UZ Log Book
UZ Log Book
FACULTY OF COMMERCE
INDUSTRIAL ATTACHMENT LOG-BOOK
Alert Mr Ngwerume and Guard Alert The Accounts team and staff in general
Financial Accountant, Mr Tobve who is showed me such good hospitality and I
my immediate supervisor was taught appreciated it.
WEEK 3 This week I was introduced to the way ● The training was helpful that it helped me
the organisation records its transaction understand the way the organisation
under supervision of Mr Tobve.The records its transaction.
company mainly uses Sage Paste. ● I also appreciated the importance of
I was taught also how to post petty cash Information Technology to Accounting since
vouchers into the system, invoices which most of the work nowadays is done through
has already been paid into the system the use of computer.
and to process invoices which were not Recommendation(s)
entered in to the system. ● The Pastel system should have a way to
I was also taught the coding of capture all the relevant information of the
requisition forms to put account numbers customers and be able to generate all the
before processing the invoice paid into necessary documents associated with each
the system. For example, Motor Vehicle transaction for example payment vouchers
Repairs is coded 3540, VAT:9500, Power so that there will not be any need to keep
&Water: 3560.The coding should show the physical forms which increases storage
the province and the subdivision of the costs.
company. For example, if the ZESA
WEEK 4 Being introduced and taught how to sort I was taught by my colleagues. how to
incoming invoices from suppliers via perform some of these tasks as well as my
email and check if they have tax
fellow workmates.
certificates and where to get them
authorised for payment. I learnt more about taxation and widened
my knowledge base, I would like to thank
● I was taught how to confirm with
the organisation.
companies if they have tax clearance
certificate or not via email or phone call.
● From this point it did not take me much time
If they don’t have, we have to deduct
to adapt to the work environment because I
10% Withholding tax. If they have, we
was now aware of the values and ethics of
have to stamp the requisition form to
the Guard Alert.
show they have the tax certificate for
that year.
WEEK 2 ● I learnt on how to reconcile supplier Reconciliations helps the company to stay
statements’ balance to a general ledger up-to-date on amounts owed and identify
balance. The process involved variances which might exist so that the
reconciling an individual supplier balance company’s records stay updated. This also
in the accounts payable ledger with a protects the relationship between the
statement issued by a supplier. company and its suppliers.
● I did Bank Reconciliations for Security
Distributors, Infobase and Prime Sole for Bank reconciliations on the other hand are
the month of June. The process was to useful as they aid in identifying financial
WEEK 3 On a monthly basis all the payments made Fewer errors were being made as I was
must be uploaded in pastel. This week I posted learning to appreciate the nature of my
all the payments in Pastel. responsibilities
Mr Tobve taught me do a to Telegraphic
Transfers (TT). I worked in collaboration I would like to recommend that a tax
with the exchange control department in certificate database be created for the
handling international payments. Accounting team such that it is faster,
easier and cheaper to track companies with
I learnt how to prepare TT forms and need to valid and expired tax certificates and
be attached on the TT before it goes to the FBC translates to quicker payment process.
WEEK 4 This week l managed to post petty cash in I managed to understand the whole process
Pastel that comes from Guard Alert branches. of posting petty cash. Mr Tobve checked the
I posted petty cash for Mutare,Masvingo, journal batch l posted these petty cash from
WEEK 2 Requesting outstanding invoices from I got some challenges from suppliers who
various suppliers for payments which were not sending proper tax invoices.
were paid using quotation Get to know that VAT on invoices should be
Writing daily requisitions forms to pay 15%
suppliers I also get to know how these utility bills are
Checking for completeness and apportioned. For example ZESA bills it is
accuracy of utility bills such as water apportioned as follows 2/3 to Guard Alert
bills and ZESA bills from different Guard and 1/3 to Armsec
Alert branches
WEEK 3 This week I was taught how to post One challenge that I faced was that some of
Ecocash transactions into our pastel the amounts that were on the requisitions
system were not the actual amounts that were on
Before posting the transactions into the the bank statements.
WEEK 2 Taught the Finance Act (Chapter I faced the challenge that on the bank
23:04) and the Income Tax Act statement a lot of transactions which
(Chapter 23:06) by Mr Tobve should not have been taxed where
Taught transactions which are
charged 2% IMT
exempted from being taxed such
as: There were double payments of the same
- the transfer of money on amount on the bank statement which
payment of remuneration; were done by the bank by mistake when
- the transfer of money to or from they processed the payments
Zimbabwe Revenue Authority for
WEEK 3 This week l identified the I faced the problem that the number users allowed to
suppliers which had not been be in a Pastel system where full and this has to delay
created accounts in our system me a bit to start creating the account of suppliers
I submitted the list of suppliers to
which were never created accounts before
Mr Tobve and l was taught how to
create the account and to post There where double payments on the bank statement
their invoices into the system. He and l have to check the requisition forms to see what
used Minus Eleven Enterprises as happened. This delayed the reconciliation to be
an example. I finished creating completed early because l has to pull a lot of
the rest which were not in system requisition from the December files to check every
on my own transaction which was double payed
I helped Mrs Tendere on
MEASURE IMPLEMENTED
reconciling Cashbooks to Bank
accounts by ticking off I had to call everyone in the
transaction on the General
accounts department to confirm if
Ledger against the receipts and
payments on the Bank they were using the pastel and
Statement. I did December anyone in the system not using it to
reconciliation after adding up all log out and allow other to use the
the bank charges on bank system
statement to update the
Cashbooks. I recommend the IT department to increase the
Writing daily requisition for the
number of users who can use the system at the
payment of invoices from
suppliers time. The number of users need to be reviewed
Send payment confirmation to and increased so that productive working hours
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