Supplier Payments, Compliance and Financial Control at Renata Ltd.

Abstract

Executive Summary The report illustrates the key responsibilities and learning outcomes from the internship at Renata Ltd., putting emphasis on supplier payments, compliance, and financial control of the Finance Division. Over time and experience, I was involved in core financial processes, including invoice analysis, expense entry, tax compliance, and documentation. One of the major tasks was invoice verification through three-way matching, which involved cross checking the Purchase Order (PO), Goods Received Note (GRN), and supplier invoices in order to ensure accuracy in quantity and billing. The overall process is crucial in maintaining payment free from error and also minimizing discrepancies In addition to it, I worked on updating supplier PSR (Proof of Submission of Income Tax Return) status in order to ensure compliance within tax regulations before payment disbursement. This very step plays a pivotal role in verification of the fact that Renata Ltd. Maintains strict and absolute compliance with the Income Tax Act, 2023. Another key responsibility included giving the input of the associated verified costs and expenses into the Oracle Accounting Software. Entries were given as per the expense nature, cost center, and location, with full attention to appropriate Tax and VAT deductions under the relevant legislative acts, including the VAT Act, 2012. In the last phase of internship, I was engaged in the organizing and filing of payment documents This task organized all the documents in a systematic and traceable order, ensuring audit readiness as well as financial transparency. Overall, this internship helped me gain practical exposure and skills to financial operations in the corporate organization and enabled my easy understanding of regulatory compliance, internal control, and supplier payment processes.