The Trainee Learns More

Working hours are over.. Behind is the Bottling Area

The Trainee Learns More

For weeks of internship, I was tasked in filing provisional receipts (contains details of checks received), cash disbursement journals, purchase journals with attachments (materials and services requisition form, purchase order, receiving report) and photocopying checks to be released together with the creditor’s copy of expanded withholding tax. I wanted to know the purpose of what I am doing so I asked my supervisor about it.

Daily Cash Position Report (DCPR)

My supervisor has to prepare the daily cash position report to monitor the daily cash position of the company. The report indicates the cash inflows comprising of items such as fund transfer, official receipts, and interest on time deposits and cash outflows consisting of money market placement and debit memo, and other adjustments. Basically, DCPR includes items which are reconcilable with the bank.

In determining the total cash inflow, my supervisor has to determine the checks already cleared by looking at the passbook. Next, she will compare what is seen in the passbook and in the provisional receipts and see if they reconcile. Provisional receipts state the due date of the check so my supervisor will have an idea on the number and the amount of checks that will accrue on PEPI’s account.

Finding out total cash outflows can be done by checking checks released for payment and by asking the bank for any debit memo.

Daily Cash Position Report  Format 

Projected Cash Flows

The treasury through the treasury officer (my supervisor) is required to prepare actual cash outflow and 3-month projected cash flows to be submitted to the Chief Financial Officer.

Ideally, projected cash flows are based on estimated budgets submitted by each section or department of the company. However if this is not applicable, what my supervisor does is to base the projected cash inflows on the trend of collection of trade receivables (averaging). She noted that this is not advisable.

To continue, in estimating cash outflows my supervisor refers to the Materials and Services Requisition form for possible expenses. On the other hand, she looks at the Purchase Orders for actual expenses. Furthermore, she also asks the accounting section for progress billings on on-going projects to be included in the total outflow estimation.

Gallery

Inside the Treasury Office

The pantry

Petronas Dollar Purchase and Payment of Custom Duties

PETRONAS DOLLAR PURCHASE AND PAYMENT OF CUSTOM DUTIES

Aside from the transaction cycle, I have learned other essential matters including dollar purchase and payment of BOC duties. This aids me in painting a clearer picture on the role of the treasury section.

Purchase of Dollars

Petronas Energy Philippines (PEPI) imports LPG from its mother company Petronas Trading Corp. (PETCO). Since PEPI doesn’t have a dollar funded account, it has to purchase dollars from time to time to make its payment or remittance. In completing the dollar purchase, PEPI has to meet the requirements set forth by the Bangko Sentral ng Pilipinas or the BSP.

BSP Policy on Dollar Purchase

BSP requires from every entity to present certain documents before any dollar purchase. These are the commercial invoice and the bill of lading (shipping documents). The type of purchase depends on the available documents the entity has.

Sample Commercial Invoice from Google.com

Sample Bill of Lading from Google.com

1. With Documents

a.      Direct remittance - The commercial invoice used in this transaction does not have a fixed term. However, the purchase should be done within twenty-nine (29) days from the date of the bill of lading.

b.     Open Account- The entity has to register with BSP on or before 10 days from the maturity date of the invoice regardless of the period stated in the bill of lading. Payments to LPG suppliers most often than not falls to this category.

2. Without Documents- The entity does not have the required documents while purchasing or the terms of the commercial invoice or the bill of lading is already due. This is common in settling the accounts with suppliers of LPG accessories like regulators. Usually, these suppliers ask for a down payment before shipment of goods in which case the supplier has not yet issued the necessary documents.

In purchasing with documents, the entity has the privilege to buy at the lowest rate. If without documents, the entity purchases dollars with a premium estimating to 55 to 75 cents per dollar.

Obligation to the Bureau of Customs

One time, I was asked to make a summary of payments to Bureau of Customs (BOC). I was eager to know about the process and asked my supervisor regarding the process..

The banks (accredited ones) facilitate payments to BOC. The latter electronically lodges the Statement of Settlement of Duties and Taxes to the respective banks of payers. Every transaction has an IEIRD # with a corresponding entry to the BOC’s system.  The entity has to pay a manager’s check within 15 days from the date of lodging. Failure to do so means payment of fines.

In PEPI, the treasury officer approximates that the bank informs the entity for payment of BOC duties two to three days from the date of lodging giving them 12 days to make the payment.

Summarizing BOC Payments

Photocopying

Thanksgiving at PEPI

Petronas Trainee Experience

 “Welcome to Petronas Energy Philippines, Inc.!” a heartwarming greeting from the Human Resource and Admin Officer as she officially welcomes us to the company. She gave the trainees orientation on the day which also marked my 7^th day in the office. With the hours that passed, is an experience to share.

1. The Daily Routine

The company uses Peachtree to record transactions.

I am accommodated as a trainee in the treasury section of the finance department. The section is in-charge in preparing the Daily Cash Position Report (DCPR), monitoring payments to third parties and immediate deposit of all checks, foreign exchange transactions, and the like. My task in fulfilling the treasury role is filing. The papers I file are cash disbursement journals, purchase journals, provisional receipts, and other important documents. In filing the journals, I have to arrange them according to the date of transactions with the most recent at the top. On the other hand, provisional receipts are filed according to the due dates of the checks received with the nearest due date at the top of the file. Oftentimes, I am asked to receive those checks. My other tasks include stamping the journals and supporting documents with the mark PAID and the petty cash vouchers with their series numbers, preparing deposit slips, and photocopying documents.
 

2. Learning and Realizations

a.)                The Transaction Cycle

The desk

For more than a week of stay in the office, I have acquired knowledge with how things work. When materials are to be purchased or services are to be acquired, the proponent (an employee or a department) is required to submit a Materials and Services Requisition Form if the amount exceeds P1,000 to the Chief Financial Officer (CFO). For purchases below the P1000 threshold, the proponent can be granted the requested amount from the petty cash fund. After the request is approved, the supplier is chosen through a bidding process.  When the proponent has already chosen the supplier, they are to submit again a report to the CFO the details of the bid and why they have chosen such company. Next, the proponent prepares the Purchase Order (PO) and contacts the supplier. After materials are delivered or services rendered, the proponent furnishes a report stating the receipt of materials and services. Also, a Request for Payment has to be prepared along with supporting documents such as the charge invoice and delivery receipt. The reports are to be submitted to the Accounting section which prepares the purchase journal. The Purchase Journal contains the total amount payable (amount of purchase, discount if taken, and expanded withholding tax). The Purchase Journal together with the supporting details is then submitted to the treasury for payment.

files...

more files..

b.)    Opening the Mind

i.)      Take note of every information given

After I was introduced to my direct superior, I was told about the Finance Department. My superior told me that it has four sections headed by the Chief Financial Officer (CFO). In the afternoon of the same day, I was asked to answer the phone. I greeted the caller “Hello Good Afternoon, Treasury Department…” After the call, my superior who has heard the greeting reminded me that treasury is a section and not a department. She reiterated what she said in the morning. I was ashamed for I felt from my superior’s tone the dismay of me not remembering.

ii.)    Endurance.. keep on going!

I thought filing is an easy work and can be done in less than an hour. .. but I was wrong. I have to sort hundreds of papers and look for the missing ones in the series. It causes me back pain and weariness. However, the feeling of satisfaction I get from getting a job done compensates it all. I learned to love my job as the days go by. I also have the opportunity of scanning through the journals and documents thus learning while working.

iii.)  United we stand, united we fall

In the office, we work as a team. Each one of us has to do our work well with speed and accuracy. We have deadlines to beat for the day. We have to finish the work for the day for tomorrow brings with it another work to be done.. which means another deadline to beat. Each one of us has to give her best shot for the CFO is there ready to commend or reprimand.

iv.)  Who You Are Can Be Brought In The Workplace

The way you dress, the manner you converse and your working attitude goes with you wherever you are especially in the corporate world. I am happy I was commended by the HR and Admin Officer with the way I dress and told me to keep it up.

The training we have at home and at school is crucial in shaping our character.. especially when it comes to work.

#

outside the admin office

with Petronas's new products. lubricants..

inside the Petronas Bus

Random Facts About Me

I used to answer random questions found in my friends' notes in Facebook.. It's fun especially when you are reminded about things that matter the most <3





Give me the names of 3 objects or things you love most and why?
1. my baby pillow- it's been with me since grade 2.. so huggable..
2. ball pen - I get crazy when I lost it!
3. my bag - everything I need is inside..




Give me the names of 3 objects or things you dislike most and why?
1. knife- it reminds me of blood and death

from: http://blogs.houstonpress.com/hairballs/2011/05/knife_bed_jump_sticking_up.php

2.flying cockroach - they zoom around you spreading virus

from: http://www.onrpg.com/MMO/General/feature/Real-life-MMO-Monster-Manual-Chapter-1

3.when a person gets angry with me and that person won't tell me the reason... (I'm not a mind-reader anyway!)



Give me the names of people you love most and why?(aside from God)


1. family (parents, brother, sister, cousins, aunts, and uncles...
- they are with me since birth.. they love me even if I'm 'maldita', easily irritated', etc.
they are concerned whether I have already taken my meal or not!.. they take care of me when I'm sick.. they are worried when I have not yet arrived and it's already late..even if we fight oftentimes (esp. my sis), we're already in speaking terms the next day.. they support my every endeavor.

with family in Baguio

with my sister Nikka and brother David

with relatives

2. school friends 
- they understand me and love me for who I am... 'ready to rescue' in times of great storm (esp. during red flag days and stressful moments.. ^^,)...they are gifts sent from heaven..

L-R: aleen, janine, LT (me), zarah

with my batch mates.. the victorious 4VIDAS :)

3. yfc family- inspired me in mysterious ways.. they teach me how to love and be loved..they bring me closer to God.. =D

with YFC LDN core group 

YFC LDN Sector A Central

Give me the names of 3 people you dislike most and why?


- it's too personal... and I believe it's about time to learn how to love these people instead of hating them and condemning them for the rest of my life.. (it's very difficult.. but I will learn eventually..)




Tell me about something you really care about?
- my studies.. I'm not yet content with my grades...


Do you dream?
yes... almost everyday..



Can you remember your last dream?
not anymore.. but I am sure it was exciting ;)


What are your goals in life?
-to please God in everything I do
- to land a job I will love and enjoy..
-to maintain good relationships with friends and family
-to enjoy the luxuries of life..




How would you describe yourself?
-strong, determined, loves learning, debate and writing enthusiast, bookworm..." a good friend, a fierce enemy".. hahahaha

CBAA Debate Family

A page in our news magazine Sindaw with my article in it..

Tell me about your childhood?
-surrounded with people who filled me with love and care.. I enjoy playing with my neighbors hide and seek, patintero, habul-habulan, etc..

the family during my parents' church wedding

bubbly kids

with Paping (that's how I call my dad) and sister Nikka

Give me 3 places you would like to go on a vacation?
1.)Boracay

2.)Dahilayan

from: http://www.cagayandeorolistings.com/

3.)Italy

from: http://www.discoverthetrip.com/country/image-gallery/italy.html#!prettyPhoto

Describe any accident you have seen or heard about?
we were heading home from a party, tavelling through a dark and empty road when suddenly something big and hard bumped through the right side of our car.. when we went out of our car, we saw two men struggling to get out from the motorcycle above them.. one was bloody, the other man was shouting with rage, blaming us for the accident... (a long story) ... (how did it end? the men escaped from the hospital without facing charges.. the collision caused a dent on one side of our vehicle)




When was the year you were the most happy and why?


2004..

1.) I received a number of awards during our elementary graduation ..

2.) I was very excited because I was about to enter high school in one of the prestigious schools in the city

3.) met new friends.. and experienced things I never experienced before.. such as crazy yet fun presentations in class, pulling out weeds outside the male CR (well, a form of punishment for not remembering to clean the classroom on the assigned day), digging up soil while wearing skirt and transporting it to our botanical garden. :)

at noemi's botanical garden with first yr high school classmates

When was the year you were not so happy and why?

2008...


1.) I didn't receive any award during our high school graduation (well, I was active though I failed to meet the required grade in our chemistry subject urgh!)...my parents were upset


2.) I got a grade of 2.25 in Basic Accounting

3.) the friends who left me (because they are enrolled in other courses or in other schools)

4.) unmet expectations with regards to other people


What turns you on about the opposite sex?
smart, neat, one of a kind with a pleasing personality


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What turns you off about the opposite sex?
bad body odor, being rude and insensitive, pervert...
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My New Year’s Resolution

My New Year’s Resolution

1. Drink at least eight glasses of water a day.
2. Eat vegetables five times a week.
3. Restore prayer time and bible reading.
4. Liquidate expenses.
5. Start saving up again.
6. Use planner again and follow schedule.
7. Be kinder to people. Stretch thy patience.
8. Love studying and retain focus.
9. Sleep at least 8 hours a day.
10. Exercise every day.
11. Be more practical in buying things. If it is just a want, then think about it many times.
12. Stop worrying excessively.
13. Treat myself once in a while.
14. Seriously start learning how to cook delicious meal i.e. ginataan, ginisa, and sinabawan.