Accounting Intern Paper Essay Example
Company introduction KC ACCOUNTANCY CORP is a Southern California CPA firm, found in 2000. The company offers a full range of business and consumer CPA services including financial statements preparation, IRS.FTB.EDD representation, tax return preparation, office computerization, new business start-up, general bookkeeping and tax preparation & planning. Job description During the intern period, I did four main tasks as follow
1. Bookkeeping
The company uses the accounting software called Write up and Quick Book to do the book keeping. In order to do the book keeping we need to create a ledger for all the financial accounts and use the check and invoice provided by the customer to record all payments made from these accounts. We should filled the all the column of cells, which include date, name of the payment, payee, category (for tax purposes), memorandum and a record of the check number or the invoice number. The reason for write the category is for tax purposes.
After record the payment, we need to use the same software to record the cash inflow. We list all money (only revenue) received by the customer. As same as the cash outflow, we need to record the date, name of the income, payer-providers, category, memorandum and a record of the check number. If the company has the Loan or the investment, we should use the different ledgers to record it.
Next step, we need to create accounts payable/accounts receivable. For the account payable we list utilities, rent, and other future payments. We list two date: one is the due day another one is the due day before penalty. For the account receivable, we list the income we will receive in the future. This ledger is most important, I need to aware that when the company actually receives the payment by the customers or the bounced check will happened.
The final step is to reconcile the ledgers with the bank statements. The company will provide us their bank account records and allow us to check
1. Bookkeeping
The company uses the accounting software called Write up and Quick Book to do the book keeping. In order to do the book keeping we need to create a ledger for all the financial accounts and use the check and invoice provided by the customer to record all payments made from these accounts. We should filled the all the column of cells, which include date, name of the payment, payee, category (for tax purposes), memorandum and a record of the check number or the invoice number. The reason for write the category is for tax purposes.
After record the payment, we need to use the same software to record the cash inflow. We list all money (only revenue) received by the customer. As same as the cash outflow, we need to record the date, name of the income, payer-providers, category, memorandum and a record of the check number. If the company has the Loan or the investment, we should use the different ledgers to record it.
Next step, we need to create accounts payable/accounts receivable. For the account payable we list utilities, rent, and other future payments. We list two date: one is the due day another one is the due day before penalty. For the account receivable, we list the income we will receive in the future. This ledger is most important, I need to aware that when the company actually receives the payment by the customers or the bounced check will happened.
The final step is to reconcile the ledgers with the bank statements. The company will provide us their bank account records and allow us to check