Report on professional attachment with Honeywell Pte Ltd.
This report will cover my fulfilling 8-week stint in the Credit and Treasury Department (CTS), the equivalent of the Accounts Receivable department at Honeywell Private limited. The attachment has indeed allowed me to witness first hand and to understand better how an Accounting Department works...
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Format: | |
Language: | English |
Published: |
2009
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Online Access: | http://hdl.handle.net/10356/17542 |
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Institution: | Nanyang Technological University |
Language: | English |
Summary: | This report will cover my fulfilling 8-week stint in the Credit and Treasury Department (CTS),
the equivalent of the Accounts Receivable department at Honeywell Private limited. The
attachment has indeed allowed me to witness first hand and to understand better how an
Accounting Department works in an MNC. It allowed me to see for myself how some of the
concepts such as internal control and organizational architecture as well as cost management
and cost allocation practices are being applied at the workplace. I was also able to relate and
put into practice some of the technical knowledge learnt in the previous semesters such as
bank reconciliation, aging of accounts receivable, bad debt provision and some of the
measures companies take to avoid having to write off bad debts. At Honeywell, before any
credit issue, each customer has to be screened in aprocess termed Credit Review to assess
his credit worthiness. I was also able to put into use my Excel skills picked up during IT
lessons and also got to explore and navigate through the accounting systems and software of
the company, namely eReceivables and the Oracle. As functional excellence is one of the key
Honeywell behaviours, all the accounts officers have very individual and specific job scopes. I
was glad that my direct supervisor Florence attached me to a few of her colleagues so I could
have a more complete picture of the whole accounting process. I also appreciated the
autonomy to figure things out by myself, and the guidance given by my supervisor, prompting
me to think more deeply about the rationale behind as well as implications behind the
accounting procedures. Although my supervisor did give me a brief overview of the various
sub-accounting departments (Accounts Receivable. Accounts Payable and the General
Ledger) on my very first day of work, an even better idea I felt, was to job rotate by having
each student attached to the different sub-accounting departments throughout the course of
the 8 weeks. |
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