting of VAT, you can control which date is used to report the receipt. You can select
either the GL Date of the cash application or the Maturity Date of the cash receipt. The
Maturity Date of the cash receipt may be appropriate when utilizing Bills of Exchange, as the
Bill of Exchange may not mature until several weeks after the cash application.
(I) Column Headings: The VAT Reconciliation Report is ordered by the Company segment
of the accounting flex field, the natural account segment of the accounting flex field, the
accounting flex field, the general ledger date, the invoice number, the transaction class and
the transaction number. All amounts are displayed in functional currency and the transactions
are totaled by general ledger account. See the Detail Section below for the contents of each
column.
(j) Detail Section: Transaction Number: This column displays the transaction number of the
applied transaction and relates to the following transactions:
Credit Memos
Adjustments
Receipt Applications
(k) Transaction Class: The transaction class will be reported in the following order:
(l) Taxable Amount: This column reports on the taxable amount of the transaction related to
the current general ledger account. If a transaction posts tax to multiple general ledger
accounts, because the transaction includes multiple tax codes, the sum of the taxable amounts
from each general ledger account will equal the total taxable amount for the transaction.
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(m) Posted VAT: This column displays the VAT calculated by Receivables and posted to the
general ledger.
(n) Unposted VAT: This column displays the VAT calculated by Receivables and not yet
posted to the general ledger.
(o) VAT on Discounts: This column shows the VAT for Earned and Unearned Discounts.
The tax is calculated based on the tax amount applied to the general ledger VAT account to
which the tax on the original invoice is posted. The VAT Reconciliation Report uses a
consistent algorithm to calculate VAT on applied transactions regardless of the installment
rule of the original transaction. This allows you to accrue and report VAT immediately, while
still enabling you to manage your Output VAT by the applied Discount, Adjustment or
Receipt.
(p) VAT on Adjustments: This column shows the VAT for adjustments of type ‘Invoice’ and
‘Finance.’ The tax calculation is based on the tax code associated with the general ledger
VAT account to which the tax on the original invoice is posted.
(q) VAT on Cash: This column shows the VAT for Receipt Applications and Miscellaneous Cash
Receipts. The tax calculation for the Cash Applications is based on the tax applied to the general
ledger VAT account to which the original invoice is posted. The tax calculation for the Miscellaneous
Cash Receipts is based on the tax code and rate assigned to the receipt in the Receipts window.
We can use this value to compare the Total VAT by account with your General Ledger.
After posting any Manual VAT to the general ledger, the Total VAT for each account should
equal the general ledger activity for the corresponding account. To review the details of the
general ledger activity you should run the Account Analysis Report from within General
Ledger.
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3.4 VAT register report
According to Rodrigue, J-P (2017) we use VAT report to review tax liability. This report is
used to show tax when you use Receivables for value added tax only.
Report Parameters: Receivables provides the following reporting options:
(a)Order By: Select the option you want Receivables to use to sort your information from the
following:
Customer Name
Customer Number
Exempt Reason
Invoice Date
Invoice Number
Transaction Type
(b) GL Date Low/High: Select and print value added tax information for the GL date range
you specify. The low and high values of the GL Date range defaults to all.
(C) Invoice Date Low/High: Select and print value added tax information from invoices in
the date range you specify. The default low and high values of the invoice date range is ‘All’.
(d) Tax Code: Select and print value added tax information for the Tax Code you specify. If
you leave this field blank, the report includes all tax codes.
(e) Currency Low/High: Select and print value added tax information for the Currency range
you specify. The default low and high values of your currency range is ‘All’.
(f) Posting Status: You can report on Posted, Unposted, or All transactions.
(g) Exemption Status: Enter an exemption status if you want the report to only list
transactions which reference exemptions with that status.
(h) Show Functional Amounts: Choose whether to display report values in your functional
currency or in the entered currency. If you choose No (i.e. show amounts in the entered
currency), the report will group the transactions by currency code and provide a row heading
to display the currency for each set of transactions. If you choose yes, the report will show
the functional amount of each transaction, using the exchange rate of the transaction.
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3.5 Journal Entries Report
According to Roger S Debreceny, Glen L Gray (2010) International Journal of Accounting
Information Systems. This report, in conjunction with the Account Analysis report in General
Ledger, provides information needed to reconcile your accounts receivable sub-ledger with
the General Ledger. Using this report you can review the details that make up your general
ledger journal entries.
Receivable provides you with four different parameters that enable you to generate multiple
formats for this report. These four parameters are Detail by Account, Detail by Category,
Summary by Account, and Summary by Category. You can select any one of these formats,
or a combination of one or more.
Company Segment: Print information for the company segment values within the company
segment range that you specify.
Detail by Account: Choose to select and print each transaction for each accounting flexfield,
category, and currency.
Detail by Category: Choose to select and print each transaction for each category and its
“Receivables” equivalent accounting flexfield and currency.
Transaction Category: Choose to select and print information for the transaction categories
that you specify. Transaction categories include: Sales Invoices, Debit Memos, Chargebacks,
Credit Memos, Credit Memo Applications, Adjustments, Trade Receipts, and Miscellaneous
Receipts.
GL Date: The GL Date range that you specify for this report.
Posted Date: The GL Posted Date range that you specify for this report.
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3.6.3 Column Headings
Category: Categories include Cash, Misc. Receipts, Debit Memos, Credit Memos,
Adjustments, Sales Invoices and Trade receipts.
Currency: The currency for the sum in that currency of each Accounting Flexfield that is
referenced by a category that you include in this report.
Foreign Currency: Credits: The foreign currency credit amount for each Accounting Flexfield
that is referenced by a category that you include in this report.
Foreign Currency: Debits: The foreign currency debit amount for each Accounting Flexfield
that is referenced by a category that you include in this report.
Functional Currency: Debits: The functional currency debit amount for each Accounting
Flexfield that is referenced by a category that you include in this report.
Functional Currency: Credits: The functional currency credit amount for each Accounting
Flexfield that is referenced by a category that you include in this report.
Total for AR: The total functional currency debit and credit amounts.
Total for Category: The total functional currency debit and credit amounts for each category
of transactions selected for this report. Oracle Receivables does use the sums of an
Accounting Flexfield that are referenced by categories that you select to calculate the total
functional currency debit and credit amounts for this report if this Accounting Flexfield
contains a sum in only one currency.
Total for Currency: The total functional currency debit and credit amounts for each currency
of transactions that you select for this report.
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To use the VAT Exception Report as part of your VAT reconciliation to review any
Receivables sub ledger transactions which meet one or more of the following VAT exception
criteria:
The transaction has item lines that reference general ledger tax accounts. Only tax
transaction lines should be posted to tax accounts in the general ledger.
The transaction is a Discount that references general ledger tax accounts. Only tax
transaction lines should be posted to tax accounts in the general ledger.
The transaction is an Adjustment that references general ledger tax accounts. Only tax
transaction lines should be posted to tax accounts in the general ledger.
The transaction is a Miscellaneous Receipt that references general ledger tax
accounts. Only tax transaction lines should be posted to tax accounts in the general
ledger.
The transaction is a Miscellaneous Receipt which has no tax code. To accommodate
most VAT reporting requirements, every VAT taxable transaction must include a tax
line even if the value of the tax line is zero.
The transaction is an Adjustment of type Tax. Tax only Adjustments are not advised
in a VAT reporting environment because they are generally not accepted as valid
reductions to your VAT liability.
Misread receipts, transposed numbers and forgotten entries in the check register are common
accounting errors and are easily rectified. However, mistakes undetected month after month
can snowball until you are left with a register balance that is hundreds or even tens of
thousands off from your bank balance. This is a serious problem that could lead to
embarrassing (and discrediting) cash shortfalls and even overdrafts.
When the bank statements are reconciled each month, any checks that haven’t cleared stand
out and prompt an investigation as to the cause. If a payment was lost in the mail, it’s far
better to realize it while there is still time to reissue the check and before late fees have
accrued. Additionally, a vendor may hold a check for weeks or longer before presenting it to
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the bank. If you are unaware the payment hasn’t cleared, it could hit at an inopportune time,
perhaps long after you’ve forgotten it was written.
Reconciling your statements every month helps you identify subscriptions you meant to
cancel and bank and credit card fees you may not realize you are being charged. Often, you
can call the financial institution and have them removed. But they may only agree to a credit
of a single month, not several. Recurring monthly services often offer a free trial, and then
automatically charge your card every month after the trial period has expired. If the
statements are not reconciled regularly, it could be months before those charges are
discovered; that means months of payments that are unlikely to be refunded.
Small business owners typically have lower amounts of capital to work with, so it is
especially important they remain vigilantly aware of their company’s exact cash flow
position. This is impossible to do when their finance team doesn’t prioritize the monthly bank
reconciliations. Lenders and investors also inspect bank reconciliation reports to assess the
financial stability of an organization – all the more reason they should be up to date.
The first indication that a company credit card number has been compromised is usually a
fraudulent charge on the credit card statement. The sooner the errant charge is caught and
reported, and the card canceled, the better. If one card was compromised, chances are good
that others were as well, so reconciling regularly can greatly minimize damage from fraud
According to Value Added Tax act revised edition (2014) section 5 value Added Tax rate and
amount payables. Subsection
(1) The amount of value added tax payable shall be calculated by multiplying the value of the
supply or import by the value added tax rate, which shall be eighteen Percent.
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(2) Where the supply or import is zero-rated, the Value added tax rate shall be zero percent.
(3) Where a supply is both exempt and zero-rated, the supply shall be zero -rated.
The rate applied when conducting field practical training was the same as the section 5 of
Value Added Tax act revised edition (2014)
Also according to section 35 of Value Added Tax act revised edition (2014) Taxpayer
Identification Number and Value Added Tax
Registration Number says ”A registered person shall use Taxpayer Identification Number and
a Value Added Tax Registration Number on all documents required to be issued under this
Act”. Section 35 of the act also applies on Tanzania Port Authority as it requires a registered
person to use TIN and VRN number.
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CHAPTER FOUR
ANALYSIS
4.0 Introduction
Through field practice I was able to do application on what I was taught in the class and learn
more on how different activities are conducted in a field station. This chapter deal with
related theories learnt in class with what is happening in the market; also Description of skills
learned and enhanced, Contribution towards career development and ambition. Skills that are
lacking during field practice In the Tanzania Port Authority that I worked with during my
field attachment training, I learnt practically a number of things concerning my course that
were basically taught in class. In finance department at Dar-es-salaam port authority I had a
chance to be trained preparation of payment voucher, reconciliation of VAT returns against
ledger; receiving and recording of vouchers on different register books such as other
miscellaneous expenses register book and collection of voucher.
During my field practical training I gained some skills such as the use of system application
programs, reconciliation of VAT returns against ledger and preparation and registration of
payment vouchers.
Challenges encountered at my field practical training are few computers compares with the
number of students and employees. And adopting new skills that I had to apply them in a
short period of time.
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Preparation of journal entry can reduce the error and omission of transaction records
or incomplete transaction records. The journal functions as a control system help TPA
to record transactions in chronological order.
Preparation of payment voucher: Payment voucher are prepared to the third parties such as
DAWASA and TANESCO.upon delivery of goods there should be a tax invoice, EFD
receipt, delivery note, local purchase order, inspection report and acceptance report. Skills
gained there is to calculate amount of withholding tax and VAT
Reconciliation of VAT returns against ledger: Reconciliation of VAT returns against ledger
aimed to get actual figure to be paid every month, reconciliation done between cash and
bank. Software used was excelled and skills gained are to performing and recalculating
different transaction to make sure that they are accurate.
Identification of transfer serial number: I have learned that the virtual serial numbers are
opened by communication application and data from physical port is sent to all opened visual
port simultaneously. Software used is excelled and I can use it to key in data on journal entry.
By using Transfer serial number to any application will be easily known and be deducted
automatically
Preparation of journal entry: I have learned that journal entry shows transmission on debit
and credit side of an account in excel with a focused view of amounts and amount not visible
from a transaction itself. Software used is excelling. Revenue journal states the date of
transaction and account affected.
Registration of payment vouchers: I have learned that TPA organizes itself to provide loans
to its employees. Also in recording transaction there should be deductions which might be
compulsory like PSPF,PSSF,NSSF,NHIF, WCF and non-compulsory deductions like bandari
loan and SACCO’S . Registration done manually on such books. Skills gained was
registering voucher on their respectively books.
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Pre-audit section: I have learned that Pre-auditing gives settled statement on a voucher so that
they can easily be audited. Vouchers move in different sections before they get approved and
be signed.Pre-auditing provide assurance of vouchers and gives confidence to the users.
Software used is SAP (System Application Program). A skill gained in Pre-auditing is
important check-up and overlook on vouchers provide assurance and confidence to the users.
Time management and responsibility are all equally important for my career as they are in
my academic life. For example, must have strong organizational skills in order to set
manageable goals for their team and keep others on track to meet their deadlines.TPA
employees demonstrate strong time management skills, prioritizing and delegating tasks so
that they can accomplish their goals on a planned time. I have learned how to balance
multiple deadlines and assignments while I’m in Institute of finance management. This will
make it easier for me to adjust to a fast-paced and collaborative work environment in the
future.
Tanzania Port Authority help the customers to help themselves, that said customers want to
talk to someone to get their problem solved and often they want quick resolve their issues
themselves. I have learned that though provision of good, quality and quick customer care,
will create good relationship between organization and customers. To help customers help
themselves is cost effective way to make customers happy.
Tanzania Port Authority have a wide range of communicating and participating In solving
different problems and discuss different issues as one, since everyone approaches a problem
with a different perspective, working together makes problem solving easier. According to
their team work I have learned that team members can provide solution that you otherwise
wouldn’t think of.
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4.3.4 Confidence building
The field training helped me to build up my confidence and self-trust. I was assigned some
tasks with limited instructions and that required personal decision. I was able to speak with
various people with different managerial levels confidently during my practical training
session.
There was a good communication among workers in the organization. The information passes
accordingly to the unit of direction from the manager in charge to other staff. Well organized
system of communication ensures staffs are timely informed of important matters in the
organization.
My training at TPA gave me the opportunity to use few of the knowledge that I got from the
computer module that I studied in first and second year and improve my skills in computer.
This was through the use of Microsoft Excel and system application programs.
Tanzania revenue authority requires payment of some service to be charged withholding tax
at rate of 5%, Tanzania Port Authority also imposing withholding tax (5%) on services such
as Technical services fees (mining) and other services fees.
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During my field practices there was some different from what I was taught in the class,
Account receivable treated in the class while in the organization Account receivable was
done by using computer software program design. In class we do not use Microsoft Excel
practically while in organization most of tasks are done by using Microsoft Excel.
Taxes and customs duties are only partly allocated to the port region. They are usually a
national source of income used to fund other social and infrastructure programs. My career
played a big role in Tanzania Port Authority so it’s important for one to understand matters
related to taxation.
Ports are in general, positively related to employment in port regions, implying that the
higher the throughput, the higher is the employment level. Employment impacts are more
substantial in the industry than in the service sector. Employment impacts vary by commodity
sectors. Container and break bulk traffic usually have twice the employment impact of dry
and liquid bulk traffic.
Private ports usually have more regional employment impacts than public ports since they
usually serve commercial supply chains. Each direct port employment is commonly
associated with about three to four indirect jobs
More and more jobs are created outside the port area. A large variety can be observed in how
these processes are materializing in specific individual ports.
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CHAPTER FIVE
CONCLUSION AND RECOMMENDATION
5.0. Introduction
This chapter will show the conclusion and recommendation to both the host organization and
the Institute of Finance Management and what area should be improved and what to be done
in order to make things go well, so the chapter will recommend some issue to the Institute
and some issues to the host Organization in order to improve practical training to be good and
enjoyable.
5.1. Conclusion
General the field work trading was well conducted and was very creative. The field work
itself has given student a chance to integrate theories and practice and expensed that student
to the working group and get a test at how real life is compared to the theories.
Therefore, field placement assisted the student on capacity building acquisition new attitude,
creativity development, confidence, socialization with new people and the student imposed to
the future employment opportunity.
The work done during the field the field work training were become more variable to the
student trough to the students through which it generates to use much experience of what is
being done from the office compare to what we have lean’s class it has increased our
understandability on how evaluate our performance in performing task related as mentioned
above from chapter two and also the challenges that the students encountered during the field
work training.
5.3 Recommendation
5.3.1 Recommendation to TPA
Training and seminars should be provided to TPA staff in order to make them aware for those
changes that exist, improve pension fund education that will help the companies to be aware
of the whole process of pension, the aim of collecting contributions and more revenue will be
collected. Also, should increase working aid instruments or materials like computers, and
other supportive materials to improve working environment. Hence, they will reach and meet
their targets for the year
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5.3.2Recommendations to Institute of Finance Management (IFM)
The Institute of Finance Management IFM should providing quality education example
educations which reflect the real situation in working environment which will help for
solving different problems in our society.
Also, IFM should improve the syllabus according to the work place in order to build the
students who have professional skills and competency in the labor market, the students
should be positioned according to the area of their professional and assigned tasks and duties
that will enhance them to get more experience and skills during the practical training, and
enough technological education should be provided to the students in order to make them to
be updated and modernized for those technologies used in the organization.
5.4 Review of how the experience affected my career plans and ambitions
My experience at field training, Dar es salaam Port Authority had encouraged me in doing
my level best in studying and learning many issues concerning ports, both revenue and
expenditure departments.
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REFERENCES
IFM, (2022) the Institute of Finance Management, Guidelines for Practical Training.
https://www.ports.go.tz/index.php/en/about-us/cooperate-socialresponsibility
Sangster, A. and Wood, F. (2013), Frank Wood’s Business Accounting Volume 2, Financial
Times Prentice Hall, Harlow.
http://www.reconciliation.org.au/home/resources/australian-reconciliation-barometer
http://www.reconciliation.org.au/home/reconciliation-action-plans/rap-impact-measurement-
report
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