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    Accounting Circling Back on our drill down

    January 24, 2020

    Accounting Circling Back on our drill down

    Circling Back on our drill down

    Posted: 24 Jan 2020 03:08 PM PST

    Hey anon,

    Just reaching out to circle back on the drill down we touched base on earlier. Like we discussed, you should close this down by doing a thorough critical self review and leveraging the best practices checklist followed up with a gut-check for good measure. Hoping everything clicks and you don't have to spin your wheels too much on this pain point. Ping me your status at EOD and we can do a quick fly-over of the process to see what we need to throw on your queue for tomorrow.

    This is my life now nobody talks like a human being we don't file until March someone fucking kill me.

    submitted by /u/screwthecpaexam
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    The first-year’s notes when I’m coaching him on literally anything

    Posted: 24 Jan 2020 05:54 AM PST

    Hey guys, meet John. Our newest “senior associate”

    Posted: 24 Jan 2020 02:46 PM PST

    It's starting.

    Posted: 24 Jan 2020 02:30 PM PST

    When the client says they’ll do their own work and have you review since the fee is too high, but do it so badly that the time to undo and redo everything costs them more than the original proposal

    Posted: 24 Jan 2020 07:29 AM PST

    B3 intern here, will I get fired for this?

    Posted: 24 Jan 2020 06:14 PM PST

    While at the office today I went to the restroom to take a quick wee wee but as I entered the restroom I realized our local partner was right behind me. Problem is out of the 4 urinals only one of them was open for business and before I even realized what I was doing I power walked to the urinal leaving him no choice but to use one of the stalls. The partner went into the stall and let out a big sigh, which I think was directed at me for not respecting his authority. I tried my best to hide the power of my pee stream by pointing it towards the curved area within the urinal but the sound of my stream was still over powering his. We never made any eye contact after that and now I'm sitting at home wondering if I'll get pulled into his office on Monday.

    Should I be worried?

    submitted by /u/ut200500
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    Have you heard the tale of Darthur Andersen?

    Posted: 24 Jan 2020 06:01 PM PST

    It's not a tale that Becker would teach you... There once was an accountant so knowledgeable in the ways of the FASB that he dreamed to reconcile accounts without support. His ambitions were not welcomed by the SEC, so he had to grow his power beyond the code. His reconciliation skills were so powerful that he could reconcile anyone's financials to show a positive outlook. He taught this to his apprentice, who killed him in his sleep. Ironic, he was able to reconcile everyone else's problems, but he couldn't reconcile his life choices that lead him to becoming an accountant.

    submitted by /u/gatorhairman
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    Breath, sleep, go out and enjoy life

    Posted: 24 Jan 2020 05:19 PM PST

    I posted this a few months ago, but now we are truly in busy season so another friendly reminder.

    Breath, sleep, go out, enjoy life

    Busy season is slowly crawling upon us. I can feel the stress of some coworkers building up. I need to remind all of you that your health should not be sacrificed to meet deadlines. Take a deep breath, sleep a good amount, eat healthy and see your SO/friends/family. No amount of work is worth ruining yourself for. In 10 years, you will be looking back and saying fuck I was dumb for always overworking and exhausting myself.

    I am in no way saying don't do adequate work or don't finish your mandates. I'm just saying that sometimes it's better to go home at a reasonable hour than stay at work and complete an unreasonable task.

    Good luck to all.

    P.S. for those in industry work, this message is not for you, you lucky bastards.

    submitted by /u/FG204
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    Real shit?

    Posted: 24 Jan 2020 02:30 PM PST

    MFW trainee failed 2 exams today and will most likely be fired on Monday, and I will be doing shit work for another year.

    Posted: 24 Jan 2020 12:31 PM PST

    Non-accountants are learning that business personal property is taxed :)

    Posted: 24 Jan 2020 07:42 PM PST

    Tales from the Audit Room

    Posted: 24 Jan 2020 06:33 PM PST

    So, another busy season has started and work is ramping up for us auditors of Reddit, which means we all need some tales of might and misery to get us through the long days spent in the spare conference room set aside for "the auditors", which typically is one of the most inhospitable ones in the client's entire building.

    So, auditors of Reddit, what are your stories of client chicanery, intern tomfoolery and...managerial incompetence...that make your post-Christmas months spent drawn together memorable? The Water War of 2018-2019 is my personal contribution but I want to hear yours first.

    submitted by /u/InconsequentialFraud
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    Internal auditors during SOX be like...

    Posted: 24 Jan 2020 08:45 AM PST

    Okay now I’m just waiting on client to do their job

    Posted: 24 Jan 2020 03:21 PM PST

    What now

    submitted by /u/Outdoorkatze
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    Social anxiety + Public accounting. Help?

    Posted: 24 Jan 2020 10:53 AM PST

    Does anyone here suffer from social anxiety and is also in public accounting? How do you guys make it work? I take medication for anxiety but I am still almost to points of panic attacks when I have to go out and do audit fieldwork, client meetings, or talking to clients. Some days, I feel so horrible I just want to curl up in a ball and hide. On some VERY RARE occasions I don't mind meeting with clients and to top it off, I am also very soft spoken.

    People say to practice social situations, but I haven't changed in years. I am always working with clients but feel the same way dreading the interactions. I don't know what to do and I feel like it's hindering my ability to do well in public since there's so much client work involved. I have ALL of the knowledge but I cannot communicate well because of my anxiety issues. It's frustrating.

    submitted by /u/beancounter91
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    Recording your hours…

    Posted: 24 Jan 2020 04:37 PM PST

    Hello, intern here who's too embarrassed to ask someone at my firm even though I totally should…

    So during the day theres usually work to do... but I'm just curious where do I store all that miscellaneous time when I'm checking my email or taking notes or something? I usually get a task and then end up fumbling around with it for awhile and waiting a lot for someone to come by and assist me. I've sorta been storing that into training time but like I'm having multiple hours a day into non chargeable time and I'm getting nervous it might start to become a problem.

    Example: preparing a 1099, takes me 15 minutes. Then doing cash for an audit, takes me 5 hours but realistically I only work on it for like 2 or 3, the rest is like dead time waiting for help. When theres no other 1099s, im sort of just sitting their googling my question until help arrives. Am I just eating time if I say it took me 5 hours?

    submitted by /u/AncientWyvernShield
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    Intuit remote tax expert question

    Posted: 24 Jan 2020 07:55 PM PST

    Did I read correctly that the remote tax expert would have to sign tax returns? Wouldn't this put his/her CPA license on the line lol? And I think I read it's for 25 an hour?

    submitted by /u/Affurss
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    [US] How do I show a reinvestment of profits when closing out the year in my books (LLC filing as S-Corp)?

    Posted: 24 Jan 2020 07:39 PM PST

    Hi all. I'm a new business owner and closing out the year for the first time. I'm a single-member LLC but filing 2019 as an S-Corp. I need some guidance on how to handle my books so 2020 doesn't get whacked out. Furthermore, I'm going to revert back to filing as an "LLC" (sole proprietor) for 2020 and the foreseeable future (long story there).

    I'm ending 2019 with a fairly healthy profit but I don't expect hardly any income during 2020. As such, I want to take the profits as an owner's draw but reinvest some to allow the company to pay expenses. You can't pay expenses when the bank account is nil.

    So specifically how do I go about journaling this in my books? Do I do a journal entry of an owners draw for 100% of the profits and then do another journal showing an owners investment?

    What I'm afraid of is if I just leave it and do nothing, even though there is money in the company checking account, the books will still show negative on the P&L at the end of the year and I'm thinking that's not good.

    Thanks for the help!

    submitted by /u/plus4dbu
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    ACA Professional Results?

    Posted: 24 Jan 2020 01:40 PM PST

    Just got my FAR and AA results and passed!

    How's everyone else done? 66.2% pass rate for FAR compared to 83.3% and 83% for the previous two sittings, we had a very harsh paper it seems

    submitted by /u/LastTelevision
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    Classifying COGs (Gas, Insurance, etc)

    Posted: 24 Jan 2020 06:53 PM PST

    Hi all!

    Husband and I own a mobile tool store (similar to Mac Tools) and we are closing out our books for the upcoming tax deadline.

    Would we be able to classify the cost of gas, insurance, and repairs/maintenance for the truck as COGs instead as general expenses?

    I'm thinking that without the gas for the truck we wouldn't be able to deliver the tools to customers and we have to have the insurance in order to complete deliveries as well. The truck itself houses a ton of our inventory and it is what we use to make deliveries and to sell the tools directly to customers.

    However, these might just be "overhead costs".

    I would appreciate any insight. Thanks!

    submitted by /u/Evilbidowner
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    when does an mba benefit a cpa ?

    Posted: 24 Jan 2020 02:27 PM PST

    Accounting Masters (non-accounting background): Worth it?

    Posted: 24 Jan 2020 03:44 PM PST

    Hello r/accounting!

    Sorry if this is long. I'm a college senior, and graduating in May. I am a political science student. I've worked in my state legislature and U.S. Senator's office through programs that my school sponsors, and I've become quite passionate about responsible spending practices/the prevention of fraud and abuse in government (this stems from both going over budgets and seeing a member of legislative leadership step down because of illegal campaign finance practices). This has led me to consider a career in accounting/auditing.

    I'd be interested in government auditing, general government accounting, or forensic accounting. There are two programs in my state (one provides an MAcc and the other provides an M.S. in accounting) that I'm looking at - either would be fine. I would be OK working at the local, county, or state level.

    These are the pros I am thinking of for getting the degree:

    • I'm going to be 20 when I graduate (because of AP credits), so getting an M.S. or MAcc would not be any more of an opportunity cost than going to college for two more years would be.
    • In-state tuition for the two graduate programs I'm looking at is very cheap. I have no debt from undergrad.
    • I also have free room and board, as I have family across the state.
    • This is unrelated to accounting, but there are legislative fellowships I want to apply for that require a non-specific graduate degree. An M.S. or MAcc would open these doors.
    • Even if I can't break into auditing or government accounting, my understanding is that there are plenty of jobs in the wider field (correct me if I'm wrong). I'm quite risk-averse so this is a big one for me.
    • I don't need a high-stakes job that is always exciting. My main passion is actually politics, and there are many ways to get involved in the process regardless of what your 9-5 job is. Plus, it's still important work for the reasons I mentioned earlier.

    These are cons that I'm considering:

    • The GMAT costs money. I can afford it, but no one likes to spend $250.
    • I do have other job opportunities open because of work experience (and the associated networking) I did during college. This isn't a fallback plan by any means. But pursuing accounting might take away from working in a job I'd enjoy more.
    • Although I'd be willing to do it if I can't get a government, forensic, or auditing job, the idea of working as a tax accountant isn't particularly exciting.

    Please feel free to be brutally honest (I won't be offended - I want to arrive at the best outcome). Is this a good idea? Bad idea? Is it realistic? What should I add to my pros/cons list? And is anything I said incorrect? Thanks so much everyone.

    submitted by /u/LegislativeNerd
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    Question on COGS/Labor on Income Statement?

    Posted: 24 Jan 2020 09:31 PM PST

    Non-accountant here. Please let me know if this is the correct subreddit.

    Using the wikihow guide as a basis for my Income Statement knowledge.

    https://www.wikihow.com/Write-an-Income-Statement

    Lets look at a bike sharing company (e.g. divvy bike in chicago, bcycle in houston, metro bike share in LA, etc...).

    Question 1: Would the labor cost to maintain/fix the bike and move the bikes around to different docking stations be part of my COGS? Or would this fall under my operating expenses (like overhead salary, rent, utilities, etc)? This confuses me because they are not technically physically producing a product to sell.

    Question 2: Would the material costs to maintain/fix (e.g. replacement parts) be part of COGS, or would this fall under operating expenses? Again, I am confused because they are not technically producing something to sell. Its more of a service?

    Question 3: Along the same lines, what are the COGS of an airline company, rental car companies, or scooter rental companies (e.g. Lime or Bird)? American Airlines doesnt sell airplanes to its customers but they clearly maintain and refuel their airplane... do these expenses roll into their COGS or are these operational expenses on an income statement?

    submitted by /u/churrascaria9
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