The Duties & Responsibilities of Accounting Staff

Topics: General ledger, Accountancy journals and ledgers, Ledger Pages: 2 (503 words) Published: January 25, 2011
The Duties & Responsibilities of Accounting Staff
Accounting assistants are important to the financial reporting process. Accounting assistants are entry-level positions requiring a two-year college degree in business, finance or accounting. They perform a variety of tasks under the supervision of senior professionals. These tasks could include journal entries, ledger confirmations and bank reconciliations. They also may assist internal and external auditors in evaluating a business' internal procedures. Assistants move up to more senior roles if they receive a four-year college degree and earn a Certified Public Accountant (CPA) license. Make Journal Entries

1.Accounting assistants record an organization's business activities by making journal entries in sub- or general ledgers. Entering items in a journal means crediting or debiting an account. There are five types of accounts: expense, revenue, asset, liability and shareholders' equity. Expenses are charges incurred. Revenues reflect sales and commissions. Assets indicate what a business entity owns, and liabilities, what it owes. Shareholders' equity represents amounts invested by company owners. Verify Journal and Ledger Balances

2.Journal and ledgers are accounting records. Bookkeepers enter financial data into journals by making journal entries. Such information is then summarized in sub- and general ledgers. A sub-ledger is a section of a general ledger. For example, Client XYZ's sub-ledger is part of a business customers' general ledger. Accounting staff verify that balances are accurate by checking journal entries, vendor bills and customer invoices. Reconcile Bank Statements

3.Accounting clerks also perform bank reconciliation duties. A business entity may have several accounts with a variety of institutions. Reconciling bank statements ensures that clerks can verify an organization's cash balance, and that such balance agrees to internal cash ledgers. These employees perform reconciliations...
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