Accounting
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Interest expense causing imbalance
I am sure it is an easy answer but I just can't figure out what i am missing? Thank you! Trial Balance Notes Payable ($9,800) Interest expense $100 Cash $9,700 Retained Earnings (Loss/DB) $100 OUT OF BALANCE $9,900 ($9,800) _________________________________…
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How do cell phone providers account for the cost they pay on a new customer's behalf to early term their old contract?
I'm trying to figure out if we can capitalize costs paid on behalf of a new customer to terminate their old provider contract. To me, this falls under the category of costs to acquire a customer and could be capitalized. I know that this is a common item for cell phone providers. How do they acc…
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C-Corp Parent owning 3 SMLLC's
Hi Everyone, I have a question on expense sharing. My client has a 3 LLC's soon to be owned by C-CORP parent and 3 LLC's will become SMLLC's. It is a small company but growing. I'm cleaning up their books right now to separate out expenses since a lot of the expenses are shared. Shared cost…
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How frequently is your Company planning on updating its IBR under ASC 842?
Is your Company updating the IBR on every date a new lease is booked or is a rate updated monthly or quarterly and then used for all leases booked in that time period?
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Business vehicle purchase with trade-in and depreciation
I need some assistance with an entry for a new vehicle purchase with a vehicle trade-in, including depreciation and removal of the old fixed asset. I have all of my numbers but I am not sure of exactly how to make my entries.
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Balance Sheet Reconciliation Template
Anyone willing to share the template they use for balance sheet recons? We are a smallish start up that hasn't done them in the past. I'm hoping someone is willing to share a good template that I can tweak, vs having to create something new from scratch. Thanks!
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US Commercial Paper Buy Back
When we buy back US Commercial Paper from investor, using fair value through P&L what will be journal entries for below. - how to account for break fee get charged for the swap (cross currency swap) - How is the interest calculate on the swap at contract break - Is there a one off gain or …
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Assets write off(Basics)
First time QBO user I created three assets to practice the entries for depreciation in QB for my service company. However, I'm not going to need them. Because of the threshold I could simply expense them. How do I delete them? Also, because I had already reconciled, it gives me a warning that the …
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Voucher numbering
I work for an organization which utilizes Quickbooks (QB) desktop. Expenses are recorded on vouchers, which are sequentially numbered with a stamp. QB is very limited and has fields for a reference number and memo when entering bills. QB does check for duplicates of the reference number, but doe…
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Can the balance on the credit side of the Director's current account be transfered to Share capital?
The company authorized and paid up share capital is N1,000,000 and director current account balance is showing N78,000,000 in the previous year balance sheet. During the year under review, the company increased its share capital to N50,000,000 by creating additional 49,000,000 units of share ranki…
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Recording Prepaid Expenses
Came across an interesting issue at work... Had an invoice that was approved in late December 2018, crediting AP and debiting prepaid expenses as it was for Q1 2019. However, it was actually paid (DR AP, CR Cash) in early January. What's the proper entry for something like this where the expense is…
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VAT overcharged
We are a small budget residence. We have by mistakenly invoiced VAT twice. And the customer (walk in) has also paid for it. How do we have to account that. Room charge - 25 Vat charge (5%) - 1.25 (But we have charged 2.50). Please help on the above. Do we show the excess 1.25 has our income…
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Insurance Downpayment and Financing the rest JE
Hello, First of all I would like to thank you for attempting to answer my question. I am thankful for this platform which has helped me with answers related to accounting. I researched a bit prior but haven't seen an answer that "fits" my situation. Question: Insurance Policy total value i…
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Any recommendations on cloud-based GL systems that can do consolidations?
We are looking for a GL system with open API that is capable of doing consolidations and eliminating entries. We have various parents entities that may consolidate up to 30 entities based on partial ownership, all entities are U.S. based. All subs and parents will be on the same GL system but we ha…
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Mileage Reimbursement - company has no offices within 100s of miles?
Does the commuting limit apply to mileage reimbursement from an employer who has no offices within 100s, if not 1000s of miles away? I do work in the Portland Oregon / Vancouver Washington area. My employer is located in New York and, as far as I know, doesn't have an office west of the Mississip…
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Are Non-Profit Tax Exempt Churches Required to Pay Property Tax on Lease Equipment?
We have a copier lease and they sent us a bill for property tax. I have read another person's similar question on this site but our situation may be different. We do not pay sales or property tax. If we don't pay property tax to the county how can there be a property tax charge on our lease equip…
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Can I accrue a 2019 repair expense for a 2018 job in 2018?
We installed wood floors in 2018, but discovered a defect in the wood and had to replace the wood in Jan 2019. I feel that the repair/replacement of product is part of the original 2018 job. Is the 2019 paid repair expense appropriately accrued in 2018? Or should it actually be considered a 2019 ex…
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How to get a position in tax accounting?
I’m an accountant with 5 years of GL accounting experience in energy industry. I just got my CPA license in Texas, last November. I have been trying to get a job in Tax but things are not going well. I have applied to several tax entry level positions in public accounting firms ( small, mid, and…
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How do you account for a received tax credit?
Hello, We are anticipating receiving a payment from New York State for the Excelsior Tax Credit (https://www.tax.ny.gov/pit/credits/excelsior.htm) I assume this would be classified as other income on the P&L. Is that the case?
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Booking multi year SaaS Contract
I just joined a young SaaS startup as head of finance. We have recently signed a few multi-year enterprise contracts. I would like to book the full value of the 3 year contract to deferred revenue, A/R, and A/R Unbilled for the portion not yet billable. Revenues would be recognized per ASC 606…
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Moving from Non-Inventory to Inventory, Insight Please!
IT side here, but I'm driving a project that is creating accounting process changes, so I need to be somewhat knowledgeable for my own purposes and I would like to have perspectives and opinions from others outside of who I have immediately available. This company sells lots of things. For t…
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Do I invoice and journal entry for intercompany transactions?
We have two separate companies that are owned by the same person and work under the same building, currently the Real Estate Management company is invoicing the airline company for Rent every month. How do i handle these intercompany transactions? Do i continue using the invoicing method and doing …
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Creating an Income Statement with only 3 transactions per month
A friend of mine is trying to create an income statement for his business. The only income His business has coming in are distributions he receives from his joint venture business account. The only expense he has is a loan repayment and some bank fees. Those are the only transactions he has had the…
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Amazon Seller fees accounting treatment/classification.
What is the accounting treatment, specifically, for Amazon Seller fees? Is it a contra-revenue, part of COGS, or SG&A expense? I've seen different answers during my search but I think they are direct cost (so it would fall under contra-revenue or COGS)?
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