Accounting Cycle Paper

Introduction

I currently am working as a branch manager in a Credit Union. Although I do some accounting as a manager in my branch, we have a complete accounting department that is considered a back office department at our headquarters. Our headquarters is located in Vienna Virginia.

The accounting department is made up of some very important positions that most are aware of, but there is also a position that does accounting and do not even know they are. First you have the Chief Financial Officer (CFO). In this position they ensure that all the financial reports are done, and done correctly. Their position is very important in the company. If the CFO is not doing their job correctly it can destroy the company. In my previous bank, the CFO made some poor decisions that resulted in the bank being shut down. Next you have a controller and assistant controller. They are responsible for the day to day finances. They ensure that all the numbers are correctly reported and journalized. Lastly in the accounting department you have many accountants. They range from duties from accounts receivable to accounts payable.

Since I am not currently into the accounting department I do not know their day to day processes or procedures but I do know what my part in the accounting portion of the company is. Being a branch manager of the credit union I am responsible of managing 15 employees. Every two weeks I have to ensure they are paid, so every other week I am responsible for going into our payroll system and approving time sheets. Once I approve their time sheets, they are forward on to our payroll department for processing.

I am also held accountable for posting our monthly reports. Each month the controller of our company sends out the credit unions financial statement and income statement. As a law we are required to make this available for our members each month. This allows are members to know