For the purpose of internship I have joined a SME (Asian Electric Company) on 2 June. As the fresh person to the Asian Electric Company, I had orientation for two days. On the very first day I visit to the SME with Mr. Sandeep Singh. He throws a light on each and every aspect of their company as well as my work, whichever I was supposed to do and after the deep introduction of everyone; I take my first step toward this project.
The first activity was preparation of ledger accounts, the assistant accountant introduced me to some basic rules and regulation and after that I was taken through how to enter a series of transaction into the ledger, though I was already familiar with this process and I follow those guidelines for the preparation of ledger accounts. The first ledger account which I maintain was purchase account of all those material which was purchased from Mr. Lalit (Mumbai) and for few days I had perform the same activity, I also prepare a sales account (in this transaction that customer had made a purchase through the bank so I also had to made bank a/c).
At the end of this week I learnt how to post inventories in the books of accounts.
On the second week I proceed further with attending some phone calls from their customers and clients. The assistant accountant had taught me that how to receive their phone calls and how to behave with their customers. He explain me very gently that how to deal with your clients who refuse to pay.
After that Mr. Jaspreet Singh trained me for placing orders. He describe me each and every aspect of their purchasing process, it is a lengthy process and takes a lot of time. Firstly he told me about their suppliers. He inform different names such as Mr. Tom Kim (China) , Mr. Lalit (Mumbai) , Mr. Bhavin (Ahmedabad) , Mr. Jignesh (Jamnagar). Then he instruct me about their purchasing process , these all are their suppliers whoever will gave them a lesser price for the material which is required, They(Asian Electric Company) made purchase from that consigner only.
In this process I also had place an order for panel accessories and cable glands with the collaboration of their employees. This type of material is available within two consigners only (Mr. Tom Kim and Mr. Lalit). I hand over this responsibility to Mr. Tom Kim because he was offering to the co. rs.3.25 for per piece and Mr. Lalit had offered Rs.3.75 for per piece. So I accept Mr. Tom Kim’s offer and assign this order to him. After that goods dispatch from China and reached at port (Mumbai), Mr. Arun Chopra himself visit to Mumbai for checking purposes. Asian Electric Company supply the same material to L&T, Reliance, Luminous, BSNL, DCW etc.
After understanding the whole purchase process I indulge in another kind of activities such as I again check all the ledger and post the purchase entries and bank entries in the books of accounts. This was such a great experience.
Normal work continued in the third week as I continued with several duties such as updating the cashbooks, post the entries related to issue and receipt voucher into the books of accounts from the journal. As I had learnt earlier that ledger is an account in which all the entries of similar nature grouped together so it was easy task for me because I already had some idea that how to prepare ledger but when we applied it in practical sense it was bit difficult though I enjoyed it a lot. Here I grasp the knowledge of ledger posting and post the bank entries in the books of accounts.