Accounting Rant! DO YOUR BANK REC'S!

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K

Kenazo

Lifer
Sep 15, 2000
10,429
1
81
So I've spent the better part of the last 3 days working on a bank rec for a small advertising firm. I hate bank recs!

So, do yours and keep on top of it. If it doesn't balance don't just go on, figure out then.
 
D

dquan97

Lifer
Jul 9, 2002
12,010
3
0
who else is an auditor here...I got a rant about gov't agencies, but no one will understand.
 
K

Kenazo

Lifer
Sep 15, 2000
10,429
1
81
So I figured out what they've been doing...
There are three ppl writing cheques, so their bookkeeper sometimes doesn't see a cheque until it clears the bank, then when she posted the cheque she backdated it to when it was written, if it was a prior period it screws up all the prior bank recs. The problem came b/c we were doing a review engagement (Dec y/e) and the only bank rec that worked was the one from April/05, so I have to work all the way back until it works again! ARGGG... Oh well, almost done.
 
GuitarDaddy

GuitarDaddy

Lifer
Nov 9, 2004
11,465
1
0
Sounds like the bookkeeper needs a lesson in cut-offs, and the evils of posting to a prior period:) A good sound thrashing with a three hole punch should do it.:laugh:

I too hate bank rec's, especially those companies that have a zillion unneeded accounts that ZBA to a single monster Control Account:confused: Designed to confuse?

Go beancounters! Been doin it for 27yrs and somehow I still have my sanity. Although my family might not agree:eek:
 
K

Kenazo

Lifer
Sep 15, 2000
10,429
1
81
This bank rec was even worse than usual b/c they didn't have their deposit books anymore, so I have to try and match deposits, and get this, they hadn't bothered recording any personal draws from the company until they did one lump transaction in April for the last year and a half. Those transactions just weren't recorded, so that didn't help anything, now I have to keep carrying them back with me as I work back to December.


 
K

Kenazo

Lifer
Sep 15, 2000
10,429
1
81
True, though I can be billed out at a much higher rate for the actual review work than for the 20 hrs I'm going to end up putting into this crap. For some reason clients don't like paying $55+/hr for bank rec time. :)
 
GuitarDaddy

GuitarDaddy

Lifer
Nov 9, 2004
11,465
1
0
Call it business re-engineering strategy and bill them:D $95hr

But seriously, if they complain ask if they would rather have a qualified opinion?
 
R

RedPickle

Golden Member
Sep 25, 2002
1,973
0
0
Originally posted by: dquan97
who else is an auditor here...I got a rant about gov't agencies, but no one will understand.
Click to expand...


I am a soon to be auditor and hopefully CPA.
 
GuitarDaddy

GuitarDaddy

Lifer
Nov 9, 2004
11,465
1
0
Originally posted by: thegimp03
<- Will be starting as an auditor in August. Bye bye life. :( :(
Click to expand...

Welcome to the bean club! It's actually a pretty nice career. Starting out in audit will give you a good base from which to build on
 
K

Kenazo

Lifer
Sep 15, 2000
10,429
1
81
So, how does getting a CPA work? I'm working on my CGA (I'm Canadian) and it's about 4 years of schooling and a required 4000hrs of work experience to graduate.
 
K

Kenazo

Lifer
Sep 15, 2000
10,429
1
81
Originally posted by: axelfox
ASSETS = LIABILTIES - ?

I can't remember that far from Accounting 120 :)
Click to expand...

Well, it would be assets = liabilities + owner's equity.

 
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