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A REPORT ON INTERNSHIP AT MARJAN ISLAND RESORT AND SPA

FZE,
UNITED ARAB EMIRATES

Submitted to the University of Kerala in partial

fulfillment of the requirements for the

post graduate degree Master of Commerce

PARVATHY.S

Candidate Code : 590 16 800 007

Exam Code : 59014202

Faculty Name : Mr. Anil Ahmad Ansari

Department Of Commerce

AJ College of Science & Technology

Thonnaikal

Trivandrum

2016-18
Department Of Commerce

AJ College of Science & Technology

Thonnaikal, Trivandrum

This is to certify that the internship report titled ‘ Study of


activities of Finance Department at Marjan Island Resort and Spa FZE, Ras Al Khaimah,
UAE’ is a bonafide work carried out by Parvathy S in partial fulfillment of the
requirements for the award of post graduate degree Master of Commerce under my guidance
and supervision and that it has not been previously submitted for the award of any degree,
diploma, title or recognition to her.

Prof. E. Abdul Rahim

Head of the Department

AJ College of Science and Technology

Thonnaikal, Trivandrum

Place- Trivandrum

Date-
ACKNOWLEDGEMENT

Id like to take this opportunity to thank Mr. Faisal Khuzouz ( Director of Finance, Marjan
Island Resort & Spa FZE ) for giving me the opportunity to be a finance intern at the
establishment; Mr Ganesh V Nair (Finance Controller) and Mr Mohammed Nour (General
Accountant) for taking their time and being patient with me while I learnt the basics.Im also
thankful to Mr Micheal and Ms Beverly as well as all the others in the finance department for
all their support and guidance throughout my internship and helping me in understanding the
working of the Finance department.

I would also like to thank Mr. E. Abdul Rahim (Head of Department,


Commerce, AJ College of Science & Technology) for his suggestions and conductions.

Im also grateful to my parents, friends, and almight God for their support and encouragement
in helping me complete this internship successfully and without any hindrances.
CHAPTER-I

INTRODUCTION

Internships are programmes within the organisation whose primary purpose is to offer
practical work experience in a particular to people who are new to the field. Interns may be
college or university students, high school students, or post-graduate adults. These positions
may be paid or unpaid and are usually temporary.
Generally, an internship consists of an exchange of services for experience between the
student and an organization. Students can also use an internship to determine if they have an
interest in a particular career, to create a network of contacts, to acquire a recommendation
letter to add to their curriculum vitae, or to gain school credit. Some interns find permanent,
paid employment with the organizations for which they worked upon completion of the
internship. This can be a significant benefit to the employer as experienced interns often need
little or no training when they begin regular employment. It also helps an employer in
gauging a student's aptitude, since grade inflation has undermined the reliability of academic
grades.
The purpose of my internship was to understand the working of Finance Department inorder
to fulfill the internship requirements as specified by Kerala University for completion of
M.Com. This is an internship report done at Marjan Island Resort and Spa FZE, Ras Al
Khaimah, UAE. Even though there were a lot of departments my focus of study was directed
on finance department and its workings.

Background of Hotel Industry:

The hotel business is quite rapidly flourishing divisions of the economy. The hotel industry
solely is a multi-billion dollar and developing enterprise. It offers unlimited opportunities as
well as it is an active and exciting field. The hotel industry is diversified in nature so it allow
different people from different interest to work in various segments of the hotel at different
The hotel industry is diverse enough for people to work in different areas of interest and still
be employed within the hotel industry. This movement is not just in a single country, but all
around the globe.
The hotel industry is a mature industry marked by intense
competition. According to a survey today around 22% of working population of the world is
engaged in the hospitality industry. Hotel today not only caters to the basic needs of the guest
like food and shelter but in addition to that they also provide much more than that, like
personalized services.
OBJECTIVES OF INTERNSHIP

 To learn about the workings at finance department.


 To understand in deep about financial activities.
 To get practical knowledge on accounting.
 To gain expertise in preparation of accounting records, P/L statement, financing etc.
CHAPTER-II

COMPANY PROFILE

Marjan Island Resort and Spa FZE is a Five star hotel and a free zone establishment located
at Al Jazeera Al Hamra, Ras Al Khaimah. It is licensed under commercial status at RAK
Investment Authority, Government of Ras Al Khaimah.

Vision
To build trademark with defined, reliable product standards via extraordinary personalized
packages, exceeding expectations, and creating a connection to our brand in the experiences
we offer.

Mission
To accomplish our commercial objectives while certifying supreme quality and service to our
clients.

Core values
The following are the core values of Marjan Island Resort & Spa FZE:
o Exceptional Service
o Integrity
o Respect
o Continuous Improvement

CATALOUGING & TYPES OF HOTELS

Hotels can be categorized into different categories or classes, founded on their operational
standards. For example the type of housing they provide, location of the property, type of
facilities provided, facilities given and the custom they provide to can help groups hotels
today.

Economy hotel:
It provides well-organized rationality private rooms with bath. The equipping and decor are
acceptable to common of travellers. Food and drink service may or may not be obtainable.
First class hotels:
They are extravagance hotels with excellent decor better than regular food and drink service,
uniformed bell services. They often have 2 or 3 dining rooms, swimming pool, sanatoria etc.

Deluxe hotels:
They are improved and offer more dedicated services than first class hotels. They also
provide limousine facilities.

Traditional hotels:
They have the basic idea of rooms with breakfast, bell desk facilities and the other usual
amenities.

Motels:
They are situated on highways. Guest is given space right outside their lodgings. The usually
have a gas station / workshop involved to them.

Resorts:
They are typically located in tourist sites like on rivers, foothills, forests, or the sea. They
give more honour to sports proceedings freedom and re-creation events like achieves,
tourism, venture sports, etc.

Casino hotels:
They are hotels typically in traveller advertisements and mostly provide to people who are on
holidays. Casino hotels like the name propose offer gaming services along with rooms.

Government Approved Hotels:


These are the hotels, which power not have applied for star classification or small sufficient
to find them in the list. Many of the nature remedies, cottages and hostels are government
accepted providing a minimum level of housing services at far off places.

Commercial Hotels:
These hotels bring largely to work-related customers and classically offer room facility,
coffee-shop, eating room, cocktail living room, laundry and clean competence along with
reception to PCs and fax accommodations.
Suite or All-Suite Hotels:
They are hotels which proposes expensive plan and projects. Business persons like the
location which delivers galaxy to effort and amuse isolated from the bedroom.

Casino Hotels:
Are frequently fairly comfortable. Their chief determination is in provision of the
gaming/gambling process.

Resort Hotels:
They are the deliberate terminus of visitors, usually travelers. This is because recourses are
situated at the marine or in the foothills absent from inner capitals. Resort hotels may
propose any form of performing to keep their visitors pleased and eventful.

SIZE

Hotels can be identified according to their size and the


accommodation level they are offering to their customers. According to this some generally
accepted sizes of the hotels in the world are :
 The Small Hotels: Contains up to 150 rooms.
 The Medium Hotels: This range of hotels consists of 150 to 300 rooms.
 The large Hotels: Starts room 300 to 600 rooms.
 The Extra Large Hotels: More than 600 rooms
Marjan Island Resort & Spa FZE comes under Large hotels category.

STAR CLASSIFICATION OF HOTELS

To prize a hotel , a star requires few exact critical criteria which must
be achieved by the hotel and moreover the grading up stage is also done on the basis of
attaining those values in bright. It can be said that the hotel standing is dependent on the
procedures it take to content the client. The well recognized classifying of the hotel are done
in stars which remain by way of tracks.
One star (*)
Two star (**)
Three star (***)
Four star (****)
Five star (*****)

One Star Categories


The hotels with basic facilities, minor number of accommodations. These hotels are best
when customer is looking for cheap available housing choice.

Two star categories


These hotels are mostly presented in the small cities and in specific parts of larger cities.
These hotels deliver all basic services required for general lodging and offers lowest charges.

Three star categories:


Three star hotels are those which having good architectural landscapes and should be having
good parking facilities. At least 50 % of the rooms will be air conditioned. They also have
nice décor and having well trained staff. They provide better hygiene and sanitation facilities
than lower categories.

Four star Categories


Rank below five star hotel but giving you better and satisfying facilities are four star hotel,
where travelers have a limited budget they use to go four star hotel. Quality of services as like
five star hotels.

Five star categories:


Five star groups are only chosen to those belongings which have all the potentials of a three
star stuff and a few added extra facilities. This is somewhat similar to four star categories.
The infrastructure and facilities must be good-looking and unique. All the lodgings must be
roomy. The staff must have good banqueting ability, commercial center, good and well-
maintained swimming pool and fitness club. A sanatorium is elective.

OBJECTIVES

 Establish and maintain high standards of leisure and comfort.

 To satisfy customers by delivering quality service and through customization of


quality products.
DESCRIPTION OF DEPARTMENTS

 Food and Beverage (F&B) Department:


F&B department deals with the services related to food and beverages. Diverse segments are
there in F & B like Restaurants, Bar, Banquets, Specialty Restaurants, Coffee Shop, Room
service etc. This department also provides Utility services (Cleaning).This department deals
in the preparations of food items. This is mostly involved in the arrangement of those dishes,
which the guests have ordered and then F and B department caters it.

 Front Office Department:


The front Desk office undertakes the reservations, record keeping of guest's accounts, and
inspection of guests. Distribution of guestroom keys and post, memos or other info for guests
are also tackled by the front desk managers.

 Housekeeping Department:
Housekeeping is responsible for the cleaning of guestrooms and public areas. This
department contains the largest no of staff, which consists of an assistant housekeeper, linen
area attendants, room inspectors, room attendants, a house person crew, and employee
uniforms in charge. The laundry and valet gear may be only used for hotel linens and
uniforms; they usually send guest clothing to a specialized and private service where it can be
handled professionally.

 Marketing Department:
Sales and marketing plays vital role in the functions of the hotel business and is an important
part of hospitality business. This department is involved in packaging for selling, sales
promotion, and advertising. The marketing department is responsible of keeping the rooms
occupied at a good price.

 Finance/ Accounting Department:


Accounting department manages many business transactions that occur, on daily basis. This
department does more than just keeping books; it can also be called finance management,
which is probably the right description of this department. However the control department
handles cost control plans by way of decreasing in investment, decrease in operating cost,
control of food service costs, beverage costs, and labor cost etc.
 Administration Department:
Top executive associates usually manage the Admin Department in the hotel. This
department is accountable for work related with administration, employee's wellbeing, health
check and safety.
CHAPTER-III

JOB PROFILE

09-04-2017

I was introduced to the company and its various departments and department heads. I was
shown around the finance department meeting various people concerned with handling
various sections in the finance department like revenue, expenses payable, accounts
receivable etc .I was provided with a visitor ID from HR department for easy access to
finance and other sections.

10-04-2017
Day 2 started with learning how to process cheques from travel desk. Since they were already in the
middle of work, I was asked to observe and learn what they do and was given certain documents to
examine and study. I also learnt about advances. Advances received from clients are cashed in on
the basis of a contract period, say 365 days.So a particular amount,say 36500 is divided into 365 to
ascertain revenue per day.The journal entry will be

Advance A/c (related) Dr

Bank A/c Cr

11-04-2017

I was also given knowledge on handling prepaid expenses where the entry will be

Prepaid Expense Dr

Supplier Cr

Supplier Dr

Bank Cr

Prepaid expenses are also broken down according to daily expenses to understand which all
expenses recur on a periodic basis and which all doesn’t.

I examined credit card slips with overall summary to and I was asked check if they tally or
not. Credit card reconciliation statements are prepared to check for discrepancies in the credit
card slips and helped in tallying credit card slips with credit card reconciliation statements
12-04-2017

Next I learnt about general overhead expenses. They can be by way of Finance, Security, IT
etc. Departments like IT, HR, F&B have their own revenue and expenses. A consolidation of
income & expense of each department is prepared separately and forwarded to the finance
department.

I was taught to calculate overtime payment of the employees. In case of normal days it is
calculated on the basis of normal salary.

Normal Days = Basic Salary * 25%

Holiday overtimes are paid for 50% of basic salary.

Holidays = Basic Salary * 50%

(Basic Salary/30 days/9 hrs.) * 1.5 * no of hours worked

Overtime approval is filled and approved by finance director and GM for facilitating with
payment for overtime wages.

13-04-2014

On the fifth day of my internship I was given infromation about the accounting software’s
used in the processing and recording of transactions, their working and instructions on how to
use them. They include micros, sun systems etc.

MICROS Systems' POS point of sale software and hardware is used in the restaurant
industry and primarily includes touchscreen computers for the serving staff to place orders,
which are then sent to kitchen and bar printers for preparation. The back-office software, My
Micros, contains different types of reports for total sales, total menu items sold for certain
time periods, and more. MICROS provides different POS products for different restaurant
sizes and styles, including products for single-entity restaurants, major chain restaurants (with
centralized reporting) and multiple-restaurant properties, including casinos, stadiums, and
cruise ships. All of MICROS products have the ability to interface to other systems such as
inventory control systems and hotel Property Management Systems. MICROS-Fidelio is a
division of MICROS that offers several software products for hotels including Opera
Property Management System, ORS Central Reservations System, and Opera Sales &
Catering.
00

Sun Systems is the market leading accounting software used by thousands of organisations
around the world.Sun accounting software is the system of choice for many organisations due
to its powerful unified ledger, unrivalled multi-currency, multi-company and multi-
dimensional analysis capabilities and its seamless integration with other business software.
Sun Systems has remained a firm favourite for finance professionals for more than thirty
years.

15-04-2017

I learnt the handing on general cash revenues. I had a chance to watch and help in sorting the
cash from various outlets. Concerned duty managers are assigned with the job of depositing
cash inside the cash drop envelope. These are then collected by the cashier and various cash
from the outlets are sorted and counted, Foreign currencies are counted separately from the
domestic currencies and after counting and sorting I prepared a cash deposit sheet and
recorded the domestic currencies according to various denominations and then recorded the
foreign currencies in GBP,USD, Euros etc. and the final amount is totalled and recorded.
These are then entered into Excel.

16-04-2017

I watched and learnt payroll processing and payments to be made to employees on resignation.
Gratuity and indemnity are calculated according to pre specified guidelines.I read UAE labour
Laws Article 60-121 to understand about wage payment, deductions etc. Payrolls should strictly
abide by labour laws. Labour Laws were studied to gain better knowledge of paid leaves,
holiday payments etc. I learnt the preparation of employee annual payment (Payroll) in the
system by referring the employees annual payment slip. There are accounts in every individual
staffs name and its linked in such a way that changes are reflected everywhere.
Another thing I understood and learnt is the preparation of remittance advice in the software.
It is then sent to GM, Director of Finance for approval and later payments are initiated.

17-04-2017

Iexamined various contract agreements entered by the company with outsiders.Outsourcing


is done in IT, Hospitality etc . Payment is made on weekly/monthly basis as per contract
agreement. I also assisted in preparing invoices for suppliers/contractors like RAK Security
Service, UTS Carrier LLC,TMC Comtel Co etc
Expenses of allied buildings like apartments owned also come under the main accounts
and either weekly or monthly statements are prepared.All items are posted in the general
ledger according to their invoices. I also watched the preparation of exchange transfer sheets
for foreign exchange currencies.
18-04-2017

Examined accounts payable sheets to understand various expenses. Each expense recurring in
nature has a code which is linked with ledgers. While posting the most important thing is the
code. Accounts payable sheet consists of cost, description, code, transaction reference
(mostly department name), person handling the accounts, reference journal number etc.
Again I assisted in the counting and recording of cash from various sections, outlets etc.
Recorded the same in cash receipt sheet according to various denominations.
I aslo had the opprtunity to sit with Accounts Receivable handler. The main aim of accounts
receivable is to provide credit facilities are to ensure timely collection. Credit is provided on the
basis of 3 business references and the position of bank statements, credit rating if any etc.

Accounts
receivable- steps

Receiving the
general ledger

Preparing the
invoice

Sending invoice
to clients

Follow Up
Measures

Getting Payment

For credit card payments a credit payment form is prepared and is signed by sales manager,
director of sales, director of finance and GM.

19-04-2017
I was provided with bank statement sheets having month to date details to understand about
credit and debit balances. It gave me knowledge in preparing the statements, narrations to be
made, date of entry in current Accounts. Account statements consist of total debit, total credit
highest debit, highest credit, lowest debit, lowest credit, opening balances etc. Bank
statements are drawn at the time of audit and also for further reference purposes.
I learnt that bank transfer sheets are used for converting/transferring foreign currencies from
banks. A letter stating the amount as per exchange rate and once payment is received from
bank necessary postings are made. All bank charges, beneficiary fees etc. are deducted from
the same.

20-04-2017
Today I visited purchases and stores department to know the general activities and processes
there. Also examined store invoices, delivery notes, purchase orders etc. Examined
invoice/delivery notes and understood about LPOs. There are 3 levels of LPOs. I gor better
knowledge about purchase orders and invoice receipts. All references are made using the
LPO number associated with the purchase. First purchase order is prepared and after
receiving invoice, an invoice receipt is prepared. LPOs are approved and signed by the
Director Of Finance, Receiving Officer and Head of Department/Manager.

22-04-2017
I was given a briefing about daily revenue reports.Daily revenue reports are prepared as per
revenue of the previous day and it is presented to the admin meeting to analyse the revenues. I
had a chance to watch and learn preparation of revenue reports from managers report and trial
balance. I was given work on averaging the total number of guests visiting the various outlets.
Revenue report had daily, budgeted and yearly figures. Actual is compared to the budgeted to
check for variations and it is also compared with the previous year to date figures to understand
how much revenue has been earned and if its more or less. I assisted in entering rebate discount
vouchers on excel sheet. Examined paid out receipt given during cash refund to clients. Also
checked each paid out receipt with refund summary to ensure that every due has been paid.

23-04-2017
Today I was familiarized with open cheque statement. It is prepared to acknowledge
outstanding cheques and a statement of all paid cheques are also prepared.A deposit sheet is
prepared to find out how much needs to be charged during check out, interest percentage etc.
Rate Change Report is prepared to acknowledge changes in foreign exchange rates and to
initiate refunds or receive due backs if any.
Rate Variance Report is prepared why there is variation in rates. A reason for the same is
specified in description to understand the cause for discrepancies raised.
Also learned the operation of sun systems. The final copy of daily revenue statements and cash
are entered into SunSystem for easy audit and comparison.
I had the opportunity to know more about backup reports. They are like proof for further
reference during audit. Back up reports are very important for clearing ambiguities.
Refund Reports are prepared for cash refunds. I helped in attaching necessary documents
required for initiating refund like copy of why refund is required, valid ID copy etc
Helped in preparing allowance vouchers for granting allowances to employees and clients.

24-04-2016
On the last day of my internship I learnt about Accounts Receivable Ageing report - It is a
report or statement of accounts receivable and the declaration of credit granted. I was able to
understand in deep about credit period, lines of credit, per cent of accounts receivable
according to their credit period etc. The credit period ranges from 0-30 days, 31-60 days, 61-
90 days, 91-120 days, 121-150 days and 150 and more. A reminder is sent to those who fail
to make payments within 90 days. Credit period of clients depends upon the credit limit they
are allowed to have.

Helped in arranging and numbering invoices and attaching concerned purchase notes and
requisitions with proper invoices. I also learnt to process invoices. Helped in reviewing the
invoices recorded in the system with the physical copies of the same. Worked on stamping
paid invoices and segregating paid and unpaid invoices. I also had the opportunityin making
journal entries in the system and learning about the process. I was given minor work of
posting entries, filing invoices etc as well.

On this day I received my internship certificate from the Director Of Finance.


WORK DIARY

 Name : Parvathy S
 Reg No : 590 16 800 007
 College: AJ College Of Science & Technology, Trivandrum

WORK PROFILE

Name Of The Organization: Marjan Island Resort & Spa FZE, Ras Al Khaimah, UAE

Functional Area: Tourism

Focus Of Study: Finance Department

Supervisors’ Name:

a)Faculty b)Organisation

Mr. Anil Ahmad Ansari Mr. Faisal Khuzous

Asst Professor Director Of Finance

AJ College of Science& Technology MIRS, RAK, UAE


ACTIVITY RECORD

Date Activity Processess Observed & Learnings


Documents Handled

09-04-2017 Visited the office and Department profile Structure of Finance


familiarised with the department
department

10-04-2017 Cheques and advances Observed processing of Learnt to process


advances received cheques & handle
advances

11-04-2017 Handling expenses Credit card slips Prepaid and post paid
expenses
12-04-2017 Overhead expenses Nil Overhead & overtime
calculation
13-04-2017 Accounting softwares Nil Operation of Micros
& Sunsystems
15-04-2017 General cash revenues Cash envelops Preparation of cash
deposit sheet
16-04-2017 Payroll preparation Annual payment slip, Calculation of
UAE Labour laws payroll & remittance
17-04-2017 Outsourcing Outsource agreements Nil

18-04-2017 Accounts payable & Accounts Payable Sheets, Better infromation on


receivable credit card payment form handling Accounts
payable, receivable

19-04-2017 Current Acounts related Nil Utility of bank


payment and bank
transfer sheets
20-04-2017 Visited Purchases & Invoices, delivery notes Routine affairs of the
stores Department department
22-04-2017 Revenue Daily revenue report Understood
preparation of
revenue reports
individual manager
reports

23-04-2017 Foreign Exchange Rate change Report, Rate Procedure of


Variance Report processing foreign
currency

24-04-2017 Accounts receivable Accounts receivable aging Proceessing &


report reviweing invoices