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Internship Report (4)

Sadia Bibi completed a 15-day internship at the Revolving Fund office of the PAC Board. During her internship, she learned about processing local bills, converting LCs to ROs, the documents required for 100% payment, types of contracts, the quotation process, opening LCs using IB-8 forms, budgeting procedures including different budget heads, allocation of funds, budget requests, revised versus budget estimates, assistance packages, and commitments.

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Saqib Liaqat
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82 views3 pages

Internship Report (4)

Sadia Bibi completed a 15-day internship at the Revolving Fund office of the PAC Board. During her internship, she learned about processing local bills, converting LCs to ROs, the documents required for 100% payment, types of contracts, the quotation process, opening LCs using IB-8 forms, budgeting procedures including different budget heads, allocation of funds, budget requests, revised versus budget estimates, assistance packages, and commitments.

Uploaded by

Saqib Liaqat
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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NAME : SADIA BIBI

CLASS : BSBA ( 4A )

REGISTERATION NO : 04151713061

SUBMITTED TO : Dr . RABIA MUSHTAQ

ORGANIZATION : PAC BOARD

OFFICE : REVOLVING FUND ( DIRECTORATE BUDGET AND ACCOUNTS )

INTERNSHIP REPORT FOR 15 DAYS

( 16/08/19 to 30/08/19 )

In these 15 days I have learned about :-

 Processing of local bills : The concerned factory DBA will attach contingent bill

and payment summary and send to Revolving fund PACB . Cross cheque and

payment summary is made . Cheque is signed by Chairman and dispatch to the

vendor .

 Conversion of LC into RO : LC can be converted into RO with the authority of

board letter after the amendment is raised .

 Documents for 100 % payment : The documents required for 100 % payment

are :
1. CRV ( consignee receipt voucher )

2. Performance bank guarantee acceptance certificate

3. Copy of registration certificate

4. Certificate of consignee

5. Proof of appearance on Active Tax Pay Roll

 Types of contract : Sale contracts and procurement contracts are two types of

contracts .

 Quotation : When the item demanded is below 25000 RS /- , no quotation is

required . When amount is above 25000 RS /- , quotation is required . Quotation is

the amount that the seller wants to pay . Three quotations are received and least

one is selected .

 IB-8 form : It is filled using the detail given in contract and sent to bank with 2

copies for opening of LC and LC is open .

 Budget : Budget is demanded yearly in different heads to fulfil the needs and

expenses . Monthly report of expenditures ( returns ) is sent to ministry .

 Heads in budget : The budget include following heads :

1. Pay and allowances

2. Transportation and misc

3. Revenue work

4. Capital work

5. Carry over

6. Fresh Imports

7. Custom sub charge


8. Sales tax

9. Assistance package

10. Common user item

 Allocation : When budget is received , it is allocated in the heads present under

the budget .

 Procedure of demanding budget : Demand is raised and with proper

justification , it is sent to member finance for approval . After the approval ,

budget is received and allocated to different heads . After that expenditures are

made .

 Revised estimate and budget estimate : Revised estimate is the current year

budget ( 2019-2020 ) and budget estimate is the next coming year budget ( 2020-

2021 ) .

 Assistance package : It is provided to the families whose family member in the

service died during service . It is provided to support the families .

 Fresh Imports : The store is received and payment is made in the same year so

these are fresh Imports .

 Carry over : The store and payment does not occur in same year so these are

called carry over .

 Commitment : The amount is authorized for contracts with are either carry over

and fresh Imports .

______________________________

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