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Stats: 1217020 members, 1597511 topics. Date: Tuesday, 11 March 2014 at 01:21 AM
|Re: Accountants' Forum. by gentlejoke(m): 10:22am On Sep 22, 2010|
@erotic_me, thanks so much for that advice. I really appreciate it. Pls cn u drop ur number or email add so i cn get in touch wit u. I wil be very happy to get any of these frm u cos i wil realy nid a person like u.
|Re: Accountants' Forum. by Odunnu: 10:30am On Sep 22, 2010|
tkb417:The Education section should be a better place so we all can learn including our youngr ones taking one form of exam or the other.
@TKB,sorry abt yesterday. U got my msg abi?
@topic, taxation was difficult for me in sch even whn my friends thought its the easiest,even now,i'm still not confident of my knowledge of it.
|Re: Accountants' Forum. by tkb417(m): 11:19am On Sep 22, 2010|
i think the education section is most appropriate
was in a meeting oh. u can stil buzz tho im on ma way to ashanti so ma fone becomes handy
ure not confident on tax? when i was thinking i could use u for one or 2 projects
u wan fall my hand?
|Re: Accountants' Forum. by erotic_me: 12:32pm On Sep 22, 2010|
@gentlejoke, firstname.lastname@example.org. @fellow accountants, Pls am waiting for your suggestions. I want to specialise in finance, do i write cfa or mba in finance or both? How good/prestigious is lagos business school? Pls where can/should i start building a fulfilling career? (It should be a place where i can trememdously improve my accounting skills and get hands on experience.) KPMG? PWC? ACCENTURE? DELLOITTE?
|Re: Accountants' Forum. by Ytechconst(m): 2:00pm On Sep 22, 2010|
Hello Everybody in this forum,
I am a Professional Builder, i specialize in Building Construction and Management Services.
I really need help in location a reputable Auditing Firm in Lagos whereby my Fiancee can do her Industrial Attachment.
Any assistance will be appreciated.
I can be reached via:
|Re: Accountants' Forum. by Jarus(m): 2:51pm On Sep 22, 2010|
ola olabiy:Thank you very much. I'm highly surprised. We learn everyday. I'll get in touch with my Englsih Grammar coach, Dr farooq Kperogi, right away.
It's never personal bros, I like being corrected.
|Re: Accountants' Forum. by Jarus(m): 3:14pm On Sep 22, 2010|
why not do it for literature section
|Re: Accountants' Forum. by mbulela: 5:45pm On Sep 22, 2010|
Jarus:your attention is needed on the R fans cub thread
|Re: Accountants' Forum. by gentlejoke(m): 8:25pm On Sep 22, 2010|
@erotic_me, thanks, i wil get in touch wit u very soon.
|Re: Accountants' Forum. by ola olabiy: 7:16am On Sep 23, 2010|
do you know the mod there?
we will need to keep the topic conspicuous (so we need the mod).
|Re: Accountants' Forum. by Jarus(m): 8:58am On Sep 23, 2010|
ola olabiy:Open teh thread. I will ask the Mod there to sticky it, and if possible, ask Supermod or Admin too to send it to homepage.
|Re: Accountants' Forum. by ola olabiy: 11:30pm On Sep 23, 2010|
@jarus and others.
the literature/writing section has been chosen for this.
let's all make it work!
|Re: Accountants' Forum. by denzel2009: 11:42pm On Sep 23, 2010|
See ethics of the profession flying out of the window
|Re: Accountants' Forum. by ola olabiy: 12:29am On Sep 24, 2010|
It is called ABC of Common Errors and Mistakes in English.
Check Literature/Writing section.
Please, visit regularly and make comments.
|Re: Accountants' Forum. by Odunnu: 1:28am On Sep 24, 2010|
denzel2009:Oya grab it before it hits the ground!
My fwend,go and nyash down jor.
|Re: Accountants' Forum. by ednut1: 12:04pm On Sep 24, 2010|
abeg accountants i wanna know what will be on offer when i finish accounting degree in 2012 with a 2.1 currently( 4.3) from federal uni, aca ( curently in pe1 thru ats). age 22( currently 20). wanna know what the potential money is like or otherwise make i go hustler for MBA.
|Re: Accountants' Forum. by tkb417(m): 4:39pm On Sep 24, 2010|
denzel2009:some of ma colleagues live on soft dollars, bonuses and gifts
i do what i do and i oh yeah, i call it soft bucks (side kicks)
u need all these to ensure ure 'still on d matter' (lol)
what ethics are u talking about oh? show me one saint in this profession
|Re: Accountants' Forum. by denzel2009: 6:27pm On Sep 24, 2010|
I know what you're talking about jare. I was once the FX desk in a bank Lagos.
Just that there are haters abound on this board who could have relationship with people like 'FP' and snitch.
|Re: Accountants' Forum. by BAKAREAAT: 12:03pm On Sep 27, 2010|
Please i am interested in your areas of specifics,i mean fixed Asset Accounting
What is Fixed Asset Management ,Any differences with Asset Management/
When you buy an Asset What documents do you open?
When you sell an Asset What document do you records all this?
What are the necessary Documents to keep fixed Asset Register?
What do you do as per Asset Transactions?
|Re: Accountants' Forum. by Jarus(m): 3:31pm On Sep 27, 2010|
Goodday Jarus,Good day sir.
Please i am interested in your areas of specifics,i mean fixed Asset AccountingFixed Assets is just an area of Financial accounting, and in many organizations, you don't have anything as Fixed Assets Units or Fixed Asset Accountant, the Financial Accountant does it, because it's too narrow an aspect of Financial Accounting to have as separate specialization. However, in very large organizations with billion naira worth assets like mine and other large Oil and Gas companies, Fixed Assets unit and Fixed Assets Accountant are created under Financial Control. So it's not an area of specialization in the sense of Tax or a unit in the sense of stock.
First, FAM is entirely different from AM.
Fixed Asset Management relates to how an organization can optimally make use of it Fixed Assets(tangible assets having more than 1 year lifespan, procured only for business use etc), from procurement to capitalization, depreciation, handling, and disposal. Fixed assets include your lands, buildings, motor vehicles, furniture items, plant and machineries, computer items etc.
AM on the other hand is a branch of investment banking that involves management of funds or wealth. Among other things, it involves pooling of funds, investing, making returns, sharing the returns etc. AM companies abound in Nigeria that float various mutual funds, with products such as IBTC Guarantee fund, IBTC ethical fund, IBTC mutual fund, Lotus Hala fund, Oceanic, ARM etc.
|Re: Accountants' Forum. by Jarus(m): 3:59pm On Sep 27, 2010|
When you buy an Asset What documents do you open?You keep various documents like PV, supplier invoice, delivery note, etc. Auditors will request for them, especially supplier invoice which serves as evidence of procurement, when audit period comes.
When you sell an Asset What document do you records all this?You strike it out from asset register and your GL. Keep approval for disposal or writing-off as the case may be, bid documents if disposed by bid process, evidence of payment by the buyer like copy of receipts or teller or cheque. The auditor will vouch all these at the end of the period.
What are the necessary Documents to keep fixed Asset Register(FAR)?FAR is the master listing of all assets belonging to an organization. It contains info like:
Description of the asset(e.g Honda Accord Nuhu Ribadu 2011),
Major category(e.g Motor Vehicle, Plant & Machinery, Land & Building etc)
Minor category(e.g Jeep, car, Generator, Building, land etc)
Date in service(date you started using it e.g 23rd April 2009)
Lifespan in years (e.g 4 years)
Lifespan in months ( e.g 48 months)
Accumulated Depreciation( e.g 6,000,000
NBV( e.g 4,000,000)
Year to date Dep( e.g 1,200,000)
Dep Method (e.g straight line)
|Re: Accountants' Forum. by Jarus(m): 4:02pm On Sep 27, 2010|
What do you do as per Asset Transactions?Accounting aspect: Registering when a new asset is acquired, depreciate on monthly basis, write-off from the books when disposed
Non-Accounting: Inspection, maintenance, advice, oversee transfer and movement
|Re: Accountants' Forum. by Jarus(m): 5:07pm On Sep 27, 2010|
Let me touch on the 3 main accounting areas, which are Acquisition or addition, depreciation and disposal.
Other actvities that may require accounting entries like reclassification
Ribadu 2011 Plc acquired a 14KVA Generator to power its Lagos office at Jarus road at the cost of 200,000 ex-VAT, from BakareAAT Enterprises. The Genset was delivered and installed on September 12, 2010. As the Fixed Asset Accountant or Financial Accountant of Ribadu 2011 Plc, treat this.
1, Raise the accounting entries
DR: Asset a/c(Plant & Machinery a/c in this case because Genset is a P&M item) 210,000(according to SAS 3 - Accounting for Property, plant & equipment, you are meant to capitalize VAT on fixed assets with the cost)
2, CR: Bank a/c with 210,000
Your FAR wil be updated as follows:
DESCRIPTION: 14 KVA Genset
SUPPLIER: BakareAAT Ent.
LOCATION: Lagos office, Jarus Road
MAJOR CATEGORY: Plant & machinery
MINOR CATEGORY: Generator
DATE IN SERVICE: 12/09/2010
LIFESPAN IN YEARS: 8 (Depending on company policy)
LIFEPSPAN IN MONTHS: 96
DEP METHOD: Straight line
YTD DEP: -
In large, highly automated organization like mine, you imput all these while registering the asset, but the system generates the FAR, which is up to date. In small organizations, you enter this manually by excel.
You will need to keep hard documents like BakareAAT's invoice,delivery note, payment voucher etc, which teh auditors will review at year-end.
|Re: Accountants' Forum. by Jarus(m): 6:17pm On Sep 27, 2010|
For the accounting entries, let's assume we are disposing our Genset, in the above illustration, after one year, to Awoof Plc at a cost of 100,000, treat.
Break down the info:
ACCDEP after one year: 1/8 * 210,000= 26,250.00
NBV: Cost - AccDep = 210,000-26,250= 183,750.00
Sold to: Awoof Plc
You will retire the asset, which will automatically pull out the asset from your FAR, and generate these entries
CR: Asset a/c (P&M a/c) with historical cost 210,000 pulling out of the asset, since sold
CR: P&L (with proceeds) 100,000 to record proceeds
DR: ACCUMDEP a/c 26,250 to pull out from AccumDep reserve
DR: P&L(with NBV) 183,750 NBV, compares with proceeds in same a/c to generate profit or loss
DR: Proceeds of sale of assets a/c 100,000 temporary recognition of proceeds
NB: Note the net debit of 83,750 in teh P&L is the loss on this disposal
Payment for the disposed asset will generate these entries;
DR: Bank 100,000 proceeds, now in your bank a/c
CR: Proceeds of sale of assets a/c 100,000 nils off your proceeds a/c, with earlier debit
Relevant documents here like approval to dispose/write-off the asset, evidence of payment etc should be kept.
|Re: Accountants' Forum. by ishow2005(m): 2:42pm On Sep 28, 2010|
Welldone Jarus,good one from you.i have been following ur posts.keep it up bros
|Re: Accountants' Forum. by tkb417(m): 3:17pm On Sep 28, 2010|
nice one Jarus!
|Re: Accountants' Forum. by confetti(f): 4:45pm On Sep 29, 2010|
A Company is Trans Amadi Port Harcourt is in need of a qualified accountant who is proficient in Peachtree Premium Accounting 2009.
If you are interested and your pay is below 50k after tax deductions, kindly send your cv to email@example.com
Duties include:# compile and analyze financial information to prepare financial statements including monthly and annual accounts. ensure all financial reporting deadlines are met. resolve accounting discrepancies and irregularities. ensure accurate and appropriate recording and analysis of revenues and expenses. ensure accurate and timely monthly, quarterly and year end close etc.
|Re: Accountants' Forum. by tkb417(m): 12:09pm On Sep 30, 2010|
A Company is Trans Amadi Port Harcourt is in need of a qualified accountant who is proficient in Peachtree Premium Accounting 2009.u need a corper for that if ure gonna pay less than 50k
what qualified accountant would earn less than 50k a month?
go to nysc camp to get ur man
|Re: Accountants' Forum. by Odunnu: 1:57pm On Sep 30, 2010|
Hello, can i get ya attn now?
|Re: Accountants' Forum. by tkb417(m): 4:06pm On Sep 30, 2010|
travelling soon. . . . my YIM works on ma fone tho
|Re: Accountants' Forum. by confetti(f): 4:35pm On Sep 30, 2010|
I didn't say pay is below 50k. I said if your present pay is less than 50K apply. meaning that 50k is bench mark. pay can't go below it and secondly, it is negotiable.
|Re: Accountants' Forum. by Jake B: 11:21pm On Oct 08, 2010|
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