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    Accounting When the partner catches you leaving early

    July 01, 2020

    Accounting When the partner catches you leaving early

    When the partner catches you leaving early

    Posted: 01 Jul 2020 06:52 PM PDT

    Conference calls where I barely pay attention, mute my mic, and turn off my camera

    Posted: 01 Jul 2020 06:42 PM PDT

    "We have strong internal controls"

    Posted: 01 Jul 2020 05:41 AM PDT

    Me leaving the CPA exam wondering what else I can do with my degree

    Posted: 01 Jul 2020 03:07 PM PDT

    When you and your senior show up at a Tech client that insisted on dressing casually

    Posted: 01 Jul 2020 10:13 AM PDT

    God bless the mute mic button.

    Posted: 01 Jul 2020 04:44 PM PDT

    Deloitte seeing themselves getting praised by Trump supporters and attacked by liberals when all they wanted was to remain neutral.

    Posted: 01 Jul 2020 07:21 PM PDT

    Girl's Deloitte job offer gets rescinded over social media post

    Posted: 01 Jul 2020 06:23 PM PDT

    Me walking out of my FAR exam, happy that it's over, but knowing full well I failed it and will have to take it again

    Posted: 01 Jul 2020 06:50 PM PDT

    It's funny how different the expectations are in public vs private

    Posted: 01 Jul 2020 07:34 AM PDT

    The last engagement I was on in public, I did 90% of the year end testwork and process documentation for a large acquisition in a month and the response was "meh." Now that I am in private, I do a few relatively easy tasks without messing up and they think I am an all star. I'll take it.

    submitted by /u/AshamedPanguin
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    What do you guys think about MBAs?

    Posted: 01 Jul 2020 02:48 PM PDT

    The sequel to the "Happy To Announce I Got A Job At" series

    Posted: 01 Jul 2020 10:26 AM PDT

    A lifetime relationship for Accountants!!

    Posted: 01 Jul 2020 10:31 AM PDT

    Think i figured out whats going on with the repo market. Mortgages are getting margin called in the shadow banking system. Research...

    Posted: 01 Jul 2020 07:29 PM PDT

    This was co-authored by some federal reserve board members 2 years ago

    ​

    III.C. The Warehouse-Lending Process shows the two stages of the warehouse-lending process. In the initial stage, shown on the left side, the mortgage borrower is approved for a mortgage from the nonbank originator, who funds the mortgage using a draw from a line of credit provided by a warehouse lender. Typically, the warehouse lender will only fund about 95 percent of the mortgage balance, so that the nonbank originator has some skin in the game for each loan. The collateral on the loan is the mortgage, and the nonbank in turn transfers the mortgage to the warehouse lender to collateralize the draw on its line of credit. Since the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, mortgage-collateralized warehouse lending has been eligible for accounting and legal treatment as repurchase agreements (repos).

    ​

    Next, turn to page 16: III.D. Vulnerabilities of Warehouse Funding, to keep it simple its the equavlant to adding stop loss to every warehouse line of credit (which are used to fund mortgages). Since the margin call is on the loan for the mortgage instead of the mortgage itself, we don't see forclosures yet, but instead the margin call money is funded by the repo. Shawdow banks take the margin call. They pay the call via repo loan and pay that back via bonds, hence why the fed is buying those, junk bonds to be specific

    Ginnie Mae servicers can only obtain unsecured financing, such as unsecured corporate bonds, to cover their advances. The rates on this financing are high, especially because many nonbanks have highyield credit ratings.

    ​

    tl;dr most high risk mortgages(over 50% of total mortgages) that a bank wouldn't lend, was lent by shadow banks via a link of credit from the banks. Banks have tight stop losses set on these and have been issuing margin calls on tons of them.

    submitted by /u/dancingbearstonks
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    Handling Frustration

    Posted: 01 Jul 2020 05:25 PM PDT

    How do you guys handle frustration with your job? And I'm not talking about working 80 hour weeks during June in public accounting frustration or toxic corporate politics. I'm talking about things like a supervisor being a jerk or being overwhelmed with work or even just not being able to concentrate on work when you want to and falling behind.

    I've been struggling with this a lot lately and really feel guilty about feeling the way that I do because I love my job, it pays great and the hours are good. Also given everything going on in the world, I feel really lucky to have the job that I do. Which just makes me feel even more guilty about feeling the way that I do. I try to give myself reality checks at the fact that I am lucky to be where I'm at, but sometimes it only goes so far.

    submitted by /u/stephcurry824
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    Management when you ask about a shady manual entry

    Posted: 01 Jul 2020 09:28 PM PDT

    Came across this column during month end close. Thought you guys would appreciate it.

    Posted: 01 Jul 2020 09:05 AM PDT

    imagine doing this inventory count

    Posted: 01 Jul 2020 05:45 AM PDT

    How to feel motivated when your firm/team sucks /rant

    Posted: 01 Jul 2020 01:43 PM PDT

    Long story short they passed me up for promotion due to COVID. No pay raise or bonus this year. Not really interested in doing 2500 working hours in a year again. I'm just staying until i get my CPA and bouncing.

    Team has way too much work and is way too understaffed. What's the point of going above and beyond and working 45+ hour weeks outside of busy season with workaholic managers. I'm doing what's required, but fuck all these public accountants that make their life about work and do nothing else other than work. Ya I'm talking about you Karen who works 50+ hour weeks year round and needs daily updates on the simplest tasks.

    Ooooh no why is our staff not being 100% efficient as possible. Pay me more then maybe I would feel obligated to do more. At the rate of these promotions I feel like industry > public. Government would be on par at this rate. Don't join a firm that has a 3-year plan for associates.

    submitted by /u/biggay696969poo
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    Did you ever consider switching to Law?

    Posted: 01 Jul 2020 08:29 PM PDT

    Title.

    Did you guys ever consider switching to law after starting off as an accountant? (Going to law school and such)

    submitted by /u/shamy33
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    thats how growing up feels like

    Posted: 01 Jul 2020 09:29 PM PDT

    Big 4 cancel culture

    Posted: 01 Jul 2020 05:27 PM PDT

    Saved me about 1,000,000 hours so far

    Posted: 01 Jul 2020 09:52 AM PDT

    Does every accountant hate their job???

    Posted: 01 Jul 2020 07:24 PM PDT

    I'm a student studying accounting right now, and I've noticed a lot of posts here are about how people hate their job in accounting. I didn't expect it to be a great job, but is it miserable being an accountant? Is there something I should be prepared for??

    submitted by /u/splittesticals
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