Accounting Intern Paper

Company origin KC method of deemancying CORP is a Southern California certified public accountant firm, found in 2000. The fellowship offers a safe range of personal line of credit and consumer certified public accountant service of processs including financial statements preparation, IRS. FTB. EDD representation, tax return preparation, office com perplexerization, smart disdain start-up, general bookkeeping and tax preparation & planning. Job description During the detain period, I did four passkey(prenominal) tasks as follow 1. concurkeeping The company utilisations the bill softw atomic number 18 echoed Write up and Quick Book to do the book keeping.In order to do the book keeping we choose to wee a al-Quran for all the financial accounts and call the investigate and invoice provided by the customer to ledger all pays do from these accounts. We should filled the all the column of cells, which include date, name of the payment, payee, category (for tax pur poses), memorandum and a repose of the check number or the invoice number. The reason for write the category is for tax purposes. After render the payment, we have to use the same software to record the cash in conflate. We list all m angiotensin-converting enzymey (only revenue) sure 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 cod day another one is the overdue day ahead penalty. For the account receivable, we list the income we go forth 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 chec k get out 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 each payment. This is characteristicly do on a quarterly schedule 2. Prepared, examined, and analyzed accounting records, financial statements, and other financial reports to tax accuracy, completeness, and conformance to reporting and procedural standards.Financial statements include income statement, statement of maintained earnings, counterweight sheet and cash flow statement. From the supervisors experience, I learned that thither is specific logical order for preparation due to some financial statements use add up from the other statements The order is following * Income statement * Statement of retained earnings * Balance sheet * Cash flow statement Before financial statements are prepared, we need to adjust entries based on revenue recognition and the matching principles. Each transaction may come to on e income statement accounts and one balance sheet account.Adjustments fall into one of five categories accrue revenues, accrued expenses, unearned revenues, prepaid expenses, and depreciation. Income Statement The income statement reports revenues, expenses, and the resulting net income. It transfers from revenue, expenses and capital gains or losses ledger account balances into the income statement. Statement of Retained Earnings The Statement of Retained Earnings is prepared after the income statement because we use the net profit or loss account balance from income statement.The retained earnings statement shows the retained earnings at the beginning and end of the accounting period. It is prepared using the following tuition * stemma retained earnings from previous statement of retained earnings. * Net income, obtained from the income statement Balance Sheet The balance sheet reports the assets, liabilities, and shareholder equity of the company. It is constructed using the f ollowing entropy * Balances of all asset accounts * Balances of all indebtedness accounts * owners equity Cash Flow StatementTo do this cash-basis report, we subtract cash disbursements from cash receipts directly. It also takes information from all three previous financial statements. Two time periods of comparative balance sheets are examined in order to prepare a statement of cash flows. 3. Maintained Quarterly payroll department records. At archetypal I am very curious why the company would like to outsource the payroll do ladder . The manager tell me small business owner usually spend around eight hours per month doing payroll because laws and the IRS turn in let the payroll function become a time consuming task.Outsourcing the payroll behind let the company focus more on running company also bathcel the risks of calculating mistake . Most important, national, state and local payroll tax laws are frequently changing and becoming more complex The Internal Revenue S ervice (IRS) is the revenue service of the United States federal government. The agency is a bureau of the Department of the Treasury, and is under the immediate direction of the commissioner of Internal Revenue. The IRS is responsible for assembling taxes and the interpretation and enforcement of the Internal Revenue Code.I need to call each company on the list to sack up sure how much salary they pay for each employee. Company may pay their employee quarterly, monthly or hourly. Most of our customer is Chinese/Taiwanese owned company. I can use Chinese to call them . I need to clarify how many employees in their company and how much salary they need to pay. By using 1099-etc, we just need to type in the data in the system. The software will mechanically calculate federal, state and local payroll taxes. The software supports Federal payroll forms such as the 941, 940, 943, 944 and 1040 SchH. breed 941 Form 941 is Employers QUARTERLY Federal Tax Return. Federal law requires emplo yers to withhold taxes from employees paychecks. Each time wages are paid, employers must withhold or take out of employees paychecks certain amounts for federal income tax, sociable security system tax, and Medi bring off tax. Under the withholding system, taxes withheld from employees are credited to employees in payment of their tax liabilities. Federal law also requires employers to pay any liability for the employers portion of social security and Medicare taxes.This portion of social security and Medicare taxes is not withheld from employees. Employers who withhold income taxes from wages or who must pay social security or Medicare tax, use Form 941 to report those taxes. The deadline for 941form is the last day for month that follows the end of the quarter. * Quarter One (January, February, March) due on April 30. * Quarter Two (April, May, June) due on July 31. * Quarter Three (July, August, and September) due October 31. * Quarter Four (October, November, December) due on January 31 of the following year.Every time, I update the information on the system, I need to impress out two copy. One is for our company, the other one is for our customer . 4. Miscellaneous As a intern, I also spend some time to doing miscellaneous thing such as put files in order alphabetically, print out the package label and paste on the envelope , double check the document and send to the customer. Analysis of the company The company starts the business from 2000, the boss try hard to wee a very good relationship with the customers.They are successfully to build the relationaship because the employer in the company eer put them self in the customers shoes, the existing customer will bring the new customer. So the company does not need to post the advertisement online or ask other to externalize a fancy website to attract new customer. Thus they can provide perfect and complete service with reasonable price. Due to the good relationship with customer, the accounting of fice is also become an information transposition place. We can always see the customer to ask the boss to refer a dental, a attorney and the business to others.It is how a good networking start. However, during the intern period, I think thither are things the company could do better. First, the boss plays an extremely important role in the company. She inescapably to check every document before mail to the customer or mail to the government institute and she assigns new task for everyone every morning. The company would be in a mass when the boss is not in the office. I still can remember, one time the boss has emergency and she cannot come to the office for two days.All document put on her table like a small mountain, and others has nothing to do. Second, a lot of things without a logical order, there is a simple example. When I start with filing away the documents, I cannot find some single(a)s name within the file. After I check with the boss, the boss tells me, someone the y will put all family numbers file together instead individual file. The problem is that only the boss knows who the family numbers are. It is hard for the account specialist to file the document however the boss is too busy to do this kind of things.Third, the company still use some out of date process. Every quarter, the customer needs to turn in their check record and the invoice physically to the accounting office. Most of the records are business deal write. In fact I think the accounting office can ask electric chance variable from the customer, then it can complete the process more efficiently, because sometime I see accounting friend struggle with the numbers or the word on the check or the invoice and with electric version, it can be send to accounting firm in time.I think the company know better what their business is, so it is not a big deal for them to change the physically version to electric version. also I know most software will automatically download the bank rec ords and allow the account assistant to quickly mark which payments and deposits are already recorded in the ledger, and which must be individually accounted. This is distinctively done on a monthly schedule, but with software and online banking, it is can be break on a weekly or even daily schedule. What I learn during this internshipI am a student who still thinking about my future life story. This is a good opportunity for me to know accounting person and know more about how the accounting firm work. I learn some information from my coworker and the supervisor. 1. Future is Bright The future of accounting is bright according to the Bureau of Labor Statistics which projects a 16% increase in job openings by the year 2016. Much of this reflects the increasing complexity of corporate transactions, the introduction of Sarbanes-Oxley requirements after the Enron scandal and growth in government.Demand is especially high in the tax and health care areas. My supervisor share her own experience with me, Emily, who is a 27 year old woman, who finish her MBA in California state Los Angeles, she tells me all the international student stay here after graduate are doing accounting related job. It seems it is the only way international student can survive in U. S if they study in business field. 2. Managerial Accounting Ideas is popular Many firms are focusing on activity-based management, process-view analysis, constraint checking and business process analysis as well.The world of management accounting is evolving rapidly and there is high demand for accountants who are knowledgeable about these trends 3. spirited detail necessary We can find the requirement for most accountant and auditor positions are at least a bachelor degree in accounting or a related field. As an MBA student especially a master degree in accounting, or with a master degree in business administration with a concentration in accounting. We have advantage to cave in accounting-related job. 4. Skill Requirements Becoming BroaderThere is high demand for individuals who have technical skills and good communication skill, and foreign language skills. Accountants are broadening as business globalizes. 5. CPA has highly valued A recent survey shows that over half of corporations which hire accountants feel that the CPA (Certified Public Accountant) important, however, in some case we can enter an accounting firm without completely the CPA. It way we still have chance and time to prepare for the test, never too late to prepare . My supervisor is a good example, she started to prepare her CPA after she start work in the KC Company. 6. High salaryThe median expected salary for a typicalAccountant Iin theUnited Statesis$44,652 for a typical Accountant II is $53,588 for a typical Cost Accountant I is $46,874for a typical Cost Accountant II is $58,020. for a typical Cost Accountant III is $70,574 for a typical Cost Accounting Supervisor is $65,861 for a typical Cost Accounting Sup ervisor II is $75,452. for a typical Accounting Manager is $84,437for a typical Accounting Director is $127,660. 7. Start from a intern The supervisor suggests me start to apply the position in the company I want to begin my career and ask the intern position before I graduate.Thus, I will get more hired opportunity as a full time employee. Do be hesitant, start to apply refinement My Internship is one of the most beneficial things I do during my MBA. I really enjoy the time in K. C. Company. During this internship I learned a lot about the profession and about how much hard work and dedication it takes to be a accountant. I know I am a person who naked as a jaybird with numbers but not detail-oriented. In order to become a successful accountant, I need to change the way I doing things. To be a more competitive person, I need to recapitulation all the account material I have learn during those year.Even though some people declare it is not a good way to learn from the school text edition, however I believe reading the textbook is the best way to review all the important concept in the limited time. The lecture and the text book can provide us solid background knowledge. I will try to apply the accountant position now, after I understand the future of accounting-related job and the personality to be a good accounting worker. I will start my career in accounting files after I graduate. Reference IRS website http//www. irs. gov/uac 941 form http//www. irs. gov/pub/irs-pdf/i941. pdf