Accounting Great thrift store find! |
- Great thrift store find!
- My grandma rigs bingo games at her retirement community and then I launder the money AMA
- �� ikr like schools should teach taxes��♀️��♀️��
- Be the PY WP you want to see in the CY.
- New associate…told i need to be more “professional”?
- I'm 26 years into my accounting career, 5 years away from retirement, and I'm just now seeing the "Big Picture" my accounting professors alluded to. AMA
- If you realized you don’t like accounting/auditing
- I think I am experiencing firsthand how Public accounting takes joy out of life.
- Big 4 dreams
- Is it okay if an expense hits the “wrong” GL account?
- I went from making $55k in January in public to $85k in industry.
- Colleague collapsed from overwork - Public Accounting
- Is this sub only big 4 people? I have not and will not ever work for big 4 because I’m not near a major city.
- Liquidity vs. temporarily-kept revenue in commerce platform business
- I QUIT
- Medium sized vs. MNC
- Clearing account or nah?
- Questions for a B4 auditor…
- No one knows how $80 billion in climate financing was spent in 2019
- KPMG Toronto vs Vancouver
- Really need help with an accounting exercise
- Tips to Enjoy Creating Journal Entries
- Can anyone solve this ?
| Posted: 21 Nov 2021 04:45 PM PST
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| My grandma rigs bingo games at her retirement community and then I launder the money AMA Posted: 21 Nov 2021 03:49 PM PST | ||
| �� ikr like schools should teach taxes��♀️��♀️�� Posted: 21 Nov 2021 05:30 AM PST
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| Be the PY WP you want to see in the CY. Posted: 21 Nov 2021 06:24 PM PST I so often find myself coming across PY WPs that don't explain the procedures that were done, always makes it harder to re-perform the next year. [link] [comments] | ||
| New associate…told i need to be more “professional”? Posted: 21 Nov 2021 07:42 PM PST I'm a relatively new associate at one of the big 4 (hired less than 3 months ago) and got told by one of my teams that I need to step up the professionalism. Wtf does that even mean? I'm aware I employ a casual tone internally (although not when managers or higher are on calls) but so does everyone else. As far as I know, my work has been good (been told that), I ask questions (been told that too), and i'm receptive to feedback / apply it (been told that as well). Besides managers and above and clients… I'm not sure what the middle ground is. It seems like everyday vernacular / casual lingo aren't accepted? I'm afraid i'm going to get dinged for this on my eval or be told I will not be allowed on client calls. Should I be worried or, because i'm so new, am I jumping to conclusions? [link] [comments] | ||
| Posted: 21 Nov 2021 11:33 AM PST The act of balancing millions/billions of dollars into perfectly curated accounts that we've arbitrarily named as assets, liabilities, or equity is truly an art form. Thousands of years of business expenditures have gone into perfectly curating our financial markets. We were told in college that these ideas/theories would one day click. But... it never did for me. I spent the next 30 some years of my life wondering what it was I was missing. I scoured through thousands of accounting literatures; devoted 60+ hours of my waking life each week for the past 26 years to accounting; spent thousands of dollars obtaining CPE credits and subscribing to my favorite magazine, Journal of Accountancy. Finally, after all these years, I have been granted the answers I have so desperately sought. My eyes have been opened, for I finally see it. THE BIG PICTURE. I was ecstatic to inform my managing partner of this profound experience. It truly is the single-greatest moment of my life. I imagine this is what it is like to have a child, but I was never granted that blessing while devoting my life to my craft. I have been informed that I will be receiving a promotion, effective immediately, to A/P supervisor. I can't thank this subreddit enough for acting as a catalyst to my pilgrimage. You've kept me strong. Now is my time to give back, AMA. [link] [comments] | ||
| If you realized you don’t like accounting/auditing Posted: 21 Nov 2021 02:13 PM PST Hi all. Just wanted to share my experience with Big 4, accounting career and the moves I made. I graduated in 2017 with majoring in Accounting and IS to have some options with my career if I didn't like accounting. I started at EY in Bay Area office and focused primarily on internal audit and external audit. Mainly was involved with ITGCs, but also picked up some accounting work. I thought I hated ITGCs, wanted to switch to FS audit or technical accounting advisory work. In 2018 I joined PwC because I needed to move back to my hometown and with the idea I'll do more accounting work. By sheer luck (or mistake), our director was friends with a manager at AWS who ended up hiring us to help building a cyber security compliance team. I knew nothing about cyber besides ITGCs. It technically should be done by cyber advisory team. Long story short I got early senior promo because I was on that account at PwC and was making $75k/yr. Year later things changed on the account, AWS team had a new leader that really liked me and offered me to join their team. That would mean me switching careers from auditing/accounting to cyber. I ended up making a move, got an offer for $165k/yr. total comp and with stock appreciation it is $200k right now. Work life balance is still better than Big4 audit even though it is AWS, and opportunities in cloud cyber market are endless. Not making this post to brag, but to tell you all that there's a lot of opportunities and money out there and if you feel like you're stuck in public, it's not a bad idea to even switch careers altogether. We have a great skill set that can translate to other fields. [link] [comments] | ||
| I think I am experiencing firsthand how Public accounting takes joy out of life. Posted: 21 Nov 2021 04:17 PM PST I started Public accounting beginning of this year, so about 10 months in. Our firm is quite small in size compared to big 4. I thought I had great handle of things until I realize I didn't. I don't think I am in control of my TIME anymore. My life revolves around my work and every other thing is kind of fit into my work routine. There is always something to do, yet I can only bill 40 hours per week. My hobbies I used to find joy in, no longer excite me. I am single but living at home in a joint family. I have no clue what is going on in the lives of my family members. Every new thing I come across, I easily get over it. I feel like I am constant tired, I lay down and I can feel my body getting relaxed, but my mind doesn't shut off. I used to feel this sub just over dramatizes things and I will have great handle on things. But boy I am wrong. Is this public accounting designed to be? They rely majority of people of get fed up in 2-3 years and get the young blood in? [link] [comments] | ||
| Posted: 21 Nov 2021 03:40 PM PST
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| Is it okay if an expense hits the “wrong” GL account? Posted: 21 Nov 2021 07:40 PM PST Sorry if this is a stupid question, but I was told I was okay to do this at work and I just wanted to make sure this was actually okay. Basically, we have a lot of GL accounts including many expense accounts. We had an expense of ~$1,200 that paid in one expense account that should have hit another. These accounts rollup into the same account on the income statement but are different in the GL. The accounts are treated the exact same on our end which is why expenses sometimes hit the other account. Given there is zero impact on the consolidated statements, does this matter? Is it something I would need to reclass regardless? This is a small question given I'm talking $1k on billions in revenue but I want to make sure that there isn't a reason I can't be doing this. Thanks in advance! [link] [comments] | ||
| I went from making $55k in January in public to $85k in industry. Posted: 21 Nov 2021 05:12 AM PST I finally left public accounting and it's the best decision I've made for my life in the past couple of years. I was an audit associate in a MCOL area making $55k at the beginning of the year (no raises due to Covid despite the firm out performing all their goals). We got market adjustments in May to move me up to $62.5k, then I was promoted to senior in July to $72k. I then decided that I didn't want to endure another busy season and started job hunting. I landed a position as a senior accountant making $85k with the anticipation to be promoted to assistant controller once she retires next year. I essentially got a 55% raise this year to work less and have better benefits. [link] [comments] | ||
| Colleague collapsed from overwork - Public Accounting Posted: 22 Nov 2021 05:10 AM PST Just got news that a colleague collapsed and was hospitalised. Also found out that they have been so stressed that they had little to no sleep these past weeks. It's a suspected stroke case. Makes me question why we work so hard to the point of sacrificing physical and mental health. [link] [comments] | ||
| Posted: 21 Nov 2021 06:25 PM PST What are other peoples experiences that aren't making 100-200k on this sub? Every thread is about people making >100k and it's mind bending. Where the normal people at? [link] [comments] | ||
| Liquidity vs. temporarily-kept revenue in commerce platform business Posted: 22 Nov 2021 01:32 AM PST Forgive me if this is the wrong place to ask or I'm using the wrong terms, please feel free to ask clarifying questions if needed. I have little formal accounting knowledge. N.B. that the business in question is located in Europe. I recently got to look into the financials of a commerce platform where vendors sell products, with the platform taking care of payment processing, publishing product listings, etc., and then subsequently paying out the revenue minus some commission fee to the vendors (payout intervals vary widely as most sales are open for some time period and only paid out after that is over). What struck me is that on their balance sheet the totality of their current assets equals only about 50% of the amount of merchant revenue listed on their liabilities. This is sort of balanced out by having e.g. positions for their web platform software in the fixed assets. Is this ratio normal for this kind of setup? At first glance this seems quite shady/risky, since if I'm understanding it correctly they are essentially paying out merchants with the not-yet-paid-out revenue of new sales from other merchants and borrowing against this revenue to run their operations, but I'm not sure if that's just a normal way of doing business? Subtracting some average commission fee from the liabilities for merchant revenue kept in trust still puts the figure well above liquidity. Am I missing something or are they heading for disaster at some point? [link] [comments] | ||
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| Posted: 22 Nov 2021 05:11 AM PST If given two options, what do you prefer: to work in a medium sized company or in MNC. I would like to know some insights on what is it like to become part of a MNC? What are the advantages and disadvantages on working for either work environment? I came from a large company and I enjoyed the big events of the company and its office building and area but I am leaning towards accepting a job in a medium sized company because of higher salary. But I will miss being a part of a large company with own building spaces and their big events. [link] [comments] | ||
| Posted: 21 Nov 2021 07:25 PM PST Got into an argument with an ex (also an accountant) years ago. She was telling me how she books these revenue entries through a clearing account. To me, a clearing account zeroes at the end of the period. Daily, monthly, whatever. Can't have a balance. If it has a balance, then it clearly represents SOMETHING. Can't just be "clearing". IMO. ...anyways, back to the argument. I said "isn't that an accounta receivable account?" She replied "no, it's just a clearing." ??? I said "if it clears when the payment is received, that is the actual definition of accounts receivable." She refused. Am I wrong here? And no, it's not the only reason we aren't together. [link] [comments] | ||
| Posted: 22 Nov 2021 05:06 AM PST I'm wondering what a typical week looks like for a B4 Staff 1 or 2. I've been working at a tiny Public firm in tax/business services, but have the opportunity to interview with one of the B4. I find audit more interesting, and think it's a better fit for my personality. However, I'm genuinely curious as to what life looks like day-to-day. Bonus points if you enjoy your job and have some positive insights! TIA [link] [comments] | ||
| No one knows how $80 billion in climate financing was spent in 2019 Posted: 21 Nov 2021 07:59 AM PST
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| Posted: 21 Nov 2021 08:36 PM PST I have the option to work at either one of the locations. What are the pros and cons of both? If you've worked at either would love to hear about your experience and exit ops you found! [link] [comments] | ||
| Really need help with an accounting exercise Posted: 22 Nov 2021 03:53 AM PST The following items are known for company Best Market Ltd.: - reserves 5,000 lei, - suppliers 20,000 lei, - buildings 300,000 lei, - provisions for risks and charges 3,000 lei, - equipment 70,000 lei, - revenues from the sale of finished goods 200,000 lei, - revenues from services provided to clients 50,000 lei, - merchandise 40,000 lei, - long term loans 145,000 lei (out of which 20,000 lei due in the following year), - interest expenses 500 lei, - customers 10,000 lei, - revenues from exchange rate differences 1,500 lei, - share capital 90,000 lei, - short term loans at banks 60,000 lei (for the amount of 10,000 lei the due date was postponed by 5 years), - revenues from the sale of merchandise 115,000 lei, - short term financial investments 100,000 lei (out of which 60,000 lei being held as warranty for a loan due in 3 years), - revenues from investments in subsidiaries 10,000 lei, - cash at bank 15,000 lei, - raw materials 3,500 lei, - expenses with services rendered by third parties 21,000 lei (out of which 15,000 for administration and 6,000 for distribution), - licenses 15,000 lei, - deferred income 5,000 lei, - finished goods - opening balance 25,000 lei, - finished goods - ending balance 14,000 lei; - current profit – will be determined after preparing the income statement, - prepayments 5,000 lei, - retained earnings 18,000 lei, - expenses with energy, fuel and postage 22,000 (out of which 15,000 for production, 5,000 distribution, 2,000 administrative purposes), - expenses with raw materials 29,000 lei (all for production purposes); - expenses with exchange rate differences 1,500 lei, - salaries payable 23,000 lei, - expenses with rent 5,000 lei (out of which 3,000 for production, 1,500 distribution, 500 administrative purposes), - profit tax payable 17,000 lei, - expenses with the depreciation 25,000 lei (out of which 19,000 for production, 5,000 distribution, 1,000 administrative purposes), - expenses with salaries 60,000 lei (out of which 40,000 for production, 15,000 distribution, 5,000 administrative purposes), - expenses with profit tax 15,000 lei. Determine the company's profit or loss for the current period and prepare the income statement using the functions layout, as well as the balance sheet using the vertical layout. [link] [comments] | ||
| Tips to Enjoy Creating Journal Entries Posted: 21 Nov 2021 11:54 PM PST Hi everybody, I'm currently taking an introductory accounting course at university. Accounting is something that I think would be very useful to me in the future. However, I find it very hard to focus on writing different journal entries as I find the process dull and at times confusing. It's difficult not to see this type of work as monotonous for me, but I do want to love it. I would greatly appreciate any specific tips that have worked for you to love accounting. Thank you! P.S. I have googled tips like "how to like something" and exercised them, but it's not much progress, so I would really appreciate the help! [link] [comments] | ||
| Posted: 21 Nov 2021 11:12 PM PST Having trouble doing the journal entries for this! BOBL (Bearspaw Organic beef LTD) also required operating capital of $800,000 and borrowed from BCR Bank on March 1, 2020. The installment loan has a 2 year term and carries interest at 9%. The terms of the loan provide for semi- annual fixed principal payments plus interest, commencing on September 1, 2020. The bank may demand payment of the loan in full if the current ratio falls below 2.4 to 1. [link] [comments] |
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