Every organizational leader has had to deal with managing some kind of financial account. Whether it's a personal savings account or a business checking account or bills for services performed, we all have to think about how our financial performance affects our bottom line. General accounting is based on several basic principles and objectives. Before you hire an accountant, there are a few things you must know about general accounting and the principles behind it. Let's find out about General Accounting with Giaiphapdonggoi.net!
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1. What is general accounting?
Accounting can be divided into several categories including government accounting, management accounting, financial accounting, and general accounting. These categories reflect the type of activities and standards involved in the collection, presentation, and preparation of financial statements. All accounting entries operate according to specific regulations, principles and laws.
What is General Accounting?
General accounting, as the name implies, refers to the collection and ledger of consolidated account activity including debits and credits (i.e. account fees) as well as how it is reported. financial for the fiscal year or calendar year. This activity involves business accounts, entities or organizations including government and non-profit ventures. A joint account will not provide sub-category information about management.
It is the duty of the general accounting department to maintain and ensure the accuracy and integrity of the Organization's financial records. This responsibility requires that transactions be recorded in the Organization's accounting system in accordance with the Generally Accepted Accounting Principles (GAAP), the Organization's accounting policies, and rules established by other agencies. current authoritative setting. In addition, we are responsible for providing timely and reliable service and guidance to all areas of the Organization and its parts as it relates to the accounting, financial reporting and reporting functions. governance and internal control.
2. Meaning of general accounting
Meaning of General Accounting
Unlike other types of accounting, general accounting deals with a business entity as a whole versus a specific subgroup within that entity. Using an accounting system, a general accountant will review and prepare tax returns and check what tax breaks are available. Based on the calendar year, the debits and credits made in that year and the type of business or organization, the general accountant will provide its clients with the following services: financial reporting including income statements and balance sheets, general ledger, bank statements and quarterly reports. Small business services include tax returns including wages, state levies, sales and other applicable taxes.
All general accounting will be required to show objectivity - all financial data must be factual and uncorrupted, including all disclosures and financial statements. Other information relating to consulting services must be communicated to all relevant persons within a reasonable period of time. Accountants need to use the same practices on a consistent basis (from year to year). The accountant will have to act in the best interest of the account holder and/or business organization.
General accountants are subject to Generally Accepted Accounting Principles (GAAP) and must follow all accounting laws as directed. GAAP was established to standardize the basic and accepted accounting principles for all public and private businesses, organizations and government agencies. All accountants follow the principles of consistency, accuracy and comparability.
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3. Responsibilities of general accountant
Responsibilities of general accountant
Perform day-to-day accounting transactions, manage the company's entries, vouchers, payments and finances to ensure all are in compliance with Vietnamese accounting laws and regulations.
In charge of incoming and outgoing invoices, issuing, controlling and collecting invoices according to established policies and procedures.
Responsible for banking transactions.
Check AR (Accounts Receivable), AP (Account Payable).
Record accounting transactions into accounting software (revenue, expenses, capital expenditure, depreciation, debt and other transactions).
Perform accounting tasks as well as periodically check inventory of fixed assets, tools, equipment and consumables.
Responsible for identifying and recommending action plans for recovery and/or provisioning for bad debts.
Provide periodic reports, statistical analysis and any accounting data as required.
Provide weekly management data and reports to Chief Accountant and Board of Directors.
Control documents in hard copy and store data online.
Participate in the preparation of reports and explanations for the periodic audit of the Company.
Other tasks as required by Chief Accountant.
4. Required qualifications and skills for general accountant position
General accountants need to meet the following requirements:
Requirements for qualifications and skills for general accountant position
Bachelor's degree in Accounting, Finance or related.
Relevant certifications such as CMA or CPA will be preferred.
Experience in accounting or general accounting for at least 3 years.
Business fluent in English and Vietnamese, spoken and written.
Be aware of business trends.
Familiarity with accounting and financial reporting.
Experience with general ledger functions and handling paperwork, monthly and year-end accounting records.
Practical experience with accounting software packages.
Good communication skills inside and outside the field of finance and accounting.
Strong interpersonal skills, including the ability to develop and maintain key stakeholder relationships.
Functional knowledge of US GAAP and local Vietnamese accounting principles.
Capable of operating independently with minimal supervision.
Have an aptitude for learning and using payment systems.
Agility to thrive in a fast-paced and changing environment.
Commitment to the team and the ability to work flexible hours.
Proficient in MS Office Word, Excel (including Vlookups) & PowerPoint,…
Able to work under pressure, diligent, detail-oriented, hardworking, flexible, independent and capable of handling confidential information.
Hopefully with the above information, you have understood what general accounting is and what you need to do to become an excellent accountant.
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