📅 2024-01-05 — Session: Established accounting and valuation systems for assets
🕒 21:10–23:05
🏷️ Labels: Accounting, Bookkeeping, Depreciation, Valuation, Debt Management
📂 Project: Accounting
⭐ Priority: MEDIUM
Session Goal
The session aimed to develop comprehensive accounting systems and valuation methodologies for assets, particularly focusing on vehicles and family loans.
Key Activities
- Reflected on IT Job Recruitment Challenges: Reviewed issues such as aggressive rejections and low salary offers in the IT job market.
- Planned Double-Entry Bookkeeping System: Outlined initial steps for a bookkeeping system to manage assets and loans, including multi-currency transactions.
- Detailed Accounting Schemes: Provided a detailed scheme for managing vehicle assets and family loans using double-entry bookkeeping.
- Structured General Ledger: Designed the structure for a General Ledger to track financial transactions monthly.
- Explored Vehicle Depreciation: Discussed standard depreciation rates, tax implications, and market valuation for Peugeot models.
- Structured Debt Repayment Plan: Developed a repayment plan for managing family debts, detailing installment schedules and currency conversions.
Achievements
- Developed a comprehensive framework for accounting practices involving vehicles and loans.
- Established methods for estimating vehicle depreciation and market value.
- Created a structured plan for debt repayment within family finance.
Pending Tasks
- Implement the outlined bookkeeping and ledger systems in practice.
- Further refine the valuation tools and methods for accuracy in market assessments.