MAKERERE UNIVERSITY

BUSINESS SCHOOL

AFEILD ATTACHMENT REPORT CARRIED OUT FROM BUMU FINANCE

BY
BIRUNGI AGNES
B/14/U/1161/PS

SUPERVISED BY

MS. LOVINCE AKURUT

AN INTERNSHIP REPORT SUBMITTED TO THE VOCATIONAL AND DISTANCE

NOVEMBER, 2015
 DECLARATION

I, Birungi Agnes hereby declare that this report is my original work and that it has not been

presented anywhere or by anyone for any award.

Signature…………………………

Date………/……/………………..

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 APPROVAL

This work has been written by Birungi Agnes under my supervision and is now ready for

submission for examination.

SIGNATURE……………………………..

DATE:…………/…………./…...................

MS. LOVINCE AKURUT

(ACADEMIC SUPERVISOR)

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 DEDICATION

I dedicate this work to Mr. Obbo Mike, Mr Ruben, Mr. Mbuusi Fred, Mr.Villy Davis. Mr.

Tenywa Paul, Mr. Wasswa Tom, Mr. Kato Sula Mr Tanaziraba Julius, Ms. Nakitende Norah for

the unending support they showed during the period of my studies. Thank you all for your

support.

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 ACKNOWLEDGEMENT

I wish to extend my gratitude to my dear parents for my upbringing and education, sincere

thanks to my friend Mr. Onyango Villy Davis, who financially supported me throughout my

studies.

I am highly indebted to my academic supervisor Ms.Lovince Akurut for their professional

guidance and time during their supervision of this internship training. And all those not

mentioned here but who were of valuable assistance to the successful completion of this

academic internship.

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 TABLE OF CONTENTS

DECLARATION.................................................................................................................................i
APPROVAL.............................................................................................................................................ii
DEDICATION........................................................................................................................................iii
ACKNOWLEDGEMENT....................................................................................................................iv
ABSTRACT............................................................................................................................................vii
CHAPTER ONE ITNRODUCTION AND BACKGROUND.......................................................1
1.0 Introduction.........................................................................................................................................1
1.1 Background of the field attachment.................................................................................................1
1.1.2 Objectives of internship training...................................................................................................1
1.2 Background of the organisation........................................................................................................3
1.2.1 Mission...................................................................................................................................3
1.2.2 The vision...............................................................................................................................3
1.2.3 Objectives......................................................................................................................................3
1.2.5 Bumu Central Finance Company Limited Core Values.............................................................5
1.3 Structure of the Organisation of Bumu Central Finance Company Limited...............................5
CHAPTER TWO FIELD ACTIVITIES............................................................................................6
2.0 Introduction.........................................................................................................................................6
2.1 Activities Handled..............................................................................................................................6
CHAPTER THREE EXPERIENCES, SKILLS & LESSONS.....................................................9
3.0 Introduction.........................................................................................................................................9
3.1 Lessons Learnt....................................................................................................................................9
3.2 Experiences.......................................................................................................................................10
3.3 Skills Gained.....................................................................................................................................12
CHAPTER FOUR................................................................................................................................14
CHALLENGES, ENJOYMENTS AND DISSAPPOINTMENTS.............................................14
4.0 Introduction.......................................................................................................................................14
4.1 Challenges.........................................................................................................................................14
4.1.1 Personal Challenges and Limitations....................................................................................14
4.1.2 Organisational Challenges and Limitations..........................................................................15

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4.2 Enjoyments........................................................................................................................................16
4.5 Disappointments...............................................................................................................................17
CHAPTER FIVE CONCLUSION AND RECOMENDATIONS...............................................18
5.0 Introduction.......................................................................................................................................18
5.1 Conclusion.........................................................................................................................................18
5.2 Recommendations............................................................................................................................18
5.2.1 To the organisation...............................................................................................................18
5.2.2 To the Institution...................................................................................................................19
5.2.3To the Students......................................................................................................................20

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 ABSTRACT

The field attachment exercise was carried out as part of the requirement of Makerere University

to enhance the student’s capacity building and integrate the theoretical knowledge into practice

to fit today’s employment environment where there is need for experience.

My internship was conducted at the end of my first academic year at Ministry Of Defence. The

main goal of the training was due to the urge for me to gain practical experience and to be able to

put theory into an existing organization with an appropriate learning environment.

In chapter one, a summarized view explains my internship background, a number of objectives

that were set and achieved in the course of my internship and an over view or background of the

organizations that let me be part of their team towards achieving their dreams like their

objectives, values, structure, mission and goals.

In chapter Two, I explain the various activities in detail undertaken during my training and in

chapter three, various lessons, experiences and skills gotten this internship are explained. Finally

Chapter Four covers the various challenges, limitations faced that entailed personal, work related

and organizational aspects. It further states the enjoyments and disappointments encountered

during this time

In conclusion, I firmly state my conclusion and recommendations in chapter five of my reports,

findings and recommendation to the university and organization.

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 CHAPTER ONE

ITNRODUCTION

1.0 Introduction

This chapter includes the background of the field attachment, background of the organization,

mission, Vision Statement and the organizational structure..

1.1 Background of the field attachment

Field attachment is a prerequisite to every student in order to graduate at Makerere University

through Makerere University Business School.

Field attachment refers to the process of training were students or individuals go to the field to

acquire knowledge, skills, experiences, and also how to relate class room theories to practical

work.

1.1.2 Objectives of internship training

 To make the student understand how the theories they learn in lecture rooms be applied

practically.

 To make student understand the teamwork & how it contribute to production and service

delivery.

 To test the student’s ability in applying the knowledge & skills acquired in different field

like communication skill, ethics& other procurement activities,

 To prepare the student for any challenges that lies ahead of him so that they would be

able to manage problem in future when carrying out the job.

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  To build and strengthen branch capacity, youth and volunteer management, and

community development to improve the lives of the vulnerable,

 To strengthen student’s capacity in communication, information, dissemination,

advocacy and resource mobilization for good corporate image and self-sustenance.

1.1.2 Benefits of field attachment

i. The main benefit of the internship was to gain an opportunity of balancing the student’s

appreciation of theories of business studies into general work practice.

ii. Field attachment provide an opportunity for students and academic staff to interact with

stake holders and potential employers to appreciate field situation that will also generate

information for curricula review and improvement.

iii. It enhances and strengthens linkages between Makerere university business school and

various stake holders.

iv. Filed attachment test and enable the intern as a student to apply the knowledge and skills

acquired in area such as cost and management accounting, human resource management,

accounting management information system among others in practice.

v. Students learn, gain experience, skills and involve my in the various activities being

carried out at the place of work in the different departments for example finance, internal

audit, accounting and many others.

vi. Field attachment identify what challenges people face while at work, how they handle

and also be able to come up with and recommendations to limitations hindering their

organization from performing in their expectations

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1.2 Background of the organisation

Bumu Central Finance Company Limited is a financial organization that provides services like

saving facilities, providing loans like Business loans, School fees loans and all other types of

loans with a maximum loan of five million shillings per head. The head office is located at

Nakivubo place road st,kisenyi, Kampala, contact is 0782641715.

The company legally opened up in 2009; however it was operating even before it officially

opened.

1.2.1 Mission

“To provide financial service of uncompromised nature by patterning with clients to discover

untapped opportunities and attain sustainable development.”

1.2.2 The vision

“To be the leading financial service provider in Uganda.”

1.2.3 Objectives

i. To promote the serving culture.

ii. To provide access to credit facilities

iii. To increase savings and share capital

iv. To boost income generating activities

1.2.4 Department of attachment

The intern was replaced in different departments of the organisation that is the management

department, accounts office and credit department.

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Management accounting office

This section is concerned with preparing financial statement i.e. statement of comprehensive

income, balance sheets, cash flows, among others. It also helps in budgeting for the company and

this is done quarterly and annually.

Accounts office

This section consists of one of person and he carries out the following duties;

i. Receive money from the company and bank.

ii. Pay the staff for the daily claims and keep record of the vouchers received.

iii. Maintain a petty cash of UGX 26000000 for the daily transaction. In case they use less of

that money then the balance is the opening balance of the following day.

Before posting the vouchers; they are taken to the audit section for verification purposes. After

posting the vouchers, the posted work is send to the accountant section for further verification

that is to ensure what is posted corresponds with the actual budget.

Credit Section

The head of credit section is the credit manager and is responsible for the following duties;

i. He deals with trade receivables i.e. he handles trade debtors

ii. He is responsible for supervision of deport accountants and cashiers.

iii. He ensues that bad debts are minimized.

iv. He also prepares exposure reports for assessments with the company’s trade debtors.

These exposure reports include gross exposure and net exposure

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1.2.5 Bumu Central Finance Company Limited Core Values

 Team work

 Sense of Urgency, do what we are supposed to do on time

 Discipline – punishments are offered to rebellious workers such as suspension, salary

reduction for compensation

1.3 Structure of the Organisation of Bumu Central Finance Company Limited

MANAGER

LOANS OFFICE R ACCOUNTANT

ASS.LOANS OFFICE LEDGER KEEPER CASHIER SECURITY GUARD

OFFICE ATTENDANT

Source: Human Resource Manual 2011 Bumu Central Finance Company Limited

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 CHAPTER TWO

ACTIVITIES UNDERTAKEN

2.0 Introduction

This chapter covers and explains the activities, tasks and assignments the internee under took

during her training at Bumu Central Finance Company Limited,

2.1 Activities Handled

Orientation

As students carrying out training in a new organization we had to interact with one another and

also know the organization in details. The field supervisor requested all interns to introduce each

other since we were from different institutions. He also showed us the relevant offices for

example the accounting department and credit office, Humana Resource office and finance office

among others and their respective officers. During orientation the trainees in the organization

were told by the field supervisor to write down our expectations from the training which we all

had to do.

Filling loan application forms

The intern was charged with the responsibility of helping clients who are not literate to correctly

fill the application forms guided by loans officer. Loan application forms are documents that

clients use to get their loans processed and approved. The applications had particulars like

guarantee; next of kin that in case of failure for the client to pay money back to the bank,

management can be in position to assess the information contained in loan application forms.

The intern accomplished this by filling forms on behalf of clients who had less knowledge about

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filling in the particulars. Here clients had to present the photocopy of their ID , 2 Passport photos

and a LC 1 letter which were attached on the clients application form for filling.

Verification of receipts and deposit slips

The intern verified various receipts given to customers and bank deposit slips to confirm various

financial transactions. Later, the intern posted these receipts into cashbook analysis and reported

to the accounts office for review. The intern accomplished this activity by entering the details

about the receipts and deposit slips in Ms excel where the data was kept for reference. Here the

secure coding techniques of serial numbers helped the intern to record the valid lists in to the

computer database system.

Opening new membership account

The intern opened new accounts for new entrants or clients. she was able to ask the clients all the

necessary requirements needed to open an account and ensuring that the member is fully

registered under the organization’s records. Here she captured the clients Boi data, asked for

required documents like passport photos, LC letter or any other supporting document explained

to clients the available types of accounts from which they choose from.

Filling membership application form

The intern helped and assisted new entrants in filling their membership application forms.

Membership application forms are forms that are processed and approved by the organisation. It

includes the names, address, contacts, next of kin, shares, minimum deposit, and introducer

among others.

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Helping and assisting clients

The intern participated positively in helping members and assisting them as well, especially the

illiterate people in filling bank slips, deposit slips, withdraw slips among others. This was

because some of the members did not know how to read and write

Photocopying, typing and printing

These activities were very vital to me because when the intern joined the organization she had

less skills in operating these equipment’s therefore during the training the trainee had the

opportunity to learn how to operate these machines, these has also enhanced my vocational

skills.

Relationship with other officers

The relationship was good because they guided me when the intern needed their help and gave

me training on how practical aspect of procurement which made me able to relate my theories in

lecture room to field work.

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 CHAPTER THREE

EXPERIENCES, SKILLS & LESSONS

3.0 Introduction

Bumu Central Company limited is a very good place to work with and from my observation the

credit manager is very competent and innovative in his job therefore intern learnt a lot from him

as stated below;

3.1 Lessons Learnt

Proper book keeping

During field attachment at Bumu Central Company limited , the intern learnt the skills of proper

book keeping, recordings, and computing of accounting figures and expenses that has already

been incurred by the organisation. This is a major activity that yields better accountability in an

organisation.

Interaction with different people

During field attachment at Bumu Central Company limited , the intern learnt how to socialize

and interact with different kinds of people since organisation had many people. This enabled her

to create a good relationship with both her fellow employees and her employers thus creating a

very good and conducive environment for working.

Posting and balancing the daily transactions

The intern learnt how to post and balance books of accounts like the daily collection sheet and

payment sheet by use of the information got from bank statements and receipts that is debiting

receipts while the expenditures are credited at the end of each and every month. This imputed in

more knowledge onto the one learnt in class into the intern.

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Time management

Time management may be aided by a range of skills, tools, and techniques used to manage time

when accomplishing specific tasks, projects, and goals complying with a due date. The intern

arrived at work place in time and also completed all the assigned tasked as required by the field

supervisor. These have helped her improve on other related activities and personal seriousness

about time in whatsoever she was met to do.

Filling financial documents

The intern was able to file different receipts from different departments under finance into their

respective files thus making it easily accessible by the persons who need them and hence

portraying a good image of the organisation as documents are well stationed at one place.

(Achieves).

3.2 Experiences

Client Id making

These were very vital to the intern because when she Joined the company she was green about Id

making but I had opportunity to do them both on computer when the client has not come with the

passport photo, take a passport photo them develop it and after print and make Id.

Customer Care

During the internship training, the intern handled Customer complaints like customers who could

complain on the high charges on the monthly charges were worked on upon by the intern..

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The intern attended to customers irrespective of their attitudes towards her for example some

customers were harsh to her and others were just fair. This gave me courage to continue

executing her duties in order to finish her training as required.

Managing conflicts

An organization is bound to have many conflicts either in a department or the whole

organisation. With this, management always finds a solution to handle the conflicts among

departments or the whole organisation as well, so the intern who was faced with this as a

challenge now knows how to manage several conflicts.

Time keeping

The intern got experience in keeping her time right from the time she started internship, doing

the task assigned to her and then to the last day she left the organisation. Here the intern had to

reach as early as 7:00 am and leaves work as late as 6:00 pm. This made her gain experience in

time keeping hence learnt that each time spent is valuable in a business and beneficial person’s

life.

Preparation of bank reconciliation statement and Posting books of account

The intern gained experience in reconciling cashbooks and bank statements of various

departments and this helped her in solving discrepancies caused by unpresented cheques and

uncredited cheques. For example reconciling incomes and expenditures. Under Posting books of

account the process involved entering correct transactions into different books of account for

example cash books, abstracts, fixed deposit book, and receipt books among others. This gave

the intern experiences in posting different transaction to their respective books of accounts.

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Team work

The intern gained experience in working as a team, she therefore discovered that having people

who understand and are a round you greatly influence your performance and new ideas as well.

Therefore while at Bumu Central Company limited we worked as a team that gave me a lot of

experience in terms of how to work hand in hand with fellow students as well as officers hence

helping me have wide knowledge coverage even on matters outside academics such as public

relations among other.

3.3 Skills Gained

Interpersonal skills

The organisation had many employees who were open to different categories of people. Bearing

in mind that conflicts are always in existence in organisations, the intern was able to determine

appropriate behaviour and exposed to different skills in expression of feelings while at work.

This increased on her interpersonal skills of communicating with other social relationships

building for use in the present and future organisations.

Listening skills

To listen is to pay attention to somebody that you can hear. From the training the intern was able

to acknowledge that listening to your supervisors gives one a dear point of view pertaining a

particular issue being discussed; give one’s attention a sound; respond to advice or a request;

make an effort to hear something among others. This was done following exactly what her field

supervisor was telling her.

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Computer skills

A computer is a general purpose electronic device that is capable of input process, store and

output information .As far as writing report after internship exercise is concerned, the intern

gained knowledge on report typing and computer use that is using micro soft excel, micro soft

word and power point using Ms word 2007. The intern gained skills in computer since most of

the work done involved usage of databases .for example they entered financial data in the

database with the help of the various accounting packages.

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 CHAPTER FOUR

CHALLENGES, ENJOYMENTS AND DISSAPPOINTMENTS

4.0 Introduction

It covers the challenges and limitations, enjoyments and disappointments that were encountered

in the field work attachment at Bumu Central Company limited.

4.1 Challenges

4.1.1 Personal Challenges and Limitations

Organisational culture

The organisational culture was a challenge to the intern in a way that it was not easy for her to

adjust to the new rules, regulations and code of conduct. This was not easy because the intern

was used to the usual university rules and regulations. The interns overcome this challenge by

obeying the company rules and regulations at the work place hence obeying her superiors.

Work over load.

When it comes to the time of making reports, workers were very few to work on reports,

therefore the intern could be over loaded with work. It could become a challenge especially

when making monthly report and balancing off the accounts that are savings, profit or loss

accounts. The intern solved this by reporting at work early in order to reduce the work overload.

Lack of field allowances

The intern lacked allowances and other relevant offers inform of airtime, lunch social hours for

example workers do not depend on salaries only but need to be given allowances and other

appreciations to their social needs at work place to enable them work hard. Therefore allowances

were not considered which proved to be a great challenge to the intern. The intern solve this by

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using part of her money in order to pay for her costs like transport so that she could accomplish

the training successfully

4.1.2 Organisational Challenges and Limitations

Limited resources

Resources like transport facilities, computer, and even stock or stationary were scarce as a result

of borrowing from other organizations when it comes to the time of visiting different places for

field work activities. This affected the organization in carrying out their activities efficiently due

to limited resource facilities. This was solved by sharing the little resources available in shifts.

Defaulters

These are clients who take the amount of money and fail to pay back the balance to the bank. For

example some of the clients could take some amount of money and fail to pay back and in case

of failure to pay back the loan, the bank could be in position to face it as a challenge. This was

solved by selling off the items under the loan security to compensate for the money loaned.

Lack of committed and trust worthy of the clients.

Some of the clients could not fulfill the promise they made inform of loan payment, most of the

clients could run away with the organisation money as a result of net loss to the organisation.

Therefore due to lack of trustworthy of the clients the organization saw it as a great challenge.

The intern overcame this by capturing enough security in terms of documents like land titles,

assets among others from clients to act as security to the loan taken by the client.

Lack of enough space for expansion

The organization offices cover an estimated area of 83sqkm which was a very small area to

accommodate a very large number of people hence a challenge to it. The intern overcame this

challenge by utilizing the reception desk when working on clients.

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Low levels of education and banking skills

Most clients were not able to fill their bank documents like cash deposits, withdraw slips, which

resulted into various errors inform of wrong totals that proved very difficult for the organisation

to correct hence leading to difficulties in balancing of books of account at the end of the day. The

intern solved this by directing clients on how to fill the documents and what to write in the

forms.

4.2 Enjoyments

Interactions

The intern enjoyed interactions with different people such as Bumu Central Company limited’s

staff members, fellow trainees, academic supervisor from whom she acquired new knowledge

about field training, sought advice from them, shared new ideas to them. The intern also enjoyed

interactions with the customers for she was able to attend to different customers with different

customer behaviors’, the internee also enjoyed interaction with individuals met in the field.

Verification of receipts and deposit slips.

The intern verified various receipts given to customers and bank deposit slips to confirm various

financial transactions. Later, the intern posted these receipts into daily collection and payment

sheet analysis and reported to the accounts office for review.

Counting and sorting of bulky money

The intern was involved in counting and sorting of huge amounts of money and in order

arranging them in their respective notes which was so enjoying. This was easy to use, fast and

helped in coming up with accurate figures hence solved on the problems of errors.

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Teamwork

The intern also enjoyed the team work at Bumu Central Company limited. Being one of the

organisational values of work in teams, the various departments in the organisation worked in

teams in order to achieve the organisational objectives and goals. This brought about positive

cooperation among the workers hence productivity and efficiency in the organisation.

Making of new friends

The intern enjoyed making new friends through interacting with many people and even since

there were students from various institutions. This brought back the spirit of together hood

connections with other people.

4.5 Disappointments

Long hours of work

Since this was the first time for the intern to work for an organization of such caliber, it was so

stressing to work for the whole day from 7.00 am to 5.30 pm while sitting and often got bored.

Work over load.

When it comes to the time of making reports, workers were very few to work on reports,

therefore the intern could be over loaded with work. It could become a challenge especially

when making monthly report and balancing off the accounts that are savings, profit or loss

account.

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 CHAPTER FIVE

CONCLUSION AND RECOMENDATIONS

5.0 Introduction

This chapter covers the possible conclusions and recommendations that can be drawn from the

report.

5.1 Conclusion

In a conclusive remark, the practicum carried out at Bumu Finance Central Company limited

under the Finance and administration department.

The intern enjoyed the opportunity that was given to her and advice the university to contact

Bumu Finance Central Company limited for some help in future may the almighty God bless you

for the good work done.

The internship exercise was so educative and interesting since a lot was learnt and acquired; also

getting exposed to the outsiders and interacting with different people of different cultures was

also an achievement, therefore it was inspiring, educative as it was successfully completed.

5.2 Recommendations

Having identified the importance of the training, the activities undertaken, the skills obtained and

challenges faced, the following recommendations can be drawn.

5.2.1 To the organisation

The organisation should adopt internship training as a means to base recruitment of new

employees. This is because of the interaction and exposure they have with the intern.

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The organisation should encourage the university to carry out supervision of the intern as early

as possible in order to avoid disappointments.

The organization should provide the internees with the required skills in line with their

professions and business knowledge as well as to equip them with relevant skills which will help

them to survive in today’s competitive environment. Also this enables the students to plan

strategically for their future.

There is need to increase on salaries and provide some other privileges to workers. This

promotes hard work of employees within an organization and their standards of living depending

on the privileges they get.

More vehicles should be purchased to ensure effective transportation of field officers to carry

out their activities as expected by the procurement department in form of chairs, tables and other

relevant requirements to ensure a big coverage of the clients and employees.

The organisation should provide facilities to those going out for field activity that is airtime and

other necessary requirements for proper implementation of the clients. Allowances should be

provided to the employees for their implementation.

5.2.2 To the Institution

The university should find a possible way of sending their academic supervisors in time to avoid

disappointments.

The university should go ahead and allocate students to the various places of attachment to make

the field attachment more meaningful and stress free.

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The University should train all the various sets of practical IT packages like computerized

accounting, micro excel, web formulation among others which would help the intern to apply

without much induction at the field attachment training.

5.2.3 To the Students

Students through internship are prepared for future internship like internship like research and

dissertation among others.

The intern recommended internship to students as it is exposure to them as they discover things

which are not learnt in class for example office behaviour, meetings and interacting with various

officers in different departments who could at least give an upper hand in the near future after

the university.

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 REFERENCE

www.infomoby.co.ug/en/.../bumu_central_finance_company_ltd

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