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Starting a new job, in the Fixed Assets Department of a major Manufacturing Corporation-->> HELP!!

Marcus Meow's Profile

Hi there,

I a couple of days I will be starting a job as an Accountant in the Fixed Assets department of a Large Manufacturing Corporation (not mentioning the name), I haven't worked in accounting for a couple of years and am rusty. I went to my storage unit and dusted off my old accounting textbooks and refreshed myself.

For students, and those of you who have never worked in accounting please do not read any further.

My question is what advice can you give me in order to succeed in my role?

These are my responsibilities:

-MOnth end Adjusting entries

-Calculating Depreciation

-Subledger to G/L reconciliation

I have some questions regarding reconciling the Fixed Assets (FA) subledger to the G/L (including intangible assets) at month end

1. Is there anything you could specifically advise me with respect to reconciling the FA subledger to the G/L at month end? I am assuming the issues will be : Acquisition, Gain/Loss on sale, Impairment (once a year), Amortization, Disposals ( I know how to do bank recs)
2. What advice can you provide with regard to calculating depreciation at month end?
3. What advice can you give with respect to excelling in my first month..

I would have to communicate advanced accounting topics to individuals in other departments

Foreign Currency translation

The corporation is public--->> hence IFRS

Review Internal Controls

Answers

Marcus Meow
Title: Staff Accountant
Company: MNP
(Staff Accountant, MNP) |

wow no one can assist me?

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

You answered your own questions.

1. You are rusty. Take out your old text books/research on internet the items you need assistance with.
2. Read up on reconciliation of sub ledger to ledger. It would help knowing how they record stuff, but understanding the process goes a long way. Since you know how to do bank recs, guess what - you basically know how to do this...
3. Depreciation - see what they've done. Review their calculations and what they posted, etc. If there is an error, correct it. If you think the useful life is wrong, talk with your supervisors.
3. Ask questions, review the info, ask for more questions.
4. FX, study up on both GAAP and IFRS.

I've not told you anything new here, which is why most people didn't bother to answer.

Sometimes helping ones' self starts with one's self.

Topic Expert
Christie Jahn
Title: CFO
Company: Prime Investments & Development
(CFO, Prime Investments & Development) |

I think it's normal to be questioning your abilities when making a career change but if you worked in accounting before the methods don't change so much that you wouldn't be able to work yourself back in.

Familiarize yourself with the company and how entries were made historically. Once you gain an understanding for what the previous person was doing you can determine if there is a more efficient method.

There are many online resources to assist you with basic questions.

They hired you; so your resume and interview must have wow'd them; take it one day at a time and don't be afraid to ask questions. I am sure they are aware you haven't been in the industry for a couple of years. Good luck.

EMERSON GALFO
Title: CFO
Company: C-Suite Services
LinkedIn Profile
(CFO, C-Suite Services) |

Just a comment:. (what I read between the lines...or maybe I am just reading too much)

"large manufacturing corporation" and the duties/and responsibilities that you mentioned seems to be trouble or headache in the making.

If you still have to compute for depreciation (for instance) , only means the systems are not up to date. Or the fact that there is a reconciliation between subledger and GL. Not saying that there shouldn't but these concerns were already put in the back burner with newer systems. Welcome back 1980s.

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