When companies got new project familiarization meeting should be arranged. In this type of meeting people discuss about client, project duration and deadlines and who are going to work or handle this project like project manager, tech leader, Testing leader, programmer and tester etc.
Then project divided on different module. Developers are going to work on different module according to given design and project plan. Tester responsibility to create test plan for given project according to software requirement specification.
In meantime testers responsibility is to create test scenario and write test cases according to assigned modules. We try to cover almost all the functional test cases from SRS. The data can be maintained manually in some excel test case templates or bug tracking tools.
When developer complete the module then it will be assigned to tester for testing. First smoke testing performed in this module once it fail it will assign back to developer. Once bug has found logged in to bug tracking system and assign that bag to developer. Once bug fix tester do the verification and regression testing on other module. Once verification done successfully bug mark as closed. If its not the bug was reopened and same process will repeated.
Other many more testing preformed as per module like UI tesing, Url test etc. Integration te ting performed after module integration. Load and system testing also done according to SRS. Base on test report product or project was going to release. Beta testing preformed by the client that is acceptance of project.
This is the actual process going on in most of the companies.