Sheza Ejaz

Fa20 -BBA-062

Section-A

Submitted to Mam Amina Hameed

Weekly Report of Internship

Week 2
Monday

Time Activities

The instructor taught me the fundamentals of financial

09:00 AM – 10:00
statements, including the balance sheet, income statement, and
AM
cash flow statement.

I learnt about balance sheet preparation, which includes assets,

10:00 AM – 11:00
liabilities, and owner equity.
AM

11:00 AM – 12:00
Income statement knowledge is provided.
PM

12:00 PM – 01:00 Knowledge of the cash flow statement is provided.

PM

Summary of financial statements and my supervisor gave me the

01:00 PM – 02:00 fundamental data as a sample for preparing the balance sheet.
PM After that, he goes through the work that I did.

02:00 PM – 03:00
Break
PM

03:00 PM – 04:00 My supervisor informed me that financial statement

PM understanding is essential in order to understand the bank's
1
 performance and market position. It tells information regarding
the bank's financial condition.

04:00 PM – 05:00 Continues the explanation of the financial statement.

PM

Tuesday

Time Activities

The next day, my supervisor instructed me on how to advise

customers on financial planning, but first we must thoroughly
evaluate their particular objectives, risks, and financial conditions.
09:00 AM – 10:00
AM It is possible to accomplish so by doing a complete analysis of
their financial situation, which includes income or revenue,
spending, assets, and debts.

Some papers are provided for stamping.

10:00 AM – 11:00
AM

11:00 AM – 12:00 Continue stamping and sorting documents.

PM

Account information is given after stamping documents. They

initially spoke to me about savings accounts, which are used by
12:00 PM – 01:00
PM those who wish to save and increase their money on an interest
basis.

Individuals who want to manage their day-to-day activities need

01:00 PM – 02:00 current account information. Bank give debit cards, ATM cards,
PM and online banking services to new current account holders.

02:00 PM – 03:00
Break
PM

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 After the break, they told me about fixed accounts. In fixed
accounts, a fixed sum of money is deposited for a fixed period of
time, which can be months or years, and the bank pays them
03:00 PM – 04:00
PM interest, which is higher than in savings accounts. However, as
the name implies, clients cannot withdraw money before the
maturity date, but if they do, a penalty is imposed.

04:00 PM – 05:00 Discussion of bank accounts continues.

PM

Wednesday

Time Activities

The instructor informed me the next day that we would be

09:00 AM – 10:00
AM learning about the Cash Department.

In the Cash Department, two people are present: one is an

authorizer and the other is an inputter. Inputter's job is to carry
10:00 AM – 11:00
out transactions. The Authorizer's job is to check transaction
AM
data.

Then CPC information is provided. CPC stands for cash

processing cell. They said that the CPC's role is to provide or
11:00 AM – 12:00
PM issue cash to banks for daily transactions.

Then I learn the two kinds of CPC cash. The first is sorted cash,
and the second is unsorted cash. Sorted cash is also referred to
12:00 PM – 01:00 as clean cash, whereas unsorted currency is referred to as spoilt
PM cash. Then they explain to me the distinction between which kind
of currency will be sorted and which will be unsorted.

01:00 PM – 02:00 Clean cash is a combination of both forms of currency, which

PM
includes both soiled and neat notes. Neat notes are reissuable
3
 notes that the bank issues again. Unsorted currency contains
fake notes, commonly known as counterfeit notes; these notes
appear authentic but are solely meant to fool others; anyone who
counterfeits a note is punished by law. The cash department's job
is to sort cash into two categories. And only cash issued by the
bank must be sorted cash; otherwise, the SBP (STATE BANK OF
PAKISTAN) imposes a penalty on that particular bank.

02:00 PM – 03:00
Break
PM

After the break, the instructor informed me that the SBP prints
fresh notes for the general public on significant occasions such
03:00 PM – 04:00 as EID. Then they told me that each box of serial notes has 100
PM notes. If the pack of notes is RS 10, it contains 1000 rupees; if
the pack is RS 5000, it contains 500,000 rupees, and so on…

04:00 PM – 05:00
Summary of the day is provided.
PM

Thursday

Time Activities

My instructor discussed that transactions are recorded in

debit/credit. They informed me that it is important to document
09:00 AM – 10:00 transactions in correct financial records. Debit transactions are
AM used to record an increase in money or assets. Credit, on the
other hand, increases the bank's liabilities.

Then they informed me about the software used in banks; various

banks use different computer software, which I learnt they are
10:00 AM – 11:00
AM using H+ Java. However, they informed me that we are not
currently learning about this program in practice.

11:00 AM – 12:00 Then instructor informed me of the SP Cash Vault. They informed
4
 me that each branch has its own cash vault where branch cash is
PM kept where branch cash is kept. And cash is balanced on a daily
basis.

12:00 PM – 01:00
Some printing material is provided.
PM

Then my instructor asks me about my accounting course in BBA,

01:00 PM – 02:00 so they ask me questions concerning journal entries, ledger, and
PM trial balance. And how to make them.

02:00 PM – 03:00
Break
PM

They explain how to fill out the deposit sheet once again and give
03:00 PM – 04:00
PM me a deposit slip for Rs.50000.

Bank vouchers are being punched.

04:00 PM – 05:00
PM

Friday

Time Activities

09:00 AM – 10:00 The next day, I learn about the clearing department.
AM

In banks, there are two forms of clearing. The first is outward

10:00 AM – 11:00
AM clearing, and the second is inward clearing.

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 The duty of NIFT (National Institutional Facilitation Technology) is
to keep clearing departments of banks running. Other bank
cheques are supplied in our banks for outward clearing, For
example, in Summit Bank Our own accountholder issues a UBL
bank check in exchange for cash. The bank stamped it with three
11:00 AM – 12:00 stamps: an endorsement stamp, a crossing stamp, and a clearing
PM stamp. MIS is formed and transferred to NIFT for money
transmission. The NIFT's responsibility is to send the MIS to the
specific bank whose name appears on the check. After one day,
the holder of your own bank account cashes its cheque. Because
the cash are transferred to your bank. Clearing checks are sent
out to be collected.

Inward clearing occurs when NIFT provides you a MIS for the
transfer of cash. When we get inward clearing, we must debit the
12:00 PM – 01:00 client's account, and when we receive outward clearing, we must
PM send it to the proper bank for payment

01:00 PM – 02:00
Jumma break
PM

02:00 PM – 03:00
Break
PM

03:00 PM – 04:00 Some printing supplies are given.

PM

The instructor stamped the cheques and gave a quick recap of

04:00 PM – 05:00
PM the day.

Saturday off