KOFORIDUA TECHNICAL

UNIVERSITY.
FACUTY OF BUSINESS AND MANAGEMENT STUDIES.
DEPARTMENT OF ACCOUNTANCY.

REPORT ON INDUSTRIAL ATTACHMENT AT OPANYIN

AYEH ROOFING SYSTEM
KOFORIDUA E/R

NAME: KORLETEY EBENEZER NARTEY

INDEX NUMBER: B10119014

TABLE OF CONTENTS

Page | 1
ACKNOWLEGEMENTS

CHAPTER ONE

1.1 Introduction
1.2 Objectives of Industrial Attachment

CHAPTER TWO
2.1 Background of the Organization
2.2 Vision and Mission of the Organisation
2.3 Objective of the Business Organization
2.4 Address and Location

CHAPTER THREE

3.1 Orientation

3.2 Daily Balancing of Petty Cash Book

3.3 Trial Balance

3.4 Preparation of Weekly and Monthly Bank Reconciliation Statement.

3.5 Data Input Into the Computer

3.6 Raising of Payment Voucher

3.7 Pre / Post Audit of Vouchers

3.8 Payroll Preparation

CHAPTER FOUR

4.1 Skills Acquired

CHAPTER FIVE

5.1 Conclusion

Page | 2
5.2 Recommendation

ACKNOWLEGEMENTS

I am grateful to our Lord and Master Jesus Christ who has graciously take me through the
internship program. He has been with me through thin and thick.

I am also highly indebted to the management and staff of Voltic Ghana Limited particularly
those at the account section for nurturing me and giving me the enlightenment and the scholastic
aptitude I need to face the business world. I acknowledge the support of my family, loved ones,
colleagues and friends
Finally, I express my indebtedness to the supervisor both internal and external, who have shaped
my lives and helped me learn to enrich my personalities. May the lord be with you in all your
endeavor.

CHAPTER ONE

1.1 INTRODUCTION
I started my industrial attachment with Voltic Ghana Limited on 24th June, 2021 and ended it in
the month of August 27th, 2021 in the Eastern Region. In other to commence with the industrial
attachment program which is important to Koforidua Technical University as an extra curriculum
activity to have practical knowledge and experience in performing tasks, I was introduced to the
heads of departments, personnel from Department and my Duties in the period of the attachment.
The Second Semester Field Practical Programme will not be completed without the industrial
attachment.

The report that was generated from duties assigned and tasks performed shows that I have been
trained at Delight Pharmacy Limited during the internship programme.

1.2 OBJECTIVES OF INDUSTRIAL ATTACHMENT

1. To enhance industry´s satisfaction with the graduate of the Faculty in particular and the
University at large.

Page | 3
 2. To expose the students to work methods not taught in the University and to provide
access to products equipment not normally available in the environment of the
University.
3. To make the transition from school to the world of work smoothly and to enhance
student contacts for job placement.
4. To assess the interest of the student in the occupation he/she plans to undertake.
5. To provide the students with an opportunity to apply knowledge in real work situation
thereby closing the gap between University work and the actual practice.

CHAPTER TWO
2.1 BACKGROUND OF THE ORGANISATION

2.2 VISION AND MISSION OF THE ORGANISATION

VISION STATEMENT
The OPANYIN AYEH ROOFING SYSTEM Company will build on our position as an
industry leader in quality, safety, ethics and education by:
I. Creating long-term relationships with our customers by consistently exceeding their
expectations.
II. Educating our associates to enable them to complete their work in the highest
quality manner utilizing proven state-of-the-art technology.
III. Treating each person with fairness, courtesy and respect in all endeavors.
IV. Providing our associates with professional growth and advancement opportunities.
V. Strategically expanding our operations while realizing long-term profitability.

MISSION STATEMENT
The OPANYIN AYEH ROOFING SYSTEM Company and its subsidiary companies will
be winners.

W Win recognition as industry leader, proud of our past but focused on the
future. We will assume leadership roles within our industry and
communities.

Page | 4
 I Increase the number of strategically located regional offices as a way of
achieving growth and improving our ability to attract and retain qualified
associates.
N Narrow our work focus to achieve growth in the areas of our strengths, and
then build the operational capacity and skills needed to support that growth.
N Never lose sight of the fact that our success depends largely on our ability to
consistently understand and exceed customer expectations and to gain
customer loyalty.
E Explore new products, markets and technology. Quickly seize the best ideas
and integrate them into our daily operations.
R Raise our expectations of ourselves in the areas of quality, safety, education
and customer satisfaction.
S Sustain a work environment that encourages, recognizes and rewards
initiative, loyalty, integrity and performance
2.3 OBJECTIVE OF THE BUSINESS ORGANISATION

2.4 ADDRESS AND LOCATION

OPANYIN AYEH ROOFING SYSTEM

P.O. Box KF

Koforidua E/R

Tel: (+233-

LOCATION: Nsawam-Akwadum

Digital Address:

Page | 5
 CHAPTER THREE

JOB ASSIGNED DURING THE INTERNSHIP

3.1 OREIENTATION

The program began on 24th June after the Human Resource Manager handed me over to the
general accountant for further introduction. He introduced me to the various sections of account
under which accounting duties are being performed. after the introduction, he brief me on every
section and their responsibilities, duties, time to report at work and to close.

3.2 DAILY BALANCING OF PETTY CASH BOOK

The petty cash book is a book of payment voucher which is made each time an expense is
made from petty cash (money). Always the payment voucher would show the amount purpose,
recipient general ledger account number and date relating to the expenses. If a person receiving
petty cash and the person giving out the petty cash would sign the voucher and any supporting
certification [such as revenue] would be involved.

The main cashier gives the petty cashier regular but small sum of money called FLOAT OR
IMPREST to disburse for minor expenses. After the imprest has gotten to a certain minimum
level, the petty cashier is re-imbursed with more money equal in value to the amount spent.

USES OF PETTY CASH BOOK

It’s a cash book used to enter daily petty expenses. The petty cash book will be
maintained by a separate cashier known as petty cashier in the accounting field. A petty cash
book is a cash book used to enter all small or petty expenses obtained. It is used to enter how the
cash available for daily expenses are spent.

Page | 6
Reconcile the balance compared to the activity at the end of each accounting period.

HOW TO BALANCE PETTY CASH

 Identify the ending balance of the account as of the last reconciliation. This is
the balance brought forward for the current period.
 Count the total funds left in the petty cash account at the end of the period.
 Gather all of the receipts provided for expenses that were paid out of the
account for the period in question.
 Add the total amount of the receipts to the ending balance. The result should
match the starting balance of the account.
 Identify the amount of any variance. Account for any additions the petty cash
account such as extra deposits or a withdrawal that may not be recorded. If an
employee borrowed from the fund with an I0U and has not yet repaid the
balance, this may be the reason for the variance.
 Report any variance in the petty cash balance to the management staff in
control of the fund.

3.3 TRIAL BALANCE

I was then introduced to the extraction of the trial balance by the accountant of the
company. A trial balance is a list of names and balance of all the accounts showing in the ledger
including cash and bank balances from the cash book. The trial balance helps to check if the
debit side is equal to the credit side, if the debt is not the same as the credit then the records don’t
balance then there must be a mistake.

With the preparation of this transaction they used excel and that was what I am being
taught to use.

Below is the format used by the company in the preparation of the trial balance?

Page | 7
 ITEM DESCRIPTION DEDIT CERDIT

Capital xx

Cash xx

Furniture xx

Stationary xx

Purchases xx

Creditors’ xx

Sales xx

Debtors’ xx

Advertising xx

Rent xx

Salaries xx

Bank xx

Balance xx xx

3.4 PREPARATION OF WEEKLY AND MONTHLY BANK RECONCILATION

STATEMENT.

Voltic Ghana Limited practice proper book keeping entries and regular bank reconciliation from
time to time. Bank Reconciliation by Voltic Ghana Limited is mostly done by comparing its
book keeping entries with the bank records. I studied how bank reconciliation is done in practice
and most importantly, it has help me to identify any unusual transactions that might cause any
form of accounting errors or fraud by either the banks or the Authority. To reconcile our
accounts, we compare our records of transaction and balances to our monthly bank statement.

Page | 8
This is mostly done by going through each transaction individually, making sure the amounts
match perfectly and also making sure that our bank statement shows an ending account balance
that we agree with. The essence of preparing bank reconciliation statement weekly or monthly
was to inform management about the accuracy of the accounts balances in the bank statement.

Voltic Ghana Limited undertake its bank reconciliation by comparing the pay in-slip prepared on
the receipt and invoice by auditors with the bank statement to confirm whether the amounts
stated on the summary accounts correspond with the bank statement balance. The bank
reconciliation statement is submitted to the accountant every weekly and monthly as well.

3.5 DATA INPUT INTO THE COMPUTER

The data input into the computer, was the use of the company’s software. The company’s
Software specializes in the design, development, sale and support of software dedicated to the
regional level. The software can be used for entering journals, cash transaction, inquiry use,
reports on transaction, etc.

I was introduced to how to use the company software to entry all company cash receipt into the
computer system by the use of the software. It allows you to make cash receipt entries, print a
listing of the entries and post current cash receipt journal.

3.6 RAISING OF PAYMENT VOUCHER

A payment voucher is a document which can be used as proof that a monetary transaction has
occurred between two parties. in a health center, a payment voucher can be used for a variety of
purposes, sometimes taking the place of cash in a transaction, acting as receipt, or indicating that
an invoice has been approved for payment.

3.7 PRE / POST AUDIT OF VOUCHERS

The term audit describes the process in which the financial records of a business or individual are
examined for accuracy. This is often a high – stakes process for example, an audit by the

Page | 9
internal revenue systems that finds a business not paying appropriate taxes can have serious
financial and legal repercussions.

Personally, these were part of the duties I executed during my industrial attachment.

Duties

 Auditing of all payment vouchers ( internal audit )

 Assisting the Internal Auditor in report writing on quarterly basis.
 Taking records of all approved vouchers.

Basically before any money could be spent within the private sector most especially the regional
office level has to be sacrificed before the monies could be disbursed or used. That is all
necessary protocols are to observe before finally it gets to the Audit Section for final Approval.
The Audit comes in two folds and they could be explained below:
 Pre – Audit: With regards to the pre – audit, all the raised payment vouchers with
its memo are audited first before the final approval is given by the Internal
Auditor for any disbursement. However in the course of the audit if the auditor
sees that there are one or two issues with the PV’s and the thing to be bought or
purchased in critical, the auditor gives the account department a prior notice about
the issues in order for purchase to be made, but the account department would
make sure that the issues (say invoices, documents etc.) are made available during
the Post Audit.

 Post – Audit: It is the Final exercise that is done by the audit department, where
the internal auditor and his team scrutinizes all the PV’s that was raised in the
business.

3.8 PAYROLL PREPARATION

Preparing payroll involve a series of basic calculation to determine each casual employee’s base
pay as well as deduction for taxes, and employee’s contributions to retirement funds and health
plans. This information is then transferred to individual employee paychecks as well as company

Page | 10
records that facilitate the process of tracking information for internal and external tax and
financial reporting.

CHAPTER FOUR

4.1 SKILLS ACQUIRED

In the process of doing the industrial attachment at Voltic Ghana Limited, here are some of the
skills acquired;

1. The ability to record business expense and sales

2. The ability to write receipts, cheques invoices, and memo.
3. The ability to read and interpret bank statement.
4. The ability to ensure safe custody of business document and papers and books.
5. The ability to prepare payroll (salaries of staff)

CHAPTER FIVE

5.1 CONCLUSION

The industrial attachment has been very beneficial to my course of study at the university, since
it has given me the opportunity to be exposed to the practical aspect of what I Studied. I have
also observed that the internal supervisor came out fully from heart to inculcate into me what is
needed to be transforming from the previous status to what I have attained now.

To conclude, I have also realized that, academic work alone cannot necessarily spell out the kind
of person you want to be, but acquiring practical knowledge and experiences from reputable
institution and also qualified individuals. This will really give one the confidence. In fact, my
life have been illuminated as far as this attachment is been concerned.

Page | 11
5.2 RECOMMENDATION

I recommend that students who will have the opportunity to do their attachment in the
account office must be obedient and calm, to be able to cooperate with the members of the
company particularly the account department. By doing so, it will be help the students to
achieve their aim of being in that department or institution.

Page | 12