Placement Report at Abacus Business Advisors, Ltd Essay

Placement Report at Abacus Business Advisors, Ltd - Essay Example Abacus Business Advisors, Ltd. (Abacus) was reportedly incorporated on March 17, 2010. Just two years in operation, this corporation is classified as private company with three partners:   Ishtiaq Mahmood Farooqui, the Director and Accountant with expertise in accountancy, book-keeping and transactions involving tax consultancy; Ejaz Farooqui, also the Director and Accountant share the same expertise with Ishtiaq Mahmood Farooqui; finally, Yomtov Eliezer Jacobs, was the Director whose expertise was in company formation. As such, his directorship was already classified as inactive at current times.Location and Contact Numbers  Abacus is currently located at 9 Norville Terrace, Headingley Lane, Leeds in the United Kingdom. It is classified as a private organization that offers accounting and auditing services; as well as tax consultancy services. Its contact number is 0113 225 2026 and 0113 274 5508. It currently advertises its services through online sites such as the SeekAccounta nt.co.uk,   TouchLocal.com, among others.Placement Job DetailsMajor Accounts and Responsibilities  In my first week, the first few days were spent in orientation of the organization’s accounting system. I had to be familiarized with their system to enable facilitation of filing, encoding, and working on basis accounting responsibilities: book-keeping, bank reconciliation, among others. I was made to start off with sorting out bank reconciliation in the first few weeks. I worked through the organization’s general ledger accounts.... It is classified as a private organization that offers accounting and auditing services; as well as tax consultancy services. Its contact number is 0113 225 2026 and 0113 274 5508. It currently advertises its services through online sites such as the SeekAccountant.co.uk, TouchLocal.com, among others. Placement Job Details Major Accounts and Responsibilities In my first week, the first few days were spent in orientation of the organization’s accounting system. I had to be familiarized with their system to enable facilitation of filing, encoding, and working on basis accounting responsibilities: book-keeping, bank reconciliation, among others. I was made to start off with sorting out bank reconciliation in the first few weeks. I worked through the organization’s general ledger accounts that contained records of their cash and check transactions. Likewise, I worked through bank statements to reconcile and counter check that the cash and check transactions during the perio d under study to perfectly reconcile with the balances shown in both the general ledger and the bank statements. It was initially a difficult task given the details that one needs to check and countercheck these balances (bank versus book). Likewise, adjustments had to be made in terms of deposits in transit, any outstanding checks issued but not yet recorded by the bank, and the occurrence of some bank errors (as it normally happens). In addition, I had to adjust the balance in the company’s books in terms of the need to deduct bank service charges, NSF check fees and fees for the issuance of checks. I also noted the need to add interests earned and any notes receivable, as identified. After comparing the accuracy of the balances, I finally had to prepare journal entries to