• Breaking News

    Thursday, December 31, 2020

    Home Unlabelled Accounting Partners in the call showing off their house to their overworked employees

    Accounting Partners in the call showing off their house to their overworked employees

    December 31, 2020

    Accounting Partners in the call showing off their house to their overworked employees

    Partners in the call showing off their house to their overworked employees

    Posted: 31 Dec 2020 05:05 PM PST

    Let the games of pain begin, good luck from the 4th.Jan

    Posted: 31 Dec 2020 05:31 PM PST

    For the Year Ended December 31, 2020,

    Posted: 31 Dec 2020 06:50 AM PST

    Happy New Year Guys! Hopefully we can have reversals for this period's impairment losses

    submitted by /u/rrampageondembois
    [link] [comments]

    To everyone that did inventory observations this morning. I've been drinking since noon.

    Posted: 31 Dec 2020 04:14 PM PST

    Finishing your last CPE hours at 5PM 12/31

    Posted: 31 Dec 2020 05:29 PM PST

    As of today, I am no longer in Big 4. New year, new life!

    Posted: 31 Dec 2020 12:00 PM PST

    After more than 3 years, I had my last day with a Big 4 firm yesterday, December 30.

    I am free, and I am feeling relieved, like a great load has been taken off my chest and shoulders. Finally, I can breathe. It has been a long and wild ride. The past 9 months were made even more difficult by the remote audit setup. I never really liked public; it's really the people around me that motivate me to go on, despite the work struggles. Even little interactions in office areas, or seeing colleagues working late with me, are enough to inspire me to go on, as I feel I have people fighting the same fight around me. But this remote audit setup took that away --- I felt alone. Video calls are just not enough. I just can't really find the motivation anymore to go on another busy season with this arrangement.

    Further, this pandemic just showed how toxic and indifferent the higher-ups are. Delayed/no promotions, no pay raises despite revenue hitting records, unfair client/hours distribution, aggressively getting new wins without checking if there are enough resources available, etc. The greed is real, don't let them tell you otherwise.

    Anyway, I'll take all the learnings and experience with me. There's no way I can deny that I've learned a frickin' ton in my tenure in public. I hope you all too, because this is our investment to ourselves.

    I'll be wishing you public comrades good luck in the coming busy season! Give them hell.

    Happy NEW year, everyone!

    submitted by /u/DeusVaretyr
    [link] [comments]

    Cheers to next year!

    Posted: 31 Dec 2020 09:40 AM PST

    Real life accounting.

    Posted: 31 Dec 2020 06:42 PM PST

    That's when we celebrate it.

    Posted: 31 Dec 2020 07:40 PM PST

    Happy? New Year Everyone!

    Posted: 31 Dec 2020 09:08 PM PST

    Year End Jokes

    Posted: 31 Dec 2020 12:08 PM PST

    Any plot ideas?

    Posted: 31 Dec 2020 04:39 PM PST

    Dueces

    Posted: 31 Dec 2020 03:16 PM PST

    Industry here. Typically I work late 12/31 to double triple check items and to get last minute things from the ceo. Just now I said f-it and left maybe I'll come back after "lunch" maybe I won't. I'm excited / dreading looking for a new job but I've had it officially lol 😂

    submitted by /u/Dialin4dollars1321
    [link] [comments]

    Just feeling down about not landing anything.

    Posted: 31 Dec 2020 03:57 PM PST

    Last week on Tuesday I interviewed for a tax internship position that was going to be remote. I wasn't told when exactly I would hear back, but I know they wanted the position to be filled so the intern could start working the first or second week of January. I was expecting to hear back this week before New Years because I would expect them to make the decision and get the intern ready to start next week.

    Since I have not heard anything and it is New Year's Eve and I am sure they are not working today or tomorrow, I assume I didn't get the job. I emailed the recruiter on Tuesday just to see where I am at (although now that I think about it was probably to early to email). Idk I am just lost and I have been trying so hard to get my foot in the door. I am willing to learn and just want a chance to prove myself.

    Edit: Recruiter did not respond to my email at all on Tuesday.

    submitted by /u/cnote213
    [link] [comments]

    Please help settle my expense recognition argument

    Posted: 31 Dec 2020 04:33 PM PST

    I'm a CPA as is my boss. Please help settle an argument I'm having with him about expense recognition timing under GAAP, preferably with a link to the applicable ASC codification as I doubt anything less will do.

    We pay commission to a third party based on subsequent collections on their sales. The commission is a percentage of the payments we collect from the customers. If the customers don't pay us then we don't pay the commission.

    My boss's view is that if the sale is in December then the commission expense related to that sale should logically be in December. My view is that he has misidentified the performance obligation and that it is payments, not sales, that we are paying the third party for. They could not invoice us for the commission yet as they have no legal right to it, there is no liability. My boss countered that we know we're going to have to pay it so we should estimate it and accrue, an argument that would be equally applicable to January's rent which we should also not book until January.

    If we consider the inverse, whether the third party should book revenue and a receivable that he has no legal right to because he expects it will exist the answer would clearly be no. He can't invoice us yet because he has not yet completed performance. It's similar to if they sold goods FOB customer. They can reasonably believe that their actions (selling our product) will lead to them getting paid but until the specific obligation is met (our customer paying us) we don't owe them any commission.

    Edit: Resolved

    Good point. I was treating the performance of the payment as an event that the third party was responsible for and therefore treating them as having not fulfilled all of the required obligations as of month end. But it's not their obligation even though their payment is dependent upon it, it's outside of the control of both my employer and the third party earning commission. You're right that what matters is whether it is probable that the customer will pay (it is) and whether the liability triggered by that payment is measurable (it is).

    submitted by /u/Alternative_Crimes
    [link] [comments]

    Never thought I’d see us in this sub

    Posted: 31 Dec 2020 01:44 PM PST

    Interns Starting in Tax Next Week

    Posted: 31 Dec 2020 09:01 AM PST

    Big 4 Tax or mid term Audit?

    Posted: 31 Dec 2020 05:57 PM PST

    I have 2 offers, one in tax the other in audit. I really want to work in Audit, and I was told from a friend at Big 4 that it's possible to switch from Tax to Audit. Should I take a risk and go with tax or take an offer from mid term firm for Audit position? My ultimate goal is to leave public accounting in five years and try to get a Controller position.

    submitted by /u/Current_District
    [link] [comments]

    Basic accounting help needed! Question re: income statement

    Posted: 31 Dec 2020 09:40 PM PST

    ABC Company has beginning inventory of 200k and ending inventory of 500k. Purchases of 5M. Quickbooks generates a profit and loss statement that doesn't take into account the beginning and ending inventory (which therefore creates a lower net income and retained earnings).

    The question is: when compiling the income statement, should we add the beginning and substract the ending inventory to calculate the cost of goods sold (COGS)?

    Follow-up question: if we do (which I think we should), do we need to adjust Quickbooks to take into account the different net income and retained earnings as per the financial statements?

    submitted by /u/peppapiggman
    [link] [comments]

    Public Accounting VS PH.D

    Posted: 31 Dec 2020 09:22 PM PST

    Hello, fellow accounting lovers,

    (If the story is too long, feel free to skip to the last paragraph)

    For a long time accounting wasn't really the path I set on but rather I have come to compromise because I knew that in order to stay in the U.S. I would need visa sponsorship. I came to America at a young age through my father being stationed in the U.S.(we are a military family). He ended up going back to my home country and I stayed in high school by getting a student visa because at that time we didn't really know when it comes to immigration laws and we didn't know how difficult it will be going from a diplomat visa to student visa and climbing all the way up to citizen. I also wasn't sure if I was going to stay in America so this was a quite sudden decision.

    Years later, I finished my MAcc program and I had some interviews big 4(because they were the only ones they would sponsor me with a visa) but with H1B(work visa) regulation change in recent years, I struggle to land any job. I had a 3.55 GPA and I passed all 4 sections of my CPA exam while I was job searching. I looked everywhere but i was only found to be disappointed during my job searching period. My time was running out and I was in a situation that my immigration status wasn't good enough only with H1B considering it was processed through lottery.

    I ended up taking a job from a Korean local firm in GA that would sponsor me with a green card. I won't go into details about how crappy this job is right now but it's far beyond what anyone can imagine. I understand everyone has different tolerances for work and everyone has a different story but I don't know how long I can take it.

    I really need a green card or else I am going to need to go back home and that's the last thing I want to do; giving up what I have built over a decade in this country. The work has been killing me and it's not giving me any vision in the future looking at what kind of work I am doing and the volume of work especially the illegal activities that occur at the job. I just submitted all my documents to my immigration lawyers and this process might take up to 2 years or even longer and this isn't even a sure deal because I might as well have to go back to Korea if this doesn't work out in time as in if I don't get selected for my other visa options(like work visa at March or maybe student visa again by going back to school temporarily) in time. I am getting really really tired of everything and maybe I am just a wuss but I have thought about the academia route before not only because of my situation because I genuinely enjoyed teaching during my years as TA and I enjoyed learning even more so. The only reason I couldn't choose to go into Ph.D. was that I had a grace period that I had to stay in the states without my visa and it was necessary for me to get a job to stay in the country.

    Thus, I am debating between staying in public accounting (that feels like a dead-end that will lead me nowhere) for a green card that I don't even know will actually happen, or go into Ph.D. program after my solving my immigration issues for Korea and prepare for GMAT and my application, or wait for my green card then go into Ph.D

    I know this was lengthy and this might have been poorly explained because I had some inventory observation today and I got too drunk dealing with this problem, but I am in great need of advice and I don't know who to talk to but my good old friend Reddit.

    submitted by /u/TheHippyCowboy
    [link] [comments]

    Accounts Payable Turnover Ratio and Effective Rate Formulas

    Posted: 31 Dec 2020 09:17 PM PST

    Hello, can someone explain the formulas to me? I get what they are for and how they are calculated but what I am having trouble understanding is why they are calculated the way they are calculated.

    Why for AP turnover are we dividing Total Purchases by the Average AP? How does doing this indicate how many times a company is able to pay suppliers? That just shows the percentage of purchases still needing to be paid off, no?

    ​

    I am in a similar situation with the effective rate. Can someone breakdown each part of the formula and explain what exactly is being done there or what it means for the whole?

    ​

    Learning formulas is easy but understanding the reason behind the order and structure of them is something else. I feel I learn better if I understand the reason.

    ​

    Thank you

    submitted by /u/SignificantJuice1006
    [link] [comments]

    Going into year 3 of Big4 Audit and still struggling with the basics

    Posted: 31 Dec 2020 02:40 AM PST

    Hi guys, just looking for some advice

    I am going into my third year of Big4 Audit but still find I struggle with a lot of the accounting basics such as journal entries, accruals, and many financial accounting standards that I should understand.

    My knowledge of bookkeeping is also incredibly weak - such as how the accounting software works, and the flow of journal entries to the financial statements. I always find when talking to the accountants and they start talking about how their system works my eyes glaze over, I just can't seem to grasp it.

    It's very awkward for me because I'm now expected to coach the graduate and analyst, but barely understand the basics myself. I have only been able to get so far because of my semi-decent understanding of audit, and thorough learning of my engagement sections.

    At the moment I am thinking about going back into some of my old college powerpoint slides, but if anyone has any other advice or resources they could recommend it would be greatly appreciated

    Cheers

    submitted by /u/Accountaint
    [link] [comments]
    Read more
    at

    No comments:

    Post a Comment