The following report is an account of my internship activities in Future Communications Company (FCC) in Kuwait. FCC is one of the leading technology companies in the region. The company specializes in the provision of high-end services concerned with distribution, retail and maintenance of mobile telecommunication devices. The company also provides services and products for enterprise mobility solutions, telecommunication engineering services, as well enterprise mobility solutions. The company utilizes strategic partnerships with other renowned brands in the technology industry to reach all its customers.
Future Communications Company is a group conglomerate. The company has its headquarters in Kuwait and facilitates operations through branches in other countries including Saudi Arabia, Bahrain, Qatar, and United Arab Emirates. Other than the branches, the FCC has a joint venture in KSA. Over the years, FCC Group has had to deal with the challenges that face maintaining the group’s financial records. According to history, the FCC Kuwait faces all the challenges associated with maintaining group accounts. The major problem, in this case, is in terms of preparing consolidated financial records included in the annual company reports. However, the various provisions of the International Financial Reporting Standards help FCC Kuwait accountants to overcome the challenges.
Accounting Cycle of the Company
The accounting cycle refers to the financial process that starts with the collection and recording of business transactions, leading all the way to the preparation of financial statements. The company generates its revenues from the sale of its services and products in the telecommunication industries. The accounting cycle is primarily important as a means of keeping track of the revenues and the expenses of a company. For Future Communications Company, the revenues are totally generated from the sale of services and products. The company sells products and services associated with enterprise mobility, project management, and telecom engineering. The provision of the above services and products leads to the incurrence of costs. The company’s expenses relate to management costs, labor costs, raw material costs, and the ordinary operation costs in the communications technology industry.
FCC Kuwait maintains its accounting records in a very standard manner. The accountants follow the provisions of the international standards of accounting. The general steps used by the company for analyzing and recording transactions in final records are as below:
- Identifying the relevant business event, analyzing the relevant transaction, and recording them in the in form of journal entries
- Posting the journal entries in their respective ledger accounts
- Preparation of the unadjusted trial balance from the ledger account information
- Analyzing the unadjusted trial balance for the purpose of making adjusting entries for a financial year
- Using the adjusted entries to prepare an adjusted trial balance
- Preparing the financial statements from information in the adjusted trial balance
- Closing all the temporary accounts relating to income statement with relevant closing accounts
- Making preparations for the posting of trial balance closing in preparation for the following accounting period
- Canceling the temporary adjusting entries by the preparation of reversing entries where applicable
My Internship Tasks
During my internship in Future Communications Company, I had a set of specific tasks. Primarily, I worked in the payroll preparation section, handled the accounts payable, and completed general data entries.
As an accounts payable clerk, my tasks included approving all invoices as well as checking the requests for the same. I was also entitled to code the invoices for better easier and faster retrieval. The above task also included reconciling vendor statements and maintaining account payable files.
As a payroll clerk, my duties included collecting and summarizing all relevant timekeeping information. It also involved the calculation of commissions, the processing of employee paybacks and advances. In addition, like a payroll clerk, I had the responsibility of obtaining the supervisor’s approval with reference to dealing with discrepancies on time cards. I also printed and issued the paychecks, got the approvals for employee overtimes, and closed all periodic payrolls. The task of making entries was the least complex. It involved transforming analog data collections into digital databases for the purpose of maintaining easily accessible records.
Lessons from the Tasks
Working as a payroll clerk as well as an account payable clerk for Future Communications Company taught me a number of lessons. One of the tasks as an account payable clerk involved the processing and entering of between 200 and 300 invoices every week. As a result, I gained the ability to carry out multiple tasks while working in an environment characterized by fast working paces. Both clerk tasks involved a lot of data entry. As a result, during my internship in the company, I gained a lot of proficiency with respect to working with various computer applications such as MS Word, MS Excel, as well as more sophisticated software such as CODA.
As a result of my internship experience, I learned to handle confidential information in the most professional and discreet manner. However, the best experience was as a payroll clerk. It was educative to learn how to calculate the payroll tax deposits, as well as to calculate the commissions. The preparation of employee payroll followed the template as indicated in the Appendix below.