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    Accounting Seniors mentoring the new Staff

    October 18, 2020

    Accounting Seniors mentoring the new Staff

    Seniors mentoring the new Staff

    Posted: 18 Oct 2020 02:32 PM PDT

    HR : the best i can do is 5.00 $

    Posted: 18 Oct 2020 07:33 AM PDT

    What should 1st year staff take as salary?

    Posted: 18 Oct 2020 08:03 PM PDT

    Me pretending I don’t need to finish work on a Sunday

    Posted: 18 Oct 2020 11:50 AM PDT

    How's your work life balance?

    Posted: 18 Oct 2020 06:18 AM PDT

    Man I love LinkedIn

    Posted: 18 Oct 2020 11:54 AM PDT

    Crossposting

    Posted: 18 Oct 2020 06:55 PM PDT

    Please hit me with some motivation

    Posted: 18 Oct 2020 05:20 PM PDT

    To finish my work :( I'll be screwed if I don't finish it for tmrw bc my manager is batshit crazy but I'm not motivated to start. I just finished my 3rd game of Among Us.

    submitted by /u/bluebell08
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    Big 4 GG?

    Posted: 18 Oct 2020 07:42 PM PDT

    is it game over? I am a third year transfer undergraduate student and everything is coming at me like a speeding wall. I just realized that the big 4 recruiting season is over for internships of summer 2021. will they open up apps for this winter? frick bro, what can I do? I want to secure an internship before I graduate or else I'm doomed when I hit up full time positions.

    submitted by /u/throwawayaneggroll
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    [CAN] CPA PEP MCQ quizzes

    Posted: 18 Oct 2020 09:52 PM PDT

    Just curious, since the core and elective modules exams have been 2 cases and no MCQ, does anyone actually study from the quizzes?

    View Poll

    submitted by /u/Nollamobrand
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    Accounting for tips

    Posted: 18 Oct 2020 03:31 PM PDT

    I am an experienced accountant who now specializes in QuickBooks. I don't do taxes, but work with a CPA whom I imagine has zero F500, or any audit experience, at all.

    One client we share is a Brew Pub who used to use a premium POS system, which made my life easy, as it calculated sales tax. I used to pick up that number. Meanwhile, I'd simply used cash deposits as the monthly sales number – it is a cash basis LLC for for tax purposes. Now without reports, I simply calculate and pay the sales tax as a percentage of monthly sales. Of course the cash deposits have a timing issue at the beginning and end of the month – there is a lag between actual monthly sales v. funds deposited.

    But the key problem has been that the Pub owner does not so daily POS cash-outs, and pays his staff tips out of cash in the cash register. Now since Covid, he has converted to a completely online model and switched to Square POS with its garbage raw data reports. More importantly, however, he finally is using the payroll service to pay out tips after withholdings, mostly because he is strictly c/c sales now, and has no cash in the cash register. But of course this is what should have been happening all along.

    So here's my issue: In order to provide a sales tax reconciliation that matches monthly deposits, I need to back out tips, which are included in funds deposited. My solution: reduce cash sales (deposits) by an amount that equals sales before sales tax calc. But since the tips cash evaporated out of the cash register, and was never properly accounted for, I can't just dr tips expense & cr cash. Instead I propose to credit a current liability called '"tips payable".

    At year end however, I would propose closing that current liability into retained earnings (my preference) or partner's distribution. Either way, I know my CPA colleague will make a stink, especially if I hit R/E, since that will throw off her precious trial balance.

    So what would you do?

    submitted by /u/brindlebully
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    I feel really bad about online classes

    Posted: 18 Oct 2020 06:22 AM PDT

    So I'm majoring in accounting but have been struggling this semester. I'm not lost by any means but in recent exams I've found myself using google on certain questions which makes me feel awful honestly. I just find that certain professors do a terrible job at online schooling which leads to me understanding the concepts less. How much in the wrong am I?

    submitted by /u/randomuserguyyyy
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    Won’t be CPA eligible by graduation & I need advice

    Posted: 18 Oct 2020 10:55 PM PDT

    Need advice please. Just received an outline from my advisor and best case scenario looks like I will have to take classes summer '21 and summer '22 after graduating spring '22 to be CPA eligible. Will I not receive a full time offer because of this? I plan to accept a full time winter internship and maybe a summer one as well but now I'm not sure what to do. I will be maintaining 12 quarter credits instead of 18 for the winter one. If I take the summer internship, will it be possible to work 40 hours and take community college classes? I scheduled an appointment with my advisor for the end of October but any advice would help. I'm just very disappointed that I didn't take classes this past summer because I thought I was on track and could complete the extra classes the upcoming summer.

    Summary: Won't be CPA eligible by graduation but instead summer after. Will it affect my offers/job employment? Should I not take internships and instead focus on classes?

    submitted by /u/CraftyComplex
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    Working in Europe with an American degree

    Posted: 18 Oct 2020 06:05 PM PDT

    I'm an American sophomore accounting student at the moment and I'm planning to move to Europe within a few years after I graduate. I don't really know what to expect, so I'd appreciate if anyone with that experience would chime in.

    I know language is a must, and I'll be applying for internships starting in November. I'm ineligible for the Diploma in International Financial Reporting, but I'm able to get a certificate of that until I am, so I plan on doing that too. Are there any tips or anything else I should pursue before moving? Really want to make sure I can land a job there :)

    submitted by /u/phillydist
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    Me trying to do the ethics activity for the Core 1 orientation module

    Posted: 18 Oct 2020 09:41 AM PDT

    Have any CPAs in industry been laid off?

    Posted: 18 Oct 2020 08:45 AM PDT

    CPA working in industry here. All I hear about are the big firms and how they're cost cutting in times of COVID. I feel like I haven't heard anything about industry accountants getting laid off/having compensation decreased.

    To be honest, I've been working a lot harder during covid because my F250 company wants to present the financials in the best way possible when they're losing a bunch of money. It's only proved my job security that much more. Our company rush ordered laptops for a very small list of essential staff so they could work from home - my team was on that list. We are in a hiring freeze, even backfilling was on hold; but a member of my team left and we got special clearance from HR and our VP to fill the position.

    The company I work for has stopped our 401K match across the board for the time being, but that's really the only cut that the Accounting department has felt.

    submitted by /u/PetefromAccounting
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    CPA PEP Core 1 (Canada)

    Posted: 18 Oct 2020 08:40 AM PDT

    Hi everyone.

    I just started core 1 and it's giving me really bad anxiety. I'm not sure how to approach studying as I have forgotten a lot of the material, or atleast I feel that I have. I've been trying to read Knotia and take notes by copying and pasting but the way that I'm doing things is not efficient at all and I'm wasting a lot of time trying to memorize everything and formatting my notes instead of doing any practice problems provided.

    I wanted to reach out here to see if anyone could give me some tips on how to study for CPA PEP.

    What worked for you/didn't work for you?

    Did you take a lot of notes or did you just read the summaries and went more in depth in Knotia when needed?

    If you took notes, what was your approach when reading Knotia?

    submitted by /u/kilroy1812
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    McGraw-Hill Connect Struggles

    Posted: 18 Oct 2020 03:06 PM PDT

    Has anyone also found themselves struggling immensely with accounting courses on McGraw-Hill Connect? Currently taking Intermediate Accounting 1 on McGraw-Hill Connect due to courses moving online as a result of Covid-19, and it seems that the homework rarely, if ever, contains problems similar to the chapter demonstration exercises, leaving me (and I'm sure my peers also) extremely frustrated when trying to find references in the text when working on the homework problems. Does anyone have any suggestions for working with McGraw-Hill Connect or, perhaps, resources to use in addition to McGraw-Hill Connect? Thanks.

    submitted by /u/rossm202
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    We’re you financially stable somewhat right out of college?

    Posted: 18 Oct 2020 08:36 PM PDT

    For all the people who we're employed right out of college, we're y'all able to get an apartment and let's say afford car payments as soon as y'all started working at your firms? Basically, we're y'all able to start life comfortably?

    submitted by /u/FutureCPA101
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    Need classes for cpa exam and graduate

    Posted: 18 Oct 2020 08:29 PM PDT

    Hello,

    I need your help. I need to take three business classes to fulfill my 150 credits and be eligible for CPA exam. Could you give me recommendation where can I take these classes as non-degree student online with affordable price? Three classes are: 1) (Economics) selected topics in macroeconomics 2) (Finance) principles of financial management 3) (Management) fundamental operations of management.

    submitted by /u/jiwk
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    [CPA Canada] Student looking for advice - what was your game plan for the CFE?

    Posted: 18 Oct 2020 08:18 PM PDT

    Hello! I recently completed my undergrad degree in university, and I also completed an accredited program which covered Core 1, Core 2, and the Electives of the CPA program.

    I took a little break when I graduated and have been focusing on job hunting these last few months. When I started to think about my plans for the future, I realized I have no idea what I should be doing from now until September 2021 (I hope to write the CFE at this point). And honestly, anytime I open the CPA website to find answers, I get stressed and overwhelmed by all of the pages....so I am looking for advice if anyone can help provide insight or ease my mind.

    1. How do you start to study? When do you start? I want to make a study plan, but even then I don't know what to study with....I have old textbooks but they're a little out of date...Do you do technical revisions, or just do as many cases as possible? I think I really am lacking in technical since my intermediate courses were a few years ago, but we did many many cases throughout the accredited program, so I feel like I know the case structure approach.
    2. What resources and materials did you find were most helpful throughout your studies?
    3. When should I even start paying my CPA dues? I'm not employed but I am currently searching....should I wait until I get employment? Will I need to pay my dues in order to access study material?
    4. When do I enroll in Cap 1? I think I heard it was May, but I'm not entirely sure.
    5. How long do I have to complete the CFE and work hours and when does that period start? Would it be when I began the accredited program or when I finished it? I heard 6 years, but again, I'm not sure. Is there a way to check on the CPA student profile?
    6. What is the PERT EVR process like? I heard from colleagues that it's really difficult to get these hours approved...

    Any other links to resources would be super helpful as well...I just keep getting overwhelmed when I try to search things up.

    I'm feeling super lost, so thank you in advance for any help you can give!

    submitted by /u/carousel_cg
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    Hey guys im a finance student and was curious about accounting. I've heard that you either love the job or hate it. Is that true? Also how are your stress levels and is the work particularly difficult? I like numbers so I thought that I should look into this and wanted real accountants opinions.

    Posted: 18 Oct 2020 04:31 PM PDT

    Job advancement advice

    Posted: 18 Oct 2020 04:03 PM PDT

    Background: BA in Psychology. Realized that was garbage and got a Master's in Accounting. I've been in some private companies for a few years. 3 years at staff in the educational field and then I got suckered into fixed assets for 2 years which is where I'm at now. I don't hate fixed assets even though it's generally looked down on.

    A job opportunity opened up on a fixed assets team for a larger private company that is one level below a senior - level 1 (levels go 3, 2, 1, senior, lead, director). Seniors there are mainly guys that have previous experience in public and even level 3's have masters.

    Do you think higher/senior fixed asset work would be difficult? Right now in my job I feel like we deal more with operations vs actual fixed asset accounting. I do a PPE roll forward and some schedules for cogs right now. We don't get the opportunity to dive deep in FA accounting.

    submitted by /u/BigTunaPA
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