INDUSTRIAL ATTACHMENT
REPORT FOR
SEAN T MWALE
N0187618M
SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF BCOMM DEGREE
DECEMBER 2020 - AUGUST 2021
DEDICATION
The price of success is hard work, dedication to the work at hand and determination that whether we win or lose, we must
apply the best of ourselves to the task at hand. I would like to dedicate this work to my family for their outstanding
contribution in this journey. I also make a special mention of my relatives, friends and all those who have contributed
tirelessly to ensure that I get to where I am. To my parents, you remain the best.
I would like to give the greatest thanks and appreciation to the Lord Almighty for taking me through the entire attachment
period. His mercy is what made me complete my attachment successfully, with the help of my dear friends.
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ACKNOWLEDGEMENTS
I would like to thank the Lord Almighty, as the source, of hope and love in the entire industrial attachment period.
My sincere gratitude is expressed to the National University of Science and Technology lecturers who generously
imparted knowledge which makes my stay at TM worthwhile to remember and their contribution is greatly appreciated.
I would like to convey my deepest gratitude and indebtedness to TM Pick n Pay Supermarkets Management for
connecting me to the practical world of finance. Special mention to G. Nyamuzinga (Chief Finance Officer), R.
Matsetswa (Finance Manager), F Mareverwa (Group Accountant), N. Diba (Assistant Accountant), N. Mutandagayi (Sub
Accountant-Creditors),B.Chikanya (Chief Bookkeeper), R.Chishamba (Creditor’s Supervisor) and the clerks (
F.Mukundiwa, C.Mutizi, P.Dodzo, G.Chimanga, T.Magadura, D.Mugumo, F.Nyangara) and entire finance department
for continuously enrich me with knowledge of finance and ethical issues which might have taken time to acquire.
My words are inadequate to express incredible thanks to my family and friends for being there for me in the period of
attachment. May the dear Lord bless you all for the good things you did.
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Table of Contents
DEDICATION ....................................................................................................................................................... i
ACKNOWLEDGEMENTS ................................................................................................................................. iii
ABBREVIATIONS ............................................................................................................................................. vi
EXECUTIVE SUMMARY ................................................................................................................................ vii
CHAPTER 1 ........................................................................................................................................................ 1
1.0 INTRODUCTION .......................................................................................................................................... 1
1.1 BACKGROUND ............................................................................................................................................ 2
1.2 VISION STATEMENT .................................................................................................................................. 4
1.3 MISSION STATEMENT ............................................................................................................................... 4
1.4 VALUES ......................................................................................................................................................... 4
1.5 TM PnP ORGANISATIONAL STRUCTURE .............................................................................................. 5
1.6 COMPANY ACTIVITIES .............................................................................................................................. 6
CHAPTER 2 ...................................................................................................................................................... 12
2. SPECIAL IN-DEPTH STUDY OF ELECTED ASPECTS OF THE COMPANY ........................................ 12
2.1 FINANCE DEPARTMENT ......................................................................................................................... 12
2.2 THE BOOKKEEPING DEPARTMENT..................................................................................................... 12
2.3 CREDITORS ................................................................................................................................................ 19
2.4 ASSETS DEPARTMENT ............................................................................................................................ 19
2.5 INTERNAL AUDIT………………………………………………………………………………………35
2.6 IMPREST DEPARTMENT…………………………………………………………………………….....32
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2.7 ANALYSIS AND EVALUATION OF THE ORGANISATION’S ACTIVITIES
………….……….34
2.8 INTERNAL ANALYSIS…………………………………………………………………………………34
2.9 OPERATIONS .............................................................................................................................................. 34
CHAPTER 3……...…………………………………………………………………………………………...37
3. PERSONAL AND PROFFESSIONAL EVALUATION OF THE INTERNSHIP ....................................... 38
3.1 FIELD ATTACHMENT ACTIVITIES ........................................................................................................ 38
3.2 RELEVANCY / LINKAGE OF THE THEORY TO PRACTICE ............................................................... 39
3.3 COMMUNICATION SKILLS ..................................................................................................................... 39
3.4 FINANCIAL FINANCE ............................................................................................................................... 40
3.5 COSTING AND MANAGEMENT FINANCE ........................................................................................... 42
3.6 FINANCE INFORMATION SYSTEMS ..................................................................................................... 42
4.0 CHAPTER 4 ................................................................................................................................................ 47
4.1 RECOMMENDATIONS AND SUGGESTIONS ........................................................................................ 47
5.0 CHAPTER 5 ................................................................................................................................................ 47
5.1 CONCLUSION ........................................................................................................................................... 47
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ABBREVIATIONS
 CAPEX
-
 EBCN
- Empty Bottle Credit Note
 ICV
- Issued Cheque Voucher
 BRM
- Business Retail Manager
 GRV
- Goods Received Voucher
 RTGS
- Real Time Gross Settlement
 IBT
- Inter Branch Transfer
 CPV
- Cash Payment Voucher
 DBS
- Daily Banking Summary
 GRN
- Goods Returned Note
 IST
- Internal Stock Transfer
 WIP
- Work In Progress
Capital Expenditure
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EXECUTIVE SUMMARY
This report brings an explanation of the experience and training acquired by the student during industrial attachment
period at TM Pick n Pay Supermarkets. The student was attached to this organization from December 2020 to July 2021.
The report explains the experience that the student intends to acquire during the entire period and the objectives of the
work-related program. It comprises of the background of TM PnP Supermarkets, its mission statement, services offered
by the organization as well as its main targeted markets. The report presents an account for finance, audit and IT with a
greater attention as they form a substantive part of accounting and a brief account of other departments within the
organization among them are marketing, projects and maintenance. The author had a privilege to rotate various
departments and performed roles and duties, a greater focus being on the Finance department where he spent vast of her
time gaining accounting experience. The greater part of the recommendations is based upon the SWOT and PEST analysis
of the organization.
The report presents a brief account of the main departments within the organization such as finance, marketing, audit and
IT. The author entails the roles and duties he performed within the organization various departments, main focus being
on the Finance department. A special in depth study of this department is given for the author considers it as the most
important aspect of the organization.
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CHAPTER 1
1.0 INTRODUCTION
TM PnP Supermarkets is part of the retail arm of Meikles Limited (link is external), a listed concern on the ZSE. It is one
of the leading Food and Grocery retail brand in Zimbabwe according to independent market research. Since its inception
in March 1978, TM PnP Supermarket has grown and currently comprises a branch network of 56 stores country wide.
The store formats range from convenient small supermarkets to Hypermarkets, with Borrowdale in Harare and Hyper in
Bulawayo, being the biggest branches. The supermarket chain also has Pick n Pay of South Africa (link is external) as a
shareholder with a 49% stake. The current relationship with Pick n Pay South Africa has been enhanced to encompass
the sharing of technical expertise and sourcing of the much-needed product brands from South Africa to compliment the
Zimbabwean range in an effort to meet and exceed customer expectations. From its inception, TM PNP Supermarkets
has gained significant experience in the fast-moving consumer goods (FMCGs) and has become one of the most trusted
retail brands in Zimbabwe. With its pay offline “Real Value Always” customers are offered a shopping experience in
clean stores where they get a wide range of groceries at competitive prices.
Our customers always look for bargains and TM PNP always meets this expectation hence the reason why it is the biggest
and the most preferred retail chain in Zimbabwe. With its spread, TM PNP Supermarkets draws its customer base from
low end to upper end across the whole country and is the most preferred channel by suppliers for their products. TM PNP
maintains strictly a professional relationship with its valued suppliers, and acts in the best interest of its customers, as
such it has gained advantage over its competitors by being the most preferred channel by both Suppliers and customers.
TM PNP continues to upgrade its branches after having upgraded Kamfinsa, Masvingo, Westgate and Arundel with the
aim of giving our suppliers and the customer real value through modern shopping experience. Borrowdale which has
been recently upgraded is a world-class supermarket.
It is managed by a team with vast experience in retail and this has helped in building strong relationships with suppliers,
customers and all other stakeholders. TM PNP Supermarkets acknowledges that for it to prosper it has to work closely
with the society and as such, it supports the less privileged through various charitable organizations countrywide where
it is represented, thereby promoting the culture of compassionate and responsible corporate citizenship. Employees will
be professional and honesty in their dealings with all stakeholders. TM PNP Supermarkets seeks to provide a stimulating
and safe environment for all stakeholders. In this context, TM PNP Supermarkets believes and acknowledges that good
sustainability practice equates to responsible business practice, and that a well-managed company is motivated to act
responsibly.
1.1 BACKGROUND
Meikles Africa Limited is a Zimbabwean based company that engages in agriculture, textile manufacturing, retail trading,
banking and hotel management. In 2007 on the 31st of December Meikles Africa Limited, Kingdoms Financial Holdings
Limited, Tanganda Tea Company Limited, the largest grower, packer and tea distributor in Zimbabwe and Cotton Printers
Private Limited merged to form one company. It is one of the leading retails and hotel group in Zimbabwe. It owns and
manages corporate five-star hotels namely Meikles Hotel, Victoria Falls hotel and Cape Grace hotel in Cape Town; and
Thomas Meikles departmental stores namely Meikles, Barbour’s and Greatermans that have outlets in Zimbabwe’s five
major cities. Retail trading includes departmental stores, supermarkets and convenience stores. TM Supermarkets is a
subsidiary of Meikles Africa Limited. It is one of the largest retail supermarkets in Zimbabwe trading in both durable and
non-durable goods. Its head offices are located at 154 Mutare Rd, Msasa in Harare. The initials TM denote the name of
the founder member of Meikles Africa Limited, Thomas Meikles. TM Supermarkets generated from food moors in
Meikles departmental stores, Barbour’s and Greatermans. The food moors closed down in the 1970’s when Thomas
Meikles took over Checker’s supermarkets, revamped and rebranded them to TM Supermarkets, a division of Thomas
Meikles departmental stores. TM Supermarkets started with only eight branches, and later on acquired Macey’s
Supermarkets to gain proficiency and knowledge in the supermarket business. It is the company’s strategic vision to be
the leading retail group in Zimbabwe through continued investments in this sector. Meikles Africa Limited owns 51% of
the supermarkets while 49% is owned by Pick n’ Pay South Africa. TM Supermarkets has grown rapidly over the years
with 56 trading branches country wide including Pick n’ Pay Aspindale (July 2020), Pick n’ Pay Hwange (December
2020) and TM Chiremba being the recent one on (February 2021). The supermarkets are categorized into 4 regions; each
region has got its own regional manager and a bookkeeper. The supermarkets set-up ranges from small to hyper
supermarkets, with Borrowdale (Harare) and Hyper (Bulawayo) being the largest of all the stores.
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Fig 1
TM PICK N PAY SUPERMARKETS
TM Pick n Pay Supermarkets is a private limited company and its stake of 51% is owned by Meikles Africa limited and
the remainder of 49% by the Pick n Pay Group in South Africa. It has grown significantly and currently comprises of 56
stores country wide including Pick n’ Pay Borrowdale, Msasa, Aspindale, Gweru Megawatt, Chiremba and Joina City.
These are divided into 5 regions and each region has its own regional manager and a bookkeeper. The store formats range
from convenient small supermarkets to hypermarkets with TM Borrowdale, in Harare and Pick n Pay Hyper in Bulawayo
being the biggest branches of them. Its. headquarters is located at 194 Mutare Road, Msasa. TM Supermarkets draws its
customer base from low end to upper end across the whole country and is the most preferred channel by suppliers for
their products.TM maintains strictly a professional relationship with its valued suppliers and acts in the best interest of
its customers as such it has gained advantage over its competitors by being the most preferred channel by both suppliers
and customers. TM recently opened the Chiremba ranch in Harare with the aim of giving our suppliers and customers
real value through modern shopping experience since TM is operating in the retail industry it provides a wide range of
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products mainly Groceries, Perishables and Home & wear, currently its planning to include the hardware section to
provide customers with a one stop shop experience. To counter competition, it uses the Brand name Super Save in its
Grocery section for example Tissues, Salt and Pick n Pay Brand which is proving to be a strong brand among the elite
TM Pick and Pay Supermarkets acknowledges that for it to prosper, it has to work closely with the society and as such it
supports the less privileged through various charitable organizations such as Kids can, Miracle Mission, to mention a
few, country wide where it is represented thereby promoting the culture of compassionate and responsible corporate
citizenship. Its employees are professional and honesty in their dealings with all stakeholders.
TM seeks to provide a stimulating and safe environment for all stakeholders. It also believes and acknowledges that good
sustainability practice equates to responsible business practice and that a well-managed company is motivated to act
responsibly.
1.2 VISION STATEMENT
To be the retailer of choice in Zimbabwe
1.3 MISSION STATEMENT

We serve

With our hearts we create a great place to be

With our minds we create an excellent place to shop
1.4 VALUES

Integrity

Accountability

Respect

Communication

Reliability

Community

Responsibility
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1.5 TM PnP ORGANISATIONAL STRUCTURE
It consists of three main functions namely:

Accounting and Finance headed by a Chief Finance Officer

Merchandising headed by a Merchandising Director

Operations headed by an Operations Director
The heads of all departments report directly to the Managing Director. The Managing Director in turn reports to
the board of directors. This is illustrated in the chart below which clearly depicts of the hierarchy of authority
and chains of command within the organization.
Organogram of TM PnP Supermarkets
Figure 1.5
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The above organogram shows the organizational hierarchy of TM PnP. It defines how activities such as task allocation,
coordination and supervision are directed toward the achievement of organizational aims.
1.6 COMPANY ACTIVITIES
TM P n P is a well-organized organization where most departments needed for different functionalities are fully
functional. The departments which spearhead all the activities within the organization include human resource,
marketing/promotional, sales, finance and finance, administrative and finance IT support, purchasing/buying department.
Segregation of the activities which involve buying, advertising, selling, investment, promotions amongst others are
allocated within these departments in the organization.
1.6.1 HUMAN RESOURCE
Human resource is the most important asset in the business. The heart of an organization lies on its people. Without
people, the day-to-day operation of a business would cease to function. The success of a business relies fully on the hands
of the employees working in the company. The department is headed by the Human Resources Manager who is superior
over two human resource officers who are responsible in recruiting the right people with the required skills, qualifications
and experience. They’re responsible for determining the salary and wages of different job positions in the company.
They’re also involved in training employees for their development.
1.6.2 MARKETING/PROMOTION
The marketing department is there to adjoin the needs of the customer and those of the organization. Promotional activities
and advertising are the best ways to communicate with your target customers for them to be able to know the company’s
products and services. Effective marketing and promotional activities will drive long-term success, profitability and
growth in market shares. This department is a strategic department that requires a great deal of expertise. The
departmental vision statement is to; actively work to build a strong, favorable image of TM Supermarkets in the mind of
the society. Its function involves creating various marketing strategy and planning promotional campaigns. Last year it
launched the Brand Loyalty Promotion which ran from March to July to curb the stiff competition posed by the OK Grand
challenge. The success of this promotion saw it being launched again this year as the Rich Rewards promotion. Strong
competitors such as OK and the emergence of the fast growing Choppies are the reason why this department has to be
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very flexible and vigilant. Recently the Rich Rewards promotion which involves the giving out of royal pots has resulted
in a considerable increase in sales. If one buys goods worth 5 dollars they will get a sticker and if the stickers reach thirtyone will get a 16cm Saucepan, the more the stickers, the bigger the pot that will be offered. They analyze the trend of
buying and consumer behavior to ascertain on the pricing and timing of different promotions. Such a technique has been
implemented by the department to boost sales and also gain market share
1.6.3 FINANCE
Cash flow is the lifeblood of any business. It is important to manage the business’ cash outflows and inflows. The
company can’t operate without money. If you can’t handle your money properly, you will lose control of your business.
That is where the accounts and finance department comes in, which is a part of the organization that manages the
company’s funds. This department is responsible for finance, auditing, planning, and organizing finances. The preparation
and maintenance of branch and company accounts and statements takes place in this department. The system used to
cater for these operations is the Business Retail Manager which is the accounting package used by the business. The
system is an off the shelf package developed in India and distributed by Trade Links South Africa as an application. The
finance department consists of two major subsidiaries, the Ledger (bookkeepers) division and the Creditors division, as
well as two minor divisions, the salaries and the sales divisions. The ledger department focuses on making analysis of
the overall performance of the branches and the organization. The responsibilities of the creditors department include
payment of suppliers. The salaries department focuses on payment of employees benefits. The sales department
responsibilities include confirmation of banking and sales for branches. In overall, the finance department is accountable
for collecting, recording, analyzing, interpreting accounting information and also responsible in producing the company’s
financial statements
1.6.4 INFORMATION TECHNOLOGY SUPPORT
Computers and information systems are very essential in business nowadays. The IT department acts as the backbone, a
smooth operation involving the latest technology relevant to the business. This department is responsible for providing
direct operating assistance in software-use and data-management to maintain functional areas in the organization. The IT
function has grown in influence in the success of modern day businesses. TM Supermarkets has elected an IT department
that oversees the operation of the Operating Systems that have been installed in the company. The primary finance
package that is used by the organization is the Business Retail Manager (BRM). The company also has Microsoft
dynamics AX installed but mainly the software is mainly used by the asset department team. The IT department also
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maintains the Store line software which is the system that is used at the Branches. The software is installed on the tills
but it feeds information into the BRM which acts as the back office system and the latter being the front office system.
The department also plays a key role in the communication channel as they monitor the operation of the internet and local
area network which is mainly used to send emails and VOIP calls within the organization. The head office is connected
on a Local Area Network (LAN) with around 150pc`s at the branches a total of about 550 Point of Sale (POS) machines
have been installed. Due to the continuous technological changes the IT department has to be vigilant in order to keep up
with our competitors. The IT manager has to play a central role in necessitating these changes. So very often we see the
IT manager meeting with the finance team in order to explain the changes and to help each other solve problems that may
arise in the system from a finance perspective. The department also has IT technicians that are always ready to help the
whole organization in the case of challenges when using the computers and the other systems.
1.6.5 ADMINISTRATIVE AND MANAGEMENT
The administrative and management is the backbone of the business. The administration and management’s function is
to handle the business, planning, decision-making, and also financial review. This department links with other
departments to ensure the smooth flow of information and operations. TM PnP has general managers; branch managers
and branch administrators who ensure the smooth working environment of different branches.
1.6.6 BUYING DEPARTMENT
This department is also known as the procurement department. Its main concern is to plan, schedule and procure raw
materials, goods and services at the lowest cost price. The department is also responsible for developing new recipes and
products for TM Bakeries, at the same time maintaining margins and negotiating terms with suppliers. The success of
TM’s retail business entirely depends upon this department’s ability to plan, schedule and procure stocks so as to avoid
overstocking or under stocking of branches. The material purchasing cycle originates from the branch since that is where
all the production and selling takes place. The branch manager sends a requisition note showing goods and quantity
required to the buying department. The buying department processes a purchase order in acknowledgement of the
requisition raised by the branch manager
1.6.7 THE PROJECTS DEPARTMENT
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This department works hand in hand with the finance and the maintenance department. It spearheads the capital
expenditures of the organization. The department headed by the projects manager is responsible for opening new
branches, renovating old ones and negotiating leases with landlords. It is also responsible for acquiring the non-current
assets of organization.
1.6.8 THE MAINTENANCE DEPARTMENT
Due to its size of operations, TM has a lot of equipment and other assets that needs constant maintenance. The
Maintenance Department was erected for this purpose as it would have been costly to decentralize the function. They are
charged with the responsibility of maintaining the assets of the company so that they meet reliability needs at a minimum
cost to achieve its maximum performance level. In most cases the equipment breaks down such as compressors, ovens,
refrigerators and shelves and building repairs. For complicated faults and breakdowns, however, they may outsource to
external service providers such MT Electrical and Saintford Ventures. The subcontracted company has to be
competitively approved and selected in terms of quality of service and the prices.
1.6.9 LINE MANAGEMENT
This department is headed by 5 General Managers who are responsible for specific branches in their region. Each branch
is headed by a branch manager who reports directly to the General Manager Line manager. Their main duty is to oversee
operational duties of the branches. They manage branch managers. They also implement, monitor and report strategies
formulated at the head office. Cash officers are appointed in every branch to deal with issues which involve money. At
the tills there are supervisors who ensure that the work of the till operators is effectively done.
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CHAPTER 2
SPECIAL IN-DEPTH STUDY OF ELECTED ASPECTS OF THE COMPANY
2.1 FINANCE DEPARTMENT
This department carries out the stewardship role of the company in the management of its finances and ensures that all
funds to the last cent are accounted for. The department makes use of finance software that interfaces with each other.
Business Retail Manager (BRM) is the main system for TM Supermarkets in all aspects of the company including auditing
which interfaces with Retail Store line (for POS transaction) and Excel spreadsheets. The Microsoft Dynamics AX
software is used also for the fixed asset maintenance and interfaces also with the BRM System. The BRM, however, is
the organization’s main finance package for purchasing, human resource and auditing program and even in branch level
of which they differ in passwords. The program is an off the shelf package developed in India and distributed by trade
link South Africa as an application.
Below is the sub organizational structure of the finance department which will describe the structure of the department:
Finance manager
Group Accountant
Assistant accountant
Sub Accountants Creditors
4 Creditors supervisors
16 finance clerks
Chief Bookkeeper
Ledger Supervisor
15 finance clerks
Sub Accountant Salaries
Salaries supervisor
Salaries clerks
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During the attachment period, the student was primarily based in the finance department but however was given the
opportunity to join the internal audit team.
2.2 THE BOOKKEEPING DEPARTMENT
This department forms the base of the finance department; it is the primary department which forms the source of
information to the various interested parties including the Executive decision makers. The bookkeeping department also
known as the Ledger Department is responsible for tax computations and calculation of the tax to be paid, they also
maintain the asset registers, perform bank reconciliations and the department also processes payments of all the
company’s operating bills. The diagram below shows the role played by the department:
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TAX
COMPUTATION
S
BANK
RECONCILIATI
ON
FINANCIAL
ANALYSIS
BOOKKEEPER
(ROLES)
MAINTAINING
LEDGER
ACCOUNTS
ASSET
MANAGEMENT
PREPARING
SALES BUDGET
Five of the bookkeepers are entrusted with a region of branches, there are five regions and these bookkeepers are known
as regional bookkeepers. One bookkeeper is in charge of Tax computations and Remittances and another is responsible
for compiling daily Sales and Margin figures for every branch. The others have these duties divided amongst them; rent
payments, issue of gift vouchers, reconciliation of Point of sale transactions, maintaining general ledger accounts such as
Payment in advance accounts, creditors suspense accounts and maintaining and reconciling cashbooks.
2.2.1 MAINTAINING BRANCH ACCOUNTS
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
Create Journals for all branch activities -this encompasses all transactions with respect of the branch to ensure
that the trial balance of the branch is in agreement at any given time. For instance, the maintenance of the
compressors was being debited to expenses rather than being capitalized. This consequently increased the
expenses for the period, the journal to correct it is as follows:

Capturing of daily sales using spreadsheets- the sales of the branch are recorded on the daily basis using
excel and accumulates the figure up to month end. There is also need to analyze the trends of sales and give
the information to the management to make promotional decisions to boost the sales.

Create journals for provisions for water, rates and electricity- done on monthly basis using spreadsheets;
the estimation of the all provisions is made under International Accounting Standards (IAS 37).

Extract and Analyze Expenses- the expenses for the period might be too high or small. The task will be to
extract and print all the transaction that attributes the amount from the BRM. It follows that the bookkeeper
has to communicate with the branch manager of the particular branch. This will be the control to investigate
the reasonableness of expenditure.

Reallocation of bakery and takeaway stocks- The bakery, takeaway and fruit& veg departments are
regarded as manufacturing departments and therefore the need to reconcile the balances at the end of each
month. A physical count of stock has to be undertaken at the branch and this count is compared to the
theoretical stock that is maintained in the system. The theoretical stock is compiled from the list of raw
materials purchased during the month and inputted into the system by the Extensions clerk situated at the
branch. The extensions clerk is responsible for the capturing of the transactions that occur at the branch
and feed information into the BRM system. At each financial year end the physical stock of raw materials
should be in agreement with the theoretical stock to ascertain that both agree so that the branch takes on
correct opening stock figures for coming financial year. The branch sends a document called the (TM 181)
for each department at period end usually at the end of every month.

Providing the service department report- It contains the wastages, shrinkage, maintenance and repairs and
gross profit percentages for all departments only for amounts that deviate from the benchmarks. These
include takeaway, fruit and vegetables, butchery, bakery and foods.
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
Extract Income Statements- the essence is to analyze the income statements and send it to the branch
manager as the feedback of their stewardship. A favorable result motivates them and the adverse results
make them improve their standards to improve the results of the income statements.
2.2.2 TAX COMPUTATIONS
The bookkeeper in charge of tax sees to it that all tax remittances are made in time and are disbursed to the Zimbabwe
Revenue Authority (ZIMRA). These computations are under ZIMRA regulations. The Value Added Tax (VAT) payments
are made at the end of every month to ZIMRA. All suppliers who provide services to TM are obliged to have a tax
clearance certificate which they obtain from regulatory authorities which will certify if the supplier is tax compliant. This
will therefore imply that the creditors department should not make any payment without a tax clearance certificate. The
certificate is obtained biannually and the standard rate of VAT is 14.5%. In the case of one-off suppliers who deliver
services to the company without a tax clearance are subject to withholding tax of 10% only if the invoice amount is above
$250.
The bookkeeper compiles a list of suppliers who supplied taxable products monthly and it would show the following
Name of
VAT
Date
Document GRN/GRV Cost
VAT
Total
Supplier
No:
No:
Amount
Amount
RICHMOND
10053074 23.03.2021 REJN11
No:
109465
100378.99 14554.98 114933.97
ENTERPRISES
The process of creating the tax schedule starts with the extensions clerk at the branch when he raises Goods Received
Note (GRN). The clerk has to be cautious to pick the correct tax percentage allocation depending on the description of
the goods received or what is quoted on the invoice. The allocations are sub divided as follows;
Input value added tax allocations are as follows (ADOPTED FROM TM SUPERMARKETS PROCEDURALS
MANUAL)
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307
4230-VAT
INPUT
TAX
EXPENSES
-14.5%
4235-VAT
INPUT
TAXCAPITAL
ITEMS14.5%
4392-VAT
INPUT RENT
PAID- 8%
4222-Vat
input taxairtime22.5%
4232-Vat
input taxrent paid14.5%
The control account is prepared by the bookkeeper responsible for tax to ascertain the difference between input and output
value added tax. Input VAT is tax that is charged by registered suppliers (VAT operators) when they supply goods or
render services to us. Input VAT is paid by the buyer to a supplier. The standard rate is 14.5% whilst some products or
services are charged 0% VAT and others are exempted meaning to say there is no Input VAT charged on these at all. The
supplier, acting as an agent of ZIMRA, will remit the VAT to ZIMRA. The buyer will then recover it from ZIMRA as
claim against the Output VAT the buyer is supposed to remit to ZIMRA for that period.
When a supplier has charged us Input VAT, we pay and claim (recover) it against Output VAT that we charge and collect
through our branch sales. Were

Input is greater than output VAT- the company claims money from ZIMRA.

Output is greater than input VAT- the company pays the difference to the ZIMRA.

If there is a balance between the input and the output tax the bookkeeper submits the tax return only.
A check of the following anomalies has to be done

A check that all invoices have not been wrongly stated

Checks that all misallocations of goods for example where non-taxable goods are posted as taxable have been
rectified.
A report is run at period end and the amounts due to ZIMRA must be paid out and claims have to be made after
reconciliation has been prepared.
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2.2.3 CASHBOOK AND BANK RECONCILIATION
This is the largest account in the organization as it covers both the cash and the bank transactions. TM Supermarkets have
account numbers to almost all prominent banks to ensure ease transfer of payments to suppliers and from customers
through the modern-day payment transfers and also considering the frequency of movement of cash and the size of the
organization. All the payments to suppliers are made through Paynet System which is used by signatories to notify the
payment advice to the banks. Due to the size of this account, it is needed to be split amongst the bookkeepers each with
a particular bank to deal with. The author was assigned to maintain Barclays Bank USD and Rand, accounts
reconciliations. The supervisors expect a reconciliation of all the accounts at every month end. The banks send month
end statements showing all the transactions and balances as at that period end. On receipt of the statements certain
transactions have to be done to necessitate the reconciliation. Firstly, there should be adjustments for Bank Charges and
Interest received or paid because these transactions only appear on the Bank statement but not on the extract from the
system.
Spreadsheets (journal capture)
Branch
Allocation Name of allocation
Narrative
Debit$
3000
2450
Bank Charges
Bank charges
100
3000
3710
First Capital USD
Bank charges
3000
3710
First Capital USD
Int received
3000
2115
Interest Received
Int received
Credit $
100
112
112
Shown below is an extract of First Capital Reconciliation Statement
Page | 16
All the transactions have to be matched, a simple concept of reconciliation, however if there are some items
that have not been reconciled the bookkeeper has to raise queries with the party at fault that is either the bank
or the branch or the other departments at the head office that use the cash book.
Upon receipt of the bank statements, journals are done to indicate bank charges and interest received from the
bank. Investigations are also carried out on direct deposits and a journal is also done; these are deposits made
directly to the bank by suppliers without consulting the head office. When all these journals have been processed,
the ledger is then retrieved from the system and transactions are ticked off against those of the bank statement to
retrieve any differences between these two accounts. The differences are mainly caused by the following reasons:

Outstanding deposits and payments – these occur due to the timing difference between TM branches and the
bank. Outstanding deposits are payments which are usually made on the last day of the month by the branch and
recorded in the ledger as at that date but are processed by the bank the following day, thus causing the difference
in balances.
Page | 17

Bank charges, interest and direct deposits - these differences arise if and only when a journal is not created to
expense them to their different accounts before the closure of the period. Upon receiving of the bank statement,
the responsible bookkeeper has to make adjustments for the charges, interest and direct deposits so as to include
them in the ledger thereby writing them off to their respective expense accounts. Failure to create a journal for
these will cause the difference.

Errors – difference may occur as a result of errors made by the bank upon processing or errors made in the ledger.
These may include a transaction processed under FBC (rand) account (3755) instead of being processed to FBC
(usd) account (3754); or it may be an amount in the bank statement but not found in the ledger.

Exchange rate difference – this is a common factor responsible for the differences in the two balances that is
ledger and bank. This is as a result of different cross rates used by the bank and TM on the same transaction. For
example, TM Bradfield may record a deposit of USD$10at a rate of 82.345 on 3 March in their ledger and deposit
it at the bank on 4 March at a rate of 83.00 thereby resulting in an exchange rate difference.
Trading accounts
It is the responsibility of the regional bookkeeper to construct branch trading accounts on a monthly basis,
compiling all daily sales and purchases and calculating gross profit for a particular month.
A trading account is an analysis that portrays a transparent image of the gross sales and margin made within
various divisions of TM supermarkets. These accounts are used for departments such as the bakery department,
fruit and vegetables department and the takeaway department of the many branches of TM supermarkets. The
aim of these calculations is to bring about a plain understanding of raw materials and finished goods used by the
department within a certain time frame. It is calculated as follows:
Opening stock + Purchases – Materials consumed = Theoretical stock
When reconciling the theoretical stock retrieved from the system and the physical stock in hand should tally.
However, difference may arise between the two which can either be a surplus or a deficit known as shrinkage.
The process of calculating this shrinkage originates from the branch. The extensions clerk is responsible for
capturing all stock received into the system. At the end of each month, the branches conduct a physical stock
count and send the results to the responsible bookkeeper for analysis and investigations. The bookkeeper would
then print a trail report of the certain branch from the BRM. Upon occurrence of any variance, it is the
bookkeeper’s responsibility to communicate with the branch manager or branch administrator for reasons
Page | 18
behind the variance. The bookkeeper and the branch administrator have to reach a concord on how to resolve
the variance. Once an agreement is reached, a journal is done to correct the difference which is posted to the
shrinkage account for the particular branch.
Sometimes a situation would arise whereby the extensions clerk inserts a price of $250.65 for a certain product
instead of $205.65, thus as a bookkeeper it was the author’s duty to correct this difference by raising a journal
which is only authorized by the Accountant of the organization.
2.3 CREDITORS DEPARTMENT
The department’s main concern is to communicate, raise queries and pay suppliers. It deals directly with the company’s
main suppliers, thus the need for good communication and professional skills within the department’s employees. The
main duties include paying of company’s debts, reconciling of suppliers accounts and preparation of cash flow schedule
which lists various suppliers to be paid at a certain date.
Departmental organogram:
Sub Accountant Creditors
x1
Creditor's Supervisors x4
Creditors Clerks
x16
Page | 19
In this department each supervisor has his/her four clerks that report to him even though they can report to every
supervisor in terms of work to be done then the supervisors report to the sub account if they are any queries to be mad or
adjustments of any kind
The alphabet letters in each supervisor’s box refer to the name of companies he has responsibility over. These suppliers
are then divided amongst the creditor clerks in the supervisor’s region. Each supplier has got a unique code which is used
to incorporate them in TM systems, for example for
AC DC DYNAMICS (ADDYNAMFCA), the last three letters standing for Foreign Currency Account.
Objectives
•
To ensure correct payment of goods and services by the company
•
Ensure that each creditors account is correctly updated with invoices and credit note information.
•
To enable rectifications and alterations to be made in ledger balances e.g. discounts and goods returned.
•
To ensure that there is a reconciliation between the supplier’s statement and the organization’s remittance.
2.3.1 PROCEDURES IN THE DEPARTMENT
The creditors system initiates from the branch when a credit order is placed and the supplier in turn draws an invoice.
Upon receiving of goods a Goods Received Note (GRN) is raised by the branch. A GRN is a document acknowledging
receipt of goods and services in acceptable condition. The branch debits TM stock account with amount of goods received
and credit suppliers account. In the event that on point of receipt damaged goods, goods not ordered or those in excess
are discovered a Claim is raised by the branch to acknowledge the supplier of the situation. If the goods are received and
the branch later realize that there are expired products or damaged goods, a Goods Received Note is generated and
supplier is acknowledged.
At the end of each month these documents are sent to the head office for filing. The GRV should be accompanied by a
credit note from the supplier to prove that the goods have been returned indeed. The creditor clerk retrieves a remittance
advice at the end of each month. A remittance is a payment advice, which shows transactions which took place between
the supplier (creditor) and TM Pick n Pay, showing payments and outstanding amounts. Remittance advice shows the
invoice number, GRN number, GRV number and date. The creditor sends a statement which summarizes the transaction
between TM and the creditor (as per supplier’s records) for reconciliation.
There are three types of remittance advice:
Page | 20
•
Real time gross settlement (RTGS) – a system where TM orders the bank to pay suppliers on their behalf,
debiting TM Pick n Pay Supermarkets account and crediting supplier. This is an efficient way of paying since it
only takes one day to access funds.
•
No cheque drawn – before paying TM has to check for any adjustments first.
•
Debit balance – this is to the supplier to show that he owes us some money due to overpayment or returns
made by the branch by raising a GRV.
2.3.2 CREDITORS RECONCILIATION
This is produced after comparing the remittance advice and the statement items to identify and clear invoices which
match. The reconciliation contains invoices, GRNs, GRVs, credit notes, payments made and received by supplier, as well
as advertising costs in the event that TM Pick n Pay Supermarkets agreed to advertise supplier’s products on his behalf.
All unmatching items are listed as outstanding and communicated to the supplier for resolving. All queries outstanding
for two months had to be brought to the superior for further action.
Outstanding items on the creditor’s statement have to be adjusted by TM, for example they might be invoices made by
the supplier on the last day of the month which would have to be processed in the following month by TM Pick n Pay.
Outstanding items on TM’s remittance has to be adjusted by the supplier, for example GRVs raised by TM which the
supplier did not acknowledge.
2.3.3 ADJUSTMENTS
The only adjustments TM can adjust are limited to those items listed on the debtor’s side. All unreconciled items are
corrected through journals. Journals are processed only after supervisor’s authorization. Two types of creditors journals
are used, journal as invoice (DJR) and journal as credit (CJR). These journals have the effect of either reducing or
increasing the amount owed to the creditor.
2.3.4 SCHEDULING OF CREDITORS PAYMENTS
Creditor’s payment has been programmed using nature of supplier’s business. For most products payment is within 30
days, whereas for all perishables it is 15 days from delivery date.
Page | 21
Upon receiving of goods from supplier, person who received goods appends his signature to ensure total
acceptance of the terms and conditions stated on the invoice. Each supplier must quote the Value Added Tax
(VAT) number of its customer on all its documents in accordance to Zimbabwe Revenue Authority (ZIMRA)
regulations. The creditors’ clerk only prepares the payment template when satisfied that the invoice meets all its
prerequisites. The payment template should show payment date, supervisor and Sub-accountants signatures before
being sent to the cash flow of payments to be made on the date stated by the clerk.
The author’s stay in the department helped her appreciate the importance of transactions carried out in the creditors
department that contributed to preparation of financial statements since these contribute to purchases and discount
received.
2.4 ASSETS DEPARTMENT
This department ensures that assets are well managed at different branches including the Head Office. Management of
assets is of great significance to TM PnP for the following reasons which include:

Minimise the environmental impact of operating the assets

Maintain and improve the reputation of the organisation

Improve the regulatory performance of the organisation’s assets, for example generators

Reduce legal risks associated with operating assets

Reduce the total costs of operating our assets

Reduce the capital costs of investing in the asset base

Improve the operating performance of our assets (reduce failure rates, increase availability, etc.)

Reduce the potential health impacts of operating the assets

Reduce the safety risks of operating the assets
Page | 22
To ensure that there are no issues of duplication, fraud, theft, and other issues which may influence the assets negatively,
management of assets has been centralized. No fixed assets are to be captured (i.e. GRN) at the branches. There is no
ledger entry to be done at the branch relevant to assets in any way. All this is done at head office.
2.4.1 ASSET CLASSIFICATION
The classification is predefined, and it corresponds to the same criteria as in the Dynamics AX system. Depreciation rates
are set in the system for each class of assets. The depreciation is charged on straight line method from the day of purchase.
The spreadsheet below shall illustrate how writer had come up with a movement schedule. The following are the classes
under which TM assets are categorized.
2.4.2 PROCESS SYSTEM FLOW ASSETS CAPITALIZATION
A systematic process must be undertaken before an asset is capitalized. This is to ensure also that a revenue expense is
not capitalized and vice-versa.
Invoices received from mainly Projects and
Maintenance Department
Bookkeeper checks if invoices are
approved by relevant authorities
(i.e. Projects, GM & MD)
Page | 23
Invoices are ascertained if they are for projects.
Relevant allocation is therefore assigned for
processing
Finance clerk raises a GRN
GRNs are verified and confirmed by assistant
accountant and are processed under WIP
account
Asset team
raises journals
and passes to
Assistant
accountant for
review
Invoices are capitalized once
confirmed that the asset is
installed and working
Hard copy
invoices filing by
asset team
Assets are added into the
system (Microsoft Dynamics
AX
Physical assets verification
)
2.4.3 ASSET CAPITALISATIONand
JOURNAL
coding
Page | 24
Above are the journal entries made to effect the capitalization of assets which where once described as Work In Progress.
The account column represents the code of the account involved and the name will automatically appear. The capital
WIP will be credited while debiting the respective asset account. WIP are those current assets which would not yet been
put to their usable condition due to installation or transported to the branch which it is to be utilized. Once the asset is in
use it is then capitalized to its prospective branch which is coded under the account unit on the journal. Depreciation will
then be charged on the asset crediting the branch at which it is used.
2.4.4 ASSET REGISTER
Fixed asset register includes:
Asset Code
Asset Description
Purchase date
Purchase price
Accumulated depreciation
Book value
Asset existence
Page | 25
Asset condition
When the asset register is retrieved from Microsoft Dynamics it is sent to the branch administrator for assessment later
in the month the branch administrator will then send back the register to give information mainly on the existence and
condition of the assets and give the action plan. The branch administrator also gives indicates if the asset codes are still
intact and available on their prospective assets. Transferred assets will be transferred to the respective branches using the
SQL Server to allocate depreciation to the right branch. Asset tags are made for the assets without tags. Asset registers
should always be up to date and all the assets should be in existence. If a situation arises whereby an asset is not available
anymore, the branch would have to produce an Asset Missing Form and the impairment loss is charged to the branch.
2.4.5 DEPRECIATION OF ASSETS
There are different methods of calculating depreciation which an organization can use effectively. The two main types
commonly used are straight line and reducing balance method. TM PnP put in place a depreciation policy to handle the
depreciation of its assets. The depreciation method which is used by TM PnP is the straight-line method.
Depreciation policy includes the following:

To select the appropriate method of depreciation:

To review of the current provision for depreciation whether there is any under provision for
depreciation or over provision for depreciation:

To evaluate the existing policy of depreciation from the stand point of tax consideration:

To constitute a committee for “Depreciation Policy”:

To ascertain the proper amount of depreciation and its recording procedure:

To disclose the policy of depreciation in the published annual report for the benefit of shareholders,
outsiders etc.
1.
ASSET TYPE
Useful life
Computer Equipment (CE)
4years
Page | 26
2.
Motor Vehicle (MV)
5years
3.
Furniture and Fittings (FF)
10years
4.
Freehold Buildings
60years
The useful life of an asset is of great significance in the calculation of the straight-line method according to the
company policy.
2.4.6 ASSET TRANSFER
A situation may arise that an asset may need to be transferred from one branch to the other due to different reasons which
may result in the asset no longer of use to the branch at which it is used. Procedures must be undertaken to move the asset
to another branch. All assets transferred out to other branches or maintenance should have an asset transfer form to
accompany them. This form must be signed by the branch manager or transferor and transfer authorized by the GM on
the side of the transferor. The part receiving the asset must sign to acknowledge receipt before the transferor sends copy
to us at the Head Office. The most important information that makes our update valid is the asset code and must be written
on the transfer form. If this is not done, the branch giving out asset will continue paying for the depreciation of that asset
and remains accountable for it regardless that the asset is no longer at that branch. Changes on the asset code are made in
Pastel. The system allows movement of assets from different branch locations and cost centres within the organization.
It also allows a decentralized asset management system between the support office and branches.

The branches can transfer assets from their branch to other branches

Branches have a facility to accept or reject assets transferred to their branch
2.4.7 ASSET TRANSFER FORM
Page | 27
They are primarily used prior to the transfer of any asset from one location (branch) to another. This is to facilitate the
proper finance procedure for the movement of assets. It contains the purpose of movement, the code, description and the
cost of the asset. Transfer forms are there for the following reasons:

To update the asset registers of both receiving and sending branches

To charge depreciation to the receiving branch

To control the unnecessary movements of assets from and to branches without proper processing.
2.4.8 DISPOSAL OF ASSETS
Page | 28
The company may deem it necessary to dispose some of its assets. Reasons may be as simple as replacing
an asset that has outlived its’ useful life, a sale of equipment or just plain retirement. Disposal of fixed assets
is accounted for by removing the cost of the asset and the related accumulated depreciation, recording
receipt or cash proceeds and recognizing any resulting gain or loss
FIXED ASSETS DISPOSAL PROCEDURES
1. Branch Manager / HOD identify assets which are redundant to the branch / department’s requirements. The
list compiled must quote the description and asset numbers as per the latest fixed assets register.
2. The list is submitted to the Regional General Manager, if in agreement, it will be forwarded to the General
Manager Maintenance department for all assets except computer equipment. The latter should be submitted
to General Manager IT for guidance.
3. General Manager Maintenance and General Manager IT should ascertain the condition of the assets and
recommend whether the assets can be repaired and deployed elsewhere or should be disposed.
4. The GMs above should sent back to the BM / HOD the list of assets to be disposed and give guidance the
assets which are to be retained. Branch Manager / HOD should initiate the disposal process through the
Fixed Assets Disposal Form.
5. The Disposal Form should be signed as follows:

BM / HOD as the originator

GM Maintenance / IT recommend the disposal after verifying that the assets are redundant and
cannot be used.

Regional GM approves the disposal

MD / COO approves the disposal of the assets
6. Once the Disposal Form has been authorized, it is sent to the CFO who will ensure that the fixed asset
register is updated accordingly.
7. A copy of the authorized Disposal Form is then sent to the BM / HOD who will then use it as authority to
engage an Auctioneer and to remove assets from the branch.
Page | 29
8. BM should submit at least 3 Auctioneer’s profiles where possible. GM Maintenance should recommend the
better deal based on reputation of the Auctioneer, commission model and the set reserve prices.
9. GM Maintenance should make sure that controlled metals like copper are disposed in terms of the laws of
the country.
10. External Security personnel should be given a copy of the authorized disposal form which they will use to
inspect assets leaving the branch to ensure only those authorized for disposal are sold.
11. BM / HOD should ensure that the funds are paid into TM bank account as soon as the auction is conducted.
Proof of deposit should be sent to the FM.
12. The Bookkeeper responsible for fixed assets should send the branch the updated fixed assets register once
updated.
ASSET DISPOSAL JOURNAL
The above journal shows the accounts affected in the disposal of fixed assets at TM PnP. The accumulated
depreciation and disposal account are debited, and the asset disposed is credited to effect its disposal and to remove
it from the books of the company. The journal will only show the proceeds and the profit or loss on disposal is
derived from Dynamics AX system. Disposal of fixed assets is accounted for by removing the cost of the asset and
the related accumulated depreciation, recording receipt or cash proceeds and recognizing any resulting gain or loss.
Page | 30
2.5 INTERNAL AUDIT
i.
Audit objectives
The Audit Department is mandated to review the effectiveness of the designed internal control system as well as
whether controls are working as designed to ensure that the following objectives are met:
 transactions are adequately authorized and supported;
 there is adequate management oversight of all areas of branches
 duties are adequately segregated;
 tasks are carried out in line with procedures;
 Mitigating and compensating controls are in place where controls may not be observed.
ii.
Audit Scope
Following a risk-based approach; the following areas have been identified as high risk and
Therefore, form the core of TM Audit Department:
 Procurement & Inventory Management (including shrinkage and wastage);
 Revenue Management (including Point of Sale, voids, pricing, Ecocash, refunds);
 Cash management (including payments, banking);
 Human resource management (including overtime, leave management, employee verification, payroll
administration).
iii.
Audit Process

Documentation of the process flow by making use of data flow diagrams.

Risk assessment-developing a risk control matrix and discussing it with the relevant management.
Page | 31

Developing the Audit Program

Performing the fieldwork

Developing an audit report

Obtaining comments from management on audit issues raised

Completion and finalization of the audit report.
2.6 THE IMPREST DEPARTMENT
Responsibilities of staff members for Imprest accounts and petty cash
A staff member who is entrusted with the management of an Imprest account must: Keep a separate Imprest for each
currency unit that you use (e.g. USD & local currency) with a separate bank account for each.
Obtain receipts for all expenditures, no matter how small.
•
Use vouchers with every payment: number and date them chronologically and mention the appropriate
sticker number for each expenditure.
•
Record all disbursements in the Imprest Account Cash Book.
•
Update the Imprest book daily.
•
Never issue a cash cheque.
•
Never sign a blank cheque.
•
Never mix funds from different accounts.
•
Never accept funds from an outside source (non-WHO) without first clearing it with the WR and RO-
DAF.
•
Never make loans from the Imprest account. (Exceptionally, salary advances may be given, with the
approval of the WR/RO-DAF, up to a maximum of 25% of the monthly wage of the employee.)
•
Submit accounts at the end of each month, within 7 days of the end of the month (funds will be replenished
only after the monthly Imprest has been submitted).
Page | 32
•
Submit a final detailed accounting report at the end of the assignment and transfer any unused balance to
the WCO.
Responsibilities of staff members who receive petty cash advances
A staff member who receives a petty cash advance is personally responsible for its proper disbursement and accounting
and must:
•
obtain receipts for all cash that is disbursed;
•
keep a careful tally of all expenditures using the petty cash reporting template (with entries numbered and
the same numbers written on the corresponding receipts);
•
reconcile the petty cash balance at the end of each working day;
•
submit detailed accounts together with original receipts at the end of each month; and
•
Submit a final detailed accounting report at the end of the assignment and return any unused funds.
Any amounts not properly accounted will be recovered from future salary payments.
No further advances will be made until previous advances have been properly accounted for.
Staff who are given petty cash advances should not:
•
Carry cash advances for other people;
•
Lend money from their cash advance to other people, including other WHO or UN staff;
•
Confuse/mix petty cash and per diem advances.
Staff carrying cash should:
Limit the awareness of others of the presence of cash (not publicize the fact);
•
Limit the amount of cash on their person at any time;
Page | 33
•
Deposit the cash in an office or hotel safe as soon as possible; and
•
Keep a minimum amount in a petty cash box for incidental expenditures.
If the cash is being used to open a field office: purchase and install a reliable safe as soon as possible. Ideally, the safe
should be cemented into an inside wall of the office have dual access facilities, i.e. a combination (known by person A)
and key (held by person B) or two keys (one for person A and one for person B). Until you have access to a safe, keep
the money on your person or split it among the team members and document the distribution.
2.7 ANALYSIS AND EVALUATION OF THE ORGANISATION’S ACTIVITIES
2.7 EXTERNAL ANALYSIS
2.7.1. External Analysis
The author used PEST Analysis in evaluating the organization’s environment. The analysis depicts a structure of macro
environmental factors in the environment in which the organization operates in; these factors include political,
environmental, socio-cultural and technological aspects. These factors can affect the organization either positively or
negatively, the organization has no control over these factors.
I.
Political Environment

The Corona virus has a negative impact on the business environment as investors withheld their money and
“had a wait and see” attitude.

The Black empowerment and indigenization policy have left many foreign based companies unstable and
relocating to neighboring countries such as South Africa and Botswana.

There is also no security of Tenure in the business environment aura, thus it has a negative impact on TM
Supermarkets business environment.
II.
Economic Environment

A severe and persistent liquidity crunch has made it very difficult for the organization to increase their sales
since this led to a weak aggregate demand.
Page | 34

The economic activity went down in 2013; Gross domestic product (GDP) in 2013 was 3.4% as compared to the
projection of 5%, therefore resulting in an increasingly difficult operating environment for both government and
the private sector.

Business confidence remains low amongst stakeholders with the country risk premium still high. The result of
this is a lack of investment and financial inflows required by the organization to boost their future growth.

The increase in the inflation rate led rise in revenue coming from increase in sales due to panic buying.
However, the challenge that came across was that of real value of money.

Infrastructure bottlenecks especially around key economic enablers such as heavy power outages (energy) has
caused operational problems and increased wastages due to products going stale. This resulted in the
organization getting generators which are expensive to maintain.
III.
Socio-cultural Environment

Increase in unemployment rate had a negative impact on the market and a snowball to revenue earned by TM
Supermarkets as its clients have little disposable income to spend.

Brain drains as experts are lured to migrate to economically lucrative countries.

TM Supermarkets plays a major role in meeting the social needs of their employees; they created a soccer team
and occasionally have athletic races where employees interact in an informal environment.

The organization also acts as a philanthropist through donating to children’s home such as Shirley Cripps home
and the Dandaro Old People’s home.
IV.
Technological Environment

The rapid growth in technology enabled TM Supermarkets to introduce Point-of-sale and Eco cash which are
convenient to customers and also enables work to be performed effectively and efficiently. The use of Mifi
routers as people would work from home due to the Corona virus.

TM Supermarkets has adopted the use of primitive inventory information system to keep on top of sales trend.
The system was achievable due to the joint venture of Pick n’ Pay and TM Supermarkets.
Page | 35
2.7.2 Internal Analysis
The organization has got control over its internal factors such as strength, weaknesses, opportunities and threats which
might affect the organization. To analyze these factors the author had to use the SWOT Analysis.
A. Strength

Group size of the organization paved way to advanced marketing strategies, advertising and bulk buying.

Coalition with Pick n’ Pay, one of the largest retailers in South Africa enhanced the products and services
offered to consumers hence increasing sales by targeting high earning consumers in places such as Borrowdale,
Kamfinsa, Arundel, Newlands and Avondale at the same time satisfying consumers through offering a wide
range of products.

Use of Electronic Funds Transfer Point of sales such as Eco cash and Zimswitch enhanced customer’s
convenience.

Strategically locating branches in Central-business-districts especially Harare and Bulawayo where business is
high.

Use of Internet banking(E-Commerce) a faster way of settling supplier’s debts.

Strong Financial Base for Capital Investment due to economies of scale.

56 branches across the country indicate effective channel distribution in the organization, so as to access
customers countrywide.

Goodwill and clear division of labor in the organization.
B. Weaknesses

Adequate training is not offered to branch employees in terms of customer care and how to operate the system
therefore resulting in poor operation of the branch.

Centralization of the organization’s control system resulting in information asymmetry.
Page | 36

Dependence of the group’s survival on cash sales from the supermarkets since the clothing shops (Greatermans
and Barbous) are not making much profit. Thus, failure of the supermarkets to generate cash means failure of
the organization.

Failure to adopt to technological advances, as a result most work is done manually.

There is lack of tight security in branches resulting in goods and provisions being stolen, thus high shrinkages
incurred in most branches resulting in losses.
C. Opportunities

Developments in Information Technology Industry which allows automation of most accounting procedures and
business processes resulting in financial and time costs reduction.

The partnership with Pick n’ Pay has proved to be the greatest opportunity for the organization’s survival in the
retail competitive industry. This pact brought in new and innovative ideas into the organization on how the retail
business should be successfully managed through benchmarking.

Being a large organization enables TM Supermarkets to enjoy bulk buying, thereby ability to secure their own
suppliers. This will not only reduce chain of command to be followed in purchasing goods but also reduce
import costs such as consultancy costs, import duty and pilferage among other things. TM Supermarkets might
take the advantage of the Indigenization policy to build their own factory, it might be costly to initiate but the
benefits will be enjoyed in the long run.

There is now stiff business competition in the Central business district, TM Supermarkets can overcome this
obstacle by opening some retail outlets in remote but accessible areas so as to increase brand loyalty as well as
market share.

Reduction of under educated management and staff.
D. Threats
The author had to use Michael Porter’s model of marketing forces to analyze the threats in the retail environment.
Page | 37

Substitute –they are a great threat to business operations as they provide alternative products and services to
those offered by the organization, for Example OK Zimbabwe holds a grand challenge every winter; Spar holds
summer promotions.

Unstable political environment.
2.8 OPERATIONS
TM PnP has been quite competitive in terms of Sales revenue gaining around 51% on the market share. It also makes
high profits than its rivals around 16 million compared to OK Zimbabwe with around 7 million according to the published
audited financial statements. In terms of its years target of 45 million sales the firm managed to exceed the budget by 4
million.
2.8.1 PRODUCTS
Quality products lie at the root of superior company performance. Two variables indicating whether your products are
high quality are returns and warranty claims. Our products are known to be of good quality for real value always and
from suppliers thoroughly screened to be of great quality.
2.8.2 CUSTOMERS
Customers have remained loyal despite economic constraints as evident from the increase in sales. TM PnP continues to
offer exciting promotions to customers
Figure 3
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Figure 3 above shows the Epic Birthday Deals promotion; the promotion is done by the company each year to
boost sales
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CHAPTER 3
3.0 INTRODUCTION
3.1 FIELD ATTACHMENT ACTIVITIES
This chapter explains the activities I engaged into during internship at TM Pick N Pay Central. I started my work related
learning at on the 7th of December 2021 and was introduced to the Finance department which I worked under. I was given
an induction and introduced to the different departments under Finance that I got a chance to work in the Imprest
department, Ledger, Stationery, and the Auditing department. Activities engaged in different departments are fully
explained below.
IMPREST DEPARTMENT
I was introduced to the Imprest department where I was for four months. This department cater for the day to day running
of the company paying prompt payments such as (out of hotel) for those HQ employees that are working in Bulawayo
and employees transferred to other branches. It also caters for suppliers that are not listed by the TM Pick n Pay such as
Westwood lodge and NSSA, paying electricity bills, water bills and license of all TM vehicles. The department works
hand in hand with all branches in dealing with issues pertaining to the suppliers.
Key duties in this department were as follows:

Paying for accommodation of all employees working at the Head Office that are out Harare and for those that are
in Harare branches e.g. Aspindale the food they eat during lunch is paid by the HQ through an IBT.

Paying ZESA and WATER bills

Payment of suppliers not listed on TM Supermarkets

Payment of license and insurance for all TM vehicles

For any payment to be made at the creditors department the Imprest department capture the GRN for the creditors
clerks to process that payment for it in order to came through.

Cater for the allowances on overtime of workers that is food and transport

Cater for any advances for employees and fuel for the executives in RTGS, since all fuel stations are using the
foreign currency (US dollar) TM has its own fuel station.

Cater for units used by every branch of TM to use electricity sparingly
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
Receiving goods from different suppliers that include Paragon for stationery and Mecer for IT components
CREDITORS DEPARTMENT
I was transferred to the Creditors department from the Imprest department. I was in this department for three months.
This department deals with raising queries and paying suppliers. It engages in paying of company debts, reconciling of
supplier accounts and preparation of cash flow schedule. I was introduced to company branches and supplier trade
agreements. The department works hand in hand with all branches in dealing with issues pertaining to the suppliers.
Key duties in this department were as follows:

Monthly reconciliation of supplier accounts

Payment of suppliers in line with the terms of the trade agreement that is monthly, weekly and bi-monthly.

Timely resolution of queries with suppliers

Recording utility, rates and bills for branches on a monthly basis (Accruals of service providers.

Payment of utility, rates and bills.

Ledger account reconciliations

Assisting in analysing ledger accounts on a monthly basis.

Any other duties as assigned by my supervisor.
3.2. RELEVANCE OF THEORY TO PRACTICE
It is of great significance for the student to apply more of what he learnt during his period at the university since it is
the primary objective of the Industrial Attachment. A Bachelor of Commerce Honours Degree In Accounting offers
a wide range of courses which are relevant in the working environment. These include Communication Skills,
Financial Accounting, Taxation, Information Technology, Management and Cost Accounting amongst others. These
courses provide requisite skills which can be applied by the student to practice and come out with exciting results
showing a great deal of importance in having theoretical knowledge first in doing a particular job especially in
Accounting. The student could realise that there is no contradiction between the theories and the practice. They are
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instead dependent on each other. This dependency is expressed by Macintosh (1994) in the following way. “Theory
is always there in practice, regardless of how implicit it may appear. Likewise, practice is always present in the theory,
no matter how thinly disguised.”
3.2.1 COMMUNICATION SKILLS
The first requisite to be admitted into the organization was being able to impress the interviewers in the interview.
With the knowledge that communication skills are needed in the industry even before the student is working in a
particular organization, the National University of Science and Technology made it compulsory that the students
should have good communication skills? The interview went very successful for the student knew exactly how to
respond to the interviewers with confidence. The student had ability to communicate effectively with superiors,
colleagues, and staff. Interpersonal communication is the process that we used to communicate our ideas, thoughts,
and feelings to fellow workmates. Greater understanding of concepts and new ideas and skills was derived through
effective communication with the work supervisor and workmates. The author also could communicate with different
branches for TM PnP using emails and Voice Over Internet Protocol (VOIP), these really aided in sending and
receiving valid information and documents and feedback was properly given on time.
3.2.2 TAXATION
Value added tax
VAT is an indirect tax which is levied on: local supplies of goods and, or services made by a registered operator; Goods
imported into Zimbabwe. It is collected at each stage of production, distribution and importation.
All registered operators are required to charge VAT at the appropriate rate. This is called output tax. It applies to
supplies made to both registered and non-registered operators. Registered operators are entitled to claim input tax on
purchases of goods and/or services, which are for use in making taxable supplies.
0% - This includes agricultural inputs such as fertilizers and seeds; basic uncooked foodstuffs such cooking oil, salt,
sugar, raw meat and mealier-meal; agricultural produce such fruits and vegetables; animal feed, services provided to
tourists, electronic fiscal devices, medicine on prescription and exports. This however agrees with what is done at TM
PnP for example we do not charge vat on suppliers such as National foods, Unilever, Farmers such as Ethan ax who
supplies chickens.
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15% -This is the standard rate for all other goods and services which are neither zero rated nor exempt. Standard-rated
Supplies, these are supplies of goods on which VAT is chargeable at 15%. Generally, all goods and services are
standard rated unless specifically exempted, zero-rated or subject to VAT at a special rate.
These consists most of suppliers at TM PnP and they are charged value added tax by a TAX INVOICE. This is exactly
what is done at TM PnP.
3.2.3 FINANCIAL ACCOUNTING
INTERNATIONAL ACCOUNTING STANDARDS
IAS 1 Presentation of financial statements
According IAS1: Financial statements should be published at least annually. Financial accounting is the systematic
control of the movement of money within an organization. To ensure comparison of financial statements for prior and
current year, TM Supermarkets follows International Accounting Standard 1 (IAS 1) regulations and also the IFRS
requirements in presenting their Financial Statements. TM’s financial statements also display all prerequisites and
minimum requirements when preparing their statements such as:
•
Consolidated income statement
•
Cash flow statements
•
A balance sheet
•
Explanatory notes
•
Statement showing changes in equity
The financial statements of the organization are presented to their stakeholders annually at the end of the financial
period (every February). The statements give a true and fair view of the organization financial performance and cash
flow.
IAS 38 Intangible assets
IAS 38 defines intangible assets as being without physical substance; being identifiable; being non-monetary; being
controlled by an entity as a result of past events; and something from which future economic benefits are expected to
flow to the entity.
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IAS 38 requires that all costs incurred for intangible assets be recognized as an expense when they are incurred, unless
those cost form part of the costs of an intangible asset that meet the recognition criteria in IAS 38.21 and are therefore
capitalized.
At TM PnP there is an Assets department whose sole mandate is to manage the assets of the company both tangible and
intangible. They follow the guidelines set by IAS 38 Strictly when dealing with intangible assets be it acquisition,
recognition, disposal and depreciation. Business Retail Manager, Pastel, X Dynamics are examples of intangible assets
that are managed at TM PnP. Intangible assets at TM PnP are also depreciated in terms of IAS16, for example Business
Retail Manager software has a useful life of 4 years and is depreciated at 25% straight-line method.
In accordance with IAS38.40 TM does not recognize Internally generated goodwill as an asset since it does not fall
inside the definition of intangible assets as it is not identifiable, the accounting treatment thereof is addressed in IAS
38.48 to .50 In terms of this standard and of the Conceptual Framework, internally generated goodwill is not recognized
as an internally generated intangible asset. Internally generated goodwill does not meet the definition of an asset nor the
recognition criteria, as it is not a source that is controlled by the entity that will generate specific future economic
benefits and it cannot be measured reliably.
IAS 16 Property plant and equipment
IAS 16 forms the bases and guideline for recognition and measurement of the plant, property and equipment of the
company assets that the author used in determination of the costs, depreciation charge and the impairment loss at TM
PnP.
I had to understand IAS 36 in impairment of non-current assets where we were required to measure and make
comparison of the recoverable amount to the carrying amount.
IAS 2 Valuation of inventory
The standard set forms the bases at which stock is valued. The standards states that inventory should be valued at the
lower of cost and net realizable value. TM Pick N Pay values its inventory at the lower of cost and net realizable value
therefore in this case theory is linking to practice.
To add on, using the information from the accounting statements we could analyze how the economic
(microeconomics as well as macroeconomics) situation in Zimbabwe is affecting the business. Sales increased but
the profit margins were affected by the real value of money.
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
Journal Entries
Double Entry which has been a principle taught in Accounting since Ordinary level and still yet emphasized as the
basics at the National University of Science and Technology to degree level really proved to be the root of finance at
the organization. Journal entries where entered using a system called FXJournal which would be posted into the
Business Retail Management (BRM) System and to the ledger and affecting the income statement and Balance sheet
of TM PnP. The student had to post the journal which was to be analyzed by the supervisor to check if there would
be correct accounts involved and their debit and credit sides, in their correct amounts and affecting the period
concerned. The student did appreciate the use of allocations (using numbers) to denote a specific account for example
3193 for Work In Progress and also allocations to denote a specific branch to be affected for example 3052 for Norton
Branch.
IAS 18 Revenue
As the revenue is the income generated from the ordinary activities of the organization. TM generates its income from
the sale of good and from interest arising from the investment property. The measurement of sales of the goods is
measured at the fair value of the consideration received. The opposite ends of practice and theory have come together.
3.2.4 MANAGEMENT AND COST ACCOUNTING
Much of this is done by the senior managers and accountants and others who do most of the strategic decisions. But
the student had the opportunity also to do sales analysis which is the primary business of the company and to assess
the trend over time. Sales are affected by issues like weather, geographical area, availability of cash in the economy,
competition, period of the year, amongst other factors which calls for high expertise to make decisions. More money
has to be reinvested into the business for growth and also in improving quality of services and buying assets which
aid in business functionality.
3.2.5. INFORMATION SYSTEMS
As technology gets more and more prevalent in business finance operations and procedures have since been more
computerized and reducing manual work. Such systems use modern information technology resources together with
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traditional finance controls and methods to provide users the financial information necessary to manage their
organizations.
SUPPORTING MANAGEMENT’S INFORMATION NEEDS
The sales analysis will be a complex issue to analyse and understand without the use of graphs which explain trends
in simpler ways. The information is simplified and made easy to interpret using the keys representing different
criterion for example previous and current average sales being compared on a graph.
CODING
Coding is a method of systematically assigning numbers or letters to data items to help classify and organize them.
This has been adopted by TM PNP on the assets and also on assigning allocations to branches and different accounts.
It has since made it easy to deal with assets and allocating them to their prospective branches ensuring that all assets
are accounted for and that there are no duplicates. Company changed from using pastel in the asset department to
using Microsoft Dynamics AX which generates assets numbers continuously to avoid duplication of numbers.
SECURITY
To ensure reliability, confidentiality, processing integrity, availability of information the company put in place some
security on information. One of the measures to ensure security is the use of passwords firstly on the employees’
computers and also to have access to systems like BRM and Pastel. There are also physical access controls including
guards, and biometric devices.
3.3 PERSONAL AND PROFFESSIONAL EVALUATION OF THE INTERNSHIP
An Industrial Attachment is a structured, credit-bearing work experience in a professional work setting during which
the student applies and acquires knowledge and skills. It involves the application of learned skills in an organization
related to the students’ major (finance). An Industrial Attachment should challenge the student to examine the values
of
the
organization
involved
in
the
experience,
and
to
assess
the
student's
education
Other benefits of an Industrial Attachment include:

Exploring career interests,

Learning new skills,
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
Gaining work experience,

Developing a professional network

Understanding workplace expectations.
3.3.1 EXPLORING CAREER INTERESTS
At the TM PnP the student had an overarching opportunity to explorer the broadness of the career. By just studying a
degree in accounting one would have created an opportunity to work in different departments under the finance
department at TM PnP. With a number of departments which include creditors, internal audit, bookkeepers and assets, a
great realization of how broad the accounting aspect can be was derived. As more and more people are getting educated
and many involved in the faculty of commerce the student realized a very important need to be competitive enough to
become someone prevalent or to be able to be employed in a higher position for example accountant, finance manager
or chief financial officer. The industrial attachment really provided some light on the issue of experience in the industry
relating to the profession as an accountant and other higher positions. As much as theoretical education is of great
significance in the industry, the experience and knowing how the company operates and its policy are important in the
career. Higher positions in the industry which the student aspires in the near future have proven to be achievable if one
is well committed in gaining more professional qualifications for example ACCA, CIS, CIMA amongst others and also
gaining professional knowledge and become a Chartered Accountant. Advancement in one’s education is surely the key
to gaining higher positions in finance in a well-organized company like TM PnP which is listed on the stock exchange.
This was derived from a point of view that some of the employees in the finance department who would have been in
the firm for more than 20 years but without high professional qualifications (i.e. chartered accountant) would not be
promoted to be the organization’s accountant. However, someone can even join the organization as an accountant yet
without much experience in the organization but has knowledge in the profession and with adequate qualifications. In a
nutshell, a combination educational, professional qualifications and experience should be thoroughly considered and
implemented for one to reach self-actualization in the career. As evident in the use of Information Technology which
has become prevalent in accounting, the student discovered great need to have knowledge in the use of computers and
Accounting Information Systems. Accountants and other professionals in the finance department now need the know
how to help in developing systems and other issues to deal with networking and computers in general.
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3.3.2 GAINING WORK EXPERIENCE AND STUDENT DUTIES
Skills in general is the ability and capacity acquired through deliberate, systematic and sustained effort to smoothly and
adaptively carryout complex activities or job functions involving ideas (cognitive skills), things (technical skills), and/or
people (interpersonal skills).
TM PnP provided a conducive environment for the student to learn new skills and put into practice while also developing
existing skills. The student joined the creditors department. This gave the student the opportunity to work alone with
minimum supervision and being able to apply his theoretical knowledge into practice. Although I was familiar with the
use of other software’s like Microsoft Excel I got to learn and appreciate new skills and techniques as it is quoted by one
writer that experience is being an expert in the past. Student performed following duties in the creditors’ department.

Preparation of creditors reconciliation statement

Capturing invoices for all suppliers with corporate discounts using Microsoft Dynamics System.

Processing payments in the BRM system and payments for companies using various banks.

Preparation of journal for the WTC and their discount
While working at the Imprest Department the student really appreciated the capturing of GRNs for the creditors
department to make a payment. Receiving goods from different suppliers getting to have a clear understanding of the
delivery process works for example the GMV book, authorization of goods received by the security, physical counting
and the existence of a proof of delivery to avoid theft and complications. The student also got to have the knowledge that
a supplier’s invoice in the case of an error or duplication is not cancelled by instead a GRV or Claim is raised.
The finance department which is subdivided into several departments gave opportunity to the student to grasp a vast
amount of knowledge. The student managed to be in the Imprest and creditors departments which all provided different
areas of specialty in finance.
These departments rely and are dependent on each other at the end of the day in improving the standards of the company.
3.3.3 DEVELOPING A PROFESSIONAL NETWORK
Developing a professional network includes awareness of people who interact with your business, having a positive
attitude about people, communicating effectively with people, and doing the things that build strong relationships. Finding
a job with the current economic situation is not easy in Zimbabwe. Therefore, smaller possible interactions are of great
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importance, perhaps they may result in greater job opportunities sooner or later. At TM PnP, the student did manage to
communicate and to develop good relations with the management in many branches perhaps need comes to go and work
at any TM Branch in the future. Relations with the workmates also may result in positive outcomes in the future. In
addition, the period for the audit provided an opportunity for the student to liaise with the auditors and got a few contacts
and information on how to become a Chartered Accountant in the future which is one of the student’s own aspirations
for the future as a professional.
3.3.4 UNDERSTANDING WORKPLACE EXPECTATIONS
The student did not face any problems with the workmates and the supervisor as he worked according to work
requirements. As work progressed from 8 o’clock in the morning to half past 4, the student made it a point to be punctual.
As it was mandatory to wear uniform at work the student managed to adhere to the organization’s policy. The student did
enjoy the month end meetings conducted by the Managing Director (MD) to motivate the workers on team work and
notifying us on progress and future plans for the company. All work delegated by the superiors was done efficiently and
on time. The student did enjoy the working environment of TM PnP with workmates who were very friendly and helpful
and introducing new skills to the student.
3.3.5 PROBLEMS ENCOUNTERED DURING THE PROJECT
Owing to the amount of work to be done and to time constraints the author greatly feels he could have attained vast
exposure by branching into some other organizational functions such as marketing and advertising, buying and
purchasing. This could not happen since the work that I was doing in the accounting department was very critical that it
could not be left behind. I hope in future the organization can work out a plan that enables this kind of rotation policy.
The author’s participation in strategic decision making was limited owing to the size of the organization although he was
part of operational decision making
I did not take part in the preparation of Financial Statements including the cash flow Statements of the whole company
and also preparation of the branch income statements for service departments and the consolidated account.
It was the author’s expectations to have regular visits from the University, but it was unfortunate because of the existence
of the Covid 19 pandemic. The pandemic brought about restrictions such as social distancing and banning of intercity
movements making it difficult to conduct physical assessments.
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Limited exposure to some of the work done for example under the Imprest department I wasn’t taught on how to do
invoice allocations as well as to make branch reversals in the instance of an over payment by a customer. This was a great
disadvantage because in the case of 1 member being sick or decongestion of offices a reduction in the daily progress
would be encountered.
Abolishment of month end meetings which were conducted by the company’s Managing Director due to Corona Virus.
Meetings by the MD was a form of motivation as it would instill and cement team work and good relations.
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CHAPTER FOUR
4. RECOMMENDATIONS TO TM SUPERMARKETS
This organization has enriched my profession and personal development. Great appreciation should be extended to the
organization for offering industrial attachment to students during the time when the economy is experiencing fluctuations.
The exposure to most of the departments with relevance to Finance has to be appreciated. It was very fortunate that the
author got exposed to internal audit department. This has gone a long way in applying the theory that I have gathered in
lecture.
The organization has exposed the intern in retail industry since it is one of the leading retailers in Zimbabwe. It raises the
confidence of the student to look for a job in the same industry after graduation.
However, the author feels compelled to raise some points that the company should consider to bring forth the quality
students and to enrich the students’ experience. Through observation and understanding of the organization, the author
has come up with the following points to consider. They have:

To maximize the experience of the interns through rotation of students in all departments and help them master
the concepts and formulate the control of assessing the performance before they depart from the department.

To give the students the opportunity to see how cash flow statement and the statement of financial position are
prepared. Moreover, there is need to delegate tasks that enrich the career of the student and avoid the assigning
of tasks that relieve pressure to the bookkeepers.

To use internship as the recruitment tool after the graduation of the student that is seeking jobs in the same
company.
4.1 OTHER RECOMMENDATIONS
DELEGATION
The interns should be delegated more sensitive accounts such as current accounts, direct deposits and reconciling the
vouchers. This will broaden the understanding of the student especially when the intern is hired as the permanent staff.
ACCOMPANITMENT
The management has to support the students in career guidance. Moreover, they need to back up the students to acquire
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necessities so that no disturbances should hinder them from attending the work.
COMMUNICATION
The organizations’ management should have the perfect ways of appointing students to the mentors so that the interns
would know who to report to ensure that there is unit of command. However, the communication line of the organization
is clearly defined.
ALLOCATION
The organization should have, in the time of arrival, to make a schedule to allocate students and predefine the period
under which the students should stay in the department to avoid confusion when rotating.
4.2 RECOMMENDATIONS TO THE UNIVERSITY
The university can improve the quality of education it is fostering on the nation by considering the following:
4.2.1 CAREER EXHIBITIONS
It would be of great importance for the university to arrange as many career exhibitions for students about to go on
attachment as possible. Various organizations including accounting firms and auditing firms should be invited to
enlighten students on career opportunities available and the nature of the accounting profession. This fruitful information
would equip students on which path to follow thus which organization to join as well.
4.2.2 PROVISION OF ATTACHMENT TO ORGANISATION
The university should draft a comprehensive booklet detailing the critical aspects the student should be exposed to during
the attachment period. This would ensure that the organizations understand the need and purpose of the student as well
as seeing the need of exposing the student to all departments within the organization.
4.2.3 STUDENTS ASSESSMENT
Assessment dates should be established and communicated to students in advance. A schedule for these days should be
given to the student so as to inform the supervisor at the organization in advance. Visits should be frequent so as to assess
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the performance of students within organizations. These visits would enable the university to be constantly in touch with
the student’s performance and behavior within the organization.
4.2.4 INTRODUCTION OF A GROOMING COURSE PRIOR TO ATTATCHMENT
It is essential to prepare second year students into what is anticipated of them in the professional world. The university
would use the help of professional agencies in aiding students to polish up their interpersonal skills, dressing and other
standard skills expected of a professional in the working environment.
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5. CONCLUSION
My departure from TM Supermarkets head-office leaves me with a positive mind toward my field of study and the
internship period has reaffirmed my choice of being professional in financial intelligence and left me with a desire to find
ways to curb fraud and other financial crimes. Since the graduation is around the corner, I would appreciate that my
experience, confidence and exposure assured me in my abilities and I have chosen the right program to study. Everything
that is done in class has its special reason; I realized that they come together in the practical world. Learning is a process
to which you realize your mistakes and failure as your best teacher in real world and no one will expect you to know
everything in all aspects but once you get to know it, you will be an expert.
The use of modern day finance software packages has kept me abreast with what is happening in the financial world. I
never thought it was possible to find to gain that experience and knowledge base in retail industry. My tenure of internship
is the opportunity for the other students to be in the same company and I could wish they can enjoy the same benefit.
This period is worthwhile to remember the rest of my life.
My words alone cannot suffice my expression of happiness to TM Supermarkets for removing fear and doubts and put
me in the shell of confidence in my career; to the National University of Science and Technology, I thank you for the
insight and theoretical knowledge base and to my family and friends for tirelessly supporting me.
In the end, it’s through God the Almighty that we be able to do exceedingly abundantly and above all.
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REFERENCES

TM Supermarkets Welcome Booklet

TM Supermarkets Systems Procedures Manual

TM Supermarkets Financial Statements for the 12 months ended February 2021

International Financial Reporting Standards Booklet(IFRS)

TM Supermarkets creditors manual handbook

International Accounting Standards (IAS)

National University of Science and Technology Attachment report guidelines handbook

Tm Supermarkets Control Mechanism Summary

TM Supermarkets Systems Procedures Manual
Writer...................................................
Signature.....................
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Supervisor...........................................
Signature.....................
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Signature.....................
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