The time when I was told to take up this task. I was sure I wasn't ready. I can process by myself from AP/AR, Bank Reconciliation to Financial Analysis. In my practice, these jobs are all independent. As long as I can find the previous example. I can follow easily. However, Financial Statemnts, cash flow and notes to F.S. are in another level. I need to understand each item from inside out. There are connections between each account. A positive or negative sign error will screw up the whole statements.
I make a plan to teach myself and set up the templates base on my co-worker's previous files and the auditor's feedback during that time. While waiting for the updated year end data, I used whatever data I have to build the initial template. The excle worksheet is an easy part. The most difficult is to test and exam the relationships between each number. It spent me two weeks to figure out these. Then I tackled the cash flow and notes.
When the real year end data are posted. I can justed quickly loaded the data into the template and refreshed. At this time, it became less complecated to balance cash flow already.
As my manager later told me. She was impressed that I could balance the cash flow, as in the past, this was the hard bone as always.
