COLLEGE OF BUSINESS AND TECHNICAL/VOCATIONAL COURSES

Notre Dame of Tacurong College

City of Tacurong, Province of Sultan Kudarat 9800
WEEKLY REPORT
Internship/Practicum
2nd Semester AY 2023-2024

Week 9: March 18 - 22, 2024

I. OFFICE TASKS PERFORMED DURING THE WEEK

For this week, the task that I performed includes filing 1604-E forms, finding forms for stop filer
cases, photocopying forms and audit reports, checking receipts of a client and making a
summary of them, and making summary of expenses of a client from their cash disbursement
book. During the the task of making summary for both receipts and disbursement, I was asked
to type it on MS Excel and compute the total of each particulars and also for the grand total. I
had to locate expenses or receipts and group them.

II. LEARNING FROM THE OFFICE TASKS

During the week, I learned that when recording on the ledger I need to ensure the accuracy of
the information being recorded. This includes double-checking dates, amounts, and account
names, follow the double-entry accounting system as every transaction has two equal and
opposite effects on different accounts. Debits must equal credits for each transaction. I also
need to understand the type of account (asset, liability, equity, revenue, or expense) I’m
recording in. This determines whether the transaction increases or decreases the account
balance. I also learned that stop filer cases don't necessarily mean you owe taxes, but they do
act as a prompt to file any outstanding returns and potentially avoid penalties or delays in
obtaining clearances. Stop filer cases serve as a flag in the BIR's system to identify taxpayers
who haven't filed their required tax returns within the designated deadlines. This helps ensure
that taxpayers fulfill their legal obligation to report their income and potential tax liabilities.

III. INSIGHTS
My insights for the week is when dealing with your business transactions, record
transactions promptly. Don't let them pile up, as this can lead to errors and make it difficult to
reconcile accounts later. By properly recording transactions, it can become a powerful tool for
financial analysis, decision-making, and overall business success.

Submitted by:

MINATULHAMIDA “ALFITRA” M. KADAYUNAN

BSA-4

Noted:

GLORIA R. FAJARDO, CPA, MBA

Proprietor, Fajardo Accounting Office
 COLLEGE OF BUSINESS AND TECHNICAL/VOCATIONAL COURSES
Notre Dame of Tacurong College
City of Tacurong, Province of Sultan Kudarat 9800
WEEKLY REPORT
Internship/Practicum
2nd Semester AY 2023-2024

Week 10: March 25 - 27, 2024

I. OFFICE TASKS PERFORMED DURING THE WEEK

This week, I focused on tasks related to financial record-keeping and document management.
My specific duties included:
 Collecting and organizing receipts: I gathered various receipts, such as official receipts for VAT
(Value Added Tax) and NONVAT purchases, sales invoices, delivery receipts, collection
receipts, and cash receipts. This ensures accurate expense tracking and financial reporting.
 Petty cash handling: I managed the petty cash fund, which involves tasks like maintaining a
proper log, disbursing small amounts for approved expenses, and reconciling the fund balance.
 Photocopying audit reports: I reproduced copies of audit reports, which are crucial documents
for financial audits and reviews.

II. LEARNING FROM THE OFFICE TASKS

My experience this week provided valuable insights into:
 Importance of financial organization: These tasks emphasize the importance of maintaining a
well-organized system for financial documents. This facilitates easy access to information,
accurate record-keeping, and efficient financial management.
 Attention to detail: Accurate handling of financial documents requires a keen eye for detail. This
includes ensuring proper categorization, completeness of information, and adherence to
company policies.

III. INSIGHTS
This experience has helped me develop:
 Understanding of financial processes: By being involved in these tasks, I gained a better
understanding of basic financial processes like expense tracking and receipt management.
 Organizational skills: The tasks required me to effectively organize and categorize documents,
which is a valuable skill for any work environment.

Submitted by:

MINATULHAMIDA “ALFITRA” M. KADAYUNAN

BSA-4

Noted:

GLORIA R. FAJARDO, CPA, MBA

Proprietor, Fajardo Accounting Office
 COLLEGE OF BUSINESS AND TECHNICAL/VOCATIONAL COURSES
Notre Dame of Tacurong College
City of Tacurong, Province of Sultan Kudarat 9800
WEEKLY REPORT
Internship/Practicum
2nd Semester AY 2023-2024

Week 11: April 1 - 5, 2024

I. OFFICE TASKS PERFORMED DURING THE WEEK

The During my 11th week of internship, I gained valuable experience in tax and accounting
tasks. Here's a breakdown of my responsibilities:
 Tax Form Processing. I processed 1601-C forms, likely for the month of March. These forms are
used to report income taxes withheld on compensation payments to employees. I also filed
1604 forms, which could be either the quarterly (1601-EQ) or annual (1604-E) version. These
forms summarize the total income taxes withheld throughout a specific period.
 Tax Withholding Verification. I reviewed 2307 forms, which are used to document income tax
prepayments made by a taxpayer. This likely involved ensuring the accuracy of the information
on the forms.
 Financial Reporting. I created a summary of the cash disbursement book for a client. This book
tracks all cash payments made by the company, and the summary likely focused on key
financial metrics for a specific period.

II. LEARNING FROM THE OFFICE TASKS

My experience this week exposed me to the practical applications of tax and accounting
principles. Specifically, I learned about tax withholding procedures by processing 1601-C and
1604 forms that provided me with a better understanding of how income taxes are withheld and
reported for employees. Reviewing 2307 forms emphasized the importance of accurate tax
prepayment records to ensure compliance with regulations. Creating a summary of the cash
disbursement book allowed me to practice extracting and analyzing financial data for reporting
purposes.

III. INSIGHTS
This internship week provided me with valuable insights into the day-to-day operations of a tax
and accounting firm. Handling tax forms and financial records requires meticulousness to ensure
accuracy. Summarizing the cash disbursement book involved analyzing financial data to
extract key information. Managing and processing various documents requires strong
organizational skills to maintain efficiency.

Submitted by:

MINATULHAMIDA “ALFITRA” M. KADAYUNAN

BSA-4

Noted:

GLORIA R. FAJARDO, CPA, MBA

Proprietor, Fajardo Accounting Office
 COLLEGE OF BUSINESS AND TECHNICAL/VOCATIONAL COURSES
Notre Dame of Tacurong College
City of Tacurong, Province of Sultan Kudarat 9800
WEEKLY REPORT
Internship/Practicum
2nd Semester AY 2023-2024

Week 12: April 8, 9, 11 , 15, 19, 30, 2024

I. OFFICE TASKS PERFORMED DURING THE WEEK

This week marks the final week of my accounting internship. My office activities
included monthly summarizing a client's cash disbursement book, creating withdrawal
slips for ITR payments, visiting various banks in Tacurong City, handling petty cash,
and duplicating ITR and SLSP forms.

II. LEARNING FROM THE OFFICE TASKS

During the last week of my internship, I learned that the Income Tax Return (ITR)—
BIR Form 1701—is for individuals earning income from business or profession. The
deadline to file and pay is on or before April 15 of each year, covering income for the
preceding taxable year. VAT/Percentage Tax Returns are for taxpayers registered for
Value Added Tax (VAT) or Percentage Tax. The deadline to file and pay is not later
than the 20th day following the close of the month. Lastly, the final withholding tax
return is for withholding agents who deduct and withhold taxes on income payments
subject to the final withholding tax. The deadline to file and pay is on or before
January 31 of the year following the calendar year in which the income payments
were made.

III. INSIGHTS
The The final week of my internship was a whirlwind! The atmosphere was charged
with energy as everyone hustled to meet the ITR filing deadline. It mirrored the fast-
paced, deadline-driven environment I've seen depicted in movies and television
shows. Witnessing the work-flow firsthand solidified my understanding of an
accountant's daily tasks.
Most importantly, this experience sparked a question within me: "Amu gali pag
accountant na ko?". The internship opened my eyes to the challenges and rewards of
this profession, and it has definitely piqued my interest in pursuing a career in
accounting.

Submitted by:

MINATULHAMIDA “ALFITRA” M. KADAYUNAN

BSA-4

Noted:

GLORIA R. FAJARDO, CPA, MBA

Proprietor, Fajardo Accounting Office