3 ms·

Any advice for intermediate or advanced accounting? I studied finance in school, so I'm confident it the broad-strokes basics, but getting into deeper stuff is

by boppo1 5y ago

Any advice for intermediate or advanced accounting? I studied finance in school, so I'm confident it the broad-strokes basics, but getting into deeper stuff is still intimidating.

rahimnathwani 5y ago
I'm not sure of your starting point or your goals, but maybe: 1. Wood's Business Accounting 2 2. Some of the CFA study materials 3. Some of the 10kdiver threads: https://10kdiver.com/twitter-threads/ https://10kdiver.com/twitter-threads/ 4. Books about financial fraud (that talk about incorrect ways to do accounting). 5. IFRS standards for your industry. 6. Googling 'Accounting for X', where X is something to do with your industry (e.g. 'virtual goods' or 'unpaid loan interest').
- boppo1 5y ago
  Thanks!
- rahimnathwani 5y ago
  One more thing - I think it's enlightening to, at least once, build financial statements from a set of transactions, and then to dig back from the summary, to the original transactions, i.e. 1. Export all the transactions from your accounting software (from the start of time, to the end of last month). 2. Export the chart of accounts from your accounting software. 3. Load these into two separate tabs in Excel. 4. Add a column to #1, that maps the account to the relevant account type (e.g. 'assets') and statement (BS or P&L), using #2 as a lookup table. 5. Create a pivot table from #1, to create a balance sheet. 6. Create another pivot table from #1, but this time use time (month or year) as a dimension. 7. See if you can relate some of the balance sheet and P&L values from your spreadsheet, with the values on the statements produced by your accounting software. 8. Assuming they match, go back to the balance sheet pivot table and double-click on one of the non-zero values. You will see a history of every transaction that changed that account.

3 ms·

Any advice for intermediate or advanced accounting? I studied finance in school, so I'm confident it the broad-strokes basics, but getting into deeper stuff is

by boppo1 5y ago

Any advice for intermediate or advanced accounting? I studied finance in school, so I'm confident it the broad-strokes basics, but getting into deeper stuff is still intimidating.

rahimnathwani 5y ago
I'm not sure of your starting point or your goals, but maybe: 1. Wood's Business Accounting 2 2. Some of the CFA study materials 3. Some of the 10kdiver threads: https://10kdiver.com/twitter-threads/ https://10kdiver.com/twitter-threads/ 4. Books about financial fraud (that talk about incorrect ways to do accounting). 5. IFRS standards for your industry. 6. Googling 'Accounting for X', where X is something to do with your industry (e.g. 'virtual goods' or 'unpaid loan interest').
- boppo1 5y ago
  Thanks!
- rahimnathwani 5y ago
  One more thing - I think it's enlightening to, at least once, build financial statements from a set of transactions, and then to dig back from the summary, to the original transactions, i.e. 1. Export all the transactions from your accounting software (from the start of time, to the end of last month). 2. Export the chart of accounts from your accounting software. 3. Load these into two separate tabs in Excel. 4. Add a column to #1, that maps the account to the relevant account type (e.g. 'assets') and statement (BS or P&L), using #2 as a lookup table. 5. Create a pivot table from #1, to create a balance sheet. 6. Create another pivot table from #1, but this time use time (month or year) as a dimension. 7. See if you can relate some of the balance sheet and P&L values from your spreadsheet, with the values on the statements produced by your accounting software. 8. Assuming they match, go back to the balance sheet pivot table and double-click on one of the non-zero values. You will see a history of every transaction that changed that account.