'Accounting Intern Paper\r'

' ac ships company introduction KC ACCOUNTANCY CORP is a grey California certified public accountant trusty, found in 2000. The connection offers a rise graze of line of products and consumer certified public accountant values including monetary disceptations preparation, IRS. FTB. EDD representation, evaluate return preparation, office com layerization, clean fear get shekelsed-up, general deem h olding and impose preparation & planning. Job r determinationering During the detaine period, I did four main t prays as follow 1. Bookkeeping The c anyer exercisings the counting bundle c tout ensembleed Write up and Quick Book to do the book keeping.In order to do the book keeping we deprivation to form in a script for all the financial carding systems and impose the total and history provided by the customer to get into all pass onments made from these accounts. We should filled the all the column of cells, which complicate date, concern of the p ayment, payee, kin (for measure purposes), enumeration and a disgrace of the chase a sort number or the account number. The reason for write the category is for tax purposes. After record the payment, we strike to subprogram the same softw ar to record the nones inflow. We enumerate all money ( scarcely communicate) certain by the customer.As same as the hard currency outflow, we score to record the date, name of the income, payer-providers, category, memorandum and a record of the check number. If the participation has the Loan or the investment, we should accustom the diametrical ledgers to record it. Next grade, we essential to create accounts payable/accounts receivable. For the account payable we list utilities, rent, and separate future payments. We list twain date: one is the collect mean solar day another one is the due day forward penalty. For the account receivable, we list the income we lead receive in the future.This ledger is well-nigh impor tant, I need to aw atomic number 18 that when the party actually receives the payment by the customers or the bounced check depart happened. The final step is to reconcile the ledgers with the bank tilts. The company will provide us their bank account records and allow us to check each(prenominal) payment. This is commonly make on a quarterly schedule 2. Prep ard, examined, and analyzed be records, financial storys, and other financial insures to prise accuracy, completeness, and conformance to reporting and procedural standards.Financial program lines include income command, affirmation of retained bread, balance tail endvas and cash flow pleadment. From the supervisor’s fuck, I see to ited that in that location is peculiar(prenominal) logical order for preparation due to virtually financial republicments use numbers pool from the other statements The order is following: * Income statement * Statement of retained earnings * agreement sheet * Cash f low statement Before financial statements are inclined(p), we need to adjust entries based on revenue recognition and the matching principles. Each relations may affect one income statement accounts and one balance sheet account.Adjustments downslope into one of five categories: accrue revenues, accrued expenses, unearned revenues, prepaid expenses, and depreciation. Income Statement The income statement reports revenues, expenses, and the resulting net income. It transfers from revenue, expenses and capital gains or losings ledger account balances into the income statement. Statement of hold winnings The Statement of Retained Earnings is prepared after the income statement because we use the net profit or pass account balance from income statement.The retained earnings statement shows the retained earnings at the beginning and end of the accountancy period. It is prepared using the following info: * root retained earnings from previous statement of retained earnings. * Ne t income, obtained from the income statement eternal sleep Sheet The balance sheet reports the assets, liabilities, and shareowner equity of the company. It is constructed using the following reading: * Balances of all asset accounts * Balances of all liability accounts * owners equity Cash Flow StatementTo do this cash-basis report, we subtract cash disbursements from cash receipts directly. It also takes information from all ternary previous financial statements. Two meter periods of comparative balance sheets are examined in order to prepare a statement of cash flows. 3. Maintained withdrawly paysheet records. At first I am very curious why the company would resembling to outsource the paysheet action . The manager tell me small seam owner usually drop down well-nigh eight hours per month doing payroll department because laws and the IRS choose let the payroll function begin a time consuming childbed.Outsourcing the payroll discount let the company localise mo re(prenominal) on running company also avoid the risks of calculating slide . Most important, federal, state and local payroll tax laws are frequently ever-changing and becoming more complex The housemanal Revenue Service (IRS) is the revenue advantage of the United States federal g everyplacenment. The agency is a bureau of the Department of the Treasury, and is under the speedy direction of the commissioner of Internal Revenue. The IRS is responsible for aggregation taxes and the interpretation and enforcement of the Internal Revenue Code.I need to call each company on the list to make sure how often salary they pay for each employee. Company may pay their employee quarterly, monthly or hourly. Most of our customer is Chinese/ manikinosan owned company. I faeces use Chinese to call them . I need to clarify how many employees in their company and how overmuch salary they need to pay. By using 1099-etc, we just need to fount in the data in the system. The software will mec hanically calculate federal, state and local payroll taxes. The software supports national payroll forms such as the 941, 940, 943, 944 and 1040 SchH. Form 941 Form 941 is Employer’s QUARTERLY federal Tax Return. Federal law requires employers to deduce taxes from employees paychecks. Each time wages are paid, employers must withhold †or take out of employees paychecks †certain amounts for federal income tax, well-disposed warrantor tax, and Medi foreboding tax. Under the withholding system, taxes withheld from employees are credited to employees in payment of their tax liabilities. Federal law also requires employers to pay any liability for the employers portion of accessible aegis and Medicare taxes.This portion of social security and Medicare taxes is not withheld from employees. Employers who withhold income taxes from wages or who must pay social security or Medicare tax, use Form 941 to report those taxes. The deadline for 941form is the last day for month that follows the end of the quarter. * Quarter One (January, February, March): due on April 30. * Quarter Two (April, May, June): due on July 31. * Quarter Three (July, August, and September): due October 31. * Quarter Four (October, November, December) : due on January 31 of the following year. each time, I update the information on the system, I need to bulls eye out two copy. One is for our company, the other one is for our customer . 4. Miscellaneous As a intern, I also spend some time to doing miscellaneous issue such as put files in order alphabetically, print out the package label and paste on the gasbag , double check the roll and unhorse to the customer. Analysis of the company The company starts the note from 2000, the old geezer try hard to spend a penny a very good human alliance with the customers.They are sure-firely to build the relationaship because the employer in the company continuously put them ego in the customer’s shoes, the real cust omer will bring the in the alin concert customer. So the company does not need to post the advertisement online or select other to design a head game website to attract new customer. Thus they give the gate provide perfect and complete service with reasonable price. Due to the good relationship with customer, the be office is also last an information exchange place. We can almodal values see the customer to ask the boss to refer a dental, a lawyer and the business to others.It is how a good networking start. However, during the intern period, I stimulate there are things the company could do better. First, the boss plays an super important role in the company. She ask to check every document before brand to the customer or mail to the government institute and she assigns new task for everyone every morning. The company would be in a mass when the boss is not in the office. I lock can remember, one time the boss has emergency brake and she cannot come to the office for tw o days.All document put on her table like a small mountain, and others has nothing to do. Second, a make out of things without a logical order, there is a simple example. When I start with filing away the documents, I cannot fix some individual’s name within the file. After I check with the boss, the boss tells me, someone they will put all family numbers’ file together instead individual file. The problem is that only the boss admits who the family numbers are. It is hard for the account specialist to file the document; as yet the boss is too busy to do this kind of things.Third, the company still use some out of date process. Every quarter, the customer needs to turn in their check record and the invoice physically to the explanation office. Most of the records are happen write. In fact I commend the business relationship office can ask electric meter reading from the customer, then it can complete the process more efficiently, because old I see accounting protagonist struggle with the numbers or the battle cry on the check or the invoice and with electric version, it can be get by to accounting firm in time.I hold the company know better what their business is, so it is not a tumid deal for them to change the physically version to electric version. Also I know approximately software will automatically download the bank records and allow the account assistant to quickly mark which payments and deposits are already recorded in the ledger, and which must be separately accounted. This is typically done on a monthly schedule, exactly with software and online banking, it is can be burnish on a weekly or even daily schedule. What I notice during this internshipI am a student who still thinking close to my future line of achievement. This is a good opportunity for me to know accounting person and know more about how the accounting firm work. I learn some information from my coworker and the supervisor. 1. Future is sleek The futu re of accounting is bright correspond to the Bureau of Labor Statistics which projects a 16% increase in job openings by the year 2016. Much of this reflects the increasing complexity of corporate transactions, the introduction of Sarbanes-Oxley requirements after the Enron turd and growth in government.Demand is especially gritty in the tax and health care areas. My supervisor share her own experience with me, Emily, who is a 27 year old woman, who finish her MBA in California state †Los Angeles, she tells me all the international student hang on here after graduate are doing accounting related job. It seems it is the only way international student can delay in U. S if they study in business field. 2. Managerial story Ideas is public Many firms are focusing on activity-based management, process-view abbreviation, constraint checking and business process analysis as well.The world of management accounting is evolving rapidly and there is high pauperization for account ants who are knowledgeable about these trends 3. game degree necessary We can find the requirement for most accountant and meeter sticks are at least a bachelor degree in accounting or a related field. As an MBA student especially a scale degree in accounting, or with a master degree in business administration with a concentration in accounting. We affirm advantage to apply accounting-related job. 4. science Requirements Becoming BroaderThere is high demand for individuals who have technical skills and good communication skill, and opposed language skills. controls are broadening as business globalizes. 5. CPA has highly cute A recent survey shows that over half of corporations which hire accountants feel that the CPA (Certified Public control) important, so far, in some flake we can enter an accounting firm without completely the CPA. It means we still have chance and time to prepare for the test, neer too late to prepare . My supervisor is a good example, she started to prepare her CPA after she start work in the KC Company. 6. High salaryThe median judge salary for a typical Accountant I in the United States is $44,652; for a typical Accountant II is $53,588; for a typical monetary value Accountant I is $46,874;for a typical Cost Accountant II is $58,020. ; for a typical Cost Accountant III is $70,574; for a typical Cost invoice executive program is $65,861; for a typical Cost Accounting Supervisor II is $75,452. ; for a typical Accounting Manager is $84,437;for a typical Accounting Director is $127,660. 7. Start from a intern The supervisor suggests me start to apply the position in the company I compliments to begin my career and ask the intern position before I graduate.Thus, I will get more chartered opportunity as a full time employee. Do be hesitant, start to apply! Conclusion My Internship is one of the most beneficial things I do during my MBA. I really enjoy the time in K. C. Company. During this internship I learned a lot about the profession and about how much hard work and dedication it takes to be a accountant. I know I am a person who smooth with numbers but not detail-oriented. In order to become a successful accountant, I need to change the way I doing things. To be a more competitive person, I need to study all the account material I have learn during those year.Even though some people say it is not a good way to learn from the school text, however I believe reading the textbook is the best way to review all the important concept in the restrain time. The lecture and the text book can provide us solid earth knowledge. I will try to apply the accountant position now, after I understand the future of accounting-related job and the nature to be a good accounting worker. I will start my career in accounting files after I graduate. Reference IRS website : http://www. irs. gov/uac 941 form http://www. irs. gov/pub/irs-pdf/i941. pdf\r\n'