Somuah Oware Samuel Industrial Attachment Report

KOFORIDUA-GHANA

DEPARTMENT OF BUSINESS ADMINISTRATION “ACCOUNTING”

REPORT ON INDUSTRIAL ATTACHMENT AT SOUTH AKIM RURAL BANK, NANKESE-KOFORIDUA

BY

SOMUAH OWARE SAMUEL ANU14240334

AUGUST 2016 Page | 0

DECLARATION I hereby declare that, I have successfully undertaking a two (2) month industrial attachment at South Akim Rural Bank Limited under supervision. I therefore present this report and confirm that it is mine and is expressed in my own words. However any sources of information are greatly acknowledged. Signature................................ Date........................................ Somuah Oware Samuel ANUC (Student)

I declare that, I have supervised the student named above in undertaking a two (2) months industrial attachment at South Akim Rural Bank Limited. I therefore confirm that he has my full support and permission to present this report for assessment. Signature…………………………. Date………………………………. Mr. Alex Martinson SARB LTD. (Supervisor)

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ACKNOWLEDGEMENT This attachment was successful due to the cooperation and support of a number of people who have enable me to gain much more than scholastic or industrial aspect of the programme could have given. First of all, I would like to appreciate the Almighty God for the charitable time and strength, aptitude and persistence for magnificently my field attachment and report compilation; I would have done nothing if it was not his will. I wish to appreciate my industrial supervisor, Mr. Alex Martinson, Mr. P. K Obeng at SARB ltd and the entire bank operations team for enthusiastically sharing with me their experience in banking. I am sincerely indebted to them for supporting and guiding me passionately throughout the entire internship programme. I wish to extend my appreciation message to ANUC Business Administration department and the dean of the school for the opportunity and making available resources required during the attachment period. Lastly I would like to thank my mum and grandfather and the entire Oware family with sincere gratitude for their absolute financial and moral support of everything. God bless you all… THANK YOU ALL!!!

DEDICATION Page | 2

When a person does something, there must be an inspiration behind the work. I would like to dedicate this work to my mother (Evelyn Somuah), grandfather (Mr. E.K. Oware) and the entire family from whom I have received a great inspiration and boost for going through this important industrial study. In addition, I dedicate my work to all my friends and colleague in the bank, especially SARB ltd from whom I have mentored, trained and gained accounting and banking experience

Table of Contents Declaration........................................................................................................1 Page | 3

Acknowledgement..............................................................................................2 Dedication...........................................................................................................3 Chapter One 1.0. Introduction........................................................................................................................ 6 1.1. Objectives of the Attachment............................................................................................... 7 1.2. Benefits to Students................................................................................................................8 Chapter Two 2.0. South Akim Rural Bank..................................................................................................... 10 2.1. Historical Background and Development......................................................................... 10 2.2. Vision Statement.....................................................................................................................11 2.3. Mission Statement ...................................................................................................................11 2.4. Corporate Value.......................................................................................................................11 2.5. Products and Services.............................................................................................................11 2.6. Agency Network......................................................................................................................12 Chapter Three 3.0. Work-Based Learning Experience...................................................................................... 14 3.1. Moral Education......................................................................................................................14 3.2. Problems and Challenges....................................................................................................... 14 3.2.1. Size of the Operation Department..................................................................................... 15 3.2.2. Orientation for Students...................................................................................................... 15 3.3. Methodology............................................................................................................................ 15 3.3.1. Observation........................................................................................................................... 15 3.3.2. Participation............................................................................................................................15 3.3.3. Unstructured Interviews ...................................................................................................... 16 3.3.4. Discussion...............................................................................................................................16 3.4. Research Limitations................................................................................................................16 Page | 4

Chapter Four 4.0. Knowledge and Skills Applied and Gain............................................................................. 17 4.1. Activities Carried Out During Training Period......................................................................17 4.2. Linkage to Knowledge of Practical...........................................................................................19 Chapter five 5.0. Recommendation.........................................................................................................................20 5.1. Conclusion......................................................................................................................................20 5.2 Appendices......................................................................................................................................21 5.3. Reference..........................................................................................................................................22 * Daily Log Book *Evaluation Forms

CHAPTER 1 1.0 INTRODUCTION Page | 5

The industrial attachment/internship training is an essential component of the curriculum of All Nations University College (ANUC), Faculty of Business Administration “city campus”. The faculty of business administration of All Nations University College offers B.Sc. (Business Administration) degree with specialization in:     

Accounting Banking and finance Entrepreneurship Human resource management Marketing

The Third Trimester Field Practical Programme (TTFPP) will not be completed without the industrial attachment. The attachment period is usually a minimum of eight weeks and maximum of twelve weeks, during which the students are expected to acquire additional practical experience to supplement, their course of study in the university. They are also exposed to the real world of work and its challenges which will prepare them towards their future careers. It is said to be a supervised programme since lecturers from the faculty visit the students during this period and at the end of the programme to ascertain the success of the programme and the amount of seriousness students attached to it. Industrial Attachment Programme is a “work-based experience programme” providing a real-life organizational context for students to develop specific or generic

skills,

valuable

to

their

professional

development.

Students can apply and enhance their skills in reality, contribute to the organization, and, at the same time, obtain invaluable guidance from their mentors. ANUC has organized 8-12 weeks of training in any institution on a choice of students to provide every student an opportunity to apply the skills and knowledge Page | 6

achieved during the course of study and to acquire new skills in managing relationship and carrying out the jobs assigned. This is the reason why I came to SARB limited to be trained in order to get practical skills. This report is the outcome of the eight weeks practical training I had at South Akim Rural Bank, head office “Nankese Koforidua”. The industrial training performance assessment is based on:  Students’ logbook of daily activities  Students’ Industrial Training Final Report  Industrial Training Supervisor’s report

1.1OBJECTIVES OF THE IA IA provides the impetus for the students to comprehend and appreciate real life working experience. Students may realize their ambition and ascertain their career path from the experience gained during industrial training. The attachment provides students the opportunity to meet and network with people in the industry, and the industry the opportunity to identify talents and potential skilled workers. Some of the important objectives of the industrial attachment are as follows  To assess the interest of the student in the occupation he/she plans to undertake.  To expose the students to work methods not taught in the University and to provide access to products equipment not normally available in the environment of the University.  To provide the students with an opportunity to apply knowledge in real work situation thereby closing the gap between University work and the actual practice.

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 To make the transition from school to the world of work smoothly and to enhance student contacts for job placement.  To enlist and strengthen employers involvement in institutional activities and in the entire educational process of preparing the students for employment in industry.  To enhance industry´s satisfaction with the graduate of the Faculty in particular and the University at large. 1.2 BENEFITS TO STUDENTS The industrial attachment seek to offer students a practical translation of the theory they have been taught. It has also got individual benefit of liaising the university to the industries, hence brightening the employment chances of the students in the university. Through this attachment, I have generated a good interpersonal relationship through my interaction with my supervisors and colleagues. This has assisted me to interact confidently with people irrespective of the position. By choosing to become involved in Industrial Attachment opportunities, many students find the experience gained during the application and interview process, as well as during the Industrial offers them a level of preparedness for future endeavors and a level of confidence, which their peers who have not interned, may not possess. Student Industrial Attachment can allow them to rise above the competition when it is time to pursue employment in their field of choice. Industrial with cheap or free labor for (typically) low-level tasks. Some students find permanent, paid employment with the companies in which they interned. Their value to the company may be increased by the fact that they need little or no training.

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CHAPTER TWO 2.0. SOUTH AKIM RURAL BANKLIMITED South Akim Rural Bank Limited was established on 25th August, 1984 and was commissioned on 2nd November, 1984. The Head Office of the Bank is located at Nankese, a town in the Suhum Kraboa-Coalter District of the Eastern Region of Ghana. 2.1. HISTORICAL BACKGROUND Page | 9

After its commencement in November, 1984 the Bank extended its operations to the district headquarters at Suhum in September, 1987. After a long break for consolidation, another agency was opened at Koforidua on 8th October, 1993. The Asamankese

Agency

was

opened

on

3rd

February,

1995.

The Adoagyiri Agency was also opened on 6th November, 2006 and Osenase Agency was also officially opened on 26th August, 2010. It later opens the Adweso Agency in 2015. Full scale banking services are provided at all these agencies. The seven (7) agencies are fully computerized and networked. Customers do not have to be at the agency where their accounts reside in order to transact business with the Bank. They can do business from any of the agencies. From the initial staff strength of five (5) the bank now has a staff population of 150 as at 31st December, 2014. Almost the entire population of the catchments area is engaged in farming, mostly Cocoa, Food crops and Vegetable farming as well as in rural industries such as distilling of liquor, wood charcoal production, basket weaving, transportation, timber

production

and

stone

quarrying.

The bank provides services to a large number of salaried workers who are paid by the Accountant General and other employers as well as to educational institutions, religious

bodies,

social

organizations

and

district

assemblies.

A lot of investment has been made in computerizing and networking all its branches 2.2. VISION STATEMENT It is the vision of the South Akim Rural Bank Limited: “to be among the leading banks in the country”. Page | 10

2.3. MISSION STATEMENT “to become the leading rural bank and market mover in the Eastern Region, as well as be ranked among the best five (5) rural banks in Ghana’’ 2.4. CORPORATE VALUES  Efficiency through team work is our strength.  Customer satisfaction is our hallmark.  Maximization of profit and protection of the Bank’s resources are our prime concerns.  Community development is our goal. 2.5. PRODUCTS AND SERVICES Products and services available at SARB limited are: saving account, fixed deposit, loans, current account, susu account MTN mobile money, Airtel money mobile and SARB limited also deals in money transfer of: Apex link and western union. An E-Zwich service is also available at South Akim Rural Bank. 2.6. AGENCY NETWORK The Bank has seven (7) agencies which are fully computerized and networked. Customers do not have to be at the agency where their accounts reside in order to transact business with the Bank. They can do business from any of the agencies.

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NANKESE MAIN OFFICE Agency Manager: Veronica Agbenyega (Mrs.) Location: Head Office Building, opp. Nankese Post Office Phone Number: 0547178438 E-mail:[email protected] SUHUM AGENCY Agency Manager: Emmanuel Arko Akuffo Location: Near Main Market and Old Kibi Road Phone Number: 0342522376 E-mail:[email protected] KOFORIDUA AGENCY Agency Manager: Felicity Baah (Mrs.) Location: Adjacent All Nations University College Phone Number: 0342022647 E-mail:[email protected] ASAMANKESE AGENCY Agency Manager: Edward Lartey (Mr.) Location: At Akroso Junction Phone Number: 0342098709 E-mail:[email protected] ADOAGYIRI AGENCY Agency Manager: Mr. Andrew Tetteh Location: Near Roundabout on Asamankese-Adeiso Road Phone Number: 0342122404 E-mail:[email protected] OSENASE AGENCY Agency Manager: Fred Anim (Mr.) Location: Near Presby Church Junction Phone Number: 0543774078 / 034.209.0525 E-mail:[email protected] Page | 12

ADWESO AGENCY Agency Manager: Mark Anim Ayeh (Mr.) Location: Poly Junction, Opposite Shell Filling Station Phone Number: 0312297189 E-mail:[email protected]

CHAPTER 3 3.0. WORK-BASED LEARNING EXPERIENCE

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I was placed at the operations department performing clerical duties. Through my attachment, I have gained some new experiences in how to record data in the general ledger and the journal book. I also gained experiences in how to record BP’s and PO’s and what it meant for. This internship programme also helps me in where to record day to day transactions and how to record them in their appropriate books. I have also learnt what will happen if only one side of an account is recorded leaving the other like that (debit the receiver and don’t forget to credit the giver) and I also know how the rural banks operate.

3.1. MORAL EDUCATION Working in the bank exposes one to various risks or conditions that could happen if he/she does not take care in recording data. It has thereby inculcated in me sympathy for bankers when it month ending because bankers usually closed late during such time, they have to balance every account before the following month starts. 3.2. PROBLEMS AND CHALLENGES The awareness of the institution that I want to make my attachment task was very low in terms of attachment so everyone ask me the reason and the benefits of my work and some offices saw first as a kind of supervise to their work and show unwelcoming environment, so it took time to explain who I am what I want to do and the objectives and goals of my industrial attachment. I was also warned of my hand writing because it was not big as require. 3.2.1. SIZE OF THE OPERATION DEPARTMENT Page | 14

The size of the operation departments makes filing and retrieval of information very tedious.

3.2.2. ORINTATION FOR STUDENTS There is no form of orientation for students coming for attachment which makes it difficult for students to get well acquainted with the environment.

3.3. METHODOLOGY In order to ensure the success and effectiveness of this work I adopted the following methods. 3.3.1. OBSERVATION This method was used to study some of the activities that goes on at operation room such as; worker-worker relation, worker entering data in T25 system, working responding to and preparing of advice, workers attitudes towards work and the monitoring of staff. 3.3.2. PARTICIPATION This method was used to acquire knowledge on the use of computer software, data entry and analysis, filling of claim sheets, pulling and filing of advice and vouchers.

3.3.3. UNSTRUCTURED INTERVIEWS Through interaction with the staff of the Bank; important information about the bank´s activities, services, historical background and the organizational structure were obtained. Page | 15

3.3.4. DISCUSSION This method was employed to gather some of the activities going on in the bank 3.4. RESEARCH LIMITATIONS Busy schedules of the staff made it difficult for discussions and explanations to be asked for. Inadequate number of computers at the unit was also a hindrance.

CHAPTER 4 4.0. KNOWLEDGE AND SKILLS APPLIED AND GAIN It has broadened my knowledge in the field of banking operations. The training introduced me into the practical aspect of accounting: like recording and analyzing Page | 16

data, cheques scheduling, cheques coding, preparation and completing of advice and consolidation which I have not been taught in class. It has improved my inter–personal relation skills especially working with people with high level of education and with different background and ethics. Again the basic double entry book keeping principle as well as the golden rule of accounting (every debit entry must have a corresponding credit entry) was applied. 4.1. ACTIVITIES CARRIED OUT DURING TRAINING PERIOD/SCHEDULE OF WORK

*refer to last page for daily log book

The internship was extended over a period of two months from May30 th 2016 to July 29, 2016. The following are the duties I performed during my attachment; 1. 2. 3. 4. 5.

Responding to advice Preparation of advice Cheques scheduling Completing journal book Consolidation of deposit analysis

Responding to advice An advice here means a written confirmation or notice of actions performed, payments received or made, services rendered, or the state of affairs. An advice is made when the bank spent money or received money. In responding to advise it goes with the double entry where the giver is credited and the receiver is debited. For instance an advice like “fuel bought for vehicle number GR 201715 amounted GH150 at Koforidua agency” is being respond as debiting motor vehicle running account with the amount and crediting Koforidua agency account. Page | 17

This means the amount that Koforidua agency spent is being paid back to them from the head office and the amount is being deducted from motor running expenses. Preparation of advice When the head office debit or credit an agency account, I write the advice to the agency which account was credit or debit so that the agency do the same for the account to balance. And in writing an advice to the agency we duplicate it and send the original one to the agency and keep the duplicate one at the head office for auditing and references sake. Cheques scheduling Cheques received from other banks are being scheduling for payment. Some companies paid their staff’s salaries at SARB Ltd and those who received their salary at SARB Ltd cheques are schedule for payment. I entered them and forward it for payment at the clearing bank. In cheques scheduling I enter the customer name, the bank where the cheques was from and the cheque number and the amount to be paid in favor of the customer

Completing journal book Completion of journal book is done almost every day when all credit and debit transactions are done. I count all transactions and record them Page | 18

Consolidation of deposit analysis Consolidation of deposit analysis is the calculations of all deposits made at all the agencies during the week and in the month. The bank consolidate to know how much money/liquidity at the bank in hand and with other banks and how much have been given out as loans. I consolidate for the board of directors to make decisions for the bank and in every morning a simple consolidation take place we check all the agencies accounts to know how much liquid they are having and the result is given to TMC (Treasury Management Committee) to make quick decisions on daily basis. Decisions like whether to give out loans if the is much money with the bank or not to give loans if few money is at the bank or to invest in other banks. 4.2. LINKAGE TO KNOWLEDGE OF PRACTICAL The practical at SARB Ltd was linked to my knowledge acquired. With responding to advice you have to enter every transaction in its appropriate books “cost of fuel bought for vehicle and services of vehicles go into motor vehicle expenses, hospital bills go into medical expenses etc.” again the matching concept in accounting was applied because in responding to advice, every transaction from any of SARB Ltd agency correspond to the expense is incur “when I debit medical expense I also credit the agency it came from and vice versa”. The basic double entry book keeping principle as well as the golden rule of accounting (every debit entry must have a corresponding credit entry. CHAPTER FIVE 5.0. RECOMMENDATION To SARB LTD Page | 19

 Easy access to the internet.  Provision of adequate modern computers to foster faster processing of data. To ANUC Attachment student should always be assign to the offices of ANUC to help in the Departments of the school. To the students, they have to be serious and follow well their training because the training will help them in their future working life. I recommend that for students to know much in the field of accounting, some topics like consolidation, taxation, etc. should be taught in class before students go out. And lastly when it is time for student to go out on industrial attachment, students should be given notice at the beginning of the semester for students to be aware and planned their time well for the program 5.1. CONCLUSION The above mentioned work is what I did during the period of the industrial attachment and I must say it has been worth undertaking since it has helped me a lot both academically and socially. Through the help of my supervisor and the other staffs of the bank, I learnt a lot and it has broadened my knowledge in the field of accounting. I will therefore thank the department for allowing me to undertake this industrial attachment since it has partially ushered my feet into the profession.

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5.3. APPENDICES/ ABBREVIATIONS ANUC.................................................................... All Nations University College BP………………………………………………………………….... Bills Payable IA.......................................................................................... Industrial Attachment Ltd……………………………………………………………………........Limited Opt ……………………………………………….……………………..Operation PO.................................................................................................... Payment Order SARB............................................................................South Akim Rural Bank Tedious......................................................................Too long, dull, slow, tiresome TTFPP.................................................. Third Trimester Field Practical Programme TMC……………………………………………Treasury Management Committee Advise: means a written confirmation or notice of actions performed, payments received or made, services rendered, or the state of affairs Liquid: money or anything that can easily turn to money 5.2. REFERENCE 1. blogspot.com/2014/07/industrial-attachment-report (Access on 17th July 2016) Page | 21

2. http://www.academia.edu/10075971/A_REPORT_ON_A_TWO_MONTH_I NDUSTRIAL_ATTACHMENT_AT_UNIVERSITY_OF_A_REPORT_ON_ STUDENT_COMPULSORY_SUPERVISED_INDUSTRAL_ATTACHME NT_AT_THE (Access on 17th July 2016) 3. http://www.slideshare.net/osofoeric/attachment-report (Access on 17th July, 2016) 4. http://www.southakimruralbank.com/home.html (Access on 17th July, 2016) 5. http://www.southakimruralbank.com/agency_network.html (Access on 17th July, 2016) 6. http://www.southakimruralbank.com/money_transfer_services.html (Access on 17th July, 2016) 7. http://www.nyanja.yolasite.com/resources/INDUSTRIAL %20ATTACHMENT%20REPORT.pdf (Access on 17th July, 2016) 8. http://www.businessdictionary.com/definition/advice.html#ixzz4FaS1orB7 (access on 27th July, 2016) 9. https://www.scribd.com/doc/81691813/Osei-Afriyie-Samuel-s-IndustrialAttachment-Report (Access on 27th July, 2016)

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