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    Accounting Simple, but effective

    June 04, 2021

    Accounting Simple, but effective

    Simple, but effective

    Posted: 04 Jun 2021 04:44 PM PDT

    This whole subreddit if we were South Park Characters

    Posted: 04 Jun 2021 10:38 AM PDT

    I'm hanging on by a single thread of sanity until my 401k fully vests and then I'm OUT

    Posted: 04 Jun 2021 06:49 AM PDT

    One more month until my 401k fully vests and that 9k is all mine....... I can't wait to get the F out of this company and travel. Party. Play music. Play video games all day. Ingest copious amounts of drugs and alcohol and have risky sex.

    Not a shit post.

    Godspeed to all interns and entry level pukes out there. We in this together.

    submitted by /u/clothesstressmeout
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    Are you SURE you are ready to start over?

    Posted: 04 Jun 2021 12:25 PM PDT

    I've gotten a few interviews with a couple companies so far and a reoccurring theme around what seems to be my rejections are "You've been a Pharmacy Technician for a decade now, are you sure you're ready to start fresh in a new career?"

    Bitch, I'm getting a fucking degree in accounting, I would have hoped I answered that question before I even signed up for the Bachelor's program.

    It fucking sucks breaking into a new career with no experience and a living in an area with a slim amount of internship possibilities.

    The jobs so far have been AR and Assistant Accountant.

    submitted by /u/SlenderGordun
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    What are the tax implications of this?

    Posted: 04 Jun 2021 09:29 AM PDT

    Felt this was appropriate to share from r/FinancialCareers

    Posted: 04 Jun 2021 08:09 AM PDT

    Your time has arrived. Competitive Excel is now a thing.

    Posted: 04 Jun 2021 06:27 PM PDT

    Take notes!

    Posted: 04 Jun 2021 08:25 PM PDT

    Comics: So What Do You Do For A Living?

    Posted: 04 Jun 2021 04:09 AM PDT

    "I hate it when accountants try to hide behind complexity to avoid answering questions" Canadian MP said in response to a KMPG Canada's Head of Tax evading questions from Canada's House of Common's Finance Committee.

    Posted: 04 Jun 2021 07:24 AM PDT

    A+ marketing images courtesy of Deloitte

    Posted: 04 Jun 2021 06:04 PM PDT

    Big 4 Busy season vibes

    Posted: 04 Jun 2021 08:25 PM PDT

    Wants some cringe? A youtuber explaining tax and depreciation

    Posted: 04 Jun 2021 06:39 AM PDT

    Hi, Ive been growing anxious for the past week after applying for an S1 position. Ive been A2 at a big4 firm and decided to work somewhere else. What does this mean?

    Posted: 04 Jun 2021 02:14 PM PDT

    What is something you wish you knew earlier .

    Posted: 04 Jun 2021 11:52 AM PDT

    To all the accountants that have been in the field for a long time . What are some things you wish you knew earlier in your career ? I'm a first year student in accounting and finance.Thank you !!

    submitted by /u/Whitefox785
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    New job not what I expected. Should I run or stick it out?

    Posted: 04 Jun 2021 09:29 PM PDT

    I just left public accounting after being burnt out from tax after 3 busy seasons.

    Found a new job, which I probably accepted really quickly but I wanted to get out of my old job ASAP and the company is really cool. Run by young people, nice perks and the people that interviewed me were awesome.

    But... the job is not what I expected. im feeling uneasy. The company I work for is making crazy money and the owners are doing a bunch of side business things like buying rentals left and right and investing in a ton of random things that they need help doing accounting work for.

    My job description is not clear. The owners need to file taxes still so i have to work with their CPA firm in preparing their tax financials for their 1040s and getting all their tax info together for the various entity returns. Im actually glad i am still doing tax work but its a hot mess how disorganized everything is.

    The company said they have other projects for me to work on down the road but I need to focus on this right now because its time sensitive. The owners also gave me access to all their personal bank accounts and want me to keep an eye on their accounts. I kind of feel weird being so intimately involved in their personal finacials. Is this typical work for a CPA?

    I really thought Id be doing more accounting work for the company I work for but it doesnt seem like thats the case at all. I dont know if thats a bad thing.

    Does this sound normal to you? Ive only done tax in public before this so I didnt know what to expect here.

    They are paying me good money so I dont mind staying here for a bit while I figure things out. I am just wondering if this is typical work done by a CPA. I think I'll learn a lot here so I can probably get some nice bullet points on my resume at least...

    submitted by /u/kataakitaa
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    Accounting GDip program for Canadian universities?

    Posted: 04 Jun 2021 08:50 PM PDT

    Since I believe I can apply to other universities for a accounting graduate diploma (GDip) after I finish my bachelor's degree, does anyone have any recommendations/tips as to which university has the best accounting GDip program?

    Canadian universities only please :)

    submitted by /u/Affectionate-Candy-2
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    Now required to enter bathroom breaks on our timesheets...

    Posted: 04 Jun 2021 12:11 PM PDT

    Is this a thing in the accounting world?

    Today our supervisor just scolded us about how some of our timesheets are missing upwards of 20 minutes a day.

    I've worked here for a year and already get treated and paid like shit. One more tax season I have to push through and then I'm gone. Good fucking luck to these people.

    submitted by /u/ARtheSuperstar
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    Wealthy KPMG clients continued to dodge taxes for years after CRA detected offshore 'sham'. Besides earning money from $25 mil invested offshore, Peter Cooper received consistent benefits for low-income Canadians. What a shitty company to work for.

    Posted: 04 Jun 2021 07:09 AM PDT

    Technical Study for CFE-Canada

    Posted: 04 Jun 2021 04:37 PM PDT

    I am writing the CFE in September and in cap 1 now. Enrolled in densmore as well. I took assurance in the winter, so safe to say FR is half fresh in my mind. Also, doing Pm as my role.

    Should I start reviewing technical now or wait till July? Starting to get stressed as I have heard some people say you should be reviewing now.

    Also, I am a bit rusty on tax since I haven't done anything with it since core 1. Is cap 2 enough to prepare me for any tax topics that could come up on day 3?

    Thanks!

    submitted by /u/owen709
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    Are strong feelings of inadequacy indications of depression or the general reality of accounting life?

    Posted: 04 Jun 2021 07:04 PM PDT

    COGS / Inventory Accounting Question

    Posted: 04 Jun 2021 06:47 PM PDT

    If I am not in the right sub, please point me to the correct one.

    History: I am the Operations Manager at a printing company. I have no accounting degree, but I like to think that I'm not a complete fool and can keep up with the concepts. I'm good with numbers and our ERP on a comparable level to our Controller. I've recently become more involved in finance conversations due to the fact that in years past, the Controller created our budget and forecasts, and the COGS numbers were always off. Revenue was high, so nobody really looked super close and "timing" was a sufficient explanation. Enter 2020, Covid and significant changes to the product mix being sold, as level of revenue. As such the president was no longer accepting "mediocrity" in accounting and enlisted my help to determine COGS for the new year. Lots of legwork later, we have COGS numbers that we can use for our budget.

    I recently got into an argument with the President and the Controller about COGS. The president, also not an accountant, wants change the way we value finished goods inventory. We currently value it as Materials + Labor + Overhead (non-administrative), and they want to change that to Material only, ignore Labor and Overhead. I have issue with this because everything I've read, and every professional I've talked to has pointed to finished goods value as M+L+OH.

    One thing that I think is conflating the conversation is the way they speak of COGS. For whatever reason, they look a total COGS, subtract direct labor, and then call that Production Material COGS, when in fact there is significant overhead in the total COGS. I don't know why we do this, however I do recognize that when we make an inventory adjustment based on an increase of decrease in inventory, and then you back out labor, it leaves production material looking far lower than anticipated, especially if inventory increased this month (negative adjustment to COGS). I've tried explaining that this skews the production materials because in actuality, we're trying to offset all categories that are incorporated into the value of the inventory; Material, Labor and Overhead. You can't say that Labor and Overhead are constants, so any changed in inventory should only adjust material, when the changes in inventory reflect labor and overhead. It makes the material number swing wildly based on revenue and they all look at me like I'm doing something wrong, and I'm not.

    The president insists that things should be more even month to month, and won't get off that horse, even when I point obvious problems out. We purchase items that require payment upfront, and product delivery in 8-12 weeks. So In this case, we would book the expense in Feb and then recognize an inventory adjustment in April where there was no expense. So the "offset" of this expense happens months later and make April look drastically low and Feb way high. I contend that we shouldn't be looking it on a monthly basis, because when we look YTD things look smoother and we're far closer to anticipated expenses.

    I'm at a loss here and I've been racking my brain how to explain this to two people who have been doing this much longer than I have and should know better. It's things like this that make me want to go get an MBA so I have some authority to back up my statements, aside from the pretty pictures I draw on the whiteboard, which I'm happy to share so you can critique.

    Thanks in advance for any help, or at the very least, reading.

    submitted by /u/firefresh
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