Bookkeeping for two entities

Hi Platinum,

I will go to an interview this Friday. They require the bookkeeper to have experience with inter company accounts and understand how to balance with journal entries for each entity.

I understand 2 units under one entity can have transactions with each other, they can sell inventory or service to each other. And when doing the consolidated financial statement, we have to eliminate the effect of the intercompany transactions so we won't overstate the sales or profit. 

Is that right? Can I add something to make my answer more impressive if they ask this question?

And also, the interviewer is a training school, a registered training organisation, do you have any suggestions on my interview preparation for this kind of entity?

Really thank you for reading this email,

Your response will be appreciated, 

Regards,

Veronica

GL Reconciliation

Hi Platinum,
I came across with a question which is "have you experienced in GL reconciliation, How far have you been exposed to GL reconciliation?".

In the training course, I just understood the theory of GL reconciliation, which is to make sure the data on B/S & P/L match the supporting documents, such as the bank statement, prepayment spreadsheet, invoices.

But what are the steps involved in GL reconciliation? How do you resolve the discrepancy? Do you need to make an adjustment in MYOB or you need to correct the figures in spreadsheet if necessary? how often do you do GL reconciliation? Do you need to run trail balance when you do the GL reconciliation?

Could you explain in details?

Sarah

Balance Sheet Reconciliation

Hi Platinum:

How can we  do reconciliation in balance sheet. for example, we reconcile bank account with bank statement. how to do prepaid account? do we need to create a new excel spreadsheet from original invoice and then compare it with the amount in balance sheet? But some original invoice is missing. Also how can we reconcile GST liabilities or payroll liabilities?  Do we need to compare the original payslip or bass form, but how can do it if some support document is missing, i only got figure from MYOB?

I just found a job  last week and start to do BS reconciliation. There is quite a lot of unclear account. I need to reconcile those account for previous year financial statement. so I am just struggling with this. Could you give me a hand? By the way, thank you for the training, it will be useful in my job. Wishes you well 

Regards

Shirley

Accounting Systems and data

Hello Platinum,

I am wondering whether you can answer some technical questions for me.. 

a) I am wondering what is financial accounting system? Is SAP Financial Accounting System? How Financial Accounting System differs from Accounting systems?

b) During analysis and reporting data, how would you take initiative to identify and confirm data integrity?

Thanks

Tina (Theingi)

Balance Sheet reconciliation

Hi Platinum:

How can we  do reconciliation in balance sheet. for example, we reconcile bank account with bank statement. how to do prepaid account? do we need to create a new excel spreadsheet from original invoice and then compare it with the amount in balance sheet? But some original invoice is missing. Also how can we reconcile GST liabilities or payroll liabilities?  Do we need to compare the original payslip or bass form, but how can do it if some support document is missing, i only got figure from MYOB?

 

I just found a job  last week and start to do BS reconciliation. There is quite a lot of unclear account. I need to reconcile those account for previous year financial statement. so I am just struggling with this. Could you give me a hand?

Thanks

Shirley