Introduction

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 INTRODUCTION
Accounting practice is the process and activity of recording the day-to-day financial
operations of a business entity. Accounting practice is necessary to produce the legally
required annual financial statements of a company. There are different accounting methods
that companies can choose to use, and there are principles that companies must abide
by. Generally accepted accounting principles (GAAP) refer to a common set of accounting
principles, standards, and procedures issued by the Financial Accounting Standards
Board (FASB). Public companies in the United States must follow GAAP when their
accountants compile their financial statements.

OBJECTIVE OF THE STUDY

To learn many new skills before internship I have only theoretical knowledge about work in
an organization but now I have practical experience in the organization. Now I have
knowledge about the organization’s working environment and how organization work and
achieve their goals and objectives.

This internship has to gives me the understanding of business and also about the elements of
strategic thinking, planning and implementation, and how these things are applied in a real
world organization environment.

The specific objectives is:

 To identify the accounting Practices in Tally at A.C. Unicoaters Pvt Ltd.
 To be familiarized with the tally software and how it works
 To acknowledge about the Vouchers in Tally software and the options of creating
vouchers in Tally software.
 To improve communication skills
 To analyze the business situation
 To establish high standards in professionalism
 To learn more than the theoretical knowledge

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  To learn book keeping practices of different companies
 To apply the theoretical knowledge in actual organization
 To compare practical aspects with theoretical aspects
 To make quick decision in real situations
 To learn how to promote and to conduct research in business areas
 To enhance my personal knowledge and professional preparation for future
 To properly integrate my theoretical knowledge and practical work
 To get knowledge of opportunities and threats while entering into an organization
 To plan for the future of oneself and learn how to adjust in an organization
 To know how to present your recommendations in front of your boss
 Explore student to the environment and expectations of performance on part of
accountants in professional accounting practices
 Enhance and expand the student’s knowledge of particular areas of accounting.
 Expose the students professional role models or mentors who will provide the student
with support in the early stages of the internship and provide an example of behavior
expected in the internship workplace
 Develop a solid work ethic and professional demeanour as well as commitment to
ethical conduct and social responsibility
 Develop time management skills and the ability to be responsible for more than one
project at a time
 Develop organizational skills to complete the project in a timely manner
 Expand networks of professionals’ relationship and contacts

I am trying my best to write down in this report as an existing employee in the company.

UNDERSTANDING ACCOUNTING PRACTICES :

Accounting practice is necessary so that a company can produce the annual and legally
required financial statements: the income statement, the comprehensive income statement,
the balance sheet, the statement of cash flows, and the statement of stockholders equity.

Various accounting methods are used by companies for their accounting practices. The two
primary methods are cash accounting and accrual accounting.

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Cash Accounting

For cash accounting, revenue and expenses are recorded as they are received and paid, and
transactions are only recorded when cash is spent or received. For example, in cash
accounting, a sale is recorded when the payment is received, and an expense is recorded only
when a bill is paid. This method is the most typically used method for small businesses.
However, if a business generates over $5 million in sales for the year, it must choose the
accrual accounting method, according to the Internal Revenue Service.

Accrual Accounting

Accrual accounting is based on the matching principle, which is intended to match the timing
of the realization of revenues and an expense. By matching revenues with expenses, the
accrual method gives a more accurate picture of a company's true financial position. Under
the accrual method, transactions are recorded when they are incurred rather than when
payment is actually made. This means a purchase order is recorded as a revenue even though
the funds are not received immediately. The same goes for expenses in that they are recorded
when the payment may not yet have been made.

COMPANY PROFILE
FINANCE & ACCOUNTS DEPARTMENT :

1. CFO - CFO (Chief Financial Officer) is the corporate title for the person responsible
for managing the company's financial operations and strategy. The CFO reports
directly to the CEO and has substantial input into the company's investments, capital
structure, money management and long-term business strategy.

In the financial industry, the CFO is the highest-ranking position. In other industries,
the CFO is often seen as the second highest-ranking person in the company after
the CEO.

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What the CFO does:
The CFO's duties include financial planning, managing financial risks, keeping track of cash
flow and expenditures, handling investment and taxation issues, creating and enforcing
internal accounting and financial policies, collecting and managing financial data, reporting
financial performance to the board, and helping develop the strategic direction of the
company.

The CFO is responsible for complying with regulations such as the Sarbanes-Oxley Act, as
well as adhering to the generally accepted accounting principles (GAAP) established by the
Securities and Exchange Commission (SEC) and other regulatory agencies.

Along with being a team leader for other departments and employees -- both inside and
outside of the financial function- the CFO is also charged with collaborating with the CIO on
technology investments and strategy. In some cases, the IT department -- including the CIO -
reports directly to the CFO.

2. F&A Manager – An account manager (AM) is a person who works for a company
and is responsible for the management of sales and relationships with
particular customers. An account manager maintains the company's existing
relationships with a client or group of clients, so that they will continue using the
company for business. The account manager does not manage the daily running of the
account itself. They manage the relationship with the client of the accounts they are
assigned to. Generally, a client will remain with one account manager throughout the
duration of hiring the company. Account managers serve as the interface between
the customer service and the sales team in a company. They are assigned a company's
existing client accounts. The purpose of being assigned particular clients is to create
long term relationships with the portfolio of assigned clients. The account manager

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 serves to understand the customer's demands, plan how to meet these demands, and
generate sales for the company as a result.

Financial Manager : Financial managers are responsible for the financial health of an
organization. They produce financial reports, direct investment activities, and develop
strategies and plans for the long-term financial goals of their organization.

3. Audit Manager - An audit manager is responsible for organizing and managing

internal audits according to audit plans. The responsibilities of audit managers include
overseeing the process of audits, making recommendations on policies, and ensuring
that the organization fulfills international and governmental obligations of
compliance.

Duties of an audit manager :

The duties of an audit manager often vary depending on the size of the organisation and
where it is located but some of the basic duties of an audit manager can include:

 Preparing and executing operational and monetary audits

 Developing references and reports centered on audits and offering these concepts to
the management
 Ascertaining business process threats
 Developing professional development procedures for the low-ranking staff of the
organisation
 Organising and distributing resources and manpower in harmony with abilities and
schedules
 Produce reports underlining problems and providing prospective ways out
 To guarantee obedience with external and internal requirements

In addition to the above-listed skills, present-day audit managers must be as technically

skilled as they are statistically skillful. The reason for this is because there are so many tools
and software packages available for auditors, and many of them have gone global on the
commercial scene. Consequently, acquaintance with major enterprise resource planning
systems as well as other technologies is critical to success and continuous growth in career
progression.

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 4. Assistant Manager - An assistant manager is a job position intended to support a
key manager of a given organization. It is also a leadership position but it is
subordinated to the guidelines established by the top manager being assisted.

Responsibilities for Assistant Manager :

 Oversee day-to-day operations and work of lower-level staff
 Ensure compliance to organizational standards, including safety standards and client
or customer communications
 Monitor and provide feedback to managed staff to effect improvements in
organizational goals
 Manage reports and personnel documents, including payroll
 Review and filter applications for potential new hires
 Assist in interviewing applicants and confer with senior-level management on hiring
process
 Assist managers and other staff with procurement of necessary materials and
equipment
 Create and deliver sales and financial reports on a predetermined schedule

Executive Officer - An executive manager is responsible for overseeing the operations

and activities of a department. They are responsible for ensuring that their department is
operating without any issues. A few of the main duties of an executive manager are
implementing department wide policies, allocating department resources, giving constructive
feedback to employees, and collaborating with other departments. They also have to report
the department's progress to upper management. Some of the jobs titles that an executive
manager could grow into are chief executive officer and executive director.

An executive manager should have five years of experience in their respective field as well as
an MBA. One of the most important skills that an executive manager will have is the ability
to initiate change. Another skill is leadership as the executive manager will have many
different employees looking to them for guidance.

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MISSION

To achieve excellence in our operations and ensure constant product innovations so as to be

able to satisfy the customer needs and provide them best quality of products at the most
competitive price.

ABOUT THE OWNER

Under the capable and strict guidance of our mentor, Mr.Vinod Arora, having 12 years of
experience, the organization has been able to create a benchmark in the industry. His deep
industry knowledge and sharp business policy make it possible for us to accomplish our
organizationl objectives and goals successfully.
He has been veteran in the field of the Synthetic Leather / Artificial Leather. Before starting
the company, he was a trader of Artificial Leather in New Delhi for 12 years and has brought
in an invaluable experience and knowledge in the company.

HIGHLIGHTS OF THE COMPANY:

 Large Product Basket

 Stringent Quality control measures
 An ISO 9001: 2008 certified Company
 A reputed name in the field of artificial leather market
 Latest technology Machines and Equipments
 Skilled and experienced workforce
 Own Research Lab
 Own Designing Department
 Eco-friendly Building: We have provision for Rain Water Harvesting system. Further, we
have Pre Engineering building structure with translucent roof, which provide better light
at the production units and thus help in saving electricity.

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 Fire safety Equipments: Our factory is fully equipped with fire safety equipments. We
have also got a N.O.C. for fire safety from the state industrial department.
 Latest machineries
 Highly Qualified Engineers & Technocrats
 Research Lab
 Raw Material Testing Machinery
 Final product testing lab

INDUSTRY PROFILE

A.C. Unicoaters Private Limited is a Non-government company, incorporated on 24 th May,

2011. It’s a private unlisted company and is classified as company limited by shares.
Company’s authorized capital stands at Rs 100.0 lakhs and has 1.0% paid-up capital which is
Rs 1.0 lakhs. A.C. Unicoaters Private Limited last annual general meet (AGM) happened on
30 September, 2017. The company last updated its financials on 31 March, 2017 as per
Ministry of Corporate Affairs (MCA).
A.C. Unicoaters Private Limited is majority in Manufacturing (Textiles) business from last 10
years and currently, company operations are active. Current board members and directors are
Vinod Arora, Ravinder Arora, Ankit Chawla, Shobhit Chawla and Dinesh Gupta. Company is
registered in Delhi (Delhi) Register Office. A.C. Unicoaters Private Limited registered
address is E-78, KIRTI NAGAR, NEW DELHI DL 110015 IN.

A.C. UNICOATERS PRIVATE LIMITED DETAILS :

CIN U17200DL2011PTC219760
Date of Incorporation 24th May, 2011

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Status Active
Company Category Company limited by Shares
Company Sub-category Non-govt company
Company Class Private
Business Activity Manufacturing (Textiles)
Authorized Capital 100.0 lakhs
Paid-up Capital 1.0 Lakhs
Paid-up Capital % 1.0
Registrar Office City Delhi
Registered State Delhi
Registration Number 219760
Registration Date 24 May, 2011
Listing Status Unlisted
AGM last held on 30 Sep, 2017
Balance Sheet last updated on 31 March, 2017

THE RANGE COMPRISES :

 Artificial Leather
 Synthetic Leather
 Rexine/ Rexene
 PVC leather
 Vinyl
 Coated Textile
 Leather cloth
 Foamed leather
 Art Leather
 Fake/ Faux leather
 Leatherette

SALIENT FEATURES :

 Soft
 Long life
 Attractive designs
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 Tender
 Excellent density
 Excellent quality
 Reliable
 Durable
 Flexible
 Fire retarded
 UV resistant
 Resistance to water

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LITERATURE REVIEW

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BENEFITS OF USING ERP SYSTEM

There are many studies refer to ERP benefits wiiich can be group into four categories
Gattiker and Goodliue (2000).

1) Flow of Information
Many organizations establish ERP systems to improve the flow of infomnation across
subunits. Davenport (1998). Goodhue et al.(1992) point out that standardization and
integration facilitate communications and better coordination. Data standards eliminate
the burden of reconciling or translating information that is inconsistently defined across
the subunits. Huber (1982), they do away with the potential for translation errors and
ambiguity about a field's true meaning Sheth and Larson (1990).

2) Standardisation and Integration

The process standardization and integration across organizational units makes
administrative activities centralized, like account payable and payroll. This may allow
administrative savings Davenport (1998).

3) Cost of IT
ERP may reduce IS maintenance costs and increase the ability to deploy new IS
functionality. Ross (1998). Standardization of the IS across subunits create economies of
scale in development and maintenance whether these are done in-house or are outsourced
by using packaged software.

4) Best Business Practices

ERP is instrumental in moving a firm away from inefficient business processes and
toward accepted best practice business process. Cooke and Peterson (1998). Based on the
survey conducted by Benchmarking Partners Inc. for Deloitte Consulting in 1998,
tangible and intangible beriefits realized from ERP system are displayed in table no .

Based on the survey conducted by Benchmarking Partners Inc. for Deloitte Consulting in
1998, tangible and intangible beriefits realized from ERP system are displayed in table.

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 TANGIBLE BENEFITS

Inventory reduction

Personnel reductions

Productivity improvements

Order management improvement

Financial close cycle reduction

IT cost reduction

Procurement cost reductions

Cash management improvement

Revenue/profit increases

Transportation/ logistics cost reductions

Further, the types of benefits arising from ERP systems use can be classified as
operational, strategic, managerial, organizational, and IT infrastructure benefits at different
times during the ERP experience according to (Shang and Seddon 2000). Their proposed ERP
benefits framework can be shown in Table.

Dimensions Sub Dimensions

1. Operational 1.1 Cost reduction

1.2 Customer services improvement
1.3 Cycle time reduction
1.4 Productivity improvement
1.5 Quality improvement
2. Strategic 2.1 Build business innovations

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 2.2 Build cost leadership
2.3 Build external linkages
2.4 Generate product differentiation
2.5 Support business growth
3. Managerial 3.1 Better resource management
3.2 Improved decision making and planning
3.3 Performance improvement
4. Organizational 4.1 Build common visions
4.2 Empowerment
4.3 Empowerment
4.4 Facilities Business learning
5. IT Infrastructure 5.1 Build business flexibility for current and future
changes
5.2 Increased IT infrastructure capability
5.3 IT costs reduction

ERP RELATED RESEARCH IN INDIA

Indian industry seen to be catching up ERP bandwagon, Post 2000 many large cap
companies started installing ERP systems. Today it is wide spread and has reach to SME's. In
the past though not much research has been done in India, researcher was able to find few
research papers by Indian authors. Most research has taken place about factors responsible for
implementation related to success and failure of ERP. Few available papers are discussed
below. In a research regarding issues and challenges faced by Indian SME's in
implementation of ERP by Kale P.T., Banwait S.S. (2007) they stated that Indian SME's
awareness level about ERP system is low and need to improve. SME's also find is difficult to
raise finance for ERP implementation and there is a need to reduce the cost of ERP. SME's do
need advice regarding choosing appropriate ERP and the concerned modules in the available
resources.

In another paper 'ERP applications in India: An overview" N. Venkateswaran, Dr. V.

Mahalakshmi, (2009) published in IJEIMS researcher has studied the use of ERP systems as
enablers for business intelligence and planning functionality in supply chains. In this paper

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they have provided an overview of ERP research and its development and implementation in
India. The paper describes the current market, challenges and future trends for ERP software
in India. Cases are provided where ERP implementations have been used to enhance supply
chain management of major companies. One of the (not unexpected) findings is that not only
analytical data concepts play an important role in successful ERP implementations in India
but also cultural and language aspects. They also found that during implementation most
companies are looking for consulting assistance with ERP system vendors themselves
becoming the most popular consultants during the implementation. Nevertheless, some
consulting companies with special experience have a considerable growth share. For the
selection of appropriate consulting companies, price seems not the main influencing factor,
but reputation and practical experience. Despite all the advances, there is still a considerable
way to go for India regarding ERP implementation, and for improving their operational as
well as their management level. In an another exhaustive study of more than 150 SME's by
(Parijat Upadhyay, Pranab k Dan, 2009) in Kolkata region they found that ERP Investments
has been top IT spending priorities for SME's off late. Any information system
implementation is a complex task and hence complex ERP environments present several
challenges. Most business organizations which are SME in nature have complex ERP
environments consisting of customized packages from multiple vendors, as well as an array
of internally developed software that must integrate with the packages.

And there is also a perpetual gap between package functionality and business needs.
Companies address the gap by customizing the software, building extensions, or buying
specialized, best of- breed packages. These remedies limit flexibility as business needs evolve
and increase implementation and integration costs — Customization and integration comprise
about a third of the cost of the initial implementation. Customization is 49 compounded by an
unwillingness to change business processes. Alignment of business processes to ERP
software, rather than modifying the software, has proven to be a success factor for many
implementations. At least as many, however, took advantage of vendor-provided tools to
adapt the software to the nuances of their business. This often raised implementation and
support costs well beyond the business value of the software changes.ERP environments are
costly to maintain. Companies spend between 20% and 33% of their implementation costs
every year on maintaining the systems. Escalating vendor maintenance fees along with
mandatory upgrades contribute to higher costs of ownership. Customization increases
ownership costs, as the applications become more difficult to upgrade. The findings do holds

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significance for any organization in the small and medium scale sector, which wishes to
leverage the benefits of integration of business processes by implementing an ERP system in
their organization. Literature shows many instances of ERP implementation which failed to
deliver the business returns and in some cases the entire project implementation cost has been
a sunk cost for the organization getting no return on their investment. This outcome is much
more acute in case of SME because of their inherent peculiarities. Study of critical success
factors for successful ERP implementation in Indian SME's as as studies by L. Ganesh, Arpita
Mehta, (2010) also states that most critical success factor for the successful ERP
implementation at Indian SMEs is clear business plan and vision followed by top
management commitment and support. SMEs moving towards ERP systems need to adopt a
proactive approach towards ERP and consider it as a business solution rather than a mere IT
solution. This paper argues that ERP implementation in Indian SMEs should extend its scope
beyond the configuration to the strategic, managerial, technical and organizational issues by
considering these thirty critical success factors for successful ERP implementation at Indian
SMEs that may put Indian SMEs on the competitive position.

implementation at Indian SMEs that may put Indian SMEs on the competitive position.

TALLY ERP SOFTWARE

Tally provided by Tally Solutions Pvt. Ltd which is an Indian MNC. Tally provides single
user & multi user licenses depending on the size of business. Tally is an accounting software
used for completing various accounting tasks quickly with perfection including reliable for
inventory management & Payroll management.

Tally is powerful accounting software, which is driven by a technology called concurrent

multi-lingual accelerated technology engine. It is easy to use software and is designed to
simply complex day to day activities associated in an enterprise. Tally provides
comprehensive solution around accounting principles, inventory and data integrity. Tally also
has feature encompassing global business. Tally software comes with easy to use interface
thus making it operationally simple.

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Tally accounting software provides a solution around inventory management, stock
management, invoicing, purchase order management, discounting, stock valuation
methodology, etc.

Tally accounting software also comes with drill down options, which can track every detail of
transaction. It helps in maintaining simple classification of accounts, general ledger, accounts
receivable and payable, bank reconciliation, etc.

The technology employed by tally makes data reliable and secure. Tally software supports all
the major types of file transfer protocols. This helps in connecting files across multiple office
locations.

Tally accounting software is capable of undertaking financial analysis and financial

management. It provides information around receivables turnover, cash flow statement,
activity consolidation and even branch accounting.

Tally accounting software is east to set up and simple to use. A single connection can support
multiple users. It can be easily used in conjunction with the Internet making possible to
publish global financial reports..

BENEFITS OF TALLY ACCOUNTING SOFTWARE

 Any business owner understands the importance of maintaining proper books of

account. This practice ensures that finance for the company is always in order and are
correct at all given points of time. Company should always be aware of its financial
positions.
 Earlier, most of the businesses were employing manual practice in maintaining books
of account. However, with the advent of modern information technology, this task can
be performed by accounting software. Tally is one such all powerful accounting
software.
 Tally accounting software provides a solution to all the problems real businesses have
to encounter. Single software takes care of all tasks required for enterprise
management. Accounting task such as records keeping, accounts receivable and
payable management and bank reconciliation are made simple through tally.

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  Financial management is also made simpler under Tally software. The software
allows management of finances across multiple locations can handle multiple
currency transactions, manage cash flow and interest payment.
 Thus, Tally software is flexible, reliable, secure, easy to use and affordable.

FEATURES OF ERP SOFTWARE

Purchase and sales processing :

ERP software helps in increasing the process efficiency by streamlining the order
management system right from order-to-Invoice-to-cash. Also, with complete tracking
ability, ERP software simplifies the procurements process of stock and other supplies.

Purchase and sales processing is a crucial process for any business, ERP software being
flexible is important. This because order processing differs from business to business.
Sometimes, the same organisation may follow a different process at different times, for
different products and parties or different cycle for purchases and sales.

There are ERP or accounting software’s that are designed to be free from the rigid process
and allows you to handle sales and purchase process the way you want, without having to
change the way you use to conduct your business.

Inventory Management :

Efficient inventory management is key for success of any business. The better you manage it,
the better the business results. Just like Cash flow, it can make or break your business. Here is
why ERP software plays a key role.

By automating the inventory management process, ERP software helps you manage optimum
inventory levels. Its built-in reporting system helps you to forecast stock movements and
know the insights on the stock trends, gaps, low-yielding products etc. Here, ERP software
should be one that provides on-time accurate and actionable information that is crucial for
decision making.

Cost Control And Analysis :

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Just like a small leak will sink a great a ship, even the little expenses when you put together
has the potential to impact your business in several ways. ERP software helps you track the
cost incurred at different projects, units, departments etc. and allows you to set the budget
using which one can track variances. The insights from ERP software helps you cut down the
cost of unprofitable areas and ones that need to be optimized.

Insightful Reports :
The larger your business grows, you start to seek more business information like profitable
products, fast-moving products, ageing of the stock that is lying in the warehouse, ways/areas
to optimise the cost etc.

It becomes even harder to ensure that information is shared, and different functions work
together effectively. Here is why reports of ERP software is a focuses area.

By integrating all functions and process in a single system, ERP software provides complete
information that helps you and your team to take the right decision. By automating the report
generation, ERP software eliminates the time needed to manually collect data, reconcile it
and then putting into a readable format.

Access To Data On The Go :

With the evolution of technology, the need to access the business data outside the business
premises has accelerated. Keeping the growing needs, most of the ERP software's are
designed with powerful net capabilities that allow you to access the data remotely including
the crucial information on mobile.

While on the go access provides greater convenience, you cannot afford to miss on the data
security. This is one of the crucial factors that need to be considered for accessing the data
online.

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RESEARCH METHODOLOGY

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Research may be very broadly defined as systematic gathering of data and information and its
analysis for advancement of knowledge in any subject. Research attempts to find answer
intellectual and practical questions through application of systematic methods. Webster’s
Collegiate Dictionary defines research as "studious inquiry or examination; esp: investigation
or experimentation aimed at the discovery and interpretation of facts, revision of accepted
theories or laws in the light of new facts, or practical application of such new or revised
theories or laws". Some people consider research as a movement, a movement from the
known to the unknown. It is actually a voyage of discovery. We all possess the vital instinct
of inquisitiveness for, when the unknown confronts us, we wonder and our inquisitiveness
makes us probe and attain full and fuller understanding of the unknown. This inquisitiveness
is the mother of all knowledge and the method, which man employs for obtaining the
knowledge of whatever the unknown, can be termed as research. Research is an academic
activity and as such the term should be used in a technical sense. According to Clifford
Woody research comprises defining and redefining problems, formulating hypothesis or
suggested solutions; collecting, organizing and evaluating data; making deductions and
reaching conclusions; and at last carefully testing the conclusions to determine whether they
fit the formulating hypothesis. D. Steiner and M. Stephenson in the Encyclopedia of Social
Sciences define research as “the manipulation of things, concepts or symbols for the purpose
of generalizing to extend, correct or verify knowledge, whether that knowledge aids in
construction of theory or in the practice of an art.” Research is, thus, an original contribution
to the existing stock of knowledge making for its advancement. It is the pursuit of truth with
the help of study, observation, comparison and experiment. In short, the search for knowledge
through objective and systematic method of finding solution to a problem is research. The
systematic approach concerning generalization and the formulation of a theory is also
research. As such the term ‘research’ refers to the systematic method consisting of
enunciating the problem, formulating a hypothesis, collecting the facts or data, analyzing the
facts and reaching certain conclusions either in the form of solutions(s) towards the
concerned problem or in certain generalizations for some theoretical formulation.

Primary Sources: Primary sources provide a first-hand account of an event or time period
and are considered to be authoritative. They represent original thinking, reports on
discoveries or events, or they can share new information. Often these sources are created at
the time the events occurred but they can also include sources that are created later. They are
usually the first formal appearance of original research.

Examples of primary resources include:

 diaries, correspondence, ships' logs

 original documents e.g. birth certificates, trial transcripts
 biographies, autobiographies, manuscripts
 interviews, speeches, oral histories
 case law, legislation, regulations, constitutions
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  government documents, statistical data, research reports
 a journal article reporting NEW research or findings
 creative art works, literature
 newspaper advertisements and reportage and editorial/opinion pieces

How I collect Primary Source of my report on the topic “Accounting Practices In Tally ERP
Software” :

1. Directly involve
2. Face to face conversation with the staff

Secondary Sources: Secondary sources offer an analysis, interpretation or a restatement

of primary sources and are considered to be persuasive. They often involve generalisation,
synthesis, interpretation, commentary or evaluation in an attempt to convince the reader of
the creator's argument. They often attempt to describe or explain primary sources.

Examples of secondary sources include:

 journal articles that comment on or analyse research

 textbooks
 dictionaries and encyclopaedias
 books that interpret, analyse
 political commentary
 biographies
 dissertations
 newspaper editorial/opinion pieces
 criticism of literature, art works or music

How I collect Secondary Source on the Report:

 Company Vouchers & Documents

 Internet
 Website of A.C. Unicoaters

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Primary and secondary categories are often not fixed and depend on the study or research you
are undertaking. For example, newspaper editorial/opinion pieces can be both primary and
secondary. If exploring how an event affected people at a certain time, this type of source
would be considered a primary source. If exploring the event, then the opinion piece would
be responding to the event and therefore is considered to be a secondary source.

Apart from this the manager also told us important things that we learnt from internship
which are need for the employee of the organization such as

 He told that an internship is an opportunity to test drive a career without making any
serious commitments. It provides us with experiences, lessons, and the tools we’ll
need to get a full-time gig in the future. It is often a great choice because it gives us a
feel for work without being thrown into the deep end straight away. This provides us
with the opportunity to grow and learn before fully entering the working world.
 He told that working in a professional setting for the first time can be difficult to get
used to. But it is the best way to learn how to navigate the working world through
real-life, hands-on experience. One of the most valuable skill we will gain from an
internship is the ability to speak with people in a professional setting. Discussions
with bosses or coworkers are different from discussions with lecturers or fellow
students.
 He told to always work hard even if the task is small and seems unimportant. It will
help us to build a good work ethic, and people will notice the effort we put in. It’s not
nice being told what to do all the time, but the superiors (mostly) know better.

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Data Reduction, Presentation &
Analysis

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Description of process followed to accomplished the assigned task in the organization:

 Tally Entries
Following process are followed for accomplishment this task-
 Firstly, we review all records of vouchers, carefully, that no any vouchers had any
queries related to adjustments.
 Then, we make a separate folder for that work.
 Then, we create a company in Tally software by that company name started doing
entries.
 Receipts and payment entries are posted carefully as it carries some contra entries
also.
 Then after completing entries posting recheck the data by Balance Sheet, Trial
Balances.
 Any queries related to this work communicated to our external mentor.

 Auditing
These steps were followed by us in auditing-
 Build an audit strategy
 Verify that all outgoing checks were properly signed, accounted for and posted to the
correct accounts.
 Ensure that all deposits were properly posted.
 Review all financial statements.
 Ensure compliance with all state and federal requirements.
 Review all treasurers’ reports.
 Complete the financial review worksheet.
 Suggest improvements to internal controls.
 Determine your audit opinion.

WORK PROFILE

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In this internship I worked as a junior assistant in the organization for 8 weeks. A junior
assistant holds a low-ranking position in an organization. The work of Junior assistant in the
organization is to maintain transactions related to the erp software.

Different task that I performed during my internship:

 Company creation
 Vouching and preparing Vouchers such as PURCHASE, SALE, ETC
 Voucher entry
 Preparing data in Excel Sheet
 Intangible Assets
 Prepare Trial Balance
 Preparing balance sheet
 Profit and Loss account
 Theoretical learning and practical of GST
 Audit

Software used during internship:

 MS Office
 MS Excel
 Tally ERP Software

WORK DONE DURING TRAINING PERIOD

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Accounting Practices in A.C.Unicoaters
A.C. Unicoaters is one of the 100% export-oriented leather manufacturing industry in India.
The company uses TallyPrime to maintain store & manage all accounting information’s. In
this part of this report I have discussed about the Tally software & explain how A.C.
Unicaoters uses the software along the way.
Accounting Software (Tally ERP9):
Tally is one of the integrated business management software. Tally ERP 9 is user friendly
software. It is packed with all the features that required for regular business operations.

Features of Tally Software:

1. Simplicity: It is easy to setup and use. It requires general knowledge of Accounts and
English to use of Tally.
2. Flexible Inventory Management: The software allows integration of accounting and
inventory information. For multiple product lines, unlimited groups, categories,
batches can be defined. To monitor the inventory continuously, tally facilitates the
same by providing you with analysis report. Stock movement can be tracked and item
wise profit can be seen through tally.
3. Easy to Share: No internet is needed to access accounts. Software has a build
security
levels data can be remotely accessed without any worry.
4. Bank Reconciliation: Bank Reconciliation is another feature of Tally. ERP9.
5. Remote Access: Tally. ERP 9 provides remote access from any place and anytime.
6. Technical support: Timely support provide by Tally Service Partners.
7. Accounting while not Codes: Tally. ERP 9 permits accounting with the regular
names
with none account codes.
8. Multi-lingual capability: Tally. ERP 9 allows to user multi language such as Indian
language, Arabic, English etc.
9. Scalability: Its capable to any kind of business desires and eliminates the need for a
business to alter its kind of operation, so as to adapt to the appliance.

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How to use Tally Software
For the use of Tally, following steps must be followed:
1. Create a company
2. Enable GST features
3. Ledger creation

COMPANY CREATION

1. Go to Gateway of Tally > Alt + F3 > Create Company

2. Enter the basic information, i.e., name, mailing name and address of the company,
currency symbol etc.
3. In the ‘maintain field’, select Accounts Only or Accounts with Inventory as per the
company requirements.
4. In the Financial Year from, the first day of the current financial year will be
displayed
by default, which can be changed as per requirement.
5. Enter the Tally Vault Password if required.
6. Press Enter to accept and save.

Fig4.1

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LEDGER CREATION

After creating a company and activating GST features, we need to create ledgers that will
enable you to pass accounting entries in Tally.

Here are the following steps:

 Go to Gateway of Tally > Accounts Info > Ledgers > Create

 Enter the Name for the ledger want to create such as purchase, sales, receive etc.
 Select the appropriate group to which such ledger belongs for example state tax under
duties and taxes group.
 Enter the other related information required and press Y or Enter to accept and save.

STEP 1: Go to Accounts info.

Fig.4.2

30
STEP 2: Select Ledger

Fig.4.3

TYPES OF LEDGER:

 BANK LEDGER – A ledger balance is computed by a bank at the end of each

business day and includes all withdrawals and deposits to calculate the total amount
of money in a bank account.

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 Fig.4.4
 PURCHASE LEDGER – A purchase ledger is a record of a company’s purchase of
goods and services showing the amounts that have been paid and remain to be paid.

Fig.4.5

 SALES LEDGER – The sales ledger is an account for every customer of a business
and records the money received for products or services, plus what is still owed.

Fig.4.6
 SUNDRY DEBTORS – A person who receives goods or services from a business in
credit or does not make the payment immediately and is liable to pay the business in
the future is called sundry debtor.

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 Fig.4.7

 FIXED ASSETS – Fixed assets which are purchased for long-term use and are not
likely to be converted quickly into cash, such as machinery, land, etc.

Fig.4.8
After having done the above 3 steps, we can start entering accounting entries in Tally. For
this, Go to Gateway of Tally >Accounting Vouchers. There are many accountings Vouchers
in Tally such as Payment, Receipt, Contra, Sales, Purchase, etc. Choose the relevant Voucher
and start passing the accounting entries.

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VOUCHERS
A voucher is a document used by a company’s account payable department to gather and file
all of the supporting documents needed to approve the payment of a liability. Governments
may also issue vouchers redeemable for various programs such as for school choice, housing,
or social welfare initiatives.

A voucher may also refer to a document, such as a coupon or ticket, that is redeemable for
some good or service. This is prominent in the hospitality industry. For instance, airlines,
hotels, and restaurants may issue vouchers that can be exchanged from rooms, flights, or
fares.

KEY TAKEAWAYS

 A voucher is a document used by a company’s accounts payable department

containing the supporting documents for an invoice.
 A voucher is essentially the backup documents for accounts payable, which are bills
owed by companies to vendors and suppliers.
 Documents in a voucher can include the supplier's invoice, amount owed, due date,
general ledger accounts, and shipping receipts.
 All of the amounts of outstanding vouchers owed are totaled, and the one lump sum is
recorded as accounts payable on the balance sheet.
 Vouchers are also used by governments and private businesses, which are then
redeemable for various goods or services.
TYPES OF VOUCHERS:

 Journal Vouchers – Journal vouchers are used to adjust the debit and credit amounts
without involving the cash or bank accounts. Hence, they are referred to as adjustment
entries.
 Creating a Journal Entry:-
Journal entries are usually used for finalization of accounts. To pass a Journal
voucher-
Go to Gateway of Tally > Accounting Vouchers
Click on F7 : Journal on the Button Bar or press F7
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Fig.4.9

35
Data Interpretation

36
ALLOWING CASH ACCOUNTS IN JOURNAL:

Journals are adjustment entries, which do not involve Cash account and Bank account.
However, in exceptional cases where the user would like to account. Journal entries involving
Cash/Bank Account, Tally.ERP 9 has the flexibility of passing such entries by enabling the
option under F12 configuration.
To enable Cash Accounts in Journal voucher,
Set Allow Cash Accounts in journals to yes in F12: Configure (Voucher Entry Configuration).

To pass a Journal voucher with Cash/Bank Ledger:

1. Go to Gateway of Tally > Accounting Vouchers > Select F7: Journal
2. Press the spacebar at the Debit or Credit field

Fig.4.10

37
DEBIT NOTE ENTRY

Debit note is a document issued to a party stating you are debiting their account in your
Books of Accounts for the stated reason or vice versa. It is commonly used in case of
Purchase Return, Escalation/Descalation in price, any other expenses incurred by you on
behalf of the party etc.
Debit note can be entered in voucher or Invoice mode.
We need to enable the feature in F11: Accounting or Inventory features.
 To use it in Voucher mode we need to enable the feature in F11:
Accounting Features-Use Debit/Credit Notes
 To make the entry in Invoice mode enable the option F11:
Accounting Features-Use Invoice mode for Debit Note
To go to Debit Entry Screen,
 Go to Gateway of Tally > Accounting Vouchers
 Click on Ctrl+F9, Debit note on the Bottom Bar or press Ctrl+F9, We can
toggle between voucher and invoice mode by clicking Ctrl+V. Passed an entry
for the goods purchased returnd to Supplier A.

Fig.4.11

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CREDIT NOTE ENTRY

Credit Note is a document issued to a party stating that you are crediting their Account in
your Books of Accounts for the stated reason or vice versa. It is commonly used in case of
Sale Return.
A credit note can be entered in voucher or invoice mode.
We need to enable the features in F11:
 Accounting Features-Use Debit/Credit Notes
To make the entry in Invoice Mode enable the option F11:
 Accounting Features- Use invoice mode for debit notes
To go to Credit Note Entry Screen:
Got to Gateway of Tally > Accounting Vouchers
 Click on Ctrl+F8, Credit Note on the Bottom Bar or press Ctrl+F8. We can
toggle between voucher and invoice mode by clicking Ctrl+V. Pass and entry
for goods sold returned from customer A.

Fig.4.12

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TRIAL BALANCE

Trial Balance: Trial Balance is a list of closing balances of ledger accounts on a certain date
and is the first step towards the preparation of financial statements. It is usually prepared at
the end of an accounting period to assist in the drafting of financial statements. Asset and
expense accounts on the debit side of the trial balance & liabilities, capital and income
accounts on the credit side. Debit & Credit side should be equal balance.

Go to Gateway of Tally>Display> Trial Balance

Fig.4.13

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BALANCE SHEET

A balance sheet is a statement of the financial position of a business. which

included the assets, liabilities and owner's equity at a specific time.

Go to Gateway of Tally>Balance sheet

Fig.4.14

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PROFIT & LOSS ACCOUNT

It’s a financial statement that are showing the value of summarizes

the revenues, costs and expenses that was incurred during a specified period.

Go to Gateway of Tally>Profit & Loss A/C

Fig.4.15

42
Summary & Conclusion

43
 Result & Finding
 Through my internship at A.C. Unicoaters, I got to learn a lot about corporate
environment & practical knowledge of work. This is my great opportunity to work
with A.C. Unicoaters accounts department, the accounts and finance department is
well set-up. The company uses Tally software and MS –EXCEL.

 There is no racism on the basis of any caste, creed, color or gender. Everyone is
treated same thus making it easy to coordinate with each other and share views and
ideas with each other. The mentors as well as the colleagues are always ready to sort
out any problem that the interns could not resolve on their own.

 Everyone is disciplined and dedicated towards their job, thus provides motivation to
do our jobs perfectly and to learn and grab as much as we can. The perfect
competitive environment always motivates us to excel in our job responsibility and to
perform better than we are performing.

 The working environment is lenient in the organization. Neither the employees

overburdened by the given work. Neither they nor the proprietor force them to work
for extra time. All the works are completed by the employees in the provided time
work.

 The employees are always energetic and ready to do work, they don’t waste their
time. They always strive for excellence with effectiveness and efficiency in their
work. Even if the proprietor is not the office they don’t skip work hours.

The proprietor is really good at customer handling, he is always too humble towards the
clients even though if the clients are in bad mood or tempered, he never loses his temper and
handles them greet fully. He never abuses his employees even if they silly mistakes.

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 Limitation of Study
There were some limitations of the report otherwise overall report is informative. The main
limtitation of this study is its overall collection of information because many crucial and
relevant information were not disclosed due to them being subjected to confidentiality. This
study has been constructed with all the available information which was possible to be
disclosed by the employers to the respected intern. Accounts &Finance department activities
are so vast, so it’s
not possible to include all information within short time of internship period.

I have tried my best to enhance my abilities and apply the knowledge that I gained during the
studies. On my first day at company, the company incharge gave us training session about
Tally ERP Software that what is Tally ERP Software , its features, objectives and how to
perform entries in the software. He took one week theoretical classes of intern in which he
firstly told us how to create company , how to prepare ledger, vouchers, accounting practices
definition. He also took two days classes for GST, he explain us about GST in brief and he
also share ppt related to tally erp software. He also shared his practical experience with us
and gave us some techniques of this process. He also guided me that how to prepare GST
return.


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 SUGGESTIONS
Though the organization is really good at everything and everything is well maintained and
managed. But still there are some chances of improvement whether it is a human being or any
organization till there are improvements and chances to develop and grow, the organization
must improve itself at it best. In my opinion some of the suggestions are:

 They have good opportunity to introduce the ISO standards training program which
no other firm is given to customer.
 Try to adopt new technologies that their competitors are not using.
 Make a network that allows its customers to negotiate with them easily.
 In comparison with their competitors, A.C. Unicoaters Pvt Ltd. has an edge in making
accurate and error free report.
 The local economy continues to be strong and we believe our typical clients will
continue to flourish.
 The company has mostly professional educated human customers, which are the
biggest threat for their competitors.
 A.C. Unicoaters strongly needs to improve its network firms so as to be counted
among one of the extensively know firm. The partner needs to make the best use of
their goodwill to bring more clientage and reputation to firm.

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 CONCLUSION
 A.C. Unicoaters Pvt Ltd is a leading export-oriented leather manufacturing industry,
is specialized in rexine products. I have opportunity to work with accounts department
of A.C. Unicoaters. I have presented the internship report as a temporary employee of
the company.
 A.C. Unicoaters is overall one of the profit making and reputed firm of India. The
organization since its very first day is devoted to providing quality services. The
detailed and through review of work and clients’ trust shows the perfection with
which it is working.

 I got to know accounting practices carried out in leather making company with
accounting software Tally.ERP9. Finally, I believe that my academic knowledge will
be valuable to great extent for my career as I have been able to relate my knowledge
with the real environment.

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 BIBLIOGRAPHY

 https://www.tofler.in
 https://www.thecompanycheck.com
 https://www.tallysolutions.com

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