FINANCE DEPARTMENT AND IT’S FUNCTIONS Various Sections in Finance Department  Book and Budget

 Sales & bills payable 9 | P a g e

10.  Costing & establishments  Internal audit & price store ledger  Book and Budget Book and Budget
 Collection of accounts from different sections  Preparation of trial balance and final accounts  Co-
ordination with auditors  Helping statutory auditor Bills Payable This section handles the payment to be
made to the suppliers. This includes the receiving of stores receipt vouchers, purchase order and their
verification in terms of quality and quantity. Once the claims are found satisfactory, the payment is made
as per the terms. Establishment This section handles all the payment to the employees such as  Salary
& provident fund  Incentives  Medical reimbursement Internal audit: After preparing the balance
sheet, the internal auditors will audit & they send audited balance sheets to the government auditors to
audit the balance sheet. Other functions of Finance Department are,  Payment of wages and salaries 
Payment to suppliers  Foreign purchase payments.  Cash management. 10 | P a g e

11. SUMMARY OF MY LEARNING AS INTERNEE It was a tremendous experience that I have availed with
devotion and commitment. But one thing I want to share its not easy that looks it has a great toughness
and complications in its process but the overall it was nice and great. Here I am sharing some of my
learning regarding my internship in respective departments. Following are the some terminologies which
I learnt, which I practiced during my internship in Finance Department of AKUH, Karachi.  Making
Vouchers  Making Payments  Making Adjustments  Remittance Vouchers  Making proposals of
Vendors AKUH uses Oracle's PeopleSoft (SAP applications): designed to address the most complex
business requirements. They provide comprehensive business and industry solutions, enabling
organizations to increase productivity, accelerate business performance, and provide a lower cost of
ownership. All the departments are centralized through PeopleSoft. Following are difference functions of
PeopleSoft application. People Soft Financials People Soft Financials sets new standards for financial
systems power, performance, and precision. Unlike traditional systems that automate clerical accounting
functions, People Soft Financials focuses on the operational and management aspects of accounting.
People Soft Financials packs new approaches to financial management into tightly integrated systems
that span all aspects of accounting. People Soft Financials makes it easy to respond to operational
changes and access and analyze the financial information one need across departments, business units,
and international borders. 11 | P a g e

12. People Soft General Ledger People Soft General Ledger combines accounting, consolidation,
management reporting, executive information, decision support and budget into one streamlined
systems package. They include an unrestricted chart of accounts definitions, balancing by Chart Field,
summary ledger processing, average daily balancing, an unlimited number of accounting periods,
effective dated information, summarization using graphical tree structures, multiple ledgers, multiple
business units, sophisticated allocation and budgeting-plus. Taken together it is probably the most
innovative integration of spreadsheet technology and financial reporting ever. People Soft Payables
People Soft Payables reaches beyond simple payment processing to anticipate the disbursement
requirements of complex organizations. It delivers comprehensive payables functionality for traditional
AP tasks-from entering invoices to setting up pay cycles to reconciling bank statements. It also offers
innovative decision making capabilities, such as lost discount alerts, long term cash forecasting, and
"what if" trial payment registers. People Soft Receivables People Soft Receivables is an accounting and
management information system. The system can fulfill the business requirements of both accounts
receivable and credit management staff. The system furnishes sophisticated online and background
processing for billing activity, payment application, and open-item maintenance. Credit management
personnel also have access to extensive status and payment history data for all customer accounts.
Inventory People Soft helps in inventory management. Now, there is no need to raise requisition for daily
purchases such as stationary and biscuits and it has become a single window operation. There is no need
to call finance and every manager can review his department’s order information. The requisition status
can also be known. 12 | P a g e

13. Advantages of People Soft o Overall, People Soft modules provide the following benefits: o Empower
the users o Is good functionality wise o Upgrading data is easy o Makes processes efficient o Provides
information for decision making o Employees have more access o Searching for information is easy o
Work flow is maintained CONCLUSIONS The time spent for the internship at AKUH were no doubt a
source of great learning for me about many things particularly working in Finance Department. This
practical project do help me attain loads of knowledge about the predominant functions performed by
banking companies, but also impart a lot of training as regards the set of behavioral traits which
distinguish a particular person from the rest of the lot in a professional environment.
RECOMMENDATIONS  The training program should also be more inviting and involving. It has been
proven that when people are part of the change process their resistance to the change is much lower.
Rather than imposing change, helping employees bring that change will result in quicker and wider
acceptance of the system.  People Soft is internationally developed software and some of the modules
need to be customized according to Pakistani law requirements and business practices. This requires a
specialist team to customize the modules, which causes errors and bugs in the system. If AKUH
collaborates with other organizations that use People Soft, it can collectively overcome the problems
caused by customization. 13