Internal accounting


What are you learning about internal accounting? The work that internal accountants take on in the business. As an in-house accountant, you need to gather all the actual arising of the business, including those that arise without invoices, thereby determining the actual profit and loss of the Business. Please read the article below, to better understand internalaccounting.

1. What is internal accounting?

In houseaccountants play an important role in the business, responsible for bringing together all actual arisings, including with and without invoices, to determine the financial situation, Losses and actual profits of the business.

Simply put, internal accounting only serves accounting jobs within the enterprise; to fully perform the work of recording, documenting, storing, monitoring and inspecting the economic and financial activities of the enterprise from the time of arising to the end; at the same time provide information to make decisions in the production and business activities of enterprises. Internal accounting is the common name for all executive part accounting positions and does not include financial accounting (tax accounting).

2.The work of internal accountants:

The internal accountant will have to take on the bookkeeping tasks that account for the daily tasks:

  • Issuance, control, examination of the validity and legality of internal accounting documents, and rotation in the right order.
  • Securely and scientifically account internal documents.
  • Coordination and control of the performance of work for other internal accountants.
  • Make weekly, monthly, quarterly, or unscheduled reports at the request of the business manager.

In addition, internal accountants may be tasked with analyzing and statistics on the actual production and business situation of enterprises. From there, advise the ceo to make the right and timely decision.

However, for each business, there are different sizes of operations, so the capacity of employees is also different, so there are also different internal accounting jobs.

3.Classification of internal accounting:

In small and medium-sized enterprises, there are usually only one or two people working as internal accountants, but in larger-scale businesses, there may be many internal accountants and their own accounting sectors such as:

a) Accounting for revenue and expenditures (acting as treasurer):

+ Fully, accurately and timely update Thu – Chi – Cash reserve in the Fund Book – report when needed to the Board of Directors and Investors.

+ Comply with the provisions on responsibility for cash fund management mentioned above

b) Warehouse accounting

Make documents for import and export, import and export based on the documents of the record of the monitoring book and manage the flow of goods through the warehouse to the report on import and export of inventory.

c) Bank accountants

The job of bank accountants is in the account at the bank, making payment authorizations, withdrawing checks, depositing money into the account. Based on the document of the bank cash flow monitoring book at the end of the month compared with the bank sub-book and money management at the bank.

d) Salary accounting

Based on the provisions of the enterprise, the wage accountant will draft labor contracts, manage labor contracts, develop salary regulations and payroll calculations and pay payments, manage and monitor social insurance, health insurance, unemployment insurance.

e) Sales accountant

+ Performing accounting operations arising at the company

+ Make VIP card customers (if any)

+ Enter sales and purchase data into accounting software

+ Compile sales and daily purchase data reported to The Accounting City.

+ General Accounting Support

+ Check the sales data on the software with warehouse and debt data

+ Tracking, discounting for customers

+ Support the accounting department when needed

End of the day:

+ At the end of the day, the detailed list of sales invoices and the total value of goods sold, VAT (if any) on the day

+ Make a comparison with the warehouse keeper on the number of exports, which exist at the end of the day.

The above are the described jobs, and the specific jobs will have to depend on the way each company and business works.

f) Debt accounting:

+ Receive requests for debt confirmation with customers and suppliers.

+ Confirm (Release) sales invoices, payment documents.

+ Check the debt.

+ Monitor the payment situation of the customer, when the customer pays the separation of debts under the contract, according to the sales invoice.

+ Make a written conclusion of the transfer of goods and services with branches/ companies.

+ Make a report on debts and special debts.

+ Advance debt and entrusted debt …

g). General Accounting

The task of taking notes, reflecting in general on accounts, accounting books and financial statements according to the value indicators of the business

h) Chief accountant

The chief accountant is responsible for managing the work, directing, inspecting and controlling the data of general accountants and accountants in a reasonable and compliant manner, advising the company director on the financial situation, profitability and development direction in favor of the business …

j) Internal control

The job of internal control will usually be to monitor all activities in the company, the quality of employees, system failures, equipment, infrastructure, the development, expansion of the business, management costs, … promptly report the test results, and propose the necessary proposed solutions to ensure all safe operations in accordance with the law.

Conclusion: Internal accounting is an important position, through internal accounting,we can grasp the financial situation of the business, so as to make the best decisions.