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PER Objective #6 Recording Transactions

During their time at a company, the author's team was responsible for the financial accounting and reporting of five business units under IFRS standards. As part of the team, the author performed daily, monthly, and quarterly accounting processes such as bank reconciliations, cash transfers, accrual calculations, currency conversions, and generating accounting journals. They also produced quarterly and annual financial reports for one business unit, including summarizing accounts, calculating adjustments, and processing inter-company transfers between units. Throughout, the author had to follow accounting standards and company policies when recording transactions.

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919 views1 page

PER Objective #6 Recording Transactions

During their time at a company, the author's team was responsible for the financial accounting and reporting of five business units under IFRS standards. As part of the team, the author performed daily, monthly, and quarterly accounting processes such as bank reconciliations, cash transfers, accrual calculations, currency conversions, and generating accounting journals. They also produced quarterly and annual financial reports for one business unit, including summarizing accounts, calculating adjustments, and processing inter-company transfers between units. Throughout, the author had to follow accounting standards and company policies when recording transactions.

Uploaded by

knight17
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Recording and processing transactions

ACCA PER Objective #6

“During my time at (company) my team was responsible for the financial accounting
and reporting of five different business units – both the monthly financial accounting
processes and quarterly and annual reporting for the units. Reporting was done under
IFRS and we were also responsible for other reporting metrics.

As part of the team I performed a variety of daily, monthly and quarterly processes in
order to perform the day-to-day financial accounting processes for the three business
units. These duties included daily bank reconciliations and cash transfer requests,
performing reconciliations, calculation and posting of accruals, conversion of foreign
currency transactions and verifying accuracy of automated system generated journals.
Many of the processes required me to produce and input accounting journals onto the
general ledger system.

On a quarterly and annual basis I performed the financial reporting processes for one
of the business units. This involved producing a summarised set of accounts and
calculating and posting the required quarter end adjustments. I also had to calculate
and post journals for estimated inter-company transfers between my business units
and other business units, and then post adjustment journals once the final numbers
were confirmed.

Throughout I had to be aware of financial accounting standards and our own policies,
for example posting journals to recognise expenses in the period they were occurred
rather than the period they were paid in.

Another part of my role involved reviewing the controls around key spreadsheets,
checking the controls were operating effectively and reviewing any changes made by
other members of the team.”

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