Integration and globalization of the world economy are being seen as an

inevitable trend. Facing the advantages and challenges brought by integration, all
businesses must not only rise up in the production and business process but also know
how to maximize their potential to achieve business efficiency. Enterprises that want
to survive and develop need to find their own way, by promoting their strengths in
business and fully exploiting them to create competitive advantages. Maximizing
revenue, maximizing profit are the operational goals of enterprises in general and
commercial enterprises in particular.
The main activity of commercial enterprises is sales and the aim is to
generate profits. Therefore, enterprises must promote the process of consuming their
goods. For a commercial enterprise, consumption of goods plays an important role, it
determines the success or failure of business activities, only when the consumption
process is done well can the business really fulfill its function, acting as a bridge
between production and consumption.
Along with goods consumption, sales accounting also plays a very
important position, contributing to improving business efficiency. The well-organized
accounting work in general and sales accounting in particular in a scientific and
reasonable manner will provide information to managers quickly and accurately.
Thereby helping them to make the right, timely and appropriate decisions.
Alternatively, manufacturing goods in a business also relates to expenses of raw
materials, machinery and human resources. Having efficient cost controls activities
contributes to the operations of the company.
Stemming from theoretical problems and practical requirements, I chose
the topic: "CHARACTERISTICS OF ACCOUNTING SYSTEM AND
ACCOUNTING CYCLES AT SENYING CO., LTD" for the purpose: Applying
Theoretical studies have been learned to understand the reality of accounting work in
a company, find out the advantages and disadvantages in management and accounting,
from which to draw learning experiences and propose some ideas with the desire to
further improve the organization of accounting work and the accounting system at
SENYING CO., Ltd. Therefore, we can have a deeper understanding of the theoretical
study of the principles of Vietnamese Accounting Standards and the Vietnamese
corporate accounting system used by the company.
1. Research purpose: To understand about the actual accounting
organization and accounting system at SENYING Co., Ltd., then analyze the
outstanding problems, develop solutions to complete the problem. good ancestor
accountant at the company. In order to improve the quality of information accounting
for economic decision-making users in a market economy.
2. Research scope: Managing the operating apparatus, accounting
activities and accounting system applied at SENYING Co., Ltd.
3. Research method:

i
 ● Accounting methods.
● Performance and position ratio comparison method.
● Method of interview and investigation, combining observation, analysis,
and actual recording economic transactions
Beside Introduction and Conclusion, this report includes 3 chapters:
Chapter 1: Overview of SENYING CO., LTD
Chapter 2: Characteristics of accounting organization and accounting
system at SENYING CO., LTD
Chapter 3: Assessment of accounting organization and accounting
system at SENYING CO., LTD
During the internship, I received the guidance and enthusiastic help of
the Chief Accountant and the accountants of SENYING Co., Ltd. However, the
time to learn is not long, practical experience is limited, so it is difficult to avoid
shortcomings. I look forward to receiving the guidance, instructions and
suggestions from the Instructor – Assoc. Prof. Pham Duc Cuong so that my
report can be completed and can contribute to its application in practice.
Ha Noi, June 30, 2022
Pham Ky Duyen

ii
 CHAPTER 1. OVERVIEW OF SENYING CO., LTD
1.1. History of the establishment and development of SENYING CO.,
LTD
*General information about the company
● Vietnamese name: Công ty TNHH MTV SENYING
● English name: SENYING CO., LTD
● Trading name: SENYING CO., LTD
● Address: Khuc Thua Du Street, Ninh Giang, Hai Duong City
● Legal representative: Trinh Xuan Tien
● Tax code: 0801169914
● Transactional bank: Techcombank Kien An - Hai Phong
● Bank account number: 19129945466999
● Established on 12/01/2006
● Phone: 02203567888
● Fax: (+84)3203567888
* Summary of the company's formation and development process
Senying Single Member Limited Liability Company was established on
January 12, 2006 under the business license No. 0801169914 issued by the Business
Registration Office of Hai Duong Department of Planning and Investment for the first
time on January 12, 2016, the last change on June 14, 2018.
+ In 2008, the Company expanded the scale of production activities, so it
increased the charter capital by VND 5,000,000,000 (VND 5 billion), the total charter
capital after increasing: VND 10,000,000,000 (TEN BILLION VND).
+ In 2015, the Company continued to expand the production scale and
increase the charter capital by 19,000,000,000 VND (9 billion VND), the total charter
capital after the increase: 29,000,000,000 VND (Nineteen billion VND).
+ In 2018, the total charter capital of the Company is 29,000,000,000 VND
, the Company continues to expand the production scale and increase the charter
capital by 30,000,000,000 VND, the total charter capital after the increase:
59,000,000,000 VND .
Thus, after more than 16 years of existence and development, SENYING
Co., Ltd. is constantly developing from a small company with a charter capital of
VND 5,000,000,000 (9 billion VND) to VND 59,000,000,000.

iii
 Since its establishment and operation, the Company has experienced many
difficulties and challenges, with the attention of the leaders, the support of the
authorities and people where the company operates, always fulfilling the assigned
tasks, fulfilling the obligation to pay the budget to the State, ensuring income and life
for officials, employees and employees. Invest in purchasing more modern
technological equipment, bringing mechanization into production, strengthening the
construction of technical facilities, spiritual and cultural life for employees. The
company is stable and grows annually, always rewarded by all levels. The company is
currently the first non-State enterprise in the district with a Party organization
operating and establishing a Party Branch at the enterprise.
1.2. Features of business operations of SENYING CO., LTD
1.2.1. Functions and Missions of the company
● Functions: The company plays an important role to facilitate the
demands of the strategy of industrial development all over Vietnam. The company
creates job opportunities for many individuals, reducing unemployment and poverty
rates in the local area.
● Missions: - Establish and organize the implementation of operating
plans, manage, and utilize the operating funds effectively to maximize the target and
actual profits, fully adhere to the laws and regulations about financial work reporting
regime of periodical information, use the capital for the right purposes and according
to the regime to ensure safety and distribute capital.
1.2.2. Characteristics of Manufacturing and Business Activities and
Process
The company's main business lines are specializing in manufacturing and
processing footwear of all kinds. The company's main products such as leather shoes,
leather sandals, plastic slippers, and high heels, ...
Product manufacturing technology process: Design -> Shoe molding - >
Marking and cutting synthetic leather -> Stitching -> Shoe assembly - > Finishing.
Explain the diagram:
Stage 1: Design
Design is the first and most important step. At this stage, the painter
sketches the shoe mold, simulating the shape of the foot. The production of the shoe
will begin after the craftsman has drawn up a detailed drawing of the shoe. In the past,
this step was often done by hand by workers, but today, this step can be done by
machine. The shoe model will be shown on the computer in detail in many angles.
Stage 2: Make shoe molds

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 Shoe molds are usually made of wood, simulating the shape of the feet in
3D form. The logs selected as molds will be cut into pieces 32cm long, about 30-40cm
thick. After cutting the mold, the wood will be boiled at a temperature of 120 degrees
Celsius, then let dry for the next 2 years. At present, the humidity rate in wood is 16-
18%, which has not yet reached the necessary threshold. Therefore, these wooden
molds continue to be dried in the drying chamber with hot air continuously for 3
weeks.
Stage 3: Mark and cut synthetic skin
This is the necessary step before reaching the stage. At this stage, the
worker will use the symbol to mark on the pieces of skin where it is sewn or
perforated. Then use a machine to cut the synthetic leather pieces according to the
premade shoe mold. This process requires prudence and prudence in each step taken.
Stage 4: Stitching
From the pre-marked pieces of skin, the craftsman will skillfully dot the
glue on the edges of the skin so that they do not slip away. After that, the pieces of
skin will be sewn together. Start from the direction of the upper part of the shoe to the
shoe liner and reinforce the toe and the toe and the toe cushion.
Stage 5: Assembling shoes
First, the sole of the shoe will be fixed with a shoe mold with 3 nails. Next,
the rubber base will be attached to the base to make it easier to sew the rear axle. By
using hot glue or the worker's nails, the shaft will now be aligned and fixed to the
base. After that, pre-cut pieces of leather will be grafted based on the shape of the
shoe mold.
Stage 6: Complete
The process of perfecting the shoe is when the worker takes the final steps
such as threading the shoelaces, and polishing the shoes. Once completed, the shoe
will be sent to the buyer's hand.
1.3. Organizational structure of SENYING CO., LTD
Based on the functions, tasks and business characteristics that
SENYING Co., Ltd. organizes the management apparatus according to the direct
functional model.

v
 - Functions and tasks of each department, department, and relationship
between departments and departments:
+ Director:
● Decide on issues related to the Company's day-to-day operations.
Organize the implementation of business plans, and investment projects
decided by the Board of Management of the Corporation and the Board of
Management of the Company.
● Decide on investment projects assigned by the Board of Management of
the Company, organize the implementation of decisions of the Board of
Management of the Company.
● Directly sign economic contracts as authorized by the Board of
Management of the Company, labor contracts with employees and collective labor
agreements.
● Proposing the Board of Management of the Company to decide on
issues
of organizational structure, internal management regulations, development
strategies, long-term and annual plans, capital mobilization plans, joint venture plans
of the Company.
● Decide salary and allowances.
● Attend meetings of the Company, report to and submit to the inspection
and supervision of the Board of Management of the Company on the
results of business activities of the Company.
● Take responsibility before the law and state agencies for the
management

vi
of activities operations, management of assets, supplies, capital and revenues and
expenditures of the company
+ Sales department: performing tasks such as compiling and analyzing
business reports to plan the purchase of supplies and goods. Learn about the market to
set up operations for the company, help run and manage the company's business.
Advising leaders on business strategies. Develop business plans and strategies by
month, quarter, year. Monitor and check the quality of work and products of other
departments to bring customers high quality of service. Have the right to research and
propose to leaders business strategies. Develop PR strategies, marketing for products
in stages and customers. Develop a brand development strategy.
+ Accounting department: performing tasks such as checking the
monitoring of documents, making financial statements, making reports that the
director requests, advising the boss on business strategies . . . collecting all
information related to the business on the day of gathering and providing the
information to the board of directors, Departments and to organizations outside the
business. Update and grasp the newly promulgated tax laws and tax policies to meet
the provisions of law. Manage the company's input and output costs. It is the
responsibility to report on the company's financial situation to the leadership upon
request. Understand the financial situation and have timely advice to management in
making decisions. Settlement of salary, bonus, maternity regimes. Manage revenues,
quantity of goods, debts, inventory, fixed assets. Payment of contracts, participation in
negotiation of economic contracts.
+ Department of Engineering and Supplies - KCS: performing tasks such
as supplying supplies for production of the Company. Have a reserve plan on the
quantity and type of materials and CCDC necessary to meet timely for the production
and business service of the Company. Organize the preservation and storage of safe
supplies, preserve records, warehouse cards, documents and implement the regime of
import and export, report and inventory periodically in accordance with regulations.
Set up a system of books to manage supplies. Perform tasks such as receiving, making
and managing production plans from the Board of Directors. Develop production
plans and technical plans for projects and types of production equipment. Support the
board of directors in building, managing and developing a quality management
system, directing activities to all standards and conducting a test production review in
preparation for new products. At the same time, coordinate with production
workshops to inspect, improve and approve production stages. Carry out re-inspection
of production and finished products.

vii
 + Administrative department: Ensuring that parts and individuals in the
Company perform their tasks properly in their tasks effectively at work. The
department performs the right task to avoid overlapping, and blaming. Ensure the
recruitment and construction and development of staff according to the requirements
and strategies of the Company.
- Production workshop: Carry out production of products according to the
planned, processing products according to the requirements of customers.
1.4. Financial position and Financial Performance of the firm
Senying's financial situation in the last 3 years:

viii
 Table 1. 2: ANALYSIS OF THE COMPANY'S FINANCIAL SITUATION IN THE PERIOD 2019-2021

Changes Changes
Quota 2019 2020 +/ - % 2021 +/- %
ASSET

A. Short- 185.331.960.146 185.708.953.316 376.993.170 0,2% 171.282.053.841 (14.426.899.475) -7,8%

term assets

I.Assets and
cash 11.098.787.731 13.793.393.220 2.694.605.489 24,3% 26.258.747.855 12.465.354.635 90,4%
equivalents
II.Short-term
financial 72.259.517.920 37.534.619.541 (34.724.898.379) -48,1% 5.634.959.920 (31.899.659.621) -85,0%
investment
III. Short-term
receivables 31.109.921.341 19.122.527.353 (11.987.393.988) -38,5% 17.196.382.641 (1.926.144.712) -10,1%

IV. Inventory 65.189.400.109 111.849.031.059 46.659.630.950 71,6% 119.394.550.727 7.545.519.668 6,7%

V. Short-term
assets 5.674.333.045 3.409.382.143 (2.264.950.902) -39,9% 2.797.412.698 (611.969.445) -17,9%
B. Long-term
assets 44.627.076.641 41.799.006.204 (2.828.070.437) -6,3% 39.537.208.808 2.261.797.396) -5,4%
I. Fixed assets

7
 33.002.665.287 30.505.233.687 (2.497.431.600) -7,6% 28.661.322.308 (1.843.911.379) -6,0%
II. Long-term
unfinished 98.007.312 205.386.017 107.378.705 109,6% 27.500.000 (177.886.017) -86,6%
assets
III. Financial - - - -
investments 10.688.386.500 10.688.386.500 10.688.386.500
IV. Other
long-term 838.017.542 400.000.000 (438.017.542) -52,3% 160.000.000 (240.000.000) -60,0%
assets
Total assets 229.959.036.787 227.507.959.520 (2.451.077.267) -1,1% 210.819.262.649 (16.688.696.871) -7,3%
SOURCE OF
CAPITAL 229.959.036.787 227.507.959.520 (2.451.077.267) -1,1% 210.819.262.649 (16.688.696.871) -7,3%
C. Liabilities 18.279.981.958 16.092.542.851 (2.187.439.107) -12,0% 16.718.282.839 625.739.988 3,9%
I. Short-term
debt 15.244.981.958 15.017.457.297 (227.524.661) -1,5% 15.503.668.591 486.211.294 3,2%
II. Long-term
debt 3.035.000.000 1.075.085.554 (1.959.914.446) -64,6% 1.214.614.248 139.528.694 13,0%
D. Equity 211.679.054.829 211.415.416.669 (263.638.160) -0,1% 194.100.979.810 (17.314.436.859) -8,2%
I. Equity 211.679.054.829 211.415.416.669 (263.638.160) -0,1% 194.100.979.810 (17.314.436.859) -8,2%

Through the financial statements of SENYING Company, the financial situation of the company in the period of 2019-2021 is
relatively stable, the total assets remain at VND 211 billion. However, by 2021, the Covid-19 epidemic has greatly impacted the
production and import, and export of seafood goods abroad, causing the total assets to decrease by 7.3% compared to 2020,
equivalent to more than VND16 billion.

8
 In 2021, short-term financial investments decreased by 85% compared to 2020, indicating that businesses are tending to
focus on long-term investments and liquidate short-term investments. In terms of solvency, in the period of 2019-2020, the amount of
debt receivable in 2020 decreased by 12% compared to 2019, but in 2021 the debt increased by nearly 4%, the source of self-funded
enterprises plummeted by 8.2%. This shows that the financial situation of the company at this stage is carrying many risks.

Report on the company's business results for the last 3 years:

TABLE 1.3: ANALYSIS OF THE COMPANY'S BUSINESS RESULTS

No Changes Changes
Quota 2019 2020 +/- % 2021 +/- %

1 Net sales and

service 218.263.890.048 216.121.936.349 (2.141.953.699) -1,0% 120.886.522.630 (95.235.413.719) -44,1%
provision
2 Capital price 195.139.379.102 194.982.437.674 (156.941.428) -0,1% 120.739.525.348 (74.242.912.326) -38,1%
of goods sold
3 Gross profit 23.124.510.946 21.139.498.675 (1.985.012.271) -8,6% 146.997.282 (20.992.501.393) -99,3%
4 Financial
operating 7.347.930.282 5.365.438.208 (1.982.492.074) -27,0% 3.002.310.313 (2.363.127.895) -44,0%
revenue
5 Financial 312.510.941 135.959.609 (176.551.332) -56,5% 225.236.031 89.276.422 65,7%
expenses

6 Cost of sales 9.810.361.128 9.405.642.844 (404.718.284) -4,1% 8.182.671.805 (1.222.971.039) -13,0%

7 Business

9
 management 9.717.449.618 9.863.117.856 145.668.238 1,5% 7.866.720.432 (1.996.397.424) -20,2%
expenses
8 Net profit from
business 10.632.119.541 7.100.216.694 (3.531.902.847) -33,2% (13.125.320.673) (20.225.537.367) -284,9%
activities
9 Other profits 1.279.359.885 3.164.962.244 1.885.602.359 147,4% 119.995.508 (3.044.966.736) -96,2%

10 Total profit
before tax 11.911.379.426 10.265.178.848 (1.646.200.578) -13,8% (11.995.325.165) (22.260.504.013) -216,9%
11 Total profit
after tax 9.591.230.681 8.308.840.156 (1.282.390.525) -13,4% (119.673.458.659) (127.982.298.815) -1540,3%

Through the report of business results for the period of 2019-2021, we can see that the revenue of the business has many
fluctuations, heavily affected by the global pandemic. During this period, revenue is decreasing gradually, especially in 2021
decreased by 44.1% compared to 2020, corresponding to more than VND95 billion, and gross profit decreased sharply to 99.3%.
The company has also made great efforts in managing and tightening the sales and management costs of the business but
has to bear a large interest expense in 2021, causing the total profit before tax to still decline sharply up to 216.9% compared to 2020.
Although the business situation of the enterprise is facing many difficulties, through the above report, we can see that the
enterprise is still trying to respond to the current situation as well as having strategies to boost revenues and goods in 2022 when trade
is gradually recovering after the pandemic.

10
CHAPTER 2. CHARACTERISTICS OF ACCOUNTING ORGANIZATION
AND ACCOUNTING SYSTEM AT SENYING CO., LTD
2.1. Characteristics of accounting organization at SENYING CO., LTD
- Accounting apparatus:
● A centralized accounting apparatus is an organization in which the entire
business seems to have only one accounting department to conduct and be responsible
for all related activities, such as the gathering, analyzing and implementation of
accounting information. Accounting services range from financial and economic
management to the storage and maintenance of the enterprise's accounting books,
documentation, and vouchers.
● The reason why the company chose this type of accounting apparatus is
because it helps optimize costs, saving time by automating routine activities for all
employees, reducing manual transactions, preventing avoidable errors, and thereby
saving personnel and time.
● This apparatus ensures the concentration, consistency, and rigor in
directing the accounting work, helping the unit to check and direct production in a
timely manner, specializing in staff, reducing the payroll pressure, and creating
favorable conditions for the employees.

Acquisition and
Payment accountant

Capital accountant

Payroll accountant
Chief accountant

Fixed asset
accountant

Deputy Sales and Collection

accountant accountant

Investment
accountant

Tax accountant

Statistician

Treasurer

11
 a. Chief accountant
- Function:
● Organize accounting processes and accounting systems consistent
with the business model of the company.
● Take the responsibility under the scope of responsibility and authority
of the Chief Accountant.
- Obligation:
● Comply with the provisions of the law on accounting and finance in
the accounting units.
● Organize and operate the accounting apparatus in accordance with the
law in accounting and in accordance with the company’s operations.
● Prepare the financial reports.
- Authority:
● The chief accountant has the right to be independent in the accounting
profession.
● Provide a written opinion with the Directors of the company on the
recruitment, salary increase, rewards and discipline of accountants, cashiers or
storekeepers, documents related to the accounting work, and financial supervision of
the Chief Accountant.
● Report in writing to the Director when detecting violations of the law
on finance and accounting in the company.
b. Deputy accountant
- Request relevant departments in the company to provide adequate and
timely information.
- Assist the Chief accountant in performing the accounting work in
accordance with the regimes and policies.
- Organize the implementation of the planning tasks of the Finance and
Accounting department.
- Develop plans and work plans to improve the operational efficiency of the
accounting department.
- Make weekly and monthly reports on the status of work performance and
tasks of individuals and departments.
- Professional guidance and training for new employees.
- On behalf of the company contact the relevant authorities as authorized by
the company.
c. Fixed asset accountant: Make a fixed asset card, daily must calculate,
and depreciate fixed assets according to the current financial regime; Daily update of
import, export, and inventory documents for each user. At the end of the month, make
a journal entry to summarize costs and calculate costs.

12
 d. Capital accountant: cash funds, bank deposits, bank loans. Carrying
out payments and money transfers within the company and customers.
e. Payroll accountant: Summary of the company’s salary and the shifts.
Payment of salaries for corporate office blocks. Implement the payment regime of
social insurance benefits and monitor for employees. Receive the existing receivables
and payables of the mine project management board.
f. Tax accountant: Track budget payments and collect tax declarations
and deductions for the whole company. Declare tax obligations to state agencies.
Invoicing output value-added.
g. Sales and collection accountant: Track the sales process. Keep track of
customer debts. Strictly manage the payment situation of customers, and request
payment in the right form and time. Avoid capital stagnation.
h. Investment accountant: General and detailed accounting of capital
construction investment. Participate in the economic appraisal of capital construction
investment projects of the company. Specializes in management of BNS Exploiting
Branch, Sales Promotion Branch, Vocational Training School, Cam Duong
Recruitment Branch, Management Board of Construction Investment Projects.
i. Treasurer: Perform the task of managing, counting cash receipts and
payments based on daily receipts and payments, timely recording, and accurately
reflecting the current situation of income and expenditure in cash management.
Regularly report the cash balance of the enterprise. Therefore, the treasurer must be
responsible to the chief accountant and director of the Company for the management
of Vietnamese cash, cash in foreign currencies, gold, silver, and precious stones.
2.2 Characteristics of accounting activities organization of the
company
2.2.2.1 General Accounting Policies
The accounting policies applied at the Company are as follows:
- The accounting regime in which the company is applying Vietnamese
accounting standards, the Corporate Accounting Regime is promulgated under
Circular No. 200/2014/TT-BTC dated December 22, 2014 and the circulars guiding
the implementation of accounting standards of the Ministry of Finance in the
preparation and presentation of financial statements.
- Accounting year is 1 year from 01/01 to 31/12 calendar year.
- The currency used in the company is the Vietnam dong.
- Form of accounting book that the Company applies: General diary
- Transactions in foreign currencies: The exchange rate used for

13
accounting is the actual exchange rate at the date of the transaction at the commercial
bank where the business opens an account. All differences in exchange rate arising
during the period of production and business activities are immediately accounted for
in financial expenses or financial revenues. Exchange rate differences due to the
revaluation of foreign currency items at the end of the fiscal year after clearing the
increase or decrease in spreads recorded in adjusted operating revenues or financial
operating expenses. The exchange rate used to convert transactions arising in foreign
currencies is the actual exchange rate at the time of the transaction.' The actual
exchange rate for transactions in foreign currencies is determined as follows:
+ For foreign currency trading contracts (Spot foreign currency trading
contracts, forward contracts, futures contracts, options contracts, swap contracts): is
the exchange rate signed in the purchase and sale contract between the Bank and the
Enterprise.
+ For receivable debts: the purchase rate of the commercial bank where the
Company has transactions
+ For currency items of foreign currency origin classified as liabilities: is
the exceptional selling rate of the Bank where the enterprise has transactions. The
principle of recording money and cash equivalents: Money and cash equivalents
include: cash at the fund, non-term deposits, short-term investments or highly liquid
investments. Highly liquid investments are those that are likely to be converted into
defined amounts and have little risk associated with fluctuations in the value of these
funds.
- The principle of recording financial investments:
Investments held up to maturity date: are term deposits recorded in
accordance with the original price principle. Investments in securities are recorded at
the original price. The interest, dividends, and profits of the periods before the
investment is purchased are accounted for reducing the value of the investment itself.
The interest, dividends, and profits of the periods after the purchased investment are
recorded in the revenue. When liquidating a quarterly sum, the difference between the
net liquidation value and the book value is accounted for in income or expenses.
- Principle of receivable debt: Receivable debts are presented according to
the book value minus the provisions receivables that are difficult to claim. Provisions
for receivables are made for each receivable debt that is difficult to claim based on the
age of overdue debts after clearing with liabilities (if any) or expected losses that may
occur. Increase and decrease the amount of provisions receivables that are difficult to
claim need to be set up at the end of the fiscal year recorded in the cost of managing
the business.
- Inventory accounting company: Inventory is recorded at a lower price
between the original price and the net value that is achievable.

14
 The export price is calculated according to the method of average family
power and is calculated according to the method of regular declaration.
The original price of inventory includes the direct material cost, the direct
labor cost and the general production cost, if any, to obtain the inventory in the current
location and state.
The net value that can be realized is determined by the estimated selling
price minus the estimated costs of completing the product and the non-marketing,
sales and distribution costs incurred.
- Principles of recognition of fixed assets and depreciation:
Tangible fixed assets are presented at the original price minus the
accumulated wear and tear value. The original price of tangible fixed assets includes
the purchase price and all other sub-limbs directly related to the inclusion of the asset
in a ready-to-use state. Principle of recording tangible, intangible fixed assets:
according to the principle of the original price (price principle).
Method of depreciation of tangible, intangible fixed assets: Depreciation
of fixed assets tangible, an invisible determination is carried out instraight-lineine
method.
- Principle of revenue recognition: Sales revenue is recorded when
simultaneously satisfying all of the following years (5) conditions: (a) The Company
has transferred the majority of the risks and benefits associated with ownership of the
product or goods to the buyer, (b) the Company no longer holds the right to manage
the goods as the owner of the goods or control of the goods, (c) The revenue is
determined relatively firmly, (d) the Company will derive economic benefits from the
sales transaction; and (e) identify the costs associated with the sale.
The turnover of the transaction on the provision of the service is recorded
when the result of that transaction is reliably determined. In case the transaction on
service provision involves many periods, the revenue shall be recorded in the period
according to the results of the work completed at the date of the balance sheet of that
period. The outcome of the service delivery transaction is determined when all four (4)
conditions are satisfied: (a) Revenue is determined relatively firmly, (b) Grass is likely
to obtain economic benefits from the transaction providing such service, (c) Identify
the part of the work completed at the date of the Balance Sheet; and (d) determine the
cost incurred for the transaction and the cost of completing the transaction providing
such service.
- Principles of accounting of the cost of goods sold:
The cost of goods sold is accounted for according to the principle of non-
conformity with revenue, including all expenses gathered to form revenues incurred in
the accounting period recorded on the report on the results of production and business
activities.
- The principle of recording financial costs: Financial expenses recorded

15
in its entirety on the Report on results of production and business activities are the
total uncapitalized financial expenses incurred and not compensated with the revenue
of financial activities.
- The principle of recording sales costs and managing the business: Sales
expenses are non-practical expenses incurred during the sale of products, goods,
services, including the costs of wages and salaries of the sales department, non-to-to-
offer only, product introduction, product advertising, sales commissions, the cost of
warranty of products and goods (except for construction and installation activities), the
cost of preservation, packaging, transportation,... arising in the accounting period is
recorded in its entirety on the Declaration of results of production and business
activities.
Corporate management expenses are the general management expenses of
the enterprise including the expenses of salary and deductions according to the salary
of the enterprise management department; non-office materials, labor tools,
depreciation of fixed assets used for business management; land rent and card tax;
provisions receivable for difficulty collecting; external purchasing services (electricity,
water, telephone, fax, property insurance, fire and explosion...); expenses in other
money (reception, customer conferences ...) incurred during the period are fully
recorded in the report on results of business production activities.
- Principles of tax recognition: Corporate income tax represents the total
value of the current payable tax amount.
The current payable tax amount is calculated based on taxable income for
the year. Taxable income is different from the net profit presented on the Business
Results Report because taxable income does not include non-taxable or deductible
income or expenses in other years (including losses brought in, if any) and in addition,
does not include non-taxable or non-deductible targets. The determination of the
Company's income tax is based on the current tax regulations. However, these
regulations vary from time to time and the final determination of corporate income tax
depends on the results of the examination by the competent tax authority. Other taxes
are applied in accordance with applicable tax laws in Vietnam.
2.2.2 Characteristics of the current accounting regime at the company
2.2.2.1 Organization of voucher system
The accounting voucher system includes the following types of documents:
● Cash-related documents at the company include Check, Receipt, and
Advance Offer Form.
● Documents related to bank deposits at specific companies include Debt
notice, Yes notice, and deposit statement.
● Salary documents at the company include: Timesheets, payroll tables,
product handover slips, product quality inspection records, and completed work.

16
 ● Documents on the import of inventory at the company include:
Economic contracts, VAT invoices, warehousing slips
● Documents on inventory export at the company include Documents for
export of warehouses: Proposal for export, Export slip.
● Sales documents at the company include Value-added invoice, Sales
invoices.
● Fixed asset documents include Fixed asset forwarding record, Fixed
Asset Liquidation Record, Fixed Asset Revaluation Record, Fixed Asset Inventory
Record, Spreadsheet, and Fixed Asset Depreciation Allocation.
The process of circulating documents is carried out uniformly, clearly
including the following steps:
+ Step 1: Make documents or receive and process accounting documents.
+ Step 2: Check the reasonableness and legality of the documents. At this
step, the accountant must check the compliance with regulations related to documents
made by the State, check the amount and contents of the operations stated on the
documents, check the marks and signatures of the relevant subjects on the documents.
For documents that are not properly formulated, the form, procedures and unclear
digits and signatures will be returned and requested to be adjusted for accuracy.
+ Step 3: Bookkeeping
+ Step 4: Store and preserve accounting documents. Documents will be
stored in warehouses as prescribed after the Financial Statements are made based on
which it has been approved. In terms of preservation, in the fiscal year, when the
financial statements have not been approved, they will be stored in the accounting
operations sections of the accounting department.
In general, every business, transaction or event arising in the company is
documented. The company's documents ensure sufficient content, accurately, honestly
and clearly reflecting the economic operations and the amount incurred, with the full
signatures of the relevant people attached. The company has also strictly implemented
the process of circulating documents, ensuring compliance with the accounting regime
in Vietnam.
2.2.2.2 Organization of accounting account system
The table of consolidated accounting accounts frequently used by the
company for economic operations arises as follows:

111 Cash 331 Payable to the seller.

112 Bank Deposits 333 Taxes and accounts

payable to the state

113 Money is transferring 334 Must pay the workers

17
121 Business securities 335 Expenses payable

128 Investment in 338 Payable, other payable.

mid-to-maturity

131 Must collect customers 341 Borrowing, financial

leasing debt

133 VAT is deductible 344 Get margins, margins

138 Other receivables 347 Deferred income tax

payable

141 Advance 352 Provisions payable

151 Goods in transit 411 Vốn đầu tư chủ sở hữu

153 Tools, tools 413 Exchange rate differences

154 Production 414 Development Investment

and business expenses, Fund
unfinished

155 Finished product 421 Undistributed after-tax

profit

156 Goods 511 Sales revenue and service

provision

211 Tangible fixed assets 515 Financial operating

revenue

212 Fixed 521 Revenue deductions

assets leased financing

213 Intangible fixed assets 621 Cost of direct material

collection

214 Wear and Tear of Fixed 622 Direct labor costs

Assets

217 Investment real estate 627 Production cost

229 Provision for property 632 Capital price of goods sold

losses

18
 241 Unfinished basic 635 Financial expenses
construction

242 Upfront costs 641 Cost of sales

243 Deferred income tax 642 Business management

assets expenses

244 Business management 711 Other income

expenses
811 Other expenses

From the general accounting accounts, the Company opens detailed

accounting accounts to record the related operations:
● Inventory: the name of the detailed accounts according to the form:
"Product abbreviation + Goods code".
Example: Account 156 – DD M2.5: for recognition for leather shoe goods
code M2.5
Account 152 – K VM5: for recognition for glue material code VM5
● Customer receivables: Detailed accounts are named after each specific
customer.
Example: Account 131- PEACOCK, Account 131-SHINHAN
● Bank deposits: Detailed accounts are named after each bank where the
Company generates deposits.
For example: Account 112-VCB, Account 112-MBB.
● Fixed assets: detailed accounts named after the code of each different
type
of machinery and equipment.
● Payable to the seller: the detailed account named after the supplier.
2.2.2.3 Organization of bookkeeping system
The company uses the form of "General Diary" bookkeeping, which
includes the following types of books:
● General diary: All economic activities arising are recorded in the general
log book in chronological order. The many arising operations are recorded in the
Special Diary book including Money Collection Diary, Money Expenditure Diary,
Purchase Log, and Sales Log. The operations were recorded in the Special Diary, not
recorded in the General Diary book, and vice versa.
● Detailed accounting books and cards: used to reflect the details of each

19
business arising according to the separate accounting objects that are not reflected on
the Ledger. Detailed accounting books provide detailed data on the situation of
collection, expenditure of money and assets. Some cards, detailed accounting books
such as cash fund books, payment books, warehouse cards ...
● Ledger: used to record economic and financial activities arising
according to economic contents (according to accounting accounts). The data on the
ledger reflects in a general way the situation of collection and expenditure: the
situation of receivable, collected, payable, paid to the seller, the situation of asset
management and expenses incurred. The basis for ledger recording is information
written on general logs or on special logs.
Other indicators are based on management requirements and accounting
requirements of each individual accounting object, each book template has its own
management criteria and structure.

DIAGRAM 2.1 BOOKKEEPING ORDER IN THE FORM OF A

GENERAL LOG
Based on the checked documents used as a basis for bookkeeping
(documents sent by the original accounting staff), before recording the arising
business in the General Diary book, then based on the data recorded on the general log
book to record in the Ledger according to the appropriate accounting accounts.
At the end of the period, the accountant accumulates the data on the
Ledger, making the balance sheet arising. After checking the match, the correct data
stated on the Ledger, and the detailed summary table (made from detailed books and
accounting cards) are used to make financial statements.
2.2.2.4 Organization of accounting reporting system

20
 Regarding the financial reporting system, there are 4 basic types of reports:
Balance Sheet (form B01-DN), Business results report (form B02-DN), Cash flow
statement (form B03-DN) and financial statement explanation (form B09 -DN). This
reporting system will be prepared by the chief accountant at the end of each year, then
submitted to the relevant agencies including: Tax Department, Statistics Department,
Hai Duong Department of Planning and Investment. For financial statements
submitted to tax authorities enclosed with the appendix "Corporate income tax
declaration". In addition, the company does not have internal management reports.
2.3. Characteristics of some accounting cycles at SENYING CO., LTD
2.3.1 Features of Accounting for materials
2.3.1.1 Organization of materials accounting voucher system
a. Organization of accounting documents for importing materials
warehouses
Documents relating to the importation of materials, including:
● A form of request for import: is a written form of the material materials
office sent to the Board of Directors of the company and the Department of
Accounting and Financial Statistics for approval for purchase and import of certain
types of goods according to production needs.
● VAT invoice: made by the product supplier, recorded information on
goods and services to the buyer, showing the input tax amount related to the order.
● Warehousing slip: Goods purchased are stored. Officials of the
department of materials and materials shall prepare the warehouse entry slip to record
the goods, quantity and regulations on how the goods are imported. From there, serve
as a basis for recording warehouse cards, paying goods, and recording accounting
books.

The set of documents illustrating the importation of glue goods at

SENYING company is as follows:

TABLE 2.2: PROPOSAL FOR IMPORT OF GOODS

SENYING CO., LTD Number:

MATERIALS DEPARTMENT Date: 13/09/2021

21
 OFFER TO IMPORT GOODS

Dear: Mr. General Director of The Company and The Accounting Department
The Department of Materials and Materials requests the General Director and the Accounting Department
to import some goods with specific data as follows:
Receiving unit: Materials Department

Suppliers Address Good Quantit Unit Amount VAT Amount

y price after tax
1 BEST No. 11, Acrylic 3.000 14.000 42.000.000 4.200.000 46.200.000
SOUTH No. 2 Resin
Vietnam Street, (AD -
Company Tsunami 752S)
Industrial
Park 1, Di
An, Binh
Duong,
Vietnam

… …. …. … … … … … …

Total 42.000.000 4.200.000 46.200.000

DIRECTOR OF THE COMPANY PERSON IN CHARGE

(sign) (sign)

22
 TABLE 2.3: Value Added Invoices

VAT Invoice
Date 20/09/2021

Form no: 01GTKT0/001

Serial: AA/20E
No: 0001196v

Buyer: BEST SOUTH Vietnam Company

Tax: 3700231671
Address: No. 11, No. 2 Street, Tsunami Industrial Park 1, Di An, Binh Duong,
Vietnam
Phone: 0274 374 2427
Bank account number: 99116720088
Bank: Standard Chartered bank VietNam

Company: SENYING CO., LTD

Phone: 02203567888
Tax code: 0801169914
Address: Khuc Thua Du Street, Ninh Giang, Hai Duong City
Transactional bank: Techcombank Kien An - Hai Phong
Bank account number: 19129945466999
Form of payment: Transfer

No Descriptio Unit Quantity Unit price Amount

n
A B C 1 2 3=1 x2
1 Acrylic Kg 3.000 14.000 42.000.000
Resin (AD -

23
 752S)

….

Value 42.000.000
VAT (10%) 4.200.000
PAYMENT PRICE 46.200.000

Total amounts in words: forty-six million two hundred thousand dong

Buyer Seller
(sign) (sign)
Signed on 20/09/2021

TABLE 2.4: WAREHOUSE RECEIPT

24
Division:……………………
Department:………………… Form no: 02- VT
Debit: … Số 3380
Credit: …

WAREHOUSE RECEIPT
20/09/2021
Name of delivery person: Bui Van Linh
According to Contract No. 0001196v dated September 20, 2021 of BESTSOUTH
VIETNAM COMPANY
Enter at the warehouse (lot compartment): VTM
Location: Di An

Quantity
No Good Code Unit According Actually Unit Amount
to the Imported Price
document
A B C D 1 2 3 4
1 Glue AD - kg 3.000 14.000 42.000.000
Acrylic 752S
Resin
…

Total 42.000.000

Total amount (in words): Forty-two million dong

September 20, 2021

Chief accountant
Prepared by Deliverer Storekeeper
(Or the department
(Signature, Full (Signature, Full (Signature, Full
needs to input)
name) name) name)
(Signature, Full name)

Rotation Of Accounting Vouchers Process:

25
FIGURE 2.2: PROCESS OF ROTATING WAREHOUSE VOUCHERS

26
 Step 1: The supplier delivers to the company, the delivery person asks the
business to receive goods.
Step 2: The staff of the materials department shall make a 3-row warehouse
entry slip and then send three parts to the director, chief accountant for approval.
Step 3: Chief accountant, director to sign the warehouse entry slip. Transfer
1 copy to save at the materials room. 2nd copy to the warehouse manager. 3rd copy
st

sent to the delivery person

Step 4: The warden conducts the inspection of goods and signs the
warehouse entry slip
Step 5: The warehousing header transfers the warehouse slip to the material
accounting for the accounting of materials to conduct the bookkeeping.
b. Organization of accounting documents for exporting material
warehouses
Documents related to material warehouses, including:
● Proposal for supplies: When there is a need to export raw materials, the
The materials department must make an application for the export of supplies and be
approved by the Board of Directors before exporting to the material warehouse.
● Export slip: The basis for closely monitoring the quantity, supplies, raw
materials, goods ... out of stock. Warehousing slips are used as a basis for calculating
production costs, also to express the norms of consuming supplies and calculating
prices.

Illustrative documents for shoe glue export at SENYING company as follows:

TABLE 2.5: PROPOSED FOR EXPORTING MATERIALS

SENYING CO., LTD

MATERIALS DEPARTMENT
Date: 26/09/2021
Number:……….

OFFER TO EXPORT GOODS

Dear: Mr. General Director of The Company and The Accounting Department

27
The Department of Materials and Materials requested the Director and the Accounting
Department for exporting some materials with specific figures as follows for the
purpose of producing leather shoes:
Location: Leather shoe factory No. 1

No Material Unit Quantity Note

1 Acrylic Resin (AD - kg 300
752S)

Hope the leadership will review and approve.

Head of Supplies
Director Chief accountant
Department
(Signature, Full name) (Signature, Full name)
(Signature, Full name)

TABLE 2.6:

Form no.: 02-VT

Division:……………………….  (According to Circular No. 200/2014/TT-BTC
Department:………………… Dated december 22nd 2014 of the Ministry of
Finance)

Debit
WAREHOUSE EXPORT
…………………..
Date…28….Month…09…Year……2021…..
Credit
No.: …………2452………….
…………………..

–         Receiver’s Full Name: Tran Van Linh

–         Reason for Issuing: Production of leather shoes
28
 Location: VTM Warehouse

Quantity
No Good Code Unit According Actually Unit Amount
to the Imported Price
document
A B C D 1 2 3 4
1 Glue AD - kg 300 300 14.709 4.412.700
Acryli 752S
c Resin
…

Total 4.412.700

Total amount (In words): Four million four hundred twelve thousand seven hundred
dong.

Chief accountant
(Or the
Prepared by Storekeeper
Deliverer department needs
(Signature, Full (Signature, Full
(Signature, Full name) to input)
name) name)
(Signature, Full
name)

The process of circulating materials export documents:

29
 FIGURE 2.3: VOUCHERS ROTATION PROCESS

● Step 1: Based on the needs of supplies of each production department,

The raw materials room is responsible for providing supplies to the required
department. Single-issued supplies room proposes to export supplies and transfer them
to the Board of Directors and chief accountant for review.
● Step 2: The Board of Directors, chief accountants sign the application
for export of supplies
● Step 3: The department of supplies to prepare the warehouse slip
consists of 3 parts: 1st copy retains the book to save, 2nd copy and the request for
export of supplies has been signed for delivery to the warehouse manager and the
recipient of the item keep 3rd copy.
● Step 4: The warehouser records the card and exports the material as
required.
● Step 5: The warden transfers 2nd copy of the warehousing slip and the
offer to export supplies to the accountant .Raw materials for conducting monitoring
books, recording warehouse fluctuations of each material used in production.
Detailed accounting must ensure monitoring of import and export situation
inventory according to the in-kind criteria and the value of each list of supplies, must
be synthesized the situation of rotation and inventory of each list according to each
warehouse and workshop.
2.3.1.2 Material Accounting Account System

The company accounts inventory according to the method of regular declaration. One
account number using material accounting:
30
 Account 152 "Materials": this account is opened by the company into 2
level accounts two:
Account 1521: Main material
Account 1522: Auxiliary materials
Content: This account reflects the existing number and the situation of
increasing and falling Materials in the warehouse of the business according to the
actual capital value.
Account structure:
Debtor: The actual value of warehouse materials due to external purchase,
homemade variable; Value of excess materials detected at inventory
The party has: the actual value of the warehouse material used for
production; Discount, reduce the purchase price is entitled to the value of the
purchased goods returned to the seller; Material value the findings are missing from
the inventory.
Balance of Debt: The Actual Value of Raw Materials inventory
Account 151" Purchases are on the way"
Content: This account is used to reflect the value of the material already
belonging to the business but not yet in stock.
Account structure 151:
Debt side: The value of goods on the way
Party side : The value of goods on the way has been entered into stock.
In addition to the general accounting account, materials accounting also
uses a detailed amount to record each different type of material in the form of grade 2
+ account material name with code. Example: Account 1522- VM5 glue, to record
raw materials sub-material is Glue , code VM5
2.3.1.3 Material planning processes and methods
The method of general material planning at the company is presented under
the following table:

31
32
 TABLE 2.7: ACCOUNTING METHOD OF ACCOUNT 152
1) Material warehouse import business
2) Operation of processed and processed raw materials completed warehouse
3) Unused materials are not exhausted, re-entering warehouses
4) Raw materials detected in excess when inventorying, waiting for processing
5) Exporting raw materials warehouses for production and business
6) Exporting materials outsourced for processing and processing
7) Commercial discounts, discounts on purchases, return purchases
8) Materials for sale
9) Raw materials detected missing when inventory, waiting for processing

2.3.1.4 Material details bookkeeping process

Currently, the company is applying a parallel card method to account for material
details.

33
 At the warehouse: The warehouse manager uses the warehouse card to
record the situation of import, export, inventory of each material in each warehouse
according to quantity quotas.
Every day when receiving documents of import and export of materials, the
warehousing agent shall check the reasonableness and legality of the documents and
then record the actual number book imported and actually exported to the warehouse
card on the basis of such documents.
At the end of the month, the warden calculates the total import, export and
end-of-term inventory of each type of material on the warehouse card and compares
the data with the detailed accounting of materials.
At the accounting department: Accountants open books or cards
detailing materials to record the fluctuations of import, export, and existence of each
type of material both in kind and value. Every day, after receiving the documents of
import and export of materials submitted by the warehouse manager, the accountant
checks the unit price, calculates the money and sorts the documents and enters the
detailed book of materials.

34
TABLE 2.8: MATERIAL SUBSIDIARY LEDGER

MATERIAL SUBSIDIARY LEDGER

September 2021
Account :1522- AD - 752S. Warehouse: VTM
The material: Acrylic Resin (AD - 752S)

35
Posting Vouchers Vouchers Description Unit Unit Import Export Inventory
Date Date No price quantity amount quantity Amount quantity amount
Opening kg 2.300 34.500.000
Balance
05/09 05/09 PN33568 Import Glue kg 15.00 5.000 75.000.00 7.300 109.500.000
0 0
20/09 20/09 PN3389 Import Glue kg 14.00 3.000 42.000.00 10.300 151.500.000
0 0
28/09 28/09 PX 2452 Export Glue kg 14.70 300 4.412.70 10.000 147.087.300
9 0
29/09 29/09 PX 2453 Export Glue Kg 14.70 5000 73.545.0 5.000 73.545.300
9 00
Incurred 8.000 117.000.0 5.300 77.957.7
00 00
Ending 73.542.300
Balance 5.000

At the end of the accounting period, the book is added and calculates the inventory number for each type of material, and at the same
time, compares the data on the detailed accounting book of the material with the corresponding warehouse card.

36
 TABLE 2.9: STOCK CARD

Division:……………………….
 (According to Circular No. 200/2014/TT-BTC
Department:…………………
Dated december 22nd 2014 of the Ministry of Finance)

STOCK CARD

September 2021
Account :1522- AD - 752S. Warehouse: VTM
The material: Acrylic Resin (AD - 752S)

Vouchers Quantity
Date Description Note
Import Export Import Export Inventory

Beginning Inventory 2.300

05/09 PN3368 5.000
20/09 PN3389 3.000
28/09 Px 2452 300
29/09 PX2453 5.000
Incurred 8.000 5.300

37
 Ending Inventory 5.000

Based on the detailed accounting books of accounting materials to obtain data to write in the Composite Table of import and export
of materials.

TABLE 2.10: SUMMARY TABLE OF IMPORT - EXPORT - STOCK OF SHOES GLUE

September, 2021

Materials Unit Beginning Balance Incurred Ending Balance

Receive Use
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
Glue Z500 Kg 3.400 27.200.000 1.000 9.000.000 1.500 12.340.000 2.900 23.860.000
Glue QC5 Kg 300 3.300.000 200 2.200.000 500 5.500.000 - -
Glue AD - kg 2.300 34.500.000 8.000 117.000.000 5.300 77.957.700 5.000 73.542.300
752S

Total 6.000 65.000.000 9.200 128.200.000 7.300 95.797.700 7.900 97.402.300

TABLE 2.11: LEDGER ACCOUNT 152

38
 Form no.: 03B-DN
Division:……………………….
 (According to Circular No. 200/2014/TT-BTC
Department:…………………
Dated december 22nd 2014 of the Ministry of Finance)

LEDGER
September, 2021
Account: 152

Date Voucher Description general diary reciprocal Amount

account
number
No Date Page No Debit Credit
A B C D E G H 1 2
Beginning 3.967.809.00
Balance 0
Incurred
02/09/2021 00274/ 02/09/2021 0001026 311
GTKT 133 34.000.000

05/09/2021 00996v 05/09/2021 HĐ000996v 311 75.000.000

/GTGT 133
PNK 3368

10/09/2021 0001097v 10/09/2021 00012097v 133 117.000.000

39
 112
…
20/09/2021 0001196v 20/09/2021 0001196v 311 42.000.000
/GTGT 133
PNK 3389

28/09/2021 PX 2452 28/09/2021 Produce 162 4.412.700

29/09/2021 PX 2453 29/09/2021 Produce 162 73.545.000
… …
Add the 394.100.000 300.500.000
incurred
number
Ending Balance 4.361.909.00
0
accumulated
from the
beginning of the
month

40
41
 2.3.2 Accounting of sales expenses at SENYING Company
2.3.2.1 Organization of the system of accounting documents of sales
expenses
The main documents are often used to account for the cost of sales:
- Check: made by the accountant to judge the amount spent on expenses
related to sales.
- VAT invoice: set up by the supplier, in order to record the amount of
products and services to be paid, the amount of VAT and the total amount to be paid
between both sides.
Documents illustrating the accounting business related to the cost of sales:

41
VAT Invoice
Date 13/09/2021

Form no: 01GTKT0/001

Serial: AA/20E
No: 0000221

Seller: Minh Hai Company

Tax: 0200654214
Address: Hai Phong Harbor
Phone: 0225.3805131
Bank account number: 99116720088
Bank: Standard Chartered bank VietNam

Company: SENYING CO., LTD

Phone: 02203567888
Tax code: 0801169914
Address: Khuc Thua Du Street, Ninh Giang, Hai Duong City
Transactional bank: Techcombank Kien An - Hai Phong
Bank account number: 19129945466999
Form of payment: Cash

No Descriptio Unit Quantity Unit price Amount

n
A B C 1 2 3=1 x2
1 Service of 2.300.000
loading and
unloading
goods on
export ships
….

Value 2.300.000
VAT (10%) 230.000
PAYMENT PRICE 2.530.000

Total amounts in words: two million three hundred and fifty thousand dong

42
 Buyer Seller
(sign) (sign)
Signed on 13/09/2021

2.3.2.2 Sales expense accounting account system

To gather sales expenses, accountants use account 641 - Sales expenses.

The 641 account is used to gather and reflect the expenses associated with
55 related to the sale, at the end of the period is transferred to the 911 account to
determine the results of consumption during the period. Account 641 is detailed as
follows:
Account 6411: the cost of the salesperson's salary
Account 6412: delivery cost
Account 6413: Cost of tools and utensils
Account 6414: Fixed asset depreciation expense
Account 6417: Cost of external purchase services
Account 6418: Other money expenses

2.3.2.3 Method of accounting sales expenses

CHART 2.5: ACCOUNTING COSTS OF SALES

43
2.3.2.4 Sales expense bookkeeping process

Accounting of sales expenses to calculate expenses on the ledger Account 641 - Sales
expenses and VAT tracking are deducted in relation to each business.

TABLE 2.14: LEDGER ACCOUNT 641

44
 Form no.: 03B-DN
Division:……………………….
 (According to Circular No. 200/2014/TT-BTC
Department:…………………
Dated december 22nd 2014 of the Ministry of Finance)

LEDGER
September, 2021
Account: 641

Date Voucher Description general diary reciprocal Amount

account number
No Date Page No Debit Credit
A B C D E G H 1 2
93.487.511
13/09/2021 PC 01 13/09/2021 0001026 111 2.300.000

17/09/2021 PTT 06 17/09/2021 HĐ000996v 141 2.300.000

21/09/2021 001936 21/09/2021 00012097v 141 200.000

23/09/2021 SP 23/09/2021 0001196v 1122 852.850

NH XNK

45
24/09/2021 0000440 24/09/2021 331 6.593.020
25/09/2021 00001361 25/09/2021 331 6.974.957
28/09/2021 BPB 28/09/2021 242 128.693.902
30/09/2021 PKT 30/09/2021 919 241.401.884

total 241.401.884 241.401.884

46
47
 2.3.3 Features of Accounting for Payroll and Payroll deduction
2.3.3.1 Characteristics and classification
The salary is expressed by the money of the necessary living labor
expenses that the Company pays the employee over time, and the workload that the
employee has contributed to the Company.
Wages are the main source of income for employees to be able to
reproduce labor power, the Company uses wages as economic leverage to encourage
positive labor spirit, which is a factor to promote increased labor productivity. For the
company, the salary payable to employees is a factor that constitutes the value of
products and services created by the enterprise. It is a factor that helps the company
completely and exceeds the production and business plan of the enterprise. Organize
the accounting of wage labor to ensure the payment of wages and allowances B virtual
social insurance in accordance with the principles, the right regimes, stimulate the
employees to complete the assigned tasks and create the basis for the allocation of
costs to workers into the price of products to be corrected.
2.3.3.2 Document rotation process.
At the company, the accounting of salaries is quite complicated because the
remuneration of employees between departments is not uniform. The management
staff is calculated according to the salary coefficient, the production department
calculates the salary according to the product. Therefore, salary accounting is very
focused by the company because it also directly affects the price of products.
∙ Documents used.
- Documents to monitor the labor structure: decisions on recruitment,
appointment, dismissal, dismissal, dismissal, transfer, reward, discipline, retirement.
- Documents to track labor time: timesheets, tables of requests for overtime
payment.
- Documents for monitoring labor results: certificates of delivery of
finished products, overtime notice slips, detailed reward proposal tables.
- Salary documents: payroll and social insurance ,average report of
company-wide income, sick paper, maternity, payment documents for employees.
∙ The process of document rotation.
Timesheets are declared daily at the employer's department. At the end of
the month, the person in charge of publicly monitoring the public declaration of salary
calculation is put in for the head of the unit to sign the certification, and then send to
the general office to sign documents on labor time and labor results. The general
department shall consider these documents based on the norms and unit prices of
wages specified in the company's income distribution regulations, the head of the
general department shall sign the payroll public statement and transfer them to the
payroll accountant of the financial and statistical accounting department. Salary
accounting is based on the initial accounting documents to record salaries and

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deductions according to salary, make an income distribution table and then transfer it
to the chief accountant to sign and the General Director to approve and sign. After
that, the payment accountant makes a check for payment to the employee. Payments
in the company are made twice: Payment of the first period on the 20th day of the
month, including advance (60% of basic salary), bonuses, train fees, overtime, etc.
during the month. Pay the 2nd salary on the 10th day of the next month, including
product salary, time salary, and social insurance ... after deducting the first-term salary
advance from last month's interest debts.
2.3.3.3 Accounting method.
∙ Detailed accounting.
The account used.
- account 334 - Must pay employees: used to monitor the payment situation
with employees, there are level 2 accounts:
- account 338 - Payable, other payable: used to monitor deductions
according to salary, other payables and payment situation with employees, this
account is detailed into account level 2 and level 3:
+ account 3381: Excess assets pending settlement
+ account 3382: Union funding
- account 3383: Social insurance
- account 3384: Health insurance
- account 3385: Equitization must be returned
- account 3388: Payable, other payable
∙ Aggregate accounting.
Types of accounting books used:
- Detailed accounting book open for accounts 334, 335, 338
- General accounting book:
+ Salary allocation table
+ Bookkeeping documents
+ Ledger of accounts 334, 335, 338
∙ The process of accounting salaries into deductions according to salary.
- When receiving documents on labor, salary and deductions according to
salary, salary accounting shall be recorded in bookkeeping documents and registers of
book documents. At the salary period, the accountant makes a table to allocate wages
and deductions according to salary.
- At the end of the month, based on the data of the bookkeeping documents,
the accountant records the ledgers of account 334, 335, 338.
Then make the Balance Sheet of arising and the financial statements after
collating with the Detailed Summary Table and the register of book documents.
2.3.4 Features of Accounting for Fixed asset.
2.3.4.1 Characteristics.

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 Fixed assets are labor materials of great value, long-term use, and
participation in many production cycles. When participating in the production and
business process, the fixed product is gradually worn out and its value is shifted
partially into the cost of production and business and remains the original form until
the time of damage. Fixed products in the Company of waterway works have many
different types, bringing different characteristics and most of them are tangible fixed
products such as houses and architectural objects, the Company also owns technology
transmission lines and types of machinery such as Transport cars, leather cutters,
sewing machines, ... All these machinery and equipment have a great initial value,
have a long recovery time, so the organization of accounting to regularly monitor the
situation of increasing and decreasing fixed assets is very important in the
management and proper use of the capacity of fixed assets. contribute to product
development, recover investment capital quickly to reproduce and equip, and
constantly innovate fixed products.
2.3.4.2 Document rotation process.
The company's fixed assets are very diverse and account for a large
proportion of total assets, which are mainly machinery and equipment for production.
In the whole current fixed assets of the Company, the types of production machinery
and means of transport and equipment for production and business management are
mostly the property of the Company. Therefore, the close monitoring of fixed assets
during use is important in the accounting work of the company. In recent years, due to
the requirements of equipment innovation, and technological innovation, the company
has mobilized more self-supplementing capital to invest in new modern technology
lines, serving production and business. Therefore, the accounting of fixed assets at the
company is more focused to ensure accurate accounting and bring high economic
efficiency to the company.
The documents used to account for fixed assets include.
● Fixed property purchase contract.
● Record of delivery of fixed assets.
● Record of liquidation of fixed assets
● Minutes of delivery of fixed assets for repairs completed.
● Minutes of re-evaluation of fixed assets
● Spreadsheets and depreciation allocation...
The order of making and rotating documents.
1. The company makes a decision to increase (decrease) fixed assets
2. The forwarding council shall deliver or receive assets and make
documents corresponding to the type of operation including minutes of delivery and
delivery of fixed assets, minutes of liquidation of fixed assets, minutes of delivery of
fixed assets for completion, minutes of revaluation of fixed assets.

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 3. Accountants of fixed assets shall make (cancel) fixed asset cards,
make depreciation spreadsheets and record details, synthesize the business of
increasing (decreasing) fixed assets and transferring them to storage when it is due
2.3.4.3 Accounting method.
Accounts used: accounts 211, 212, 213, and 214 are detailed according to
fixed asset type.
Types of accounting books:
- Detailed books: + Fixed product card + Fixed product book by a unit of
use + Detailed summary table increase, decrease fixed product
- General books: + Book documents + Ledgers of account 211, 212, 213,
214
The accounting process increases and decreases the company's fixed
assets.
- Every day, based on the minutes of delivery of fixed assets and other
documents attached to the accountant to make a fixed asset card, in the detailed book
of fixed assets for the right unit to use and write in the book documents.
- At the end of the period, accountants record the books of accounts 211,
212, and 213.

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CHAPTER 3. ASSESSMENT OF ACCOUNTING ORGANIZATION AND
ACCOUNTING SYSTEM AT SENYING CO., LTD
3.1 Assessing the status of accounting organizations at SENYING CO.,
LTD
Through the process of training on the organization of accounting at
SENYING Company, I realized the advantages and disadvantages of this work as
follows:
3.1.1 Advantages
The company has extensive experience in the production and export of
leather shoes; skilled workmanship of the staff; good management ability of
professional staff; factories and modern machinery and equipment lines allow the
production of high-quality products and ensure food hygiene and safety; capacity to
exploit stable sources of raw materials; The company currently has a number of
exclusive key products, no competitors in Vietnam ... All of those factors have
resonated to increase the competitiveness of the product.
SENYING company has selected the form of accounting accounting in
accordance with the company's production and business characteristics; On that basis,
the Department of Accounting and Financial Statistics has well organized the
accounting from detail to synthesis, application and improvement in accounting
methods.
The work of organizing the accounting of materials of the Company is
conducted scientifically; creating an important premise for the management of the
import and export situation and the preservation of inventory goods, promoting the
synchronous and reasonable supply of customers' requirements; limiting waste in
inventory and supply. Accounting books at the Company in the process of accounting
materials (including Detailed Books, Import-Export-Existence Composite Tables,
General Books ...) are recorded in accordance with the prescribed book forms. The
procedures for importing and exporting warehouses are strictly demonstrated, there is
a supervision inspection of the relevant departments, there are full valid legal
documents, the rotation of documents is also carried out in accordance with
regulations. The company's materials accounting organization is relatively in line with
the characteristics of the production organization, the accounting system, and the
accounting book always ensures compliance with the current accounting regime.
The accounting of sales expenses meets the purpose of accounting at the
Company, ensuring that the cost is economical, effective and effective, in accordance
with the financial situation and the company's overall development strategy.
3.1.2 Existence and cause
In addition to the results achieved in accounting in general and
consumption accounting and determining business results in particular, the Company
still has some of the following shortcomings that need to be overcome:
Regarding the accounting of materials, in the system of documents and the
rotation of documents, the company does not have a record of testing materials when
receiving goods from suppliers. Instead, the warehousing department will count and
sign the warehouse entry slip. For batches of raw materials with small quantities and
values, this stage can be ignored. But for large batches of raw materials, the
preparation of this Record is necessary, as a basis for resolving, handling or attributing
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responsibility when there is a surplus, lack, wrong way,... Therefore, internal control
of import, export and storage of raw materials also has loopholes, vulnerability to
theft, loss of inventory assets, causing losses for the company.
Regarding the accounting of sales expenses, on the account 641 - Sales
cost, there are months of accounting of sales expenses not recorded in chronological
order, jamming information and difficult to control costs, recording lack of costs. This
significantly affects the company's internal control process and sometimes the cost of
sales is misrepresented, not reflected month by month.
3.2 Some proposed solutions
3.2.1 Recommendation Solution
Preliminary assessment of the advantages and existences in production and
business activities of SENYING Company in general and the accounting of materials
and sales costs in particular, to improve the efficiency of production and business
activities while further improving the accounting work, I would like to boldly propose
some of the following measures:
Currently, the detailed accounting of materials is carried out by the
accountants of enterprises according to the parallel card method. This method slightly
reduces the workload of accountants, but focuses on the work of bookkeeping,
checking and comparing at the end of the period, while the number of import and
export documents of each material list is much, so the inspection and comparison
work is sometimes difficult and affects the progress of other accounting stages. In
addition, the works are scattered in many places, so the process of document rotation
is sometimes slow, affecting the overall progress of accounting.
In addition, material accounting at the Company has not conducted an
analysis and evaluation of the implementation of the plan for procurement, storage
and use of materials.
Sales cost accounting needs to be more uniform in recording data,
comparing documents, and bookkeeping in chronological order to easily track, avoid
errors.
3.2.2 Conditions for implementation of the above solutions
Firstly, material accounting must master the functions and tasks of
accounting materials and tools by specialized departments. In production and business
accounting, accounting of materials and tools must ensure at the same time two
functions are to reflect and direct the process of importing, exporting materials and
tools but must be promptly timely, providing accurate information for management.
Secondly, stemming from the specific characteristics of the enterprise to
organize the accounting of materials in an objective and economical way, accountants
must record the accounting in accordance with regulations and apply the principles to
their units.
Thirdly, the accountant must base on the general model in accounting, the
regulations on the rotation of documents of the enterprise to complete the accounting
diagrams and accounting records.
Fourth, ensure the principle of serving the requirements of material
accounting according to the new institutions and laws on accounting issued by the
State.

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 From the existence in the accounting work, the company should set up a
committee to inspect supplies, goods in general and materials in particular that need to
be thoroughly inspected before entering the warehouse to consider whether the type of
warehouse goods is correct enough with the terms stated on the purchase contract or
not, avoid the situation of warehouseization must be poor quality goods, wrong way or
not enough quantity compared to the actual purchase. Therefore, going forward to the
Company, it is necessary to set up a committee to inspect supplies and goods. The
inspection board needs to have at least one representative in charge of purchasing, the
warehousing, and a representative in charge of production engineering. Those on the
inspection board must be proficient in the design, qualities and specifications of the
purchased goods. After receiving the purchased goods, the inspection board should
make a "record of inspection of supplies and goods".
In addition, to improve the quality of accounting organizations, the
company should proceed to invest in computer technology and management.
Currently, computer technology is constantly developing, creating advantages in
management and accounting. Many enterprises have also boldly invested to inform
management and accounting, allowing to improve management efficiency while
saving production and business costs, thereby increasing the competitiveness of
enterprises.
Applying accounting software will minimize workload, avoid objective
losses, save costs, and ensure the organization of accounting work is compact and
highly effective in accounting. Moreover, the application of accounting software must
be applied to all accounting operations to create synchronization of the booking
system and accounts used, minimize calculation errors, save time taking notes, and
features of the software are fully utilized.
To prepare for the application of accounting software, the company should
plan to foster computer skills for accountants. This will make it easier to do
accounting on the machine.

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 CONCLUSION

Through the time of training at SENYING Co., Ltd., on the basis of the
knowledge that has been learned and studied at the school combined with the attentive
guidance of Assoc. Prof. Pham Duc Cuong ; With the enthusiastic guidance of the
Board of Directors of the Company and all staffs of the Company's Financial Statistics
Accounting Department, it has helped me to have a deeper understanding of the reality
of accounting in the production enterprise in general and at SENYING Co., Ltd. in
particular.
Due to the lack of reasoning ability and practical knowledge, my
knowledge report cannot avoid certain limitations. I look forward to receiving your
comments and your guidance.
Having achieved this result, I would like to thank Assoc. Prof. Pham Duc
Cuong and the relevant staff in SENYING Co., Ltd. for helping me complete the
Accounting Report.

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 REFERENCES

1. Financial statements, vouchers and accounting books, accounting diagrams

(Promulgated according to Circular 200- TT200/BTC)

2. Textbook of financial accounting in enterprises - Prof. Dr. Dang Thi Loan -

National Economics University Publishing House.

3. Circular 200- TT200/BTC-2014

4. Some reports, documents, books at SENYING Company.

5. Accounting standards “Inventory”, “Cost of goods sold”,…

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