Accounting
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Tax ramifications of non-profit raffle ticket sales online
Hi- I am wondering if selling raffle tickets through our non-profit website has different IRS rules that selling on-site? thanks!
2
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As Goes Uber...
If you've seen the Forbes piece about Uber (http://www.forbes.com/sites/jaysomaney/2016/08/26/uber-lost-more-than-1-2-billion-in-the-first-half-of-2016-alone/#3168cffe1b77), or even just heard about it, you know they lost over a billion dollars in the first two quarters. In principle, that's not ne…
3
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M3 Software and it's ability to interact with QuickBooks and/or Aloha
I am the controller of a restaurant group and we use Aloha for our POS and QB to do the actual accounting. A new restaurant is going to be handled a bit differently in that we need to use M3 software (will still have Aloha as our POS). Has anyone used this software and, if so, any feedback would be…
1
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Can an S Corp capitalize and deduct automobile expenses if the title is held personally by the owner?
My client is an S Corp. She owns a car and the title is in her personal name. Can she capitalize and depreciate the car in the S Corp and deduct actual expenses? I think she will need to sell the car to her corporation, including paying sales tax on the transaction, in order to deduct these expense…
2
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Power Pivot & Power View for Preparation of Monthly Fin. Statements [Dashboard]
I will like to know if any one has ever used Power Pivot & Power View for the preparation of Monthly Management Account or Dashboard. Reference to great materials will be greatly appreciated. Thanks
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4/4/5 Quarters in QuickBooks - How do you set fiscal months?
I am the controller of a restaurant group and one of the new restaurants requires quarterly reporting. Our bookkeeping firm uses QB, however, they are telling me this isn't possible which i find hard to believe as there are public restaurant groups. I did some research online and know you can set t…
7
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PwC on trial for not spotting $2.9bn fraud
Headline from the Financial Times. "The biggest ever trial of an audit firm has a lot of lurid elements: a $2.9bn fraud, carried out over years, in which cash was looted to pay for a corporate jet, a seaplane and a vintage car collection. But the jury is basically being asked to answer a simple que…
5
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Recording a future liability for insurance
Here are the details. It's the end of the year, June 30th, we've got an insurance invoice received sometime in the last week of June, but it's for July's premium. It's due by mid July. Since it's insurance, there's a contractual obligation as agreed upon when we decided to go with them. How do woul…
6
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Sorting - Is it part of COGS
Hi All, We have a third party warehouse that does our packaging and shipping to the customer. Recently, they got some damaged product from our supplier. They proposed to sort these and we agreed to pay for their labor cost. Today, I received this huge bill and I am not sure if I should be treating …
2
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Revenue Recognition Best Practices
As a consulting company we bill and make a profit on our time but occasionally we incur expesnes related to a job, which we bill to the client. My questions are If the expenses are rebilled at cost should they be posted as an offset to the expense account, thereby reducing net expense to zero? If …
20
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Adding two companies (entity) to one
I have a company that has three companies (design part, installation and manufacturing) one being the larger of the two but all owned by the same person. The hassle is logging into each one separately to post Accounts Receivable and Accounts Payable. All money comes from the same bank account and w…
1
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How to account for subleasing a portion of our current space to a third party
We currently occupy two floors in a building. We have decided to consolidate and sublease out one of the floors. How do I account for this? The rental revenue we will book to Other Income (as opposed to a credit to Rent Expense), but what about the deferred rent portion on the balance sheet for tha…
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Not-for-profit GAAP: Grants awarded / receivable?
I have a not-for-profit client for whom my team and I provide outsourced CFO & accounting services. We're getting them ready for the annual audit. At least one grant was awarded before year-end, but funds were not received by year-end and services were not provided to fulfill this grant before …
2
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60 Day Terms
I have noticed a trend for large multinational corporations to require 60 terms. Recently we received a letter from a large customer informing their vendor base that their research has indicated 60 day terms are now industry standard and they will be adopting the practice. With the recession, thi…
20
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Do you really need a CPA to work in the company?
Hi All, I have been working in the accounting field for more than 5 years as Senior Accountant. I got my current job right after I graduated and I was promoted two years ago to the current position. It's a small wholesale company but very rapidly growing. Since, it's been a while I am in the same c…
14
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Accounting for a small press or indie publishing
I dabble in a little creative writing when I'm not working at my full-time job. I'm wanting to take my writing to the next level, but I'm looking for some direction. Does anyone on Proformative have experience working within the publishing industry, irrespective of big, small, or indie publishing? …
3
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How to record future deals
When a SaaS company has a sale that results in orders that will not be fulfilled for 2 - 3 year (due to client roll out schedule), what is the best way to capture those sales but not inflate the bookings number and implementation backlog? One additional point to be aware of is that part of the comm…
4
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What are the best practices to follow in month end closing and Accounts Reconciliation?
Can someone please share some of the best practices followed in month end closing journal entries and accounts reconciliation in general?
1
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Audit & Tax Fee Accounting Treatment - Accrued Or Expensed?
My understanding is that audit/tax fees no longer need to be accrued for a monthly basis but expensed in the period incurred. Do you have a guidance reference that supports this?
25
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Centralized vs decentralized acccounting, perspectives and experience
We currently run 4 mfg plants of similar size ($25 MM sales, 200 ee's each) in 3 states with a controller and related accounting functions at each plant reporting into a corporate CFO at the parent. We have a centralized computer system so there is no reason we could not move more accounting funct…
9
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Calculating Annual Recurring Revenue For SaaS Company
We are a SaaS cloud based start up. We are trying to arrive at ARR and MRR for our business. We have both Annual Contracts (>=12m) and Semi-Annual (2m/3m/6m) contracts as well. For calculating ARR we were told that we should consider both the contracts Annual/Semi-Annual ones. Here are my clarif…
3
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Confused by CPA's journal entry
I'm confused by an entry a CPA made prior to my time with this organization. During the 2014 fiscal YE close, the external CPA provided and advised in house accounting to create a journal entry purposed with correcting a recording error relating to receivables. Below is a recreation (#'s used for i…
1
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Write off of a multi year pledge
Using the allowance method do I write off the balance against the allowance for pledge receivable account or the allowance for discounted receivable? One pledge was booked in this fiscal year and others were from prior years
1
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Normal Security Deposit for a NY Lease.
We have a security deposit on our office equal to about a year's worth of lease payments. 7 year lease. Is this the norm in the community's experience? We are planning to take on some additional space in the very same building across the hall. Want to get ahead of the conversation. Also, if anyone …
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