Please Help Baby Accountant (Me)

[Richiefulham]

Dear All,

Really stupid questions coming up but please answer at will...

I graduated from college with an accounting degree and currently work at a non-profit gym. This is my first experience with accounting but after 3 months of employment, my supervisor is a little old school I think, very hard to ask questions and understand. A lovely lady though.

I joined to learn the accounting profession after struggling through college. I learned how to make accounting entries, read financial statements, conduct bank reconciliations, create chart of accounts and basic federal tax laws. Other than that, I am a novice. Could someone PLEASE explain how I can really get to grips with accounting after graduation? I am trying to understand the accounting cycle at a non-profit, the monthly cycle, adjusting entries and such but I am struggling. Also, what is the best way to understand taxation?

Many thanks in advance. I really am trying to do my best but lack a mentor. Please help!

 

[Counterofbeans]

You're going to need to be more specific.

I have no idea how to even approach, "how I can really get to grips with accounting after graduation?"

It's just too open ended

 

[Richiefulham]

Hi Counterofbeans,

Thank you for responding. I hope this will make more sense...

My boss does not use QuickBooks or PeachTree, etc. She uses "The Accounting Software" have you ever heard of it? It looks like something from the 90's, which may be just fine, I am curious to hear from one with more experience.

Also, I am trying to make the connection from the General Ledger Entries all the way to the Financial Statements. I understand that each journal entry affects accounts in the Chart of Accounts, but I get really confused about Account Payable Accruals and the Reversing Entries that she makes each month. Does that make a little more sense?

If not, I shall try again. Thank you very much in advance. I am just trying to learn the ropes, apply my undergraduate knowledge but I am worried that I am falling behind.

 

[FastRiteCPA]

Richie - A general answer to your question is that it will just take time on the job for certain things to sink in. I graduated college, was able to pass the CPA exam on my first try and worked in corporate accounting for 3 years at 2 different companies before I really had my "a-ha" moments for many accounting concepts.

Prior to that, I could make the entries and I vaguely understood the concepts behind the entries, but it took a few years of experience to fully grasp it all.

I would suggest that you are on the right path; working in a real-world environment and putting thought into what you are doing. Keep this up and it will come to you in time.

Hope this helps.

 

[David Bolenbaugh CPA]

If you want to learn accounting/tax more quickly, look for a job at a CPA firm. You will be able to touch numerous clients with different situations and see things from different perspectives. Just keep and open mind and realize that the first 3 months at any new job are going to be difficult. I've worked at 3 firms in the last 2 years due to moving to a new state and it always takes about 3 months to be comfortable and in some cases understand what you are doing.