Schultz College Internship
Your Schultz & Associates, CPA college internship will be unlike an opportunity as a Top 10 accounting firm. The focus during a Schultz internship is on fundamentals. You are about to begin a career that requires a commitment to learning and a seemingly limitless opportunity to specialize. But where ever your career path taxes you, it is still built on a foundation of basic accounting principles. And a deep understanding of the general ledger, complex journal entries, the income statement and balance sheet are necessary. Our internship program revolves around those fundamentals. And while each internship experience is unique, there is a base of knowledge that we want to see you understand prior to the end of your time with us.
What Will you Learn
Our college internship program is a paid opportunity. We offer college internship opportunities annually from January through April. Though paid, we want our interns to approach their time here as a learning experience. Accounting is a complex and expansive profession. We focus our internship on helping you to understand how a general ledger is built. Then taking that general ledger and turning them into GAAP compliant financial statements and federal and state income tax returns. You will see the accounting process from beginning to end.
The IRS requires that employer’s provide quarterly payroll information to them. That information includes gross wage and taxes withheld. This information is also posted directly to the businesses general ledger. You will learn how to prepare and read these forms, so that you are able to post that information correctly to the general ledger.
A bank reconciliation is a very practical thing. Everyone who has a checking account should know how to reconcile a bank account. But more than that, if we properly reconcile a bank statement to a general ledger we are sure to capture all of the information that transacted though the bank account. Bank reconciliations help give us confidence that we have posted all activity to the general journal.
General Ledger Adjustments
We cannot prepare financial statements, a tax return or perform an audit until we have a complete and adjusted general ledger and trial balance. You will would with many general ledgers during your internship. If your hope is to be an auditor some day, then this approach will give you a head start. We spend time making sure that you know how to properly post to a general ledger. We make sure that you know how to find the proper supporting documents that prove that the balances on the balance sheet are accurate.
Financial Statement Preparation With Full Note Disclosures
Once you have adjusted a set of books and have a “clean” trial balance, then you will have an opportunity to prepare a financial statement with full note disclosures. And for the most part all financial statements look the same. It does not matter whether it is the financial statement for Google, Ford, Apple or the Doctor’s office down the street. They all have the same format and require many of the same journal entries. The main difference is in the dollar amounts.
Corporate Tax Return Preparation
After the completion of the general ledger and trial balance you can prepare the financial statements and the corporate tax return. And the same general forms are prepared for billion dollar companies as those for a company whose revenue is one million.