UNIVERSITY OF ZIMBABWE

FACULTY OF COMMERCE
INDUSTRIAL ATTACHMENT LOG-BOOK

NAME OF COMPANY/ORGANISATION KRATOS CONTRACTING COMPANY

NAME OF STUDENT ADELAIDE R BIRI
REG NUMBER R183996X
DEGREE PROGRAMME ACCOUNTING
PERIOD OF ATTACHMENT FEB 2020-FEB 2021
NAME OF THE SUPERVISOR MR F.J KAGURA

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DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS
MAY INDUCTION TRAINING
WEEK 1  I found people at Kratos are so friendly and welcoming
 Introductions to people within Kratos Contacting and the working environment very conducive for me to
Company, the Head Staff and to my team in the advance my carrier and self-development.
accounting department.
 Got an understanding of the policies in the tobacco
 Learnt how segregation of duties was done and the industry, which the company adhere to, and how the
Kratos Contracting Pvt environment. firm operate as a family.

 Attended a training session on how duties are

performed on both the debtors and the creditors’ challenge
side.  Also l had a small challenge understanding on what we
will be working on during the internship period, and
 Learnt on how tobacco industry sector operates, how to perform the whole accounting process from the
polices and the relationship between TIMB and the different sections of debtor’s section, creditors and
contracting Company personal accounts.

WEEK 2 FILING
 Learnt that all the documents must be kept safe for
 Received unfiled and some raw data which need to reference and for evidence sake.
be organized and filed into their respective files and
folders from the previous years.
 Faced no challenges on this exercise though it was time
 Filing the stop orders ,requisitions, invoices into consuming, I took a lot of time when checking for
missing documents in all files one by one manually.
their prospective files and recording the missing
physical copies of requisition ,stop order and
 I recommend that the system’ control section must
invoice numbers on the excel sheet.
improve on auto backup posting to avoid time wastages
searching or missing information.
 Filing each file in their numbers and year
descending order and checking for the missing

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 physical copies ,soft copy from the backup systems

 Filed all the legal cases, business letters and

creditors banking details.
WEEK 3 STOP ORDER
 Learnt how to raise internal stop orders for the  The new skill that I have learned is how to charge the
farmers to be charged on their sellers’ sheet. stop order using the ANT-Mac system.

 Checking from the debtors ledger accounts if the  I also gained knowledge on how to adjust not captured
farmer was invoiced for collection of inputs stop orders (comparing the stop order raised, that was
invoiced and what is in the system) stock take.
 Crediting internal stop order into the farmers
accounts to deduct from the net payment using
 I also managed to understand why stop order was raised
ANT-Mac
internal and global using the company law rules.

 Extracting captured stop orders from the ANT-Mac

system.

 Printing the captured stop orders for filing

WEEK 4 DATA CAPTURING

 Printed the tobacco grades sheets.  Had a clear understanding on how tobacco is graded, a
 Captured tobacco tickets which has the prices and price charged and captured.
barcode of the tobacco bale using barcode reader as
well as the type of tobacco grade into the ANT-Mac  I could not remember all the tobacco grades codes at
system first but I memorized them later on.

 Capturing flimsy tickets for reconciliation with the  Learnt that payments must be allocated to all customer

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 first tobacco tickets captured invoices accurately.

 Capturing the stop orders to be charged to debtor.

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

JUNE
WEEK 1 SELLERS’ SHEETS
 Sellers sheets of various growers was an interesting
 Printed out sellers sheets from the ANT-mac exercise though confusing at times and because of the
varying other sheets with no banking details ,many papers
 Printed the booking reports and the grower purchases and information needed to verify the sellers sheets.
scheme.
 I managed to acquire knowledge on how to check and
 Knocked all the transactions that were matching from handle the seller’s sheets with no banking details and
the booking report, payment schedule, sales vouchers those with split sales against the payment schedule.
and grower purchases scheme.

 Stamped all matched and corrected sellers sheets

indicating that their verified.
WEEK 2
 Extracted the soft copies of the sellers’ sheets from the  Learnt how to extract the vouchers of the all the depots
system ANT-Mac to create back-ups. and to calculate the total sales per day using daily sales
report.
 Helping a colleague too verify sellers sheets
 Got a clear understanding on the verification and from all
 Checking the movement of rates and updating the the sellers sheets, grower purchases schemes ,booking
change rates report

 Was able to take into consideration IAS 21 to see the

foreign exchange rate and how it is affecting our sales.

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WEEK 3 REPORTS
 Extracted daily reports into excel such as detail  Had to know that it is very important to always
deduction report, grower purchases report ,internal communicate with customers reminding them of their
stop order report and daily sales report . outstanding balances and any changes which might affect
their accounts, for the funding of the company’s working
 Spooled daily reports and send them to the other uses capital needs.
of the information and the top management.
 I understand that report will demonstrate your ability to
 Extracted receipts from the daily detail deduction understand the purpose of the work in brief and adhere to
report using filter , concatenate and if analysis its specification

 Combined the reports according with the type of report

WEEK 4 SYSTEM AUDITING
 Had an example of system audit trial which showed the
 Collected all seller’s sheets processed from the various formulas, workings and their rates which helped
physical files and the system. me memorize the calculation process of the sheet.

 Manually calculated the seller’s sheets using the  A clear classification of net payments was made so as to
formulas that are used to calculate net payment determine which payments are to be made for the current
sale, year to date total amount, sales number and bank
 Verify if the manual calculation result tally with the details to be paid, so as to avoid wrong postings and
system results to see if we had undercharge or payment delaying.
overcharge the debtor or we had over or underpaid the
creditor
 Learnt that all errors must be corrected in time to ensure
 Pulled the mismatch seller’s sheets for reconciliation accuracy and to represent the true and fair view of the
and correction. company’s balances.

 Corrected the miscalculated seller’s sheets.

 Filed the sellers sheets

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DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS
JULY
WEEK 1  Prepared all the sellers sheets reconciliation  It was an interesting exercise as I was applying my
statements against bank statements. theoretical knowledge of bank reconciliations.

 Updated all the daily reports into the backup files.  The Extraction of seller’s sheets from ant-mac it is
somehow irksome.
 Updated the audit files for the recently ended
period. challenges
 It was time consuming as all the other sections in the
 Filed the sellers sheets accounting department needed the updated information
to identify errors and further calculations before they
 Extracted some soft copy sellers sheets to the excel close for the period end and it had to be done almost
every day especially on the peak of the season.

WEEK 2 REQUISITION  Appreciated the security control which is used on this

Make operating expenses request and creditor exercise , the one who pays the requisition is not the
requisitions using the Enterprise resource one to authorise and make the request them and that the
planning software(ERP) person whom is making request has to sign before
 Checking if the amount on the request is correct. authorisation by the finance manager and payment done
to avoid fraudulent undertakings.
 Checking if the system posted the requisition into
the back-up file  Learnt why it is important to backup files ,because if the
documents were not backed up there could be duplicates
 Receiving invoices and emails to make request and when the physical copy is lost will have nowhere to
retrieve the information, which might cause double
payments or unbalanced financial statements
WEEK 3 AUTHORISATION AND PAYMENTS  Enjoyed the exercise since I was used to it

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  Preparing the payment schedule including the
requisition number and email it to the authority  Got a clear understanding on how the requisitions
system works, the payments, transfers and the receipts
 Making them authorized by the person who portal works
ordered it to be made ,and the finance manager and
also the one who process the payment  Learnt the importance of authorization security control.

 Collecting all the requisition that were paid and  As I did this exercise on a daily basis, I became so fast
their receipts. and efficient and also minimized the number of errors.
WEEK 4  Acquitting receipts and other document which is a  Learnt how to acquit and scan receipts.
proof of payment to the requisition.
 Learnt how to prepare the transporters ledger account
 Filed all the paid requisitions into their respective and correcting errors of principle and double entry
cost centres.
 The company should include the Financial account
 Prepared the ledger accounts for all creditors module in the system to avoid manual updating which is
prone to mistakes

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

AUGUST QUIRES
WEEK 1
 Receiving quires from the farmers and the  Query handling management was interesting and it
creditors such as transporters involves communication with the clients which
improve communication skills and allows us to
 Handling the quires. understand or creditors more which leads to
contribution of business growth.
 Giving the creditor a vivid explanation upon the
query and if it requires days, communicating with  From query handling daily activities I acquired
them on when to expect their response. knowledge on how to check and reconcile vouchers
against the bank statements and how to reconcile the
balance on the bank statements to the balance in the

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  Updating the query on the query batch in case it system.
was that there did not receive their payment and we
have no proof of payment

WEEK 2 STOCK MANAGEMENT

 Recording all stocks both operational stocks and  Learnt how to determine the cash transactions thus the
company stationery received at the company and transaction which are posted through the cash book,
their net payment manually and systematically. non-stock items and transactions which are settled
immediately in cash.
 Counting all the stock and check if they are as per
request and receipts.  Stock management was very interesting and it involved
many physical counting’s and the stock management
use is FIFO from IAS2 and accountability of tobacco
 Carried out stock and bank reconciliations.
using IAS 41

 Distributing stationery and recording down and  Learnt how to reconcile the Inventory balance from my
getting the one who collect the stationery sign manual and physical counting with the balance
according to the cash receipts and cash payments made
when purchasing the inventory and how to determine
the buffer stock at the end of the week or month.

WEEK 3 DATABASE
 Dealing with database is one of the simplest jobs but it
 Receiving the daily database of the farmers that requires much attention due to the fact that information
had made sales the on current date from the TIMB should be reliable and accurate.
system
 Learnt some new formulas in the excel sheet such as
 Updating the details of new farmers into the text columns function, concatenate more columns using
letters, numbers and symbols.
database and grower numbers removing the letters
using excel text columns function. challenge

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  It was a bit time consuming when some information is
 Looking for missing information that is required in found not accurate, having many duplicates and some
the database of a farmer to update the database information for growers is missing.

 Posted the updated database to the authority

WEEK 4 INTERCOMPANY INVOICES  Acquired knowledge on how the intercompany invoices
can be produced using detail deduction. It is used to
 Extracting the daily detail deduction reports
meet expenses such as floor charges, remittance, buyer
 Collecting intercompany charges levy and TTA levy and it is used to manage huge
amounts from the sale.
 Calculated the weekly amount due to the
intercompany using Pivot tables  Understood that every time a sale is made the other
sister company will be billed for sales they charge from
 Preparing the intercompany invoices showing the the company, it is recorded in the system with its
amount which is due. charges and there is an amount.

 I learnt that intercompany reconciliation greatly reduces

the chance of inaccuracies in the company's financial
statements.

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

SEPTEMBER  Updating daily reports from extraction to excel
WEEK 1 from the ANT-Mac system  I was able to understand how Cost benefit analysis
process when calculating the amount due to statutory
 Preparing sellers sheets reconciliation cost.

 Also gained knowledge on how to calculate the amount

 Collecting all paid requisitions due to the creditors using the ledger accounts and
bank statements.

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  Calculating the amount due to the creditors.
 Filing the contracting forms in order  Faced a challenge with lot of duplicates and misplaced
documents
 Checking if all contracting forms were signed by
both parties  Was able to apply IFRS 15(Revenue from contracts
with customers) and learnt the importance of contracts.
 Filing all legal issues
 Sending unsigned contracts to the assessors for  I recommend that files should only be stored in the
cabinet or on the desk of the file holder after use they
them to get them signed before we issue inputs should be returned in their location and in their order
should match precisely to the purchase invoice.

WEEK 2 PROCUREMENT  Learnt how to source for prices and to research,

 Receiving request on email from all departments negotiate and plan with the suppliers.

 Emailing all the supplies that have such a  I was able to make final purchasing decision and to use
cost benefit analysis method.
requirement for quotations

 Gathering all the quotations from different  I recommend that the departments should request for
suppliers and choose with lower prices whatever they want early to reduce the process cycle as
it is long and that the company should buy telephones
because procurement requires proper communication
 Preparing comparative schedule
with the supplier to avoid inaccurate data and dark
 Making the requisition using the FJK system purchasing.

WEEK 3  Signing the requisitions and making the requester  The exercise of signing and collection of requisitions
and department head sign then making them get was easy to carry out and tiring since I had to walk
signed by the finance manager from one office to another.

 However the signing and collection of requisitions gave

 Collecting the requisition that are paid either by
me an understanding and the importance of
cash or any means of payment a

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  Acquitting the proof of payments to the requisition segregation of duties and authorization from
Auditing.

 Acquitting receipts on requisition made it easy for

checking the unpaid requisitions and to know the cash
out flow
WEEK 4 TAXATION  I gained knowledge on the fiscal tax invoices and the
 Reconcile the PAYE, VAT, QPD return using the exempt and zero rated supplies for VAT were all useful.
bank statement against the initial return captured in
the system (for the current period being calculated  Learnt how to reconcile the Tax returns and preparing
for). the VAT, income tax and QPD returns

 Computation of QPD, Income tax and VAT. Challenges

 Had challenges to reconcile the ledgers since some
payments were wrongly posted to other ledgers
 Preparation of VAT return and QPD return and
scanning the returns and letters to be used by
management.  Had a challenge to come up with sales schedule for
VAT registration for Great Deck since there was only
one tax invoice
 Compiling the invoices for ZIMRA purposes
 Had a challenge addressing some of the issues on the
ledger specifically for reversal of late payment
penalties and interests.

 Uploading the VAT return to the ZIMRA Portal

 Going to ZIMRA to submit the returns for VAT,

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 PAYE and QPDs.

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

OCTOBER FILING  I also acquired skills on how to generate database
WEEK 1  Filing 2020-2021 season invoices
 Updating database for 2020-2021 season  I recommend that the company should purchase the
filing cabinet to avoid loss of documents and proper
 Filing the requisitions in their order and respective filing and quick way to find documents
file
 Filing all documents that were not filed  This process reduce productivity because time spent
looking for file and it will lead to frustration.
 Reconciling the debtors invoices with their sellers  Learnt how to analyse the sellers sheet s with debtor
WEEK 3 sheets invoices
Challenges
 Amending over or under deduction charged stop  Had challenges with wrongly posted stop orders which
orders fall under global stop order and from the ones which fall
under the company but I managed with the assistance
 Communicating with the IT department in case of of my supervisor
wrongly posted global stop order to communicate
with the TIMB IT department for correction
 Filing all the stop orders and pulled out the ones
with error
WEEK 4 RECONCILLITION
 Checked whether the inter- company invoices  Posting of intercompany invoices using the Emails and
weekly amounts were correctly calculated physical copies was easy to carry out. This process is
related to the theory of merging which I have learnt in
Intermediate Financial Accounting.
 Using the excel if function ,data validation and
pivot table to

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  The Intercompany invoices are created from the buying
 Posted all the balancing invoices into combined of tobacco and will be automatically posted with the
invoice sheet price which is shown on the detail deduction report and
grower purchases report.
 Report for the unbalancing invoices to the manager

 I learnt how to generate the inventory reports.

 Performed monthly inventory take of the inputs
given to the debtors using IAS2  I recommend that stores department and the
procurement department must update the stock records
on a daily basis, make use of stock control software to
 Produced inventory summary variances reports track stock items and to be very strict on the process of
buying stock.
 Carried out inventory adjustments.
 The stocks like Uniforms and protective clothing should
 Carried out inventory valuations using the FIFO. be reordered only when they are needed so as to reduce
stock holding costs.

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

NOVEMBER  My communication skills increase due to
WEEK 1  Contacting suppliers for quotations communicating with different supplies.

 Preparing the comparative schedule  I also managed to understand procurement department

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  Preparing requisitions for the selected supplier revenue centre and how to cut off expenses which I
learnt from Cost accounting under Budgets and Cost
 Process the authorisation of the requisitions benefit analysis.

 Managed to create payment schedule and verify the

 Sending the payment schedule for payment accounting details

WEEK 2 PAYMENT VOUCHERS  We could not find some of the proof of payments for
other requisitions which might lead to double payments
 Acquitting bank statements ,receipts and any proof hence increasing expenses and reducing profit or
of payment on the requisition leading to loss
 Acquitting cash payment vouchers on cash
requisitions  I recommend that they should acquit proof of payments
 Updating in the excel sheet the requisition and as soon as the requisition is paid and also scan the
proof of payment POP’s
 Printing Payment Vouchers issued prior to the
payment while on the contrary  Learnt that payment vouchers avoids manipulation of
accounts and it ensures proper recording and valuation
of assets.
WEEK 3
 Updated all the transactions from the beginning up  Learnt that all the accounts must be updated at the end
to the end of the month. of each day and that they balance with the control
amount.
 Allocated all the debtors and the amounts paid
 It was a challenging exercise due to time pressure but I
 Export the month end reports that is ageing managed.

 Made sure that all the reports balance were tying

with the control amounts.
WEEK 4 INTECOMPANY INVOICES.
 System auditing the invoices using the physical  System auditing made me understand not to rely on the

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 invoices against the information from the reports. system only or manual system only.

 Calculating tobacco charge and changing it from  Calculating in parts and according to the charge made
net to gross using grower’s purchases report. me quickly identify were and error was and easy to
adjust.
 Checking if they are any errors on the invoices.
 Pulling out remittances charges replacing with the
 Correcting the wrongly accounted invoices. tobacco levy was a very easy and enjoyable task.
Challenges
 Making requisitions and getting them signed by the  I had a challenge using Pivot table on some information
authority. however by the support of my supervisor I was able to
see my error and insert the table
 Changing Tobacco levy from net to gross was a
challenge at first because I had no option and did not
know where to get the information but by time I ended
up figuring it out.

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

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DECEMBER
WEEK 1

WEEK 2

WEEK 3

WEEK 4

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