BEMSOL ENGINEERING & CONSTRUCATION PRIVATE LIMITED

Gap Analysis

Author: Ali Waraich

Creation Date: February 7, 20179
Document Ref: AS IS & TO BE
Version: 1.0

Approvals:
BEMSOL PRIVATE LIMITED BEMSOL Gap Analysis

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BEMSOL PRIVATE LIMITED BEMSOL Gap Analysis

Document Control

Change Record
1

Date Author Version Change Reference

02-JUN-19 Ali Waraich 1.0 No previous document.

Reviewers

Name Position

Muhammed Ehsan Danish ERP Implementation Head

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BEMSOL PRIVATE LIMITED BEMSOL Gap Analysis

Modules AS IS TO BE FIT/GAP
BEMSOL Corporate Office:

1- Corporate office makes payments for the

common purchases.
2- Entity’s financial statements are drawn by
corporate office.
3- Salaries for all employees are processed and
disbursed from corporate office.
4- Corporate office has its own purchases and
expenses.
Company 5- Higher management office is at corporate
office.
Structure
BEMSOL ON SITE OFFICES:
1. Site Offices makes payment for the
emergency Purchases.
2. Site Offices make expenses manage
inventory and monitor the construction work
progress
3. Project Manager lead the site office and
update milestone with higher management

CHART OF ACCOUNTS:
General BEMSOL maintains trial balance by entering JVs
Ledger using MEGA Accounting System. The Current
COA structure is dependent on the trial balance.
Trial Balance consists of all Expenses accounts,
Revenue accounts, Assets, Liabilities and Bank
accounts.

CALENDAR:
The Accounting period followed in the
organization is Fiscal Year i.e. July- June. The
Calendar followed by BEMSOL is financial year
beginning from 01st July and ending on 30th
June. No adjustment periods are available for
making period end or year-end adjustments.

CURRENCY:
The functional currency for recording all
transactions and reporting purpose is Pakistani
Rupee (PKR). The organization maintains the
monthly exchange rates given by the Customs
department to account for its exports and imports.

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BEMSOL PRIVATE LIMITED BEMSOL Gap Analysis

Modules AS IS TO BE FIT/GAP

TRANSACTIONS AND JOURNAL ENTRY:

All journals are passed manually. System
approval is not required for a journal entry.
Unbalanced journals are not allowed. The
journals are recorded for expense transactions,
payable activities, banking transactions, assets
transactions and other miscellaneous
transactions. Entries are passed for prior periods
also.
Procurement in BEMSOL is managed manually,
and no controls are currently in-place to protect
from any errors.

Local and Imported Purchase:

1- Purchase Requisition (LPR) / (PR) is
manually prepared and approved and
entered in Legacy system.
Purchases 2- Purchases Requisition create in Head
office and Site office as per requirement
nature
3- Comparative statement (CST) is
manually prepared.
4- Manual Purchase Order is created and
entered into legacy system.
5- Manual Inward Gate Pass (IGP) is
prepared.
BEMSOL legacy Accounting system handles
Payables payables transactions through Journal vouchers
(JV).
1- BEMSOL maintains supplier in the legacy
system by creating party GL-Code in chart of
accounts.
2- AJVs are entered into the legacy system for
purchases upon receipt of material /Services
and Invoice.
3- Cash Voucher (CV) are entered into the
system to record daily cash transactions e.g.
Mobile bills, postage and telegram,
entertainment etc.
4- Bank Voucher (BV) is entered in the system
to record payments by bank.
5- Bank Debit Note (BDN) acts as an adjusting

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BEMSOL PRIVATE LIMITED BEMSOL Gap Analysis

Modules AS IS TO BE FIT/GAP
entry e.g. Adjustment of Bank Charges.

There is no system for Fixed Assets. Fixed Asset

register is manually created and maintained in
Excel. Depreciation is manually calculated and
journal entry for depreciation is manually passed.

1- The Fixed Asset Register is only maintaining

upon any asset transactions using the
documents forwarded by the purchase
departments.
2- Presently there are around 1000 Assets are
existing across production unit and the
Fixed Assets corporate office.
1. Assets are tracked based on the Asset
nature, at present the assets are not properly
categorized.
3- Assets are depreciated on a monthly basis.
4- Depreciation is calculated at the end of each
period.
5- The unit of measure is used for all assets
are in number.
6- There is no revaluation done till this date for
assets.

1- Current BEMSOL is dealing with

approximately 9 Banks.
2- There is no bank statement entry is being
recorded in the system.
3- Manual bank transfers are being handed
Cash through JV in Mega system.
Management 4- Bank are treated as COA code.

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