My experience at GTO Property Investments LLC for volunteer work was uplifting as I got to practice what I learned in theory and put it in practice. The main task at the volunteer position was to collect data meant for journal entries for bank reconciliations for investor accounts under the organization. The task showed me that general accounting knowledge is critical to making journal entries irrespective of the accounts at hand. Accounting knowledge provides the basic foundation for understanding how to treat various transactions in the journal entry (Tripathi, 2020). This knowledge is critical to determining the difference for journal entries when it’s the tenant and the investor landlord. For instance, when the investor receives rent from their tenant, the journal entry would credit the rent account, and debit cash received or rent receivable. However, the tenant’s entry would be to debit rent payment and credit cash. Journal entries are also not only used for bank reconciliation. Journal entries can also be used for depreciation, accruals, and amortization, and adjustments. They can also be used for journal vouchers which ensure completeness and compliance with the organization’s controls. The journal entries can also be used to identify and resolve accounting discrepancies while making correcting journal entries. The three main concepts for journal entries, therefore, include recording financial data, making corrections, and an instrument of accounting compliance. Calling the investors was also a different experience as one had to present professionalism in customer experience and phone etiquette. My supervisor took me through different scenarios where I was always to be calm, kind and use polite language like kindly and please at the beginning of the sentence. I was also to thank the investors at the end of the calls.
Reference
Tripathi, P. (2020, August 13). What is journal entry in accounting, why is it important and how to Record it? Deskera Blog. https://www.deskera.com/blog/journal-entry/
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