Memo 3 In an hour

TO: Professor ___________ Don Husman

FROM: your name here

DATE: current date

SUBJECT: FI and CO rotations What I did during my rotations in the Finance and Managerial Departments at Pen Inc.

Thank you for your interest in my past two rotations working at Pen Inc. As you know, I have been working in the Finance Financial Accounting and Managerial Accounting departments, and have completed my rotations. During the past few months I have gained insight and knowledge from working with hands-on data and examples as well as a lot of other interesting things. In this memo I will discuss: what I during the rotation and two takeaways: 1) working with FI and CO, 2) financial accounting integration, and 3) the importance of managerial accounting. I hope you enjoy reading it.

Different Departments FI and CO

In my first rotation, I entered data into many different areas of the financial accounting module in SAP. SAP is the world’s largest ERP software. I created general ledgers for and added them to the Chart of Accounts. and also I entered in integrated journal entries that were integrated into the system for other use throughout the company. to use. I reviewed the income statements, balance sheets, and paid a rent expense bill that we was received while I was working in the department. In my second rotation in managerial accounting rotation, I worked with managing budgets budget management. I liked working there as the people were very nice. The next thing I did was A portion of his budget management was the allocated allocation of line items to primary and secondary cost elements. After I attended a couple meetings, I worked with, and I assigned specific costs to the correct departments with Pen Inc. Ffinally, I also created statistical key figures, activity types, and distribution cycles. Just let me say, this is very important work that must be done in order for the company to be successful.

Financial Accounting Integration

Working in the finance financial accounting department I realized how financial information is integrated in with many departments to support the company. This is because many departments use financial information in their day-to-day processes. A few of the departments are managerial accounting, sales and distribution, material management, and production planning and execution, etc, etc. My takeaway was learning that the financial accounting information is not only available for the finance department, but for other areas of the organization to see and These departments need to run reports so they can check on things and know if everything is ok. or not. Now I know that once the data is entered into SAP depending on the business rules, many This real-time data enables other departments can use that information to complete their processes. As you know, this is a lot better than the accounting department receiving a lot of calls or request for information.

Importance of Managerial Accounting

In my second rotation I learned the value of managerial accounting. I was worried about this rotation because I never really liked this subject in college. Now I can apply the concepts learned in this rotation to any this knowledge to any department when it comes to managing a budget and cost allocation cost to cost centers. My takeaway was realizing is the realization of how much each department depends on managerial accounting for their accurate budget. As you know, it allows I realize how each department to must equally divide their cost, so that they are only accountable to the exact amount they used. It lets them see how much they have to spend and if they have money remaining to spend or if someone accidently spent their money. It is also vital for them to validate funds are transferred correctly after allocations. I am not saying they stole it but rather it could have been charged to the wrong account.

Applying Knowledge

In summary, I have learned a lot from my experience working as a trainee at Pen Inc. It has been super fun and I love the food days! I entered data into SAP, learned about financial accounting integration, and the importance of managerial accounting as well as a lot of other things. I am excited to continue learning as I advance into other rotations here at Pen Inc. I have some ideas you could use to improve things at Pen Inc. so let me know when you are free.