Abstract:
This report gives a brief overview of my time as an intern at Ananta Companies Bangladesh, which is a major player in the Ready-Made Garments (RMG) sector. I worked in the Accounts Department for more than four months, where I learned how to do things and helped with a number of financial tasks, especially those related to taxes, VAT administration, and ERP-based financial procedures. My main job was to match purchase vouchers for fabrics, accessories, and other items, and then use the company's ERP system to create journal vouchers that matched them. I also ensured that all tax practices complied with the local tax code and that TDS was calculated in accordance with the NBR's rules. A bunch of the work I did was about VAT. For instance, I had to monitor Mushak 6.3, Mushak 6.6 , and Mushak 9.1 and develop monthly summaries for VAT returns. I prepared VAT/TDS challans and handled tax return filings in accordance with government norms. I also assisted in reconciling bank transactions, ensuring that all cash and bank transactions were posted accurately with relevant documentation and reconciled with PBL, BAL, HSBC & EBL statements. I also assisted in preparing salary certificates for workers and verifying financial documents, including L/C documents. And it was during my internship that I learnt the importance of having an accurate ERP-based financial management system (for tax compliance, banking, and reporting). Too much of this is very good for big business companies in the RMG. This position allowed me to apply the finance concepts I was studying in school to see what it was actually like, which strengthened my accounting and financial reporting skills. In the end, my internship at Ananta Companies has taught me how the RMG business manages its finances.
