10.10 homework

Peter66

1.        What is your month end procedure?
big companies: 27th  31st     roughly 10-15days
AP, AR, PAYEOLL, BANK
AP,AR:   no invoice we need to do accrual job，  AR, sales person get commission from invoice
Payroll :payroll tax reconciliation，entitlement reconciliation，
fix asset reconciliation。
Petty cash

Peter66

How do you reconcile your fixed assets GL account with Sub Ledger account?

use original cost account and accumulated depreciation account in BS to reconcile the two accounts in FAR
use depreciation account in P/L to reconcile the accounts in FAR

If we pay employee on fortnightly basis, do we need to do accruals?  
Yes. Payroll process is an accrual based process. The first step is to make sure the setting of payroll for each employee is accurate. The when process the payroll, accumulate in a monthly frequency in my company.

Peter66

What are we supposed to do if we have balance sitting in our suspense account?

A suspense account is an account in the general ledger that temporarily stores any transactions for which there is uncertainty about the account in which they should be recorded. Who make the unbalanced in this account，in our company’s procedure， they need to clear it by themselves 。normally we keep suspense account in 0 balance or over the period， we make sure it is cleared up


What are those Excel formulas you frequently use on daily work? Give some samples
SUMIF , VLOOKUP, PIVOT TABLE, CONDITION FORMAT

Do you know how to do calculation inside of Pivot Table?
In PivotTables, you can use summary functions in value fields to combine values from the underlying source data. If summary functions and custom calculations do not provide the results that you want, you can create your own formulas in calculated fields and calculated items. For example, you could add a calculated item with the formula for the sales commission, which could be different for each region. The PivotTable would then automatically include the commission in the subtotals and grand totals.

Peter66

Tell me about a time that you disagreed with a rule or approach.
i will follow the rule the company setup.  if i stay there for a long time, i will give me some advice for improvement. if they don't wanna change, its fine,  i will keep following those rules.


Tell me about a time that you identified a need and went above and beyond the call of duty to get things done.
For me, going “above and beyond the call of duty” is really about going all out to get a job done properly. For example, I once worked on a large team project where I could tell that one of my colleagues was struggling with his tasks. To some extent, my work was dependent on her, and it’s probable that had she delivered late, I may have been forced to as well. I approached her discreetly over lunch and offered to stay late and help her out. She couldn’t thank me enough. We worked through the night and in the end, she was able to deliver on time, and so was I.