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I have just started my first entry level accounting position full time last week and today was day 6. I have to say that I am truly second guessing whether this field is for me. For instance, I worked part time for the past 3 months and the accounting manager had me doing small work such as B/S, reconciliations, payroll. etc. And I thought to myself “hey this is easy!” But now that I am full time, the more difficult work is coming in and it is just NOT clicking in my brain AT ALL how to do the work! One thing that confuses me the most is that I am trying to apply my knowledge from school with everything I do but the way they do accounting contradicts what I learned in college!
Even the language is different! The accounting manager will say to me “blah blah blah… check this INVOICE” And in my brain I am thinking OK accounts payable, but NO she is referring to an Account Receivable? Another example, in school we are taught when a business has warranties, they Dr. the warranty expense and Cr. the estimated warranty payable account to write off the expense for the year. Then when it is time to pay the warranty, Dr. the estimated payable and Cr. the Cash account. Easy day! At work? Not so easy!
The way they do it is pay the warranty through the manufacturer as a third party.For instance, a customer needs work done that is covered under warranty. We create Cr. the account payable for PARTS and order them from the manufacturer. Then when the manufacturer decides to pay the warranty, they send us a credit memo for our accounts payable (parts) and then we create an account receivable (or “invoice” I should say) for that credit memo. Just completely ignores everything else about warranty expense, warranty payable, and everything taught in college. That was just an easy example, it gets even more confusing when the manufacturer decides NOT to pay at ALL! I am seriously thinking about quitting and just going to school full time for my MAcc and getting my CPA because I am already getting stressed out and I haven’t even been there 2 weeks full time.
I work at a dealership by the way. Has anyone else felt like this before? I read one post by a guy who accepted a job as a Cost Accountant and his experience is very similar to mine. All I want to do as an accountant is review and prepare financial statements, conduct audits, give consultations using ratios, etc. Basically do ACTUAL accountant things we are taught in school. Do I need to work at a firm or something to experience this kind of work?
One day I will face that exam.
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