CHAPTER 3

FUNCTIONAL DEPARTMENT

3.1 Departmental structure

The departmental structure of a sole proprietor concern, CRG & Co. it is

owned and maintained by a single person Mr. Chetan Gotlur Ravi. Since
it is a sole proprietorship he has the final say in the business and he can
keep all his legal activities safe without having is discussed with anyone
else.

 Sole Proprietor : Mr. Chetan Goltur Ravi

 Accounting And Audit Department

 Taxes Department

 Human Resource Department

All the departments are headed by Mr. Chetan Goltur Ravi he is the sole
decision maker though he delegates the work to his subordinates.

o ACCOUNTING AND AUDIT DEPARTMENT:

It is mandatory that the company has its audited accounts every year as the
company grows every day. However, only a professional CA can assist to prepare
these audits. This involves a lot of crisp and tricky and strategically methods, what
a certified CA should do.

Key functions of the accounting department:

➢ Accounts payable (cash): make payments and maintain paid accounts

➢ Client Accounting (monetary income) - processing of incoming
payments
➢ Payroll: assures that you pay everyone (including the government)
➢ Reports: prepares financial reports preparation of financial reports,
gains and losses, financial statements and financial statements
➢ Financial controls: to eliminate errors, fraud and theft
 o TAXES DEPARTMENT:

Companies must submit quarterly / annual tax returns to ensure that businesses
operate properly. This doesn’t include only the firm's tax returns, but also
guarantees that there are no outstanding tax obligations in the president and other
members of the company's board of directors. Taxes are of two types. They are:

➢ Direct taxes: income taxes, national taxes, property taxes, etc.

➢ Indirect tax: value added tax, special taxes, anti-dumping duties, etc.

o Human Resource department:

Human capital professionals are more than just human resource advisors, they are
large-scale business consultants who specialize in integrating issues related to
people with business strategy. They have the huge influence to help with the
change of ownership on a large scale and even in the projects of unique programs.
The development of new tools and technologies, they can help increase the
performance, productivity and maximize the profitability of the organization. CGR
& Co. has 3 staff and 1 articles. The articles are recruited only by
recommendations followed by an interview. The stipends paid to the articles are as
per the guidelines given by ICAI

3.2 Policy and procedures

Policy: It is a set of rules that each business should have and follow.

 Objective of business: The main vision or objective of CGR & Co

is to cater to the needs of clients in a better way.
 The company follows Accounting standards
  Audit standard:
 Rules for the review of internal audit
 Audit and guarantee and interrelated services
 Standard in internal feedback
 Framework of guarantee commitments:
 Technical standards
 Professional standards
 Standards of corporate ethics
 Introduction to the standards of quality control, audit, guarantee and related
services

3.3Work culture
 The staff was cooperative
 There was freedom to work and serve clients
 The administration was good
 There was a favourable work environment
 The reports prepared of each client is put on excel and word so that client
can understand it
In the end, it was a very positive experience since I first worked at the CA
Company. I learned from my mistakes and I got over it. On a large scale,
specializing in the integration of the problems related to people with the business
strategy.
 CHAPTER-4

FUNCTIONAL SOFTWARE’S SERVICE AND OPERATIONS.

SOFTWARE USED BY THE COMPANY

 Profit books:
It is incredibly simple and fast among the best business accounting software for
small scale businesses

 Winman ERP for Income Tax:

Winman ERP is the No. 1 CA software in India. Winman software is a bundle of
many such as Income Tax software, Balance sheet software, Audit Report software
etc. But it is best suited for Income tax software, which helps the chartered
accountants in income tax calculation, return calculation and filing procedures.
This ERP is very simple to work on as it provides all the operations in one window
and there is no need to navigate between multiple windows. At the time of filing
electronic return if any mandatory entry or any entry not compatible is made then
the software lists the description as to which entry to be made and which entry to
be not made. Due to this the software helps in making accurate returns.
Winman software for income tax will import the previous year’s data which makes
it easier for filing returns. Data can be copy pasted from excel and automatic carry
forward and set off of losses will be done by the software by reducing the burden
of work.

 Align books:
It is an online business accounting software specially designed to meet the needs of
small and medium enterprises, public accountants and other professionals
and executives of companies that remain mostly in motion.

 Integra Trade Plus:

This software is shown as the inventory management and the quality accounting
package used by various companies and firms. This is an individual user
 package with characteristics such as more financial time period, calculation
of tax, VAT termination calculations, multiple rates, etc.

 Tally ERP 9:
It is one of the best software that has been created for recording all the transactions
online. Previously all the transactions had to be recorded manually, preparing of
financial statements. Had to be done manually and any rectification errors had to
be made manually. But now with the help of Tally work is minimized and it gives
quality results. It carried out by giving instruction to the computer. It supports book
keeping, inventory, statutory, auditing and MIS report. It can maintain books of
accounts with or without inventory. Simultaneously can work with multiple
company accounts. It is real time that is just by entering transactions many reports
are prepared.

SERVICES

● Training
They are able to conduct different need of training assessment for different kinds of
companies or firms which offers special courses that is designed for a wide
range of companies and like development of project, controlling and
assessing, development of resources, management of community and many
other training programs of management.

● Corporate culture:
The company provides advices management team for development and strengthen
and growth culture of the corporate. They provide service to their customers
which develops the growth of the mission and organization’s value, also the
basic skills and driving factors, the preparation of the evaluation system, the
development of policies, procedures and implementation services.

● Executive research:
The organization allows the executive search with the recent techniques selection
which is depended on the required for all the work settings and specific
encouragement along the companies. They conserve a large database of
prospective employees that allows a quick identification of candidates
suitable for management positions at the medium-high level.
 ● Counselling for compensation:
The company also conduct salaries surveys, follow up studies to assess
compensation for trends of market, and provide advices to customers on the
policies of compensation which can allure and get the perfect talent.

● Monitoring and evaluation:

They conduct more assessment which are not depended to each other, audits and
follow-up and assessment of public health and maternity health program
gender discrimination and other wider development problems. It also
comprises reviews of performance of home care, facilitation of planning,
supervision of the workshop on the examination of results, management of
intermediate and final evaluations, reference and KAP studies, evaluation
and thematic processes, etc.

● Consulting in human resources:

The Human capital professionals are the major factor of any organization. They are
not just human resource consultants, company advisors are building scale
that has specialization in the collection of problems related to peoples’
problem with business strategy. They are the one prominent factor for every
other organization with the alteration of ownership on higher range and also
in the projects of unique programs which leads the organization to increases
the efficiency and effectiveness of the performance of the organization.

● Taxation:
Companies must submit quarterly / annual tax returns to ensure that businesses
operate properly. This includes not only the company's tax returns, but also
guarantees that there are no outstanding tax obligations in the president and
other members of the company's board of directors.

● Consulting management:
The team of professional consultants has extensive experience covering the main
areas: development of management information systems, HR and training
and development, management of funds, valuation of company, corporate
finance, project studies, design of manuals and systems, valuation of
 portfolios and credit review, review institutes, making of the viability report
of the project and hiring of executives. The team of experts provides
intensely great quality of strategic consulting services and customer service
for the restructuring of organizations, for profit and non-profit, joint ventures
or other types of strategic alliance.

CUSTOMER MANAGEMENT IN THE FAMILY

CA Office Automations is an attainable tool which has diced an aperture for itself
by offering some greatest benefits to Chartered Accountants and Certified Public
Accountants all over the world to manage their daily tasks. Helped accountants
consolidate confidential documents, activities, accounting, customers and
employees to simplify processes.

There are more than 3000 plus client or end users, which includes CA, CPA, CS,
Tax officers or experts, Tax Advisors and clients from around the entire world.

As we all know, customers play a crucial role in the growth of any company's
finances and the company obviously should have adequate software systems to
meet their needs. Client management helps to reserve appointments of client,
calculate how long is the appointments, develop effective and efficient
communication online with the clients or their customers establish effective
communication online with customers, that maintains all the necessary data which
was the system from which it can be retrieved from compute device if required.

The client's administration includes:

 Document management:
The company believes in the technologically supported office, loading any
document with labels (customer, time period, activity, type of document) in
such a way that it never gets lost the document and obtains it from any place
and at any time.
  Calculation of time and margin:
They receive a full margin report for the client, in terms of the time, they will assist
the client to obtain a better decision of expansion.

 To create a performance culture:

The company generates a cultural by an appropriate work assignment and reporting
system, where the company generate the rules and standards of the workflow
and gain advantage from it.

 Set up the office in automatic mode:

They set up the office in automatic mode, where they generate all the recurring
activities in their daily planner with automatic text messages and e-mail
reminders because they do not want their customers/clients to lose their
deadline.
 CHAPTER-5

CONTRIBUTION BY THE INTERNEE

STUDY OBJECTIVE

I chose to work with CRG & Co. during this internship. I learned many new skills.
Numerous new skills before temporary work I only had hypothetical information
about how to work in partnership, but now I have some useful work experience in
the CA Company. I currently know the workplace of the association and the way in
which the association works and achieves its goals and objectives.

This initial position gave me an understanding of the business and, in addition, the
components of vital reasoning, organization and use and how these things are
connected in a real society. The following are the goals that I have connected in my
soul before completing my university career.

● I have always wanted to improve interpersonal skills

● Had the objective of breaking the commercial circumstances to understand
the business situation
● Establish standards in professionalism
● Learn practically about theoretical knowledge to build standards in
demonstrable skills
● Learn the accounting practices of various companies
● Apply theoretical knowledge in the genuine organization
● To counteract functional angles and hypothetical views
● To make quick decisions in real situations
● Learn to promote and conduct research in the business sector
● Promote my person; knowledge and professional preparation for the future
● Plan your future and learn how to adapt in an organization
● Know how to present your advice before your boss
● Know the opportunities and threats when entering an organization
● Get visibility to work in an organization and also know the behaviour of the
organization, the rules and ethical regulations
WORK DESCRIPTION

I did everything possible to improve my skills and apply the knowledge acquired
during my studies. On my first day, the company's secretary, Mr Gnanesh Shetty
gave me a training session on TDS returns and modernized accounting in the
accounting planning. Miss Sushmitha (assistant) also gave me her reasonable
experience and gave me some procedures for this procedure. He also guided me on
how to plan the refund. Various tasks I did during my internship:

● Record keeping / accounting

● TDS return planning
● Tax refund planning

TDS OVERVIEW

Expense deducted from sources (TDS) is a tax that is reduced from the salary
which an organization. That is obliged to pay to a beneficiary or provider if the
amount of the payment exceeds a particular limit of legal isolation in a fiscal year.

The type of income that is subject to TDS includes:

● Salaries
● Interest and dividends from share
● Win the lottery
● Commission from insurances
● Rentals
● Rate obtained by a professional and technical service
● Payment to the contractor and the subcontractor

FLOWCHART OF TAX DEDUCTED AT SOURCE:

This process flow shows the steps to charge and remit TDS:

Creates voucher for supplier with the status of

payment and tax
 Calculation of TDS on vouchers

Issuance of pay to trader along TDS amount

reduced

Submission of payment every month for TDS

to tax experts

Challan is updated

Generates yearly and quarterly returns

CONSTRUCTION OF VAT RETURNS

Every month end or the quarterly end, send a VAT return to the tax office and send
the VAT owed.

PERQUISITES

You have carried out certain task to close the VAT.

PROCESS

● Firstly, sales book and purchase book’s copy is constructed. A copy of the
sales book and the purchase book is prepared. The books show the invoices
that have is already paid and on which the VAT must be paid. The account
books are your reference in case of an inspection from the tax office or
government
● Construct the VAT refund. This contains of double steps. Calculation of the
total value of VAT for each and every tax code. Print the VAT return. The
system occupies the fields in the VAT return using the totals calculated in the
initiative step
● For knowledge on how to prepare VAT returns for VAT withholding by
suppliers
● First we should deposit the VAT return at the tax office and return the taxes

PREPARATION OF THE JOURNAL ENTRY

DAILY ENTRY

● Daily vouchers (diaries) are deployed to reconcile debit amounts and credit
amounts with no involvement of cash accounts or bank accounts. Therefore,
it is called as normative entries or regulatory inputs

CREATE A JOURNAL ENTRY:

● Journal entry is mostly used for preparation final accounts (P&L Ac and
Balance Sheet).
● Proceed towards TALLY Gateway> Accounting coupons
● Click on f7: every day in the button bar or press f7
For example, there might be entries for unearned interest or interest due. If it is
necessary to receive interest from other parties, you will be able to enter it
with the voucher of the magazine. Debit the party
● Credit of the active interest account

The journal entry is shown as:

SPECIAL KEYS FOR THE FIELD OF NARRATIVE VALE:

● alt + r: retrieves the end tracks memorized for the beginning book in the
voucher, regardless the type of voucher
● ctrl + r: retrieves the end saved account for a specific type of voucher,
regardless of general ledger

CONSUME THE ACCUMULATION OF CASH IN DAYS

There are many magazines or books which are entries to be adjusted that doesn’t
include a cash account and a bank account. However, some of the end-user desire
to publish accounting entries that involve cash / bank account.

To enable cash accounts in the journal voucher

Set Allow cash accounts to Yes in Configure F12L (coupon settings)

To Approval a Journal Voucher with the cash register / bank,

● Proceed towards Gateway of Tally> accounting coupons> Select f: every

day
 ● Press the space bar in the Debit or Credit field

The journal record screen with the cash / ledger selection will appear as shown:
DEBIT ENTRY NOTE

It is known as Charge Notes which is an archive issued to a gathering expressing

that you are charging their record in your Book of Account for the expressed cause
or the other way around. It is normally utilized in the event of Purchased Returns,
Escalation/De-heightening in value, some other costs acquired by you in the
interest of the gathering, and so on.

.The debit note can be entered in the voucher or invoice form.

 ● We must improve the item in F11: accounting or inventory highlights
● To use it in voucher mode must enable the component in F11: Accounting
function in F11: Accounting functions: use of debit / credit notes.
● For the Billing Mode section, authorize alternative F11: Accounting
functions: use the reception mode for debit notes

PROCESS TOWARDS ALTERATION TO THE DEBIT SCREEN ENTRY

SCREEN:

● Proceed to Gateway of Tally> Accounting coupons

● Click on ctrl + f9: debit memo on the button bar or press ctrl + f9
● We will be able to switch between the voucher and invoice mode by clicking
on CTRL + V
● Transition of a section for purchased products returned to supplier A
SPECIAL KEYS FOR THE NARRATIVE VALE FIELD:

● alt + r: remember the representation, apart from something for the main
register in the voucher, regardless of the voucher
 ● ctrl + r: remember the last portrait; leave something for a particular coupon
to compose, regardless of the registration

CREDIT NOTES ENTRIES:

It is a document issued for a meeting that indicates that you are crediting your
account in the accounting books for the express reason or vice versa. It is normally
used in the case of sales returns.

● You can enter a credit note on the voucher or invoice form

● You must improve the item in f11: accounting or inventory highlights
● To use it in Voucher mode, you must enable the item in f11: Accounting
functions: use the receipt mode to load notes

PROCEDURE OF HOW TO ENTER INTO SECTION OF CREDIT ENTRY

NOTE:

● Proceed towards Gateway of tally> Accounting coupons

● Click on ctrl + f8: credit note on the button bar or press ctrl + f8
● You can switch between the voucher and invoice mode by clicking on CTRL
+V
● Pass a ticket for the goods sold returned by customer A:
SPECIAL KEYS FOR THE NARRATIVE VALE FIELD:

● Alt + r: retrieves the end track memorized for the first book in the voucher,
regardless of the kind of voucher
● Ctrl + r: retrieves the end saved account for a specific type of voucher,
regardless of the general ledger