ACCOUNT AND FINANCE DEPARTMENT
It is the department whose main function is to supervise all financial departments in the factory. The processes must be processed with high thoughtful and precise due to there are complicated data and must process through Microsoft Dynamics AX 2012, which its detail and numerals must be correct according to Thai accounting standards. The employees in this department will receive a financial document from the other departments that related to trading such as purchasing department, Packing department, Warehouse department, Export and Import department, Human resource department, Housekeeping etc., which the processes of this department can divided into 3 processes as follows:
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Cost Management
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Credit Stock
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Financial Management
WORKING PROCESSES
Working process of Cost Management: It is a production cost management of the factory include material cost, labor cost and manufacturing overhead, by calculating production costs from payment receipt from purchasing materials, and equipments for production from related departments in each month, including calculating income budget document of the factory by using general accounting calculations viz Financial Statements, Cash Flow and Balance Sheet.
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Working process of Credit Stock: It is recording the factory credit, debt or details of expenses that must be paid from various departments and waiting for the payment at the agreed time between the factory and creditors companies.
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Working process of Financial Management: When due for the payment date, the staff will make a payment according the amount of debt that receive from the Credit Stock through bank channel for high value expenses and by cash for low value expenses.
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Income of the factory: Income of the factory comes from selling or amount of exporting products to headquarter in Denmark and the retail shops in the other countries which receiving money is the same as payment method to the creditors by the headquarter and the retail shops have a due date of transferring income to the factory in every months. And at the end of the months, the staff must report monthly sales to the department head.
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Auditing: Every end of year, accounting department will hire external auditor to examine annual accounting and financial data and to express one's opinion that finance budget of the factory are clear from fraud(purposely) or error(not purposely), and the wages will be paid according to the agreed schedule between the companies as well. So, the department must store all payment documents for 10 years for Thai customs inspection.
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RELATED PRIVILEGES AND LAWS
Accounting Standard: It is the accounting rules and practices that have been studied and developed under the economic environment in accordance with the laws of each country appropriately and reasonably until it is generally accepted and then used as a basis for accounting operations to be the same way. It is a practice that the accounting department must respect and strictly follow because it is a large company. Accounting operations are therefore subject to the rules set forth in order to prevent fraud of the company.
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Gather is the collection of evidence related to financial events.
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Taking notes is the collection of evidence collected and analyzed in the book or other media used to record accounting transactions.
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Classification is the classification of accounting items into categories.
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The conclusion is that at the end of the accounting period, there will be a summary of the information and update the list to prepare the financial statements.
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Financial incident reports are disclosure of items in the financial statements to be in accordance with the master standard regarding the disclosure of information in financial statements by regularly and easily understood.
RELATED EXTERNAL ORGANIZATION
External auditors or statutory auditor are appointed by corporate shareholders with the intent of carefully examining the validity of the organization’s financial records. Like internal auditors, external auditors will pore over accounting books, payroll, purchasing records, and other financial reports to spot red flags. Getting to know the organization and its operations comes first for audit planning. Then, it’s their job to determine whether the company is fairly following the Generally Accepted Accounting Principles (GAAP), according to the Financial Accounting Foundation. Finding financial misstatements due to error, fraud, or even embezzlement is what external auditors do. After performing their tests, external auditors prepare detailed, unbiased reports on corporate ethics for management executives.
