This is the Pythonic Accountant and today we’re going to take a look at some fun we can have with using both Advanced Data Analysis as well as some custom instructions. With GP4, you can click on this and tell Chat JPT a couple of things. First, you can tell it about yourself. For example, I’m a bookkeeper doing accounting work for a government organization. Then, you can tell it how you would like Chat GBT to respond. In my case, I wanted it to call me Mr. Accountant and provide formal, articulate, organized answers. If you don’t have enough confidence in the answer, you can ask for clarifying information.
Let’s create a mock trial balance for a government agency called the Department of Rick Rolling. Here is a mock trial balance for the Department of Rick Rolling, which includes key accounts typically found in governmental organizations adhering to GAAP. We have cash, accounts receivable, prepaid expenses, buildings, equipment, accumulated depreciation, accounts payable, salaries payable, unearned revenue, and bonds payable.
Now, let’s explore the operating revenues and get more details about the breakdown of sources and types of revenues. The Department of Rick Rolling generates user fees, revenues from licenses and permits, fines, and penalties.
To understand the mission of the agency and the specific user fees, we asked Chat GBT. It turns out that the Department of Rick Rolling is a government agency dedicated to the promotion, regulation, and standardization of the art of Rick Rolling. They generate revenue through user fees, such as Rick Roll licensing fees, Rick Roll event fees, Rick Roll educational program fees, and Rick Roll merchandise sales.
Now, let’s move on to accounting. We asked Chat GBT to provide year-end journal entries needed to record accruals of estimates related to unearned rolling fees and event fees. It successfully provided the journal entries, and we asked it to update the trial balance based on these entries. It consolidated the debit and credit columns into one column for each trial balance, making it easier to review the numbers.
In conclusion, this experiment using the GPT-4 code interpreter, now called Advanced Data Analysis, and custom instructions was successful. We were able to perform accounting tasks and generate accurate trial balances and journal entries. This opens up possibilities for further exploration and automation in the field of accounting. If you enjoyed this article, please like and subscribe for more content.
