KOFORIDUA-GHANA

DEPARTMENT OF BUSINESS ADMINISTRATION

ACCOUNTING

REPORT ON INDUSTRIAL ATTACHMENT AT SOUTH

AKIM RURAL BANK,
NANKESE-KOFORIDUA

BY

SOMUAH OWARE SAMUEL

ANU14240334

AUGUST 2016
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DECLARATION
I hereby declare that, I have successfully undertaking a two (2) month industrial
attachment at South Akim Rural Bank Limited under supervision. I therefore
present this report and confirm that it is mine and is expressed in my own words.
However any sources of information are greatly acknowledged.
Signature................................
Date........................................
Somuah Oware Samuel
ANUC (Student)

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

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

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

Table of Contents
Declaration........................................................................................................1
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Acknowledgement..............................................................................................2
Dedication...........................................................................................................3
Chapter One
1.0. Introduction........................................................................................................................ 6
1.1. Objectives of the Attachment............................................................................................... 7
1.2. Benefits to Students................................................................................................................8
Chapter Two
2.0. South Akim Rural Bank..................................................................................................... 10
2.1. Historical Background and Development......................................................................... 10
2.2. Vision Statement.....................................................................................................................11
2.3. Mission Statement ...................................................................................................................11
2.4. Corporate Value.......................................................................................................................11
2.5. Products and Services.............................................................................................................11
2.6. Agency Network......................................................................................................................12
Chapter Three
3.0. Work-Based Learning Experience...................................................................................... 14
3.1. Moral Education......................................................................................................................14
3.2. Problems and Challenges....................................................................................................... 14
3.2.1. Size of the Operation Department..................................................................................... 15
3.2.2. Orientation for Students...................................................................................................... 15
3.3. Methodology............................................................................................................................ 15
3.3.1. Observation........................................................................................................................... 15
3.3.2. Participation............................................................................................................................15
3.3.3. Unstructured Interviews ...................................................................................................... 16
3.3.4. Discussion...............................................................................................................................16
3.4. Research Limitations................................................................................................................16
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Chapter Four
4.0. Knowledge and Skills Applied and Gain............................................................................. 17
4.1. Activities Carried Out During Training Period......................................................................17
4.2. Linkage to Knowledge of Practical...........................................................................................19
Chapter five
5.0. Recommendation.........................................................................................................................20
5.1. Conclusion......................................................................................................................................20
5.2 Appendices......................................................................................................................................21
5.3. Reference..........................................................................................................................................22
* Daily Log Book
*Evaluation Forms

CHAPTER 1
1.0 INTRODUCTION
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The industrial attachment/internship training is an essential component of the

curriculum of All Nations University College (ANUC), Faculty of Business
Administration city campus. The faculty of business administration of All
Nations University College offers B.Sc. (Business Administration) degree with
specialization in:

Accounting
Banking and finance
Entrepreneurship
Human resource management
Marketing

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

skills,

valuable

to

their

professional

development.

Students can apply and enhance their skills in reality, contribute to the
organization, and, at the same time, obtain invaluable guidance from their mentors.
ANUC has organized 8-12 weeks of training in any institution on a choice of
students to provide every student an opportunity to apply the skills and knowledge
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achieved during the course of study and to acquire new skills in managing
relationship and carrying out the jobs assigned. This is the reason why I came to
SARB limited to be trained in order to get practical skills. This report is the
outcome of the eight weeks practical training I had at South Akim Rural Bank,
head office Nankese Koforidua.
The industrial training performance assessment is based on:
Students logbook of daily activities
Students Industrial Training Final Report
Industrial Training Supervisors report

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

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

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CHAPTER TWO
2.0. SOUTH AKIM RURAL BANKLIMITED
South Akim Rural Bank Limited was established on 25th August, 1984 and was
commissioned on 2nd November, 1984. The Head Office of the Bank is located at
Nankese, a town in the Suhum Kraboa-Coalter District of the Eastern Region of
Ghana.
2.1. HISTORICAL BACKGROUND
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After its commencement in November, 1984 the Bank extended its operations to
the district headquarters at Suhum in September, 1987. After a long break for
consolidation, another agency was opened at Koforidua on 8th October, 1993. The
Asamankese

Agency

was

opened

on

3rd

February,

1995.

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

production

and

stone

quarrying.

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

bodies,

social

organizations

and

district

assemblies.

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

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

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NANKESE MAIN OFFICE

Agency Manager: Veronica Agbenyega (Mrs.)
Location: Head Office Building, opp. Nankese Post Office
Phone Number: 0547178438
E-mail:nankese@southakimruralbank.com
SUHUM AGENCY
Agency Manager: Emmanuel Arko Akuffo
Location: Near Main Market and Old Kibi Road
Phone Number: 0342522376
E-mail:suhum@southakimrurabank.com
KOFORIDUA AGENCY
Agency Manager: Felicity Baah (Mrs.)
Location: Adjacent All Nations University College
Phone Number: 0342022647
E-mail:koforidua@southakimruralbank.com
ASAMANKESE AGENCY
Agency Manager: Edward Lartey (Mr.)
Location: At Akroso Junction
Phone Number: 0342098709
E-mail:asamankese@southakimruralbank.com
ADOAGYIRI AGENCY
Agency Manager: Mr. Andrew Tetteh
Location: Near Roundabout on Asamankese-Adeiso Road
Phone Number: 0342122404
E-mail:adoagyiri@southakimruralbank.com
OSENASE AGENCY
Agency Manager: Fred Anim (Mr.)
Location: Near Presby Church Junction
Phone Number: 0543774078 / 034.209.0525
E-mail:osenase@southakimruralbank.com
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ADWESO AGENCY
Agency Manager: Mark Anim Ayeh (Mr.)
Location: Poly Junction, Opposite Shell Filling Station
Phone Number: 0312297189
E-mail:adweso@southakimruralbank.com

CHAPTER 3
3.0. WORK-BASED LEARNING EXPERIENCE

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I was placed at the operations department performing clerical duties. Through my

attachment, I have gained some new experiences in how to record data in the
general ledger and the journal book. I also gained experiences in how to record
BPs and POs and what it meant for. This internship programme also helps me in
where to record day to day transactions and how to record them in their appropriate
books. I have also learnt what will happen if only one side of an account is
recorded leaving the other like that (debit the receiver and dont forget to credit the
giver) and I also know how the rural banks operate.

3.1. MORAL EDUCATION

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

3.2.2. ORINTATION FOR STUDENTS

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

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

3.3.3. UNSTRUCTURED INTERVIEWS

Through interaction with the staff of the Bank; important information about the
banks activities, services, historical background and the organizational structure
were obtained.
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3.3.4. DISCUSSION
This method was employed to gather some of the activities going on in the bank
3.4. RESEARCH LIMITATIONS
Busy schedules of the staff made it difficult for discussions and explanations to be
asked for. Inadequate number of computers at the unit was also a hindrance.

CHAPTER 4
4.0. KNOWLEDGE AND SKILLS APPLIED AND GAIN
It has broadened my knowledge in the field of banking operations. The training
introduced me into the practical aspect of accounting: like recording and analyzing
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data, cheques scheduling, cheques coding, preparation and completing of advice

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

*refer to last page for daily log book

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

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

Responding to advice
An advice here means a written confirmation or notice of actions performed,
payments received or made, services rendered, or the state of affairs.
An advice is made when the bank spent money or received money. In responding
to advise it goes with the double entry where the giver is credited and the receiver
is debited. For instance an advice like fuel bought for vehicle number GR 201715 amounted GH150 at Koforidua agency is being respond as debiting motor
vehicle running account with the amount and crediting Koforidua agency account.
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This means the amount that Koforidua agency spent is being paid back to them
from the head office and the amount is being deducted from motor running
expenses.
Preparation of advice
When the head office debit or credit an agency account, I write the advice to the
agency which account was credit or debit so that the agency do the same for the
account to balance. And in writing an advice to the agency we duplicate it and send
the original one to the agency and keep the duplicate one at the head office for
auditing and references sake.
Cheques scheduling
Cheques received from other banks are being scheduling for payment. Some
companies paid their staffs salaries at SARB Ltd and those who received their
salary at SARB Ltd cheques are schedule for payment. I entered them and forward
it for payment at the clearing bank. In cheques scheduling I enter the customer
name, the bank where the cheques was from and the cheque number and the
amount to be paid in favor of the customer

Completing journal book

Completion of journal book is done almost every day when all credit and debit
transactions are done. I count all transactions and record them
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Consolidation of deposit analysis

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

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

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5.3. APPENDICES/ ABBREVIATIONS

ANUC.................................................................... All Nations University College
BP.... Bills Payable
IA.......................................................................................... Industrial Attachment
Ltd........Limited
Opt ...Operation
PO.................................................................................................... Payment Order
SARB............................................................................South Akim Rural Bank
Tedious......................................................................Too long, dull, slow, tiresome
TTFPP.................................................. Third Trimester Field Practical Programme
TMCTreasury Management Committee
Advise: means a written confirmation or notice of actions performed, payments
received or made, services rendered, or the state of affairs
Liquid: money or anything that can easily turn to money
5.2. REFERENCE
1. blogspot.com/2014/07/industrial-attachment-report (Access on 17th July
2016)
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2. http://www.academia.edu/10075971/A_REPORT_ON_A_TWO_MONTH_I
NDUSTRIAL_ATTACHMENT_AT_UNIVERSITY_OF_A_REPORT_ON_
STUDENT_COMPULSORY_SUPERVISED_INDUSTRAL_ATTACHME
NT_AT_THE (Access on 17th July 2016)
3. http://www.slideshare.net/osofoeric/attachment-report (Access on 17th July,
2016)
4. http://www.southakimruralbank.com/home.html (Access on 17th July, 2016)
5. http://www.southakimruralbank.com/agency_network.html (Access on 17th
July, 2016)
6. http://www.southakimruralbank.com/money_transfer_services.html (Access
on 17th July, 2016)
7. http://www.nyanja.yolasite.com/resources/INDUSTRIAL
%20ATTACHMENT%20REPORT.pdf (Access on 17th July, 2016)
8. http://www.businessdictionary.com/definition/advice.html#ixzz4FaS1orB7
(access on 27th July, 2016)
9. https://www.scribd.com/doc/81691813/Osei-Afriyie-Samuel-s-IndustrialAttachment-Report (Access on 27th July, 2016)

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