Cash Reconciliations

I had a dickens of a time trying to reconcile my bank recs for January. Some of the reasons being:

The Cash Clerk allocated deposits to the wrong profit centres
The Cash Clerk did not record cash deposits
The Cash Clerk recorded deposits in the wrong currency, which in turn affected not only my bank recs but also [...]

I was stunned

I was taking the lift down to the ground floor, to meander off in search of food for lunch. While in the lift I had the pleasure of overhearing a conversation between two peeps who work on the same floor as me, but in a different company. These two work in their finance department – [...]

Intangible Assets – what are they?

Yesterday we were working on our systems conversion of our respective G/Ls, in this case the Balance Sheet portion.
I do not have any “Goodwill” under my “Intangible Assets” category, so I didn’t have to fill out that line on our conversion template. Another co-worker has “Goodwill” and asked me what to do with it. I [...]

Lack of knowledge? Slit my throat now!

The madness continues. Today’s hijinxs consisted of a co-worker, who is responsible for applying cash receipts against Receivables (that pesky process of when clients pay us and we input an entry into the accounting system DR Cash & CR AR).
 
Today I got an email from one of our affiliates that they were wiring over a [...]

Accounting & the A/P Clerk

I was highly amused yesterday afternoon by my A/P Clerk, and twice in one day.
*She made 2 wire payments, each under $100 USD and was asking me if she needs to input the invoices into the A/P subledger, since we report our Financials in 1000s. I told her yes, we need to get the invoices [...]