VANESSA CHAN PORTFOLIO
3.0 MY ROLES AND RESPONSIBILITIES
3.1 Job Description
During my 3 months internship in Sabah Credit Corporation (SCC), I have attached to 3 different units. First month was Cashier unit, followed by Loan unit then General Ledger unit.
The detail tasks of these 3 units are as follows:
Cashier unit - (i) Daily reconciliation
To ensure total amount of receipts issued is equivalent to total of cash on hand and cash banked in.
(ii) Receipts issuance
Issue receipts to borrowers who did their loan repayments by using different methods: cash (walking in or drive through) /cheque/standing instructions.
These are all done by using Thaler system.
Loan unit - (i) Internal/external redemption
Borrower may apply new loan to off set the existing loan when the existing loan is near to maturity date. For
instance, set off Conventional Bank (CB) Loan against Islamic Bank (IB) Loan or vice versa called external redemption;
CB Loan to CB Loan or IB Loan to IB Loan called internal redemption.
(ii) Judgement of statement of account
Judgement will be sent to borrower after three notices of loan repayment being sent. We have to calculate the total sum of judgement costs, legal fees and outstanding amount plus the agreed interest rate by the court.
(iii) In-house transfer
There may have credit balance in borrower's loan account after offset or settled in full, then we have to transfer the balance to borrower's active loan account.
(iv) Refund for excess payment
If the borrower does not have active accounts, we will proceed phone calls to ask for bank account number and pass
to Credit department for further actions.
(v) Adjustment for late payment interest
Interest will be imposed if borrower make repayment late.
(vi) Interest income
If the credit balances are below RM50 or borrowers could not be contacted, we will not do refund but transfer to company's interest income account.
(vii) Settlement in full
We have to issue satisfaction of loan letter to prove borrower has settled the loan in full and stop salary deduction letter to relative department for inform stop salary deduction purpose.
(viii) Follow-up to contract
Borrower's loan account will be blocked if he/she did not do repayment on time, therefore we need to do adjustment on his/her contract.
These are all done by using Thaler system.
General Ledger unit - (i) Sweeping transactions
Record the daily amount transferred to or from to three particular current accounts of SCC and insert to journal voucher.
(ii) Double entries
Adjustments on loan write-off SDS, Income on recovery, Repayment salary deduction,
Loan write off late payment interest
These are all done by using SAP system.