Chatgpt for Accountants /Use ChatGPT to resolve Accounting Problems

Foreign Ty, as an accountant, sometimes we face simple, complex or out of routine challenges and we need help with that, so in today's session we will discuss how strategy can help us solve these complex or simple

problems

.

accounting

challenges so we will use jgbt artificial intelligence payment and in today's video we will discuss, we will give a simple

accounting

problem to load gbt and try to get an answer from your DBT and then we will discuss complex accounting problem and who will provide a business case for the next rgbt and we will see what response we get in relation to that and the third example that we will give will be outside of the protein activity for us that we are not normally used to, so it is not our protein business activity, so we will provide that example to chat with DBT and we will see how hrdbt will help us with that and lastly at the end of the video I will focus on one and when should you use your gbt and you will not use share gbt because there are certain limitations and there are chances that you will get incorrect information of this tool, so let's start with protein trading activity, so we will provide that example to chat with gbt and us?

I will see how chargpt will help us with that and lastly at the end of the video I will focus on one and when you can you should use LGBT and when not to use Strategypt because there are certain limitations and you are likely to get wrong information from this tool so Let's start. The simple example that I am going to give you with the Hrtvt tool is: I am an accountant and I want to know the portion of vit in the gross amount of 500. that rate is 20, how can I, how can I calculate the VAT and the net amount, then these are the

problems

, a very very basic problem, so they sent you a ny there, you get the total amount of 500, you want to calculate how much is the proportion of vit in it, so we are going to provide this information to the GPT part of the president and see what we get so what will I do to copy and paste my problem statement into my this is charity so how to access this there is a separate video in this if you are having difficulty accessing this portal please follow the steps that are mentioned in that video, you'll be able to access it, it's free at the time of recording, so I'll paste my problem statement. and I see what I get so now the gbt chat is telling me to calculate and that amount and the net cross amount so I need this to be the formula: VAT equals the gross amount multiply that rate and divide it times 100 and it's using the The value that I've given so you can see that there's 100 pounds of vit inside 500 total, this is how I can calculate and to calculate that amount, so I have 500 crosses minus 100 pounds of v80 and this is my net amount and then I can do those these are published in the system accounting system, okay, if I add another complexity to it, how will I get the cross value if I have a net net amount, so I am not going to write the above discussion, but you will see that GBT is adopting my previous conversation. and then he responded to me regarding this, so now he's going to give me a new formula to calculate the gross amount, the net amount divided by 1 minus the battery divided by 100, so in this example, as you can see, I didn't provide um in this sentence.

I haven't provided 520, but you can see that the EBT charge has adopted those values, that's how you can use the charity to calculate that net amount or the other way around once you have the net amount and want to calculate the cross amount you can use. This is one of the simple examples I have given to the BT charity, so let's move on to a complex accounting problem. I want to carry out a financial evaluation of a project that requires an investment of one million pounds with a payback period of 10 years. Inflation rate in the United Kingdom is 10 percent, calculate the schedule of cash inflows compared to actual ones, so we will provide this complex accounting problem and see how the BT charity will help us with the financial evaluation of this project.

Well, it has started to respond. You're telling me to calculate the input cache schedule versus the actual equipment for the project that requires a million pound investment with a payback period of 10 years and the inflation rate is 10 percent, that's how I'm going to calculate, so he's going to give me the actual cash flow and versus the actual cash flow and he'll discount it by 10 percent, as you know, this will then give us the actual cash flow versus the actual cash flow and then I'll It says how can I evaluate the performance. about the investment and how we can record these entries so you can see that in this case the payback period is 10 years and the total influence is 1.1 million and the total investment is 2.5 million in real terms, so is how you can use GPT chat for the complex. examples and now we will move on to our third example where we will use Chair GBT for an out of routine accounting problem, so we are investing in a new IoT software and migrating to a new SAP system project will take two years and the amount of the investment. of 5 million with a return on investment of 20 20 million, how should we report the project expenses, liabilities, liabilities and recognize the assets at the end of the two-year project, so we are not investing in large projects of IIT every day so now there is a new identification project and I want to know how am I going to record all the expense liabilities and how are we going to recognize those expense liabilities and how then we convert this investment into an asset and then we depreciate this asset . problem and I'm going to copy and paste this problem again to chat with GPT and let's see what it says.

You know it takes some time to evaluate the requirement and then it will start responding. Well, the charity has started to respond, so it is looking at the costs of a project. Accrued accounting liabilities associated with the project, such as loans or payments to suppliers, should also be reported as they are incurred in terms of recognition by the new SAP system at the end of the project. done when the system is ready or the intended use and the company can use it to generate the revenue, it could be reported on the balance sheet as depreciation of fixed assets should be taken based on the useful life of the asset, it would be a good idea to consult with the financial advisor's accountant so you can ask more questions later.

Please provide the account links to see what it says. Well, these are some of the examples of accounting posts that can be made during the course of the project to implement a new SAP system, so you are giving me the post so I can see that this was the problem statement and then if If you have any follow-up questions, you can ask them and they will help you with those queries. Then he tells me how to do it. a journal entry for the funding of the project, which GL account will be dedicated to and which will be credited and then to report the expenses related to this project, it again tells you what to debit and what to create, it is really useful, so the fees consultancy costs will be debited as an expense and the project financing will be credited, so that when the project is ready and we have a system ready to use, we will recognize all of this as assets, so all the associated liabilities for financing the project and all expenses. associated, this will be settled on this fixed asset, then for depreciation, it will guide us on how we are going to depreciate this project with a useful life of 20 years, as you can see, these are the accounting postings that the course of the project can recover, so this is one of the good examples that is out of routine for our finance department so you can use charity to help you or you can do these accounting treatments last but not least this.

GPT chart has some limitations as this is an AI tool which is trained with 40 GB data and the information provided to this tool is up to June 2021 so it will not provide you with the latest information as which is not a search engine, so for example if you want to check the current tax rate for this tax year in the UK or US or anywhere else in the world, it may give you that information, but it may not be up to date for example if you ask this chat gbt uh who is queen elizabeth and it will tell you if she is still in the service so let me ask you who is cool and nice and you can see it tells you that she is the current queen of the United Kingdom, however, died. last year, the information provided by this gbt president is not in real time, however, you can get a lot of information that does not change, so any problem that exists, for example, the project, if you had done it now five years before or five.

Years later you will get good results with this tool; However, since it is not a search engine, it will not provide you with any updated information. Stay tuned for more videos, thanks for your time and enjoy the GPT chat.