College of Management and Accountancy

Business Practicum


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Acknowledgement
This internship has been a real headache. Fortunately it was eased by the very kind and
generous people who helped me surpass this 320 hour internship. Without these people I may
not have survived this part of my study. They helped and thought me to apply all the things that I
learned in school. To these following person I give you my highest gratitude.
First of all to our Mighty God and creator, who gives me all the strenght and knowledge
that I use in everyday of my internship. I would also like commmend my mentor and my first
boss, Mr. Gilbert J. Mactal the owner and managing CPA of Synergy Audit and Tax Services. I
would like to thank him for seeing the pontetial not only in me but also to my co-trainees from
Araullo University by giving us works that will enable us to use our knowledge in Account. I also
want thank the staff of Synergy Audit and Tax Services. Sir Bryan for always being there to help
me whenever I dont know what to do. To Sir Francis Tabajonda for teaching me how to fill out
ITRs. To Ms. Jenna and Ms. May for always guiding me when Im doing some encoding. To Ms.
Casey M. Ramos for making sure that Im not wasting my time in the office. Lastly to Mrs. Gerlie
M. Ramos for making my break times happy and not boring.
A special thanks to our practicum coordinator, Mr. Ronald S. Leabres for diligently
guiding us in this worthwhile endeavor. Most especially, my sincerest gratitude to my parent for
supporting me in this activity. Indeed, this initial experience of success opens a greater avenue
for me to step up toward greater victories I am yet to gain in the future.
To all my co-trainees, thank you for always being there for me through all the hard tasks
that we accomplished. May this experience lead us to a bright future.
This internship will not be possible without your help.

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Business Practicum


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CHAPTER ONE












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Business Practicum


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Company Profiles

History

SYNERGY Audit and Tax Advisors that was formerly SFAS Accounting Office is an
established accounting firm that provides services in any business establishments prior and
during their business operations. It is an all-Filipino company based in Cabanatuan City that
was organized on July 3, 2003 and subsequently registered with the Department of Trade and
Industry as a sole proprietor under Gilbert J. Mactal as the Managing CPA. Has been
received Certificate of Accreditation (BOA accreditation number 3021) with the Board of
Accountancy/Philippine Regulation Commission (BOA/PRC) as Sole Practitioner in accordance
with the provision of Section 31 of Republic Act No. 9298 otherwise known as the Philippine
Accountancy Act of 2004. Also has been accredited as Tax Practitioner (BIR Accreditation
Number 04-004232-1-2007 ) , to act for and in behalf of taxpayers and/or to appear and
transact official business before the Bureau of Internal Revenue (BIR) pursuant to the provisions
of Section 6 (G) of the National Internal Revenue Code of 1997. At present it has an application
for accreditation as external auditor with the Securities and Exchange Commission (SEC).
Vision

To become one of the pillars in the accounting/auditing industry in the region, to be
socially conscious and active with separate tax, audit, bookkeeping and consultancy
departments in order to serve the business community and the nation with excellence and
independence in all aspects of services of Accounting Office can be offered.
College of Management and Accountancy
Business Practicum


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Managing
CPA
Audit and
Tax staff
Audit and
Tax staff
Audit and
Tax staff
Secretary
Mission

A partner of the business enterprise- Single proprietorship, Partnership and Corporation
in accounting, bookkeeping, auditing, reviewing and projecting, budgeting ,financial reports,
governments compliance and other requirements with regards to government regulations and
company(ies) stability without being too burdened of its cost.

Organizational Structure








Managing
CPA
- Obtain and maintain relationship with clients and attend clients meetings.
- Have final say on accounting and auditing issues and assume the overall responsibility
for each engagement.
- Sign the reports and approve the billing for fees.

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Business Practicum


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Audit and Tax staff
- Perform detailed audit work, preparation of financial statements, and income tax returns.
Secretary
- Accept phone calls and clients payment, and maintain records.
- Receiving the tax returns to the BIR and paying these to the banks.
SYNERGY Audit and Tax Advisors offers the following services

TAX PREPARATION & CONSULTATION

Register business with the BIR.
Register and maintain Books of Accounts of the business.
Withhold taxes on compensation of employees and on payments subject to final and
expanded withholding tax and remit the correct tax as withheld.
File the necessary returns and pay corresponding correct taxes promptly at the
time/s required by law.
Securing an authority to print receipts/invoices (ATP), permit to use Cash Register,
POS machines and other similar devices (if any)
Data encoding for BIR requirements.
Assist and help taxpayer in any audit or investigation necessary to determine any
delinquent or unpaid tax liabilities.
Be available for consultation with directors, officers and staff.

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Business Practicum


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BOOKKEEPING AND AUDITING

Installation/revision of accounting system and procedures using computerized and/or
manual accounting system.
Monthly, quarterly and yearly audit of the books of accounts in accordance with the
Philippines Standards on Auditing.

BUSINESS PERMITS AND OTHER SERVICES

Securing business name with the Department of Trade and Industry.
Registration of corporations and partnerships at the SEC.
Reportorial requirements of corporations registered with the SEC i.e. hard
copies/diskette of General Information Sheet (GIS) and Audited Financial Statements
(AFS).
Securing business/municipal permit and license to operate a business in city and/or
municipality.
SSS, Philhealth and Pag-Ibig monthly remittance and quarterly reporting.

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Business Practicum


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CHAPTER TWO:

Weekly Tasks Report Compilation












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Business Practicum


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WEEKLY TASK REPORT


Student Name:
PATRICK JAY M.
CLAMONTE
Period Covered: APRIL 1-4
Course &
Section:
4BSA-1 Partner Company:
SYNERGY: AUDIT AND
TAX ADVISORS

DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
Tuesday

- Familiarization of different jobs in the
office.
- Making and checking a summary of 2307
Quarterly payment or tax credit of taxes if
the amount is correctly encoded in ITR,
financial statements and in tax schedule.

8
Wdnesday

- Making and checking a summary of 2307
Quarterly payment or tax credit of taxes
- Filling out BIR for 1701

5.5
Thursday

- Making and checking a summary of 2307
, 1701, 1601

5.5
Friday

- Filling out BIR for 1701
-

8
Total Number of Hours 27

Noted by:


[Supervisor]



WEEKLY TASK REPORT
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Business Practicum


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Student Name:
PATRICK JAY M.
CLAMONTE
Period Covered: APRIL 7-12
Course &
Section:
4BSA-1 Partner Company:
SYNERGY: AUDIT AND
TAX ADVISORS

DAYS SUMMARY OF WORK, DUTIES & RESPONSIBILITIES
NO. OF
HOURS
RENDERED
Monday

- Preparation of BIR form 1701
- Payment of taxes to Land Bank
8
Tuesday

- Encoding od daily revenue recepts for Greenland
Leisure Suites
- Submission of duly accomplished and paid ITRs to
BIR

8
Wednesday
- Preparation of BIR form 1701
- Summarizing form 2307
- Organizing finacial statements


8
Thursday

- Making and checking a summary of 2307 , 1701,
1601
- Review of Notes to FS
- Preparation of income tax return of various
individuals/corporation/ association

8
Friday

- Preparation of audited financial statements
4
Saturday - Summarizing BIR form 2307 5.5



Total Number of Hours 41.5

Noted by:


[Supervisor]


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Business Practicum


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WEEKLY TASK REPORT


Student Name:
PATRICK JAY M.
CLAMONTE
Period Covered: APRIL 14-16
Course &
Section:
4BSA-1 Partner Company:
SYNERGY: AUDIT AND
TAX ADVISORS

DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
Monday

- Preparation of income tax return of
various individuals/corporation/
association

8
Tuesday

- Preparation of income tax return of
various individuals/corporation/
association

8
Wednesday

- Recalculation of 2307s

8
Total Number of Hours 24

Noted by:


[Supervisor]








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Business Practicum


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WEEKLY TASK REPORT


Student Name:
PATRICK JAY M.
CLAMONTE
Period Covered: APRIL 21-25
Course &
Section:
4BSA-1 Partner Company:
SYNERGY: AUDIT AND
TAX ADVISORS

DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
Monday

- Encoding of sales invoice of Greenland
Leisure suites
- Payment of Monthly and Quarterly Taxes
8
Tuesday


- Encoding of the sales invoice of Banzcore
Company
- Submission of papers to BIR


8
Wednesday


- Encoding of the sales invoice of Banzcore
Company
- Delivered papers to clients
- Prepare FS that is to be Submitted to
SEC
8
Thursday


- Submitted Financial Statements to SEC

8
Friday


- Submitted Transmital CDs to BIR
Talavera Branch

8
Total Number of Hours 40

Noted by:


[Supervisor]

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Business Practicum


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WEEKLY TASK REPORT


Student Name:
PATRICK JAY M.
CLAMONTE
Period Covered: APRIL 28-MAY 2
Course &
Section:
4BSA-1 Partner Company:
SYNERGY: AUDIT AND
TAX ADVISORS

DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
Monday

- Made payment of taxes to Bank of the
Philippine Island

8
Tuesday


- Preparation of Financial Statements that
are to be submitted to SEC
- Preparation of the new sworn statement
form

8
Wednesday

- Submitted Financial Statements to SEC

8
Thursday

- Encoding of adjusting entries, closing
entries and opening balances for different
Mercury Drug Branches

8
Friday

- Sir Mactal is not around

8
Total Number of Hours 40

Noted by:


[Supervisor]




College of Management and Accountancy
Business Practicum


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WEEKLY TASK REPORT


Student Name:
PATRICK JAY M.
CLAMONTE
Period Covered: MAY 5-10
Course &
Section:
4BSA-1 Partner Company:
SYNERGY: AUDIT AND
TAX ADVISORS

DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
Monday

- Encoding of adjusting entries, closing
entries and opening balances for different
Mercury Drug Branches

4.5
Tuesday

- Recalculation of Summarized 2307s

8
Wednesday

- Paid BIR form 0605 to BPI

8
Thursday

- Checked files for printing

8
Friday

- Delivered papers to Greenland Leisure
Suites

8
Saturday
- Preparation of Financial Staements for
Bank Loan
- Error finding and Correction of a financial
Statement
8
Total Number of Hours 44.5

Noted by:


[Supervisor]




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Business Practicum


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WEEKLY TASK REPORT


Student Name:
PATRICK JAY M.
CLAMONTE
Period Covered: MAY 12-17
Course &
Section:
4BSA-1 Partner Company:
SYNERGY: AUDIT AND
TAX ADVISORS

DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
Monday
- Payment of BIR forms, 1601-E and 1601-
C to BPI
- Preparation of Financial Statements for a
Bank Loan
9
Tuesday

- Preparation of Financial Statements for a
Bank Loan
- Encoding of cash disbursements of Our
Lady of Fatima Academy
9
Wednesday

- Check cash disbursement of our Lady of
Fatima Academy.
- Encode Cash Disbursement for the month of
February for Divina Pastora College.
9
Thursday

- Checking of Official Receipts of
Vincentian Catholic Academy from
encoded form
9
Friday

- Checking of Cash disbursement vouchers
of Vincentian Catholic Academy from
encoded form
9
Saturday

- Checking and encoding of Saint John
Nepomoucene Academy Statement of
Accounts and Cash disbursements
4
Total Number of Hours 49

Noted by:


[Supervisor]
College of Management and Accountancy
Business Practicum


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WEEKLY TASK REPORT


Student Name:
PATRICK JAY M.
CLAMONTE
Period Covered: MAY 19-24
Course &
Section:
4BSA-1 Partner Company:
SYNERGY: AUDIT AND
TAX ADVISORS

DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
Monday

- Encode Cash Disbursement of Saint John
Nepomoucene Acadeny from February
to May 2014.

9
Tuesday
- Paid monthly VAT and Percentage Taxes
to Union Bank

9
Wednesday

- Encode Cash Disbursement of Saint
Stephen Academy from April to May
2014.

9
Thursday

- Encode Cash Disbursement of a School
from June to May 2014.

9
Friday

Thanksgiving party

9
Saturday Rest and Goodbye Chat 9
Total Number of Hours 54

Noted by:


[Supervisor]


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Business Practicum


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CHAPTER THREE














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Business Practicum


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Narrative Report
On-the-job training (OJT) is one of the best training methods because it is conducted at
the employees worksite. The students are given a chance to apply theories and computations
that they have learned from the school. It helps the students to acquire relevant knowledge and
skills by performing in the actual work setting.
What have I learned from the experience?
What I learned in this On-the-job training would be a big help as move to the corporate
world. In this training I learned how to apply the theories that I learned at school, especially in
taxation. I learned how to compute taxes in real world and how to prepare income tax returns. I
also learned how to act properly in the corporate world like how to greet your clients and how to
talk to your bosses.
I also learned how to prepare financial statements. Lastly I learned when and how to pay
your taxes.

My experiences with the people around me.
I thought that the atmosphere in the office would always be serious and heavy. That is
what I thought but actually its light and happy. I love this office although it is small it gives us
closeness to each and everyone. Whenever we are tired of our work Tita Gerlie is always there
for us to have a fun chat with. Sir Gilbert is always open for inquiry and some good chat too.
The staffs are very accommodating and helpful. I think this is people are some of best people I
ever met.


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Business Practicum


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The most memorable event during my practicum.
My most memorable event during my practicum is when we went to the Securities and
Exchange Commission in Tarlac. We went to Tarlac 2 times the 24
th
and 30
th
of April. We
brought 12 Financial Statements on our first trip but only 6 were accepted. This is the reason
why we went to Tarlac the 2
nd
time around. Fortunately all 13 financial stamen that we brought
for submission were accepted. Most of all the trip itself was a happy trip.
What I can recommend for the improvement of the Practicum Program?
To improve the practicum I think the school should let the students start the practicum
early. This way student can learn more because late March is the busiest month of the
accounting firms around the country. Students can join their mentors in auditing their clients and
in the preparation of financial statements. Also I think a 320 hour practicum is too much.
My advice to those who will take their practicum in the near future.
To those students that will take their practicum they should always be professionally
competent. They should also learn how to respect your co-workers specially your Boss and
Mentor. Always apply what you learned in school. Be industrious and helpful.









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Business Practicum


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Case Study

Statement of the Problems
There are some problems that I encounter when I was working at Synergy Audit and Tax
Advisors are the following:
They have a store inside the office and sometimes this gives confusion to the files they
have. Files are sometimes misplaced and combined with store files.
Another problem that they have employees that are working students. When the time
comes that these working students graduate they loss some employees and work would be
harder.

Recommendations
For the first problem I would like to recommend that they should just rent another stall for
their store. If that is not possible they should have different shelves for store documents and
auditing documents.
For the second problem the entity should hire graduate professionals to make sure that
they will stay longer in the office. This way they can make sure that their employees are
competent and work will not be obstructed because of leaving employees.



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