W26 Day 129 of Nana's Internship

   

Week 26 Day 129 (02 October 2025)

Activity

- Continued reviewing and keying in the cash sales (POS) transactions for the period of October 2017 until March 2018.

- Amended some records in the previous accounts by reclassifying certain expenses as fixed assets, as the client had moved into a new office, and the renovation costs should be recognized under fixed assets instead of expenses.

Key Learning

- Learned how to identify and reclassify items that should be treated as fixed assets instead of expenses, following accounting standards.

- Understood the relationship between business events, such as relocation, and how they impact financial reporting.

- Improved skills in analyzing supporting documents and ensuring proper categorization in accounts.

Reflection

Today, I learned that not all spending should automatically be treated as an expense—especially when it contributes to the long-term value of a business. In this case, the client’s office relocation required renovations that qualify as fixed assets, and adjusting these entries helped me understand how classification affects both the balance sheet and profit and loss statement. It was quite an insightful process because I had to think beyond just data entry and start reasoning from an accounting perspective. I realized how important it is to fully understand the context behind each transaction before deciding its proper treatment. This experience reminded me that accounting is not only about recording numbers but also about interpreting business activities accurately to reflect a true financial picture.