CHRIST THE KING COLLEGE

9014 GINGOOG CITY, PHILIPPINES

ACCOUNTANCY PROGRAM

VIRTUAL ON-THE-JOB TRAINING

COMPILATION OF REPORTS
S.Y. 2021-2022

Submitted by:

ELAINE V. BAISA
BSA Intern

Submitted to:

MR. RAYMOND A. VASQUEZ, CPA, MBM, LLB

OJT Coordinator

BATCH 2022
 Christ the King College
9014 Gingoog City
Accountancy Program

VIRTUAL ON-THE-JOB TRAINING

COMPILATION OF REPORTS
S.Y. 2021-2022

In Partial Fulfillment
Of the Requirements for the Degree of
Bachelor of Science in Accountancy

Submitted by:

BAISA, ELAINE V.
BSA Intern

Submitted to:

MR. RAYMOND A. VASQUEZ, CPA, MBM, LLB

OJT Coordinator

BATCH 2022
 TABLE OF CONTENTS

Page

TITLE PAGE i

ACKNOWLEDGEMENT ii

CHED INTERNSHIP MEMORANDUM iii

INTERNSHIP ORIENTATION iv

TABLE OF CONTENTS v

RESUME

APPLICATION LETTER

ACTUAL MOCK JOB INTERVIEW

 Narrative Report
 Documentation

XERO JOURNAL

XERO CERTIFICATES

QUICKBOOKS JOURNAL

QUICKBOOKS CERTIFICATES

WEBINAR JOURNAL

WEBINAR CERTIFICATES/DOCUMENTATIONS
 ACKNOWLEDGEMENT

This dissertation would not have been achieved without the supervision
and assistance of multiple individuals who contributed and extended their
valuable support in the preparation and completion of this virtual internship in
various ways. I wish to express my heartfelt gratitude to the individuals
mentioned below:

To our OJT Coordinator, Mr. Raymond A. Vasquez, CPA, MBM, LLB for
the facilities provided to accomplish this internship and for providing necessary
information regarding this Virtual On-The-Job Training.

To Ms. Kimberlie A. Labita, MA-HRD, college internship coordinator for

her support and advice on getting and completing a virtual internship as well as
for the effort to make sure that the whole internship program achieves its desired
goals.

To my family and friends for helping me in all aspects and appreciating all
the time I spent on my internship.

To the institution where I am currently enrolled, Christ the King College,

where I was molded into the person I am today.

Above all, we, I would like to express my best gratitude to our God
Almighty, who gave me wisdom and knowledge to carry out this Virtual On-The-
Job Training and for granting me health, and long life, without which I could not
have finished this internship report.
 CHED INTERNSHIP MEMORANDUM

Christ the King College

9014 Gingoog City
Business Administration Program
Internship Program
S.Y. 2021-2022

The Guidelines for the Prevention, Control and Mitigation of the Coronavirus
Disease 2019 (CGVID-19) in higher Education Institutions (HEls) CHED COVID
ADVISORY 7 24 May 2020 stating that OJT and Internship Program (foreign and
local) remain suspended until ECQ, MECQ, GCQ and MGCQ has been lifted.

In the meantime, Christ the King College of Gingoog City will be having the full
Online/virtual On-the-job training in compliance with the Inter-agency Task Force
for the Management of Emerging Infectious Diseases (lATF) and the
Commission on Higher Education (CHED) advisory to all HEls.

The full Online/Virtual OJT provides students the opportunity to gain training in
professional settings without having to work on-site. Instead, internship hours are
completed virtually. Below are the objectives set by the school:

1. To acquaint the students formally through virtual/online exposure to a real

place environment
2. To collaborate virtually with industry experts and mentors in different
areas of business and management,
3. For the students to apply the skills they learned in different real-life
business scenarios now that business transactions are migrating online.
Mode of Delivery and Assessment Crediting
This online delivery and assessment crediting contains the suggested platforms
to guide the HEIs in lieu of the face-to-face internship program, in which the total
number of hours varies among CMOs of the different business-related programs.
The HEIs have flexibility to select relevant activities in line with their VMGO as
well as the corresponding number of hours per mode of delivery. Anything that is
not indicated in the guidelines, the HEI is advised to refer and seek approval from
CHED 10.
INTERNSHIP ORIENTATION
 RESUME

ELAINE V. BAISA
Zone 3, Brgy. 19, Cabuyo-an
Gingoog City 9014, Misamis Oriental, Philippines
Cellphone Number: 0966-895-8352
Email Address: [email protected]

OBJECTIVE: To be able to work in a competitive and career-oriented environment

that 7 | P a g e encourages personal development and career growth.
HIGHLIGHTS OF QUALIFICATION

 Goal oriented and ready to take initiative

 Having strong research skill to be able to support decision-making
 Ability to read and interpret documents
 Dedicated, competent and detail-oriented

RELEVANT EXPERIENCE

o TRAININGS and SEMINARS

Tax updates -Accountancy Week Celebration (PICPA), Webinar July
17,2020

Board of Accountancy Updates - Accountancy Week Celebration

(PICPA), Webinar July 13,2020

Tax Clinic: Tax Mapping, Webinar February 18, 2022

Annual Income Tax Preparations: 1701 and 1702RT, Webinar March 4,

2022

How to Properly Fill out BIR Form 1702RT, 1702EX, and 1702MX,
Webinar April 2, 2022

O WORK EXPERIENCE
Work Immersion
City Hall (City Treasurer's Office), Gingoog City – 2018

Online Tutor
Taught Grade 7 and Grade 10 student in Mathematics and Science Subjects –
2020

Office Assistant
IGB Accounting & Business Consultancy – 2022
 o CERTIFICATIONS
Certified QuickBooks and XERO Advisor

o Organizational Affiliations
Vice President for Non-Academics
CKC-Junior Philippine Institute of Accountants – S.Y. 2021-2022

SPECIAL SKILLS

 Active Listening
 Work accurately with great attention to detail
 Exhibit excellent level of responsibility and reliability
 Computer Literate
 Maintained constant communication

EDUCATION

o College
Christ the King College – Gingoog City
Bachelor of Science in Accountancy
Graduated May 2022

o Junior & Senior High School

Gingoog City Comprehensive National High School
Accountancy and Business Management (ABM) – With Honors
Graduated March 2018

o Elementary
Malinao Elementary School
Salutatorian
Graduated March 2012

PERSONAL INFORMATION
           
Date of Birth: September 22, 1999

Age: 22 years old

Place of Birth: General Trias, Cavite

Provincial Address: Misamis Oriental

Religion: Roman Catholic

Civil Status: Single

Citizenship: Filipino

Sex: Female
Language and Dialect Spoken: Filipino, Bisaya, and English

Motto in Life: “Don't settle. Always challenge

yourself."

Character References:

Mr. Raymond A. Vasquez, CPA, MBM, LLB

Dean, College of Accountancy
Christ the King College
Gingoog City, 9014
[email protected]

Ms. Kimberlie Labita, MA-HRD

College Instructor
Christ the King College
Gingoog City, 9014
[email protected]

ELAINE V. BAISA
Applicant
 APPLICATION LETTER

April 29, 2022

MR. IAN G. BASARTE, CPA, MBA

Sole Practitioner/Owner
IGB Accounting & Business Consultancy
2nd Floor IGB Bldg.
Purok 2, Catuan, Lunao, Gingoog City

Dear Sir,

I am currently looking for a job and was notified that your company has a few
open opportunities. I would like to apply for a position as an accounting staff.
With a bachelor's degree in accounting and two months of experience in a similar
job, I am confident in my ability to make a substantial impact on your firm. I am
conversant with accounting applications and software. I am skilled at keeping
records and posting figures on documents and ledgers. I can also examine
documents and always retain a professional and polite attitude.

I am analytical in nature and have no trouble focusing on the work at hand in

order to give quick, correct outcomes. I am an outstanding communicator with a
strong drive to progress in my job. I completely appreciate the need for
confidentiality and follow a strict code of ethics. I am certain that my academic
abilities will be useful to your company. I am also willing to put in extra hours in
order to obtain more experience.

At your earliest convenience, I would appreciate the opportunity to discuss my

qualifications. Attached are my resume and photocopy of my vaccination card
for your reference and evaluation.
Thank you very much for your time and consideration.
Respectfully yours,

ELAINE V. BAISA
Applicant

ACTUAL MOCK JOB INTERVIEW

Narrative Report

We were notified by Ms. Kimberlie A. Labita in April 22 that the Mock Job
Interview will be on April 29. It was a week after it was announced, and I was
nervous and anxious because it would be my first time being interviewed for a
job-like situation. I prepared my resume and application letter the day before the
interview. On April 29, I arrived at school at 7:30 a.m. as scheduled. Since this
was my first job interview, I attended school ahead of time so as not to be
careless about anything.

I was confident because I had prepared well for the questions before I
attended the job interview. However, while I waited for our interviewer, my
confidence began to dwindle as my mind began to think negatively. But even in
such a situation, I did not give up, and my self-confidence increased with the help
of my classmates, and I somehow recovered.

Our interview began at 9:40 a.m. Mr. Basarte was really calm, kind, and
considerate throughout the interview. He first checked my resume and
application letter, then after 2 minutes, he began by asking about myself. For the
last 8 minutes of his interview, he was focused on asking about my work
experience in an accounting firm since I put it on my resume. Then, he asked me
random questions that had already been addressed during my practice. I had
fear in my mind, but I did not show that fear on my face. And I answered every
question with confidence. I was grateful because he was patient in waiting for my
answers to each of his questions.
 I appreciate him taking the time to talk with us and offer us useful
information, advice, and encouragement. Throughout the process, I was really
thankful for the opportunity to be interviewed by Mr. Basarte.

Documentation
 XERO JOURNAL

DAY 1
Introduction to freelancing:
I have discovered that being freelance means that rather than signing a
contract to work for one company, you work for yourself. Instead, then signing a
contract to work for one organization, I've realized that being freelance means
working for yourself. This allows you to work for whomever you want, for as long
or as little as you want. You're adaptable and in charge of your own fate.
Freelancing is a great way to try out different industries or organizations while
also gaining valuable expertise that employers value. As a freelancer, you'll have
to make a lot of decisions that most employees take for granted, like invoicing,
negotiating your salary, and deciding where and when to work, to mention a few.
All of these things may seem insignificant, but they add up to a burden that many
people will be unable to bear.
Being a freelancer has numerous advantages. But the one we hear the
most is freedom. The flexibility to choose what project you want to work on, how
you want to work, and where you want to work, as well as the choice to
determine what you need to do, appeals to many people, especially the younger
generation. This is what motivates the majority of people to work as a freelancer.
For some, freelancing allows them to work outside of the office. People often
mistake freelancing for an easy, carefree lifestyle. It is difficult, far more so than
working as an employee. You don't have coworkers, a manager, or a training
team to help you stay on track, therefore it's up to you to keep yourself and your
company on track. Being a freelancer necessitates a great deal of perseverance.
But, as with everything else, this is an attitude that can be developed.
DAY 2
Freelancing 101:
Lesson 1: Where Do I Start?
 I came to know that the first thing I should do is assess myself. I need to
be aware of my abilities, what I specialize at, what I know, and what I can
contribute. As what Sir Raymond said, “Freelancing begins and ends with you.
You are the boss and the employee”. Sir Raymond further stated that I must
communicate in English, both written and orally, because English is the primary
medium of communication for all of my clients. This is a fundamental language
that I can use to apply for jobs. In order to seek for aid and make improvements, I
should be honest in my self-evaluation, such as what I can actually contribute
and what I don't generally know. A stable internet connection is really convenient
and allows us to accomplish tasks more quickly, whether it's downloading a
paper or making a video chat to a coworker or a loved one. We can work,
educate ourselves, entertain ourselves, and save money with a strong internet
connection.

DAY 3
Lesson 2: How to create a Rockstar Profile?
I should think about what Sir Raymond said in this lesson to help me
improve my profile and make sure it accurately reflects my experience and
competence. First, in the title and overview section, emphasize my expertise.
Second, displaying my certificates can help demonstrate my unique knowledge
or talents, especially if they relate to certain systems or software that my clients
could be looking for. Including pertinent details about my job history, bot, can
help clients understand my background. Include my educational background as
well as my other experiences. Having a professional profile can help me achieve
my goals. It is my first impression on potential clients, and it's a critical chance to
stand out—not just in terms of proposals, but also for potential clients who come
across my profile. Many clients actively seek out freelancers with the skills they
require and encourage them to look at their job advertising; this is a proactive
approach that can help businesses meet project demands more quickly and
effectively. When I complete my profile, I give clients more than just the
information they need. It also helps Upwork match me with tasks that are more
appropriate for me.
DAY 4
Lesson 3: How to get interviewed?
In this lesson, I find out four tips for getting an interview. Read the post
carefully, follow the instructions, answer to the need, and make a reasonable
offer. These are the four things it suggests me in this video do to prepare for
possible client interviews. When I am one of several freelancers being
considered, the interview phase is typically a key stage in acquiring new clients,
and it might be the determining factor. Fumbling during a vital moment will not
impress my prospect, and it may cost me a project. Knowing what types of
questions to ask and which areas to focus on will help me get the most value and
information out of the interview process.
DAY 5
Lesson 4: How to get clients?
I gain knowledge about my client has to initiate it and a box should pop up
asking me to accept the contract. Make sure if it is an hourly job that I work with
the tracker. Escrow is automatically funded if the rate is fixed, I have also learned
that do not accept any work at all for the client until I have accepted the official
Upwork contract and I am certain of how I will be paid.
DAY 6
Lesson 5: How to get a reputation?
When you're starting out as a freelancer, take up smaller and simpler
projects which can be finished quickly. Once it's wrapped up, ensure you receive
some kind of testimonials from your client. The idea is to build up a profile and
show that you can finish off tasks on time and satisfactorily. Having the right
productivity and email management tools in your kitty can do more than you can
ever imagine. Clients would trust you more when you’re quick to respond to their
emails and meet deadlines. As a freelancer, a good reputation is only the
beginning of it: it will get you a steady stream of projects, but eventually - it really
boils down to how good your work it. You need to keep your eyes open all the
time for opportunities; keep learning, adopt new approaches, and widen your
network.

Xero Bookkeeping 101

DAY 7
Introduction to Xero
The accounting software Xero is designed specifically for small
businesses. Automate administrative tasks so you can work from anywhere, at
any time. Keeping track of your cash flow is made easier using Xero.
Furthermore, it supports all key financial transactions, including sales,
purchasing, AR/AP, bills & expenses, inventory, and more. You may also
generate records for clients, suppliers, employees, and things with Xero After
watching the video, I learned about one of Xero's navigations, which is the
dashboard. When I log into my Xero organization, the dashboard is the first thing
I see. Its goal is to give me an easy-to-understand overview of my company. I
may see information like my company bank account, business savings account,
bills that need to be paid, account watchlist, and invoices that are owed to me at
a glance. From the dashboard, I can also access the bank reconciliation screen,
hover over graphs to get more data, such as the dollar worth of cash in and out
for the month, or click on the graphs to see more information. I discovered that
bank feeds Bank automatically integrate transactions from my bank or financial
institution into my Xero organization, removing the need to manually input
transactions. Depending on the technical capabilities and preferences of banks
and financial organizations, various choices are available. To connect my bank
account to Xero, I can use a direct or PayPal feed.

DAY 8
Reconciling your bank

The procedure of bank reconciliation ensures that all transactions in my

bank accounts are documented in my company's accounting records. This is
done in Xero by matching bank statement lines from my bank account on the left
versus transactions in Xero on the right on the Reconcile page. On the Reconcile
tab, for each every statement line, I can either match it to an existing Xero
transaction, such as an invoice or bill, accept a transaction suggested by Xero
based on a bank rule I've set up or a previously reconciled transaction, create a
new account transaction, such as a spend or receive money transaction, or a
transfer of funds to another bank account, or start a conversation with my
accountant or bookkeeper if I'm not sure how it should be reconciled, by adding a
note for them.
DAY 9
Creating Transactions
I'm learning how to use Xero to create transactions. Directly from a file in
the file library, I can create a new sales invoice, bill, spend or receive money
transaction, or expense claim. To generate a new transaction and attach files to it
automatically. Select Files after clicking on the organization's name. Second,
choose each file I want to attach, then select the transaction type and click Add
to new. Select the bank account, then click Select if I am creating a spend or
receive money transaction. If the attached file is a PDF or graphics file, I can
preview it in the transaction screen using the side-by-side view, but this is not
required. After I have filled out all of the fields in my transaction, click Save or
Approve.
DAY 10
Setting
I've learned that the chart of accounts is a list of all the accounts I can use
in Xero to record transactions. It assists me in appropriately categorizing my
transactions and grouping related accounts together in order to develop reports
about my company. Select Advanced, then Chart of Accounts from the
accounting menu to see my chart of accounts. So, from here, I can check
account details, account balances, and a list of transactions that use that
account, as well as add, update, and remove accounts to best meet my
organization's needs, as well as export or print my chart of accounts.
My invoices, quotes, customer credit notes, customer statements, and
purchase orders can all be customized using invoice templates. I may create
many invoice templates to use in various scenarios, such as varied payment
conditions or branding. The amount of basic invoice templates I can add is
unlimited. To make an invoice template, I need to first click the organization's
name, then Settings, then Invoice settings. Second, select New Branding Theme
from the drop-down menu. Give the theme a name to make it easier to
recognize. To personalize the design of my invoice or to reveal extra fields,
adjust the parameters as needed. I can also save my contact information, invoice
or quotation terms, and invoice or quote terms.
To copy an invoice template, I simply click the organization's name, then
Settings, then Invoice settings. Locate the template I want to duplicate, then click
Options, then Copy. Click Save after giving my new template a name. Finally,
make modifications to an invoice template that already exists. I can change my
contact information, invoicing terms, and payment information. Select Settings,
then Invoice settings after clicking the organization's name. Find the template I
wish to change, then go to Options, then Edit. After I've made my modifications,
I'll hit Save. Another option is to click the organization name, pick Settings, and
then select Invoice settings to preview my invoice template. Locate the template
I'd want to see, then select Options.
The email settings were also addressed in the video. Email settings apply
to invoices, quotations, credit notes, prepayments, customer statements,
remittance advice, receipts, and purchase orders that I send. The options I
choose apply to all users in the organization, regardless of the type of email they
send. When a customer accepts, denies, or comments on an online invoice or
quote, the person who created it receives an email notification. If a customer
responds to an invoice or quote email, the response is delivered only to the reply
to address. When a customer sends an email to the Xero messaging service
address, which appears as the 'from' address, their response isn’t sent to my
reply to email address and they won’t receive notification of this.
DAY 11
Reports
Accounts with an income or expense account type are displayed in the
Profit and Loss report. Accounts with a different account type cannot be included.
To update my profit and loss, I learned that I needed to go to the accounting
menu, choose Reports, and then view the Profit and Loss report. I may utilize the
search area in the upper right corner to find what I'm looking for and then choose
a date range. I can also select additional periods to compare with my current
report period by clicking Compare with. The periods will vary depending on the
reporting date range selected, although this is an optional feature. I may select
Edit layout in the bottom left corner to adjust the column settings for more
detailed comparisons. I may also choose More to show or conceal the
accounting basis, account code, decimals, percentage of Trading Income, Total
column, and Year to Date column, as well as select an accounting basis, either
accrual or cash. To run the report when I've completed changing it, I simply need
to click Update. In this video, I also learned about the Balance Sheet. Accounts
having asset, liability, and equity account types are displayed on the balance
sheet. Select Reports from the accounting menu. Find the Balance Sheet and
open it. You can utilize the top right corner's search area, then pick the Date.
Select the number of previous periods to compare against your Date under
Compare with. I can also select a different comparison period like
Month or Quarter if the default period doesn't suit.
DAY 12
Others
In this last video, I discovered how to create a single manual journal in
Xero, save it as a draft, and then post it to the general ledger. Alternatively, I can
produce a single draft manual diary using the CSV template, using the same date
and narrative for each line that I add. For each single journal I wish to produce, I'll
use a different narration or a different date. Then, add a single manual journal,
save it as a draft, or post it to the general ledger directly. Select Reports from the
Accounting menu. Under Accounting, select Journal Report, then Add New
Journal, then fill in the required fields with the journal's information.
XERO CERTIFICATES
 QUICKBOOKS JOURNAL

DAY 1
Getting Started
I have learned about the intuit QuickBooks introduction. Small businesses,
the self-employed, and consumers benefit from this accounting software all
around the world. QuickBooks Online is widely recognized as one of the greatest
online account solutions offered by Intuit, the world's leading provider of financial
management software. It is a cloud-based accounting tool for SMEs that was
launched in 2004. QuickBooks Online comes with a long list of features, including
excellent accounting skills and automations, as well as 650+ third-party
connectors. Since clients can spend less time on their accounts and more time
expanding their business, this is a great accounting system. A QuickBooks online
user may access all of this and more at any time, from any location, allowing
them to run their business with ease. Many people are now using this online
accounting system and learning how to use it as an effective tool to learn more,
create a fantastic profile, and locate new clients to increase their income.
DAY 2
Money In
This lesson focuses on gaining a thorough understanding of all aspects of
money. It explains the various aspects of money, including the formation of
essential transactions. The main advantages of margins in QuickBooks are faster
invoicing and the ability to submit invoices from anywhere. The second option is
to integrate with a third-party program so that you can collect payments online.
Customizing invoice templates and keeping track of payments received are the
next steps. I've discovered that producing an invoice in QuickBooks is a simple
process to learn and implement. Filling in all of the required information will result
in a record of the invoice you're creating. When adding a new customer, new
product or service, creating sales receipts, creating an estimate, and receiving
payment, the process is same. All of this knowledge will enable the professional
to provide greater value to his or her clients.
DAY 3
Money Out
It had guided me through a number of significant moneys out transactions
during this module. I discovered that once I've mastered money in transactions, I
can use all I've learned to managing money out. In this module, you can generate
a bill by selecting the new option on the left menu, which opens up a blank option
where you can fill in the necessary information. Bills and expenses, on the other
hand, are the two most prevalent money out transactions. When your provider
gives you credit forms, you use the bill transaction. In contrast, an expense is a
purchasing transaction that you would utilize to pay for anything right away.
Furthermore, the expenses centre is where all information regarding buy
transactions is kept, and it is very similar to the sales centre except that money is
going out rather than coming in. After seeing this video, I've come to the
conclusion that QuickBooks is an effective opportunity for accountants and
businesses to track their expenditures in order to improve their finances, keep
correct records, and pay their obligations on time each month.
DAY 4
Banking
In this portion of the training, I learned about all of QuickBooks' essential
banking transactions. A very helpful bank account to add to the system and send
transactions into the banking center immediately. This method streamlines data
entry and can greatly aid a company's balance sheet management. When you
set up a new client, one of the first things you should do is connect their bank
account to QuickBooks. It's the easiest way to enter data into QuickBooks, and it
can help you keep your clients' financial records up to date and accurate. If your
clients don't have access to internet banking, you can also upload a CSV file of
the transaction. Afterwards, each transaction should be reviewed one by one to
determine what action should be performed if the categorized transaction of
adding a new record is directly matched. There are bank rules in QuickBooks,
same like in Xero, where you can give instructions to recognize transaction
details. Rules can be a great method to save time when entering dates. Finally,
the reconcile feature can be used to balance the bank and check that the records
are accurate. Accounting is a job in which you can equip yourself with enough
intelligence and still do a task properly. To avoid mistakes in a financial record,
one must be thorough. This offers accountants a bit of assistance in mastering
and producing precise records.
DAY 5
Tidy Up
The chart of accounts, including the usage of sub accounts, journals for accruals
and prepayments, reclassification transaction tools, and finally, void and delete
choices are all covered in this video. These are used to investigate strategies to
clean up the data in the system. I've discovered that by doing so, I can both
correct errors and increase the quality of information in reports. QuickBooks has
a function that allows accountants to break down large expenses into smaller
sections that are more significant to our clients. From the chart of accounts tab, a
new account can be created as a sub-account of the primary parent account to
keep similar spending together. You may make mistakes or need to alter
transactions you've already recorded from time to time. QuickBooks makes it
simple to make changes to transactions and keeps track of them automatically.
It's also simple to prohibit particular transactions from changing.
DAY 6
VAT
I discovered how to use the VAT error checker to prepare and validate a VAT
return, submit VAT returns to HMRC, and record VAT payments. Every VAT-
registered business must file a VAT report VAT may be managed in QuickBooks
by going to the taxes center on the left menu. We are ready to file our VAT return
using QuickBooks once all of your clients' data has been input for a period and
you have reconciled the necessary accounts to ensure that everything has been
included. QuickBooks also has a terrific function called the VAT error checker
that allows accountants to verify VAT returns, giving them confidence that the
VAT amounts are right. Completing VAT returns is a critical task for accountants.
With the QuickBooks system, preparers will no longer battle with manual
processing or spreadsheets, and will be able to meet regulatory requirements for
data accessibility, openness, and attention to detail. As a result of this system,
VAT compliance and reporting will be more efficient and accurate.
Day 7
Reports, Tools, Dashboard
Financial reports are critical in business since they are the financial outcomes of
a firm that are released to stakeholders and the general public. This module
looks at the client's report area to see what reports are available, how to
customize them, and how to automate some of the updates we send to clients.
The yearly financial statements will incorporate all data entered into QuickBooks,
but management reports are likely to be issued more often during the year. It's
critical that the data in these management reports is reliable so that business
leaders can make sound financial decisions. To develop more accurate
management reports, some data may need to be improved. One of the benefits
of QuickBooks is that the language is straightforward and easy to comprehend,
even if you are not an accountant, which is done because this report is popular
among business owners.

QUICKBOOKS CERTIFICATES
 WEBINAR JOURNAL
January 26, 2022
Topic: PFRS for Small Entities and PFRS for SMEs
After attending this webinar, I realized how essential it is to understand the
concept of PFRSs and how they apply to small entities and SMEs. I have
discovered that there are a number of factors to consider when implementing a
complete PFRS, PFRS for SMEs, or PFRS for SEs, the most important of which
is the amount of total assets and liabilities that must be considered by an
accountant. The new financial reporting framework for small entities is less
prescriptive in the statement of income than the PFRS for SMEs because the
PFRS for small companies does not require a list of minimum items to be
presented. This is pretty familiar because it was previously discussed with us by
our instructor, but just to refresh my memory, for the share-based transactions, in
equity settled, the goods or services received, and the increase in equity is at the
fair value of the goods or services received for SME however in PFRS for SE, it
should be with reference to the net asset value of the equity instruments granted
for equity-settled.
January 28,2022
Topic: Summit for Commerce and industry
The speaker explained the functions and responsibilities of a CFO, which is the
highest position an accountant can take in business and industry. Positions have,
of course, changed in recent years. As a result, striving for more is more
engaging. The first session's topic was "the shifting role of CFOs: from
accounting to accountability." This conversation provided a wealth of information
that is both timely and relevant. The first speaker highlights the value of
appreciating each and every moment in the afternoon session. This is helpful to
me because I was in the middle of my break and couldn't tell anyone about my
issues. Being able to hear from someone who has come from nothing to now
being able to choose how he wants to live his life was quite motivating.
February 18, 2022
Topic: TAX CLINIC.

For today’s webinar, the speaker talks about tax mapping activities, in which
revenue officers are entrusted with monitoring a taxpayer's compliance with the
books of accounts, invoicing requirements, and registration requirements on a
regular basis. The revenue officials must verify the books of accounts to see if
they are registered, stored on the business premises, and updated on a daily
basis. The taxpayer must only issue registered invoices/receipts for the sale of
goods or services if the invoicing requirement is met. Before printing fresh
receipts and invoices, taxpayers must obtain authorization to print (ATP) by
producing a photocopy of the prior ATP along with the other prerequisites.
Furthermore, I found that temporary receipts are not permitted while reviewing
invoicing criteria. If the usual conduct is violated, the BIR examiner performing
the TCVD procedures will refer to RMO 7-2015 and impose the necessary
penalty to be paid by the taxpayer using BIR form 0605. After attending this
webinar, I felt more prepared for the profession I'm about to embark on as I enter
the world of business. It is wonderful to have this type of webinar series to help
us learn more about the Philippine taxation system.

February 26,2022
Topic: 2nd General Membership Meeting with Learning Session

For today's session, it's an encouraging talk. The program begins with a
message of encouragement from the guest speaker, which genuinely opened my
eyes to the possibility of my own abilities in the profession. The learning session,
titled "Emergence of Transformational Leadership: Create a mindset of
enthusiasm, creativity, and growth under the new normal. As stated in the
webinar, leadership is more than just being in charge. In reality, it frequently
implies that the so-called leader must be subservient to the situation at hand. A
good leader recognizes their own abilities and uses them to their advantage
when necessary. A successful leader recognizes and embraces their flaws and
seeks to reduce their impact on a daily basis. A successful leader recognizes and
embraces their flaws and seeks to reduce their impact on a daily basis. A great
leader typically fills deficiencies by assembling a strong team of people with
capabilities that the leader individually perceives as their own limitations. This
does not imply that they abandon their hierarchy within the organizational
structure, but exceptional leaders recognize the importance of building the
strongest team possible by bringing individuals with various abilities and
knowledge to the team. For example, if a leader is strong in financials, strategy,
and planning but weaker in the creative areas of marketing and sales, they may
want to ensure they have a strong salesperson, a strong marketing person, and a
powerful site manager on their team to compensate for the leader's limitations.

To be a good leader, you must always seek a better way; you must not be
satisfied with the status quo. Not only on the basis of results, but also on the
most efficient, strategic, and morale-boosting manner to strengthen their team.
Strive to strengthen your flaws while strengthening your strengths. Maintain your
modesty. A leader understands that they cannot do everything on their own.
Continue to study and pass on what you've learned. Allow deeds to speak louder
than words and set a good example. Never ask someone to do something that
you are unwilling to do yourself.

March 3,2022

Topic: BIR National Tax Campaign Kick Off: Pagbabayad ng Buwis sa

Bayan Tatak ng Kabayanihan

The BIR is the topic of today's Facebook live webinar. The Bureau of
Internal Revenue (BIR) inaugurated its 2022 tax collecting campaign on
Thursday, March 3, with the goal of raising at least P2.4 trillion. At the national
tax campaign kickoff ceremony at the Philippine International Convention Center
in Pasig City, Finance Secretary Carlos Dominguez III and BIR Commissioner
Caesar R. Dulay led a small group of revenue and other government officials to
the national tax campaign kickoff ceremony. Dominguez thanked the bureau's
men and women for exceeding collection expectations during the last two years,
with more than P2 trillion collected by 2021. The excellent collection performance
was achieved by the professionalism and teamwork of the tax collectors, as well
as the digitalization transformation of services, which mitigated the effect of the
coronavirus (COVID-19). According to the BIR chief, the vast majority of
taxpayers filed their returns and paid their taxes online in order to avoid
contracting the virus. The majority of collection in 2021, like in previous years,
came through voluntary compliance. The majority of the revenue came from
enforcement initiatives such as Run-After-Tax-Evaders and Oplan Kandado,
which produced P4 billion and P3 billion, respectively. It is encouraging to hear
that an organization has a goal for a better world for future generations.

March 4, 2022
Topic: Tax Clinic: Annual Income Tax Preparation: 1701 & 1702RT
I have discovered in the webinar that BIR Form 1701, also known as Annual
Income Tax Return for Self-Employed Individuals, Estates and Trusts is a
tax form which summarizes all the transactions made over the tax calendar year.
BIR form 1702-RT, or also known as Annual Income Tax Return for
Corporation, Partnership and Other Non-Individual Taxpayer Subject Only
to REGULAR Income Tax Rate is a tax form which is filed by non-individual
taxpayers whose earnings are subject to income tax rate of 30%. I have learned
that we should regularly refresh our understanding of how to compute and
prepare our individual annual income tax. It is wonderful that various BIR forms
have been provided as samples of how to file or fill out the required sections of
the form. We must always be mindful of the nuances of our personal and
company translations as tax payers and implementers.
March 9, 2022
Topic: Build Startup Festival
I discovered about the Sinigang Valley in this webinar, where all startups,
enablers, and young skilled business owners are congregated in one region to
focus on creating their business ideas. The speaker persuaded everyone to
become a part of this community in order for the members to flourish and
succeed. One thing that resonated with me after his discussion was when he
talked about the opportunity that we have right now because of technology.
According to him, we have a fantastic technical Eco system where chances
abound, just waiting to be seized. On the other side, the event included an
interview with many venturers who shared their advice, techniques, and secrets
for determining the proper investments. I understood that we don't have to be
good enough or have the necessary talents or intelligence to run a firm; instead,
we must always do well and produce the best results possible because this
attracts additional investors. Also, we should not be concerned if we are unable
to implement our ideas due to a lack of money, because, according to one of the
speakers, Filipino businesses have a significant edge because Filipino culture is
highly western. Because we can interact readily, it is easier to recruit investors.
March 19, 2022

Topic: PICPA NMMC 3rd General Membership Meeting Financial

Transactions and Fraud Schemes

For today’s webinar, I have discovered more about fraud. The speaker discussed
the fraud diamond, and I came across another factor of fraud called capability.
Capability is a personal trait and abilities that play a major role in whether fraud
occurs even when the other three elements, opportunity,
incentive/pressure/motive, and rationalization, are present. I also learned about
fraud controls, such as detection, investigation, prevention, and risk assessment.
I am especially happy that he included a report on the key internal control flaws
that contribute to occupational fraud in the Asia-Pacific area.
March 19, 2022
Topic: Technical Session 2: Recent Tax Development & Relevant BIR
Rulings and Court Decisions Technical Session 3: Best Tax Planning
Strategies: How to Reduce Tax Legally

For this afternoon session, I learned about current revenue memorandums, such
as the establish law for further validating your entitlements to incentives, which
requires the production of a certificate of entitlement to tax incentives (CET)
under Republic Act No. 11534. He also discussed the new VAT-
exempt medicines and the taxability of Electronic Sabong (e-Sabong) operations
as governed by the Philippine Amusement and Gaming Corporation (PAGCOR).
He also emphasizes Revenue Memorandum Circular No. 23-2022, which creates
a temporary law on work-from-home (WFH) where it is about the suspension of
income tax incentives granted to registered business enterprises (RBEs) for
exceeding the work-from-home (WFH) threshold set by the fiscal incentives
review board.

I also discovered about the concept of tax avoidance. The speaker point out that
the avoidance of taxes is the only intellectual pursuit that still carries any reward.
I also understand that the fraud contemplated by law is actual and not
constructive. It must be intentional fraud, consisting of deception willfully and
deliberately done or resorted to in order to induce another to give up some legal
right. I also learned the tax minimization concepts where the best way to save is
to comply the BIR registrations. Knowing what, when, and how to comply will
help you to minimize taxes.
April 02, 2022
Topic: How to Properly Fill Out BIR Form 1702RT, 1702EX and 1702MX
After attending the webinar, I learned a lot about completing out BIR forms. The
1702-RT form is used by corporations, partnerships, and other non-individual
taxpayers subject only to regular income tax rates, whereas the 1702-EX form is
used by corporations, partnerships, and other non-individual taxpayers exempt
under the tax code and other special laws with no other taxable income. Form
1702-MX is used by a corporation, partnership, or other non-individual taxpayer
with mixed income subject to several income tax rates or income subject to a
special or preferential rate. The return of form 1702-MX and 1702-RT is filed,
with or without payment, on or before the 15th day of the fourth month following
the closing of the taxpayer's fiscal year.
The return of form 1702-MX and 1702-RT is filed, with or without payment, on or
before the 15th day of the 4th month following the close of the taxpayer’s taxable
year. While the form 1702-EX is filed on or before the 15 th day of the 4th month
following the close of the taxpayer’s taxable year. Preparing these forms includes
the taxpayer’s background information, total tax payable, details of payment,
computation of tax, tax relief availment and information about the external auditor
and accredited tax agent.
April 21, 2022
Topic: MAS: Financial Perspective Variance Analysis
After watching this webinar in Facebook live, I found out that when examining
revenue changes, the revenue change is constituted of two components: price
recovery and growth. It is calculated as the selling price this year minus the
selling price last year multiplied by the sales quantity this year (SPTY-SPLY) x
SQTY in the price recovery component of revenue. This will examine the change
in income caused by changes in selling prices. The formula for the growth
component of revenue is current period revenue minus prior period revenue
divided by previous period revenue. This is the amount of money your
organization makes in a certain period of time compared to the prior, identical
period of time. To assist a business, accomplish its goals, I've observed that a
balanced scorecard must include both financial and nonfinancial performance
measurements. Using financial performance metrics, I discovered that a good
product differentiation approach will have a significant positive price recovery
component. A company that has effectively pursued a product differentiation
strategy will be able to grow its output price quicker than its input price increase
because it can increase its price in combination with produce features, enhancing
profit margins and operating income. An effective cost leadership approach, on
the other hand, will demonstrate a significant positive productivity component.
April 22, 2022
Topic: All of Us Are CPAs: Plotting the Pathway to Power Through. Day 1-
Gird Up Your Loins
In this webinar, some of the advice on how to study effectively has been reflected
in the morning session. The speaker stated that discipline is a way of life, which
implies that we should be mindful of our activities and discipline ourselves. If we
want to pass a test, we must limit our actions and concentrate on reading. It is
usual to limit our social life when studying, especially when taking a board exam,
in exchange for the title of CPA. The second tip is to pick your buddies carefully.
We must choose a circle that will improve your academic life and encourage you
to read more. It is quite difficult to survive in this course if you are fighting alone.
It is preferable to work together with your peers rather than compete with them.
The third is to understand what works for others but may not work for you.
In the afternoon session, they taught us that focusing on the fundamental topics
is one of the tips I might utilize when taking a review. Before enrolling in a review
school, I should study through all of the topics and lessons to supplement my
knowledge. Every evaluation, I should also set my mindset by accepting full
responsibility and focusing on the solutions. It is important to decide what you are
about to learn before going to a review, such as reading the topics in advance
and doing the problems ahead since it is simpler for you to comprehend the
themes and inquiries will be ready to ask your professor for a thorough
comprehension. When taking a review, I should also make a schedule for the
topics and amount of time I will spend reviewing.
April 23, 2022
Topic: Tax Assessment and Taxpayer’s Remedies
For today’s webinar, conducting an audit or investigation is one of the Bureau of
Internal Revenue's tax enforcement capabilities. This is to inspect any book,
paper, or other data that may be significant in assessing the validity of any return
or when none has been made, or in determining any person's responsibility for
any internal revenue tax. This includes assessing and collecting all taxes, fees,
and charges, as well as enforcing all forfeitures, penalties, and fines imposed in
exchange. However, without the Letter of Authority (LOA), any tax assessment
issued by the BIR against the taxpayer simply on the basis of the Letter Notice is
null and void. The rules in the issuance of notices are to send the letter of
authority (LA) and a checklist of the prerequisites for the audit to the taxpayer
first. Second, send the first notification. Third, send the second and final
notification, followed by a request for an SDT from the legal division or a Notice
of Discrepancy. If a taxpayer is deemed to be liable for a deficiency tax or taxes,
he will be notified via a Notice of Discrepancy. This attempts to give the taxpayer
a thorough opportunity to present and explain his side of the differences
discovered. This includes a Preliminary Assessment Notice (PAN), a formal letter
of Demand and Final Assessment Notice (FLD/FAN), and Disputed assessment,
in which the taxpayer may file an administrative protest against the FLDN/FAN
within 30 days. A taxpayer may file a request for reconsideration or
reinvestigation. The taxpayer must describe the nature of his protest, the date of
the assessment notice, and any applicable law, rules, regulations, or
jurisprudence in his protest. The Final Decision on a Disputed Assessment
(FDDA) is the decision of the Commissioner or his duly authorized
representative, and it must state the facts, applicable law, rules and regulations,
or jurisprudence on which such decision is based; otherwise, the decision is void,
and it is his final decision.
I also discovered about SDT after watching this webinar. An SDT is a sort of
subpoena in which the witness is required to produce a document or documents
relevant to a proceeding. The SDT must be served within three working days of
receipt by the relevant revenue officers. If the taxpayer refuses to comply with the
SDT, a criminal case will be filed against the taxpayer for a breach of Section 5 in
relation to Sections 14 and 266 of the National Internal Revenue Code and/or
commence an action to cite the taxpayer for contempt under Rule 71 of the
Revised Rules of Court, Section 30(f).

WEBINAR CERTIFICATES/DOCUMENTATIONS
WEBINAR CERTIFICATES/DOCUMENTATIONS
 CKC BSA STUDENT INTERNSHIP JOURNAL

Attach Additional Sheets if Necessary

INSTRUCTIONS: Please complete per webinar attended and add link to your
certificates/proof/documentation of the webinar attended. At completion of your
internship, please send this form in PDF to Mr. Raymond A. Vasquez,
[email protected].

Date Title of Organ Link to Certificate

Webina izer
r

01/26 Webina PICP https://docs.google.com/document/d/

/22 r on A 1Pb8yA80GR8VYDJPiw8ASuMHBC_fRGBLW993ck87f4
PFRS CDO- W8/edit
for MIS.O
R
Small
CHAP
Entities TER
and
PFRS
for
SMEs

01/28 Joint PICP https://docs.google.com/document/d/

/22 Mindan A 1nNpPgThQfBNompkocUP3wCS4jGSGd-
ao NORT NzAZ1Js7sP_ME/edit
Summit HERN
MIND
Comm
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02/18/ Tax PICP https://docs.google.com/document/d/

22 Clinic: A 1zS3wkMD7vp7t6ljWaq8vTB-SkZwHvVBly5aWkT-Bex4/
Tax CDO-
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CHAP
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02/26/ 2nd PICP https://docs.google.com/document/d/

22 General A 1IH9iBq5bDkrrXKAuYqoOGgZgwOfjIoXAPGknWWADJy4/
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meeting R
with CHAP
Learnin TER
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Session
on
"Emerg
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Innovati
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Growth
under
New
Normal
Confirm
ation.

03/03/ BIR   https://docs.google.com/document/d/

22 National 1WU72tvobhWLN44A-ZykCOoZv-
Campai LIUvCwiwV1WPoBTf_Q/edit
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off:
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bayad
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03/04/ Annual PICP https://docs.google.com/document/d/

22 Income A 1yUZvdpeijdyN10owHcy8UJhLwt7dmkxd5qp_1ZgceoY/
Tax CDO- edit
Prepara MIS.O
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1701 CHAP
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1702RT

Build:   https://docs.google.com/document/d/
03/09/ Start Up 1kwxChj5mqIgT0sLauu83nhIkEviftwd99F5XJ7GIC3o/edit
22 Festival

 03/24 Tax  PICP  https://docs.google.com/document/d/

/22 Confere A 13xnTlG9MHdUx_HSYS4Ry6vqTm-
nce CDO- urI9RncywkvvpZZbY/edit
MIS.O
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 04/02  How to  PICP  https://docs.google.com/document/d/

/22 Properly A 10godmD74R2mRknRKtA_9GPC3VsZJh2ugxgCOQsW7
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Form R
1702RT CHAP
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1702EX
, and
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 03/19  Financi   PICP  https://docs.google.com/document/d/
/22 al A 1roNEnBPpfFJ3rPtajGzZFqQmPU4I3RIvyN8KChfsKhY/
Transac CDO- edit?usp=sharing
tion and MIS.O
Fraud R
Scheme CHAP
s TER

04/21  Topic:
/2022 MAS:   https://docs.google.com/document/d/
Financial 17NKS2USSpw4hIY_letBfw3LIbnGub72KIslh1XX-Q2k/
edit
Perspecti
ve
Variance
Analysis

 Topic:
 04/22 All of Us    https://docs.google.com/document/d/
/2022 Are 1tascHSkIyByXk6qM9QX0vcqqs2g6qSdaIgGkZR3xicM
CPAs:
Plotting
the
Pathway
to Power
Through.
Day 1-
Gird Up
Your
Loins

Topic:
 04/23 Tax    https://docs.google.com/document/d/1JKBMpD3hxp-
/2022 Assessm QogRdKHfnG04aFoekeBrl68J0ucfmSSM/edit
ent and
Taxpayer
’s
Remedie
s
 

Total hours this Page                                                  80 hours

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