Tokib and associates ltd

To the moslem fraternity

Eid Mubarak from us here to all the Muslims around the world. Enjoy your day

For QuickBooks training , setup and Support services, Please call us on 0779940394/0702709694.
Or Email: [email protected].
We also offer support on other accounting systems like tally, Zohobooks, wave e.t.c.

Live Simply So Others May Simply Live,” Gandhi

Eid Mubarak from us here to all the Muslims around the world. Enjoy your day

Tokib and associates ltd

Happy Accountants day to the accounting fraternity. We are all great in making, Let's keep fighting fraud, corruption as we foster good governance in organisations and the country at large

Enjoy

To all Aspiring CPAs

Our training center is proud to announce that its CPA July intake for the November 2019 sitting is now Open. Find us at Police Children School in Kibuli, Along Prince Badru Kakungulu Road 5kms away from the City center

WhatsApp or Call: 0702709694 / 0779940394 for details

This is worth sharing. It is not that you don't have to spend on things you want in life for the sake of investment alone but first evaluate whether you really need them, Enjoy reading;

In 1990, Shina Peters built a house with N20 million naira; the same year Jim Ovia started Zenith Bank with the same amount.

Today, you and I don't have a room in Shina's house but I have an account in Jim's bank and probably you do too.

Shina's house was built in Iju Lagos and remains there till date.
Jim's bank started in a corner and now has over 500 branches in Nigeria, and many international branches.

Millions upon millions transact business in Jim's bank daily.
Shina's house is becoming dilapidated...in 2015, he SPENT more money to renovate the house and bought a Nissan Pathfinder with N10 million...additional liability, while in the same 2015, Jim's bank MADE a profit of N105.7 billion.

Zenith bank employs hundreds of thousands, and feeds their families.

This is the difference between Assets and Liability. If you buy a car for N20 million today, in 20 years time, you will be ashamed to drive it. On the other hand, if you invest that same amount in a lucrative business or in an asset, It may be worth billions in 20 years. ( Jim Ovia is now worth $980 million dollars, with the official dollar rate of N320, that means he is worth N313 BILLION NAIRA because of an investment of N20 million).

Spend the little money you have today wisely. Some people driving expensive cars today, are not aware that they are driving their future and the future of their children. Some people carrying iphone7 today, may not be aware that they are carrying their future.

When you are young, don't spend money. Invest it.
Every penny in your hand is like a seed, you can decide to eat it, or sow it. When you sow it, it will bear much more seeds later in future

Go Go Boyssss! We need to conquer Africa
We at Tokib would like to wish the Uganda cranes all the best in the Afcon 2019 tournament

To all our Moslem brothers and Sisters

We are committed to serving you

Who we are.

Chepking, We celebrate you. Keep raising our flag high.

Uganda cranes at it again. Its true they are our neighbours but in football we mean business. Go go Boys

Be ready to fail because only then you can succeed. The toughness of this course makes things sweet at the end. Ask the CPAs around you how many times they had to fail in this course

We congratulate all those who have completed CPA ,ATD ,ATC and CTA courses. Thank you ICPAU for building the accountancy profession.

Now go add value to your companies and the country at large

Nice sunday

Buffett blames GAAP rule for $25B loss. Follow the link below to read full story

https://www.accountingtoday.com/news/warren-buffett-blames-new-gaap-rule-for-25b-loss-at-berkshire-hathaway?feed=00000158-20c2-d6a2-adfb-70ebc3670000

Fraud is one of the factors that have massively contributed to downfall of different organisations acrossthe globe. Today let us explore some ideas that may give you an early indication of fraud or abuse.

From the accounting records

Lots of corrections to the manual cashbook – this may include extensive use of white-out or blocked out figures

Pristine records – .i.e. a manual cashbook that look as if they have all been written on the same day in the same hand. Could be an indication of rewritten/duplicate books

Delayed banking of cash received – shown up by bank reconciliation.

Records not kept up to date – i.e. deliberately delayed so managers cannot detect false accounting going on.

Missing supporting documents – e.g. certain bank statements destroyed to cover someone’s tracks, or a project officer who regularly claims to have ‘lost’ receipts.

Debtors rising unexpectedly – e.g. if debtors have paid but the cash is being pocketed. If there are poor controls in issuing receipt books, someone could take an unused book and issue valid receipts without them being entered into the accounting records.

Hand written supporting documents with errors and corrections on them. Indicates possible changes made after the goods or services were purchased.

Cash counts not reconciling to the accounts but reconciling at the next cash count – possible borrowing of funds by the safe key holder.

From the reports

Budget monitoring reports showing inconsistent behavior between line items - eg project-related expenditure is under-spent due to delays – except for fuel which his over-spent. This could indicate abuse
of the vehicle.

Vehicle log books not maintained in an appropriate level of detail. This could indicate abuse of the vehicle.

Budget monitoring reports delayed – to cover up something?

From non-financial areas

Working very long hours – first in last out of the office? Could mean that they are having to do extra work to cover their tracks?

Never taking holidays – can’t afford for someone else to see what they are doing!

Change of lifestyle – spending patterns don’t match their income (e.g. personal building projects, social habits, expensive car.)

Creating ‘smoke screens’ – where someone is making a false accusation about another team member to give them time to cover their tracks or make a getaway!

STARTING, CLIMBING AND FINISHING THE CPA LADDER

For those of you who have pursued any professional course, you will agree with me how hard it is to complete it, many start and end on the way and channel to any other business. I always feel sorry for such people, because I think they don’t get an opportunity to get some good career advice, For you to achieve in your CPA career you must be ready for any challenge it brings forth.
Today, I want to talk about the CPA course which puzzles people and makes them afraid to persue their career dreams, one person once said that CPA is easy for those who are determined and work hard to earn it, I do strongly agree with that statement not that I think it easy on the face, but I believe with hard work and determination “buli kimu Kiggwa” (every thing comes to an end). Take some of these following tips,

BASE ON YOUR DESIRE TO BECOME A PROFFESSIONAL ACCOUNTANT (BEGIN WITH AN END IN MIND)

Some people start this course not because of their desire to achieve something at some point but because either someone advised them to do so or have seen their friends’ persue it and others for reasons not related to their own motives. To me this is a wrong way of thinking, yes you can be advised to take it on but what does your heart say, are you yourself motivated and ready to take it on?
Before you subscribe to this course make sure you have an end in mind that alone prepares your mind to face all the challenges that the course may bring forth

SET YOUR CPA GOALS AND GIVE YOURSELF DEADLINES

Imagine playing a football match where there are no goal posts! Would that make sense? Would the players even be motivated to play? The point here is, goals motivate you to work towards achieving them, without them things become so ambiguous, you become so reactive, that is why when some people fail a paper, they don’t mind, they start thinking they will pass it at some point by God’s Grace, No things don’t work that way, When you fail you need to find out the reason as to why you failed, get advise from people who have made it, then by no doubt God will pass His grace to you. By the way failure is good when you learn from it, goals challenge you to think wide in order to achieve them and deadlines motivate you to beat them

FIND A GOOD TUTOR

It is very dangerous to assume that you will pass a paper since you have done it before. I have friend who was so good in financial accounting during our time at the university, when he enrolled for CPA, he chose to read FA on his own but trust me he failed it twice not until he went to class. CPA is a practical course, I thought I knew accounting not until I joined CPA. So a good tutor acts like a mementor because he/she has ever been where you are and he/she will give you the tips besides the tutorials. For those of you who get to pass some papers without a tutor, that’s good for you but trust me there is something you get to miss and can affect you at the subsequent levels

GET THE SYLABUS BOOK AND HAVE IT LIKE YOUR BIBLE OR QURAN

I like ICPAU because of its organization and its desire to keep improving every day. These days at the time of registration they provide you with a Syllabus booklet. Most students don’t see value in it but instead concentrate on what their tutor has given them. In one of the Adv Financial reporting papers I did, they set a number on “TRIPPLE BOTTOM LINE REPORTING” I had never heard of that word before, after the paper I started lamenting to my friends how ICPAU wants to continue eating our money by setting things that are out of the syllabus so that we fail, My friends ignorantly agreed with me. On reaching home I was shocked to see that topic among the last topics in the advanced financial reporting syllabus, yet I had been taught by three different tutors and no one had talked about it before. If I was checking and following my syllabus critically may be I would have researched about it even if no one had taught me. So always have you syllabus and tick off which ever topic you finish learning.

DON’T REGRET THE MONEY AND TIME INVESTED IN THE PAPERS YOU HAVE FAILED

Failing a paper in a CPA course is very common and very normal to some of us, there are very few who have finished this course without failing any paper. Some people when they fail they start regretting the money and time they have invested, when you start thinking like this, that is the beginning of your journey to quitting, Don’t mind about how much time and money you have invested but what you will gain after the course is done, I failed two papers at level three more than two times each, that is Public sector accounting and Advanced Financial reporting but this never demotivated me, in fact it gave me deeper understanding of these two papers and made me stronger. Ever since I finished CPA I got a promotion to Senior accountant level in my organization, the quality of my work is undoubtable, I feel so confident about myself and the work I do, I can’t even regret the many times I failed those two papers, instead I just use that opportunity to motivate others, Imagine if I had started regretting about the resources I had invested in those two papers, wouldn’t I just quit, Would I have got a promotion afterwards?

DON’T RELAX OR POSTPONE AFTER FAILING A PAPER

The biggest mistake you can ever do Is to relax and postpone a paper after failing it, Some other people actually give it a break and go to do other papers, One friend of mine told me he was going to do audit after failing FA at level 1, he would then do FA some other sitting, Me I call that a scapegoat, When you fail a paper go back for it in the next sitting and I advise students not to do personal reading after failing but to go back to class if they have the money.

DON’T FORGET TO PRAY AND THANK GOD WHEN YOU PASS!

The writer is a Senior Accountant at FH and a Co-founder of Tokib and associates ltd. Like and follow our page at https://www.facebook.com/tokibassociates for more insightful articles,

Tokib and Associates Ltd provides consultancy services as well as CPA (U) tuition through its Department; Tokib training center (Trac). We are located at police Children School Kibuli opp Kibuli police station, call/watsap us on; 0702709694 or Email: [email protected]

Please contact us on the numbers below for details

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“I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”

KNOW YOUR PAYE RETURN TEMPLATE
TO SAVE YOUR EMPLOYEES FROM OVER DEDUCTION OF PAYE

The PAYE Return template provided by URA under e-tax contains 4 SCHEDULES which an employer may use for making declarations of employment income and the tax deducted from such incomes. SCHEDULES 1, 3 AND 4 have different purposes and if incorrectly used could lead to either over payment or underpayment of tax. From practical experience, over payment of tax is more likely . The purpose of the different Schedules is to make sure that the total amount of PAYE that is supposed to be paid by an individual during a year of income is correctly determined. This is because income tax is an annual tax and the monthly PAYE withholding mechanism just a convenient measure of tax collection

SCHEDULE 1 – Details of salary paid and PAYE deducted from Employees.

This is the standard Schedule that is supposed to be used for employee benefits that are paid regularly and on a monthly basis. If you include irregular payments to an employee in this schedule or lump sum of an employee’s accrued monthly income and include it under this same schedule, the outcome will be an over deduction and payment of PAYE tax to URA. Whenever paid, such bonus, extra or accumulated payments to Employees should be excluded from the benefits ordinarily captured in Sechedule 1.

SCHEDULE 3 – Lumpsum payments - Termination/Retirement/Resignation/Expiry of Employment

This Schedule is supposed to be used to declare payments to an employee who is leaving the employment of the employer either due to termination, retirement, resignation etc. The Schedule determines whether the employee is entitled to any exemptions on his retirement benefits or gratuity. The omission to use this Schedule denies the exiting employee an exemption that they could be entitled to. Also, including this amount together with other monthly regular payments would result in over deduction of PAYE. In the month the amount is paid, the gratuity payment to the exiting employee should be excluded from Schedule 1 and only captured under Schedule 3.

SCHEDULE 4 – Annual/Irregular/Bonus lumpsum payments

This Schedule is supposed to be used for declaring an employee’s bonus, lumpsum or extra pay. When such payments are made, Schedule 1 should only capture the regular monthly payments, while any additional irregular payments like bonus, leave pay, etc should be excluded and captured under Schedule 4. Failure to do so results in over taxation of the employee.

Email us on [email protected] in case of any tax queries

Accountants as value creators.
Is it true Accountants Make best CEOs in Uganda?