Mondriaan

Bldg. H-8931 Former Subcom Area

AURA COLLEGE Subic Bay Freeport Zone
Tel # (047) 252-3808
T r u t h * F r e We
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J uEdGe
stic eTeleFax # (047) 252-3801
ACCOUNTING INTERNSHIP
Accounting Internship Evaluation
My internship took place in Olongapo City, it was an Accounting Firm of my professor when I was in
1st Year College by the name of Masson Business Consultancy. MBC was started last year. We are all new in
this kind of field and set up but this firm taught me on how to be responsible in any task that you have. MBC
was offering different kinds of service, local or international: BIR Filling, Registration of Businesses, Payroll,
External Accounting, External Finance, Xero, Quickbooks, tax compliance bookkeeping needs, to client
company’s digital marketing demands so this is a big experience for me or not just for me but the whole team.

The position in which I worked was in the field of Executive Assistant at the same time an Accounting
Associate, for the following paragraph I will elaborate what are those things that I learned for almost 3 month of
working with the team.

Human Resource and Payroll

This is my first task of being an Accounting Associate. I handled the Payroll of an International Call
Center. It was fun however, this also proved more difficult than I anticipated. In my accounting experience
when I was in college we learned about only the amount of time worked multiplied by the amount to be paid.
Practically, though, it was much more complicated. There are deductions to be made, wage adjustment, contract
negotiations, cash advances, canteen fee if needed, contributions and more. Every payroll document that I made
needed to be triple checked before it was sent to Mr. Shawn Masson. The struggle that I encountered was when
a website of contribution was unable due to errors, maybe because many people were using the same website at
the same time.

I learned how to generate contributions like SSS, PHID, and PAG-IBIG. There are companies where
you pay the whole amount of their employee. But in a working paper we need to show how it happens that we
need to deduct from the employee and add back to their salary also those deductions like cash advance,
adjustments. Canteen Deduction has included because that call center has a canteen for their employee and
deduct every cut off. After the working paper this content needs to be linked in QuickBooks. QuickBooks is an
online accounting system that may summarize the transaction of every client for example Balance sheet, cash
flow etc. This website aims to help bookkeepers sort their accounts and it will be accessible to international
companies.

Tax and Compliance

Firm allows us to go to different kinds of non-government and government offices about filling and
taxes, such as Bureau Internal Revenue, Pag-ibig Funds, SSS and others. Most frequent was BIR wherein we
submit some documents like GIS, GFFS, and AFS. Also the firm taught how to compute the EWT Filling and
put it in ebirform for filling online. Expanded withholding tax are taxes that are imposed and prescribed on the
items of income payable to natural or juridical persons, residing in the Philippines, by a payor-
corporation/person which shall be credited against the income tax liability of the taxpayer for the taxable year.
This tax was remitted to BIR.

There are different kinds of BIR forms that need to be filled. For example, 1601EQ is a tax form that is
used to remit all other forms of final withholding taxes. Much like form 1601FQ, 1601-EQ forms can be used in
remitting taxes withheld for the 3rd month of the quarter, in accordance with the provisions listed within the
TRAIN law. Any Individual/non-individual considered as a withholding agent who is required to withhold (and
deduct) taxes that were paid to the authorized representative, on behalf of the taxpayer shall use this form to
remit the creditable tax withheld. Now, if the agent required to withhold payments is a corporation, then the
return shall be filed using the corporation’s name and should be verified by the president, vice president, or
authorized officer and signed by the appointed treasurer/assistant treasurer. In short 1601EQ was filled every
quarter. The next form was BIR Form 0619E is also called Monthly Remittance Form of Creditable Income
Taxes Withheld (Expanded). You can use this to file creditable or expanded withholding taxes. These taxes are
prescribed on specific incomes (e.g. professional talent fees, rental income, and payment to contractors).
 Mondriaan
Bldg. H-8931 Former Subcom Area
AURA COLLEGE Subic Bay Freeport Zone
Tel # (047) 252-3808
T r u t h * F r e We
e d have
o m *the
J uEdGe
stic eTeleFax # (047) 252-3801
ACCOUNTING INTERNSHIP
It’s easy to interchange expanded withholding taxes and withholding tax on compensation. But one
thing you have to remember is that there is no employee-employer relationship present in the former. An
example of this is a lawyer-client relationship wherein the lawyer offers his/her services without being an
employee. The entities required to file these taxes are the withholding agents. These are the people who deduct
and withhold these taxes on income payments. They must remit whatever amount they get to the government.

Self-employed individuals also file this form since they are not a part of any employee-employer
relationship. All income they gain from engaging in the practice of their profession is subject to 8% tax rate as
opposed to the previous 10% – 15%. Mixed income individuals (as in those who run a separate business outside
work) are also required to file their expanded taxes using this form.

Other entities that need to file this form are corporations, government agencies or instrumentalities, and
authorized representatives and accredited tax agents that are hired to file taxes on behalf of a taxpayer. In short
0619E was filled every month.

Accounting and Bookkeeping

In terms of accounting and bookkeeping, the firm only taught us how to encode some items like sales,
purchases, and more, also we experienced how to encode some items in QuickBooks like in their accounts
payable report and accounts receivable reports. In QuickBooks website we monitored some details that need
urgent action not just us as a consultant but also clients see the process of their company. The aim of the firm
was to clean and transparent our clients.

Offshore Accounting and Admin Services

As being part of the team and later on I became an Admin in our firm I would like to share my outside
work that is not related to any Accounting workloads. Organizing Schedule not my own schedule but the
firm schedule we have Microsoft 365 for the purpose of communication and online file of our firm. This
Application has a calendar scheduler wherein the team will access that calendar, aside from announcing
upcoming events and task everyday i also organize their individual schedule and put it in our general calendar
for the inform of each of everyone, deadlines of government and nongovernment task has also included in the
general calendar, meeting. Lastly the Service Delivery Report this item may help the firm to be transparent to
the firm all tasks are done will be emailed to clients for the transparency purposes.

Conclusion

For 3 months working with Masson Business Consultancy Firm I learned a lot. Mr. Shawn Masson
took us on how to be responsible in our workloads and show us the real world outside the school. Not all of the
lessons were related to the real world but soon all lessons and topics I’m sure that I will use in the future. Being
in an Accounting Firm taught me how to be professional and have a good ethics. This field that we entered was
not easy because I saw how real employees work in Accounting Firms. The firm was much focused on the
customer experience and how certain activities could diminish their trust in the company. My internship allowed
me to realize first-hand how company culture can affect the attitudes and behaviors of employees in regards to
success, motivation, and teamwork.