, , ,

I’m in the middle of monthend. For those of you not of an accounting bent this means I am in the process of closing the fiscal month by analysing costs and reallocating or accruing costs to accurately reflect the fiscal activities of the company for the month of August.

My assistant is sitting on 10 invoices which total $30K which I have ordered her to input. Her response, initially, was that my predecessor didn’t make her do that. My predecessor was not that familiar with GAAP (Generally Accepted Accounting Principles) which has certain concepts such as – Matching Principle (all the costs involved in earning a particular revenue must be recognised at the same time that the revenue is recognised) and Conservatism (if there is liability to pay for something, we must recognise that liability immediately).  We got $30K in services in August, ergo we must recognise the costs incurred in earning this month’s revenue.

She’s going to input the invoices, but she’s grumbling that she may not have time. I told her that if she doesn’t have the time photocopy the pesky invoices and I’ll accrue them.

And not only is my assistant just full of the joys of life, one of my co-workers was trying to wrap her head around the fact that the Accounts Receivable Clerk has no access to the Accounts Payable Subledger (that whole segregation of duties thingy). Took me nearly an hour but I explained to her how she can process a particular transaction across two different subledgers by using her own assistant.

Yesterday it was helping her figure out how to complete her Q3 Forecast. She didn’t know that if you hold your mouse button down in Excel and drag across a column or row that there will be a preliminary sum that one can check against the calculated forecast (ie, to make sure she’s entering the numbers correctly). Oh the joys of working with technoboobs!