non accountant - to do accounting for a 4yr old business


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Hi everyone first of Im very much happy to be here, you'll probably see my post on other accounting forums etc., so bear with me. I really need all the help I can get.

For starters Im ___ , Im not an accountant but i did had a few subject of accounting during my college days. any how here my dilemma comes, I have been hired by a company which had been running their business for like 4-5 yrs already, they didnt have any accountants or what so ever back then. All they had was just a simple list of all their expenses and income and that's that, so much of it are also gone as some of their records were burnt, fast forward today they have agreed to me to start their accounting book from the point i was hired which is this September as its gonna be a hard time reconciling all records. my problem is i really dont have any idea where to begin. all i m doing now is getting all the records i can such as knowing how much these and that cost which then i'll categorize as assets so on and so fort.


to give you an over view of the company

COMPANY XYZ is the mother companyand they have 3 business

1. COM ABC - wholesale and retail of bags, shoes, watches etc,

2. COM DEF - restuarant

3. COM 1 , COM 2, COM 3, COM 4 all are engage in selling windows and doors

COM 1 - imports their supplies from china

- fabricate windows and door using the supplies from china

- sells both the supplies to make windows/door from china and sells ready-made windows/ door

COM 2&3 – request/buys supplies needed to make windows/doors from COM 1

- fabricate windows and door using the supplies from COM 1

- sells both the supplies to make windows/door from COM 1 and sells ready-made windows/ door

COM 4 – doesn’t have their own fabrication, they get their windows/doors requested by buyer from COM 1 OR 2

My question are:

1. Where do I start, what records/cost/price should I get cause right now im just trying to find out the cost/price of whatever is already with the company even before I was hire, such as the computer, furniture and fixture, etc.

2. They want me to basically make separate books for each business, so how should I start, what should be my accounting entries for my beginning balance, cause honestly I don’t know, even before I was hired they already have a working supplies / inventor , they’ve also incurred expenses, as well as made some sales.

On the side note, you’ll just probably say to leave my job, or just tell them I can’t do these and just hired a professional accountant. Well I have been hired for a reason, could it be trust, their financial capability or whatever, and I am willing to learn and be able to do this for them. Thank you in advance to all that’ll help
 

kirby

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Wow! It's like those dreams where you are told you have to take a final exam in a subject you never studied!
I think your best shot is to get the combined book Bookkeeping and Accounting for Dummies and read it quickly. You have too much ground to cover for anyone here to piecemeal the info to you. They are giving you an opportunity and know your current skills so give it your best shot. Be sure you are not signing any contracts or checks or income tax returns yourself, though.
 
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On the side note, you’ll just probably say to leave my job, or just tell them I can’t do these and just hired a professional accountant.

You're right - I'm going to say the complexity of what you've been asked to do are truly beyond the abilities of a neophyte. This is for sure something I would have a pro do - even if it is just to do the set up and get things started. Hire someone on a consultant basis, have them show you what to do going forward and then go from there.
 

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