Accounting
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Fixed Assets Software
We are currently running our Fixed Assets on a standalone software package (FAS/Sage/MAS). We are looking to move to a new package. We need date flexibility (we run a fiscal calendar of 13 periods of four weeks each), reporting capability by location (currently 10 locations, with expansion plans in…
1
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Accounting For Google Play Revenue
We sell our product on Google Play. The transaction fee is 30%. We receive 70% of the payment monthly (ACH to our bank account). How should we record Google Play Revenue? Should revenue equal to the net amount received? Or should we record the gross amount as revenue, then record the 30% as cost of…
6
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Accounting For Subscription Expenses
My growing startup business has many small recurring expenses for different subscription services. There are over 25 recurring expenses ranging from $10 to $500 each month. Some are billed in advance and others are billed in arrears and the service periods vary on each, ex. 5th to 5th, 17th to 17th…
3
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How can I make a financial statement for grant organization?
I am working under the project which is funded from ADB. We recieve fund as a grant to expense for implimented project partners and run office operations. We have no rental fee or any revenuse. What should I prepare financial statement (balance sheet, Journal, P&L statement) without system? How…
5
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How do you record a fixed asset that was purchased in a foreign currency?
We agreed to purchase an asset in EUR. We paid a deposit a year ago and then several payments this year. Each time we paid the rate was different for the EUR we paid. Do we need to recognize any gain or loss due to currency fluctuations? Or due we just record it net? Whatever the US amount was each…
3
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Do you treat the sales tax of your operating expense items (such as office supplies, promotion, etc) sparate from the expenses and post to sales tax?
We use SAP and the IT is working to configure the expense PO in SAP. They ask to code sales tax of the expenses PO as sales tax. My previous experience, we post purchase amount including sales tax under the specific expense item: For example, I purchase a rim of paper at $5+sales tax .4=5.4. I post…
2
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Where can I get a list of best practices in accounts payable for a non-profit organization?
I am undertaking research on this to compare against our current practices.
4
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Changing Payment Terms
Does anyone know where i can find a template stating that terms are changing to 60 days?
2
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Determining Payment Terms & Credit Limits
Hey All - Currently, our company is looking to re-work our payment terms and credit limit policy - what are some standard, time sensitive practices that can help us better determine terms/limits while still understanding our risk exposure? We've asked customers to provide 1 bank reference, 2 trades…
9
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Accounting Question
I am looking at the year end and I have a question regarding the business chart of accounts. Considering both entities have 1 tin, but 2 checking account and 2 separate chart of accounts, is it necessary to have a balance sheet line item of due/to from accounts? Or because they are LLC money transf…
1
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Revenue Not Recognized in Last Year
in 2014, I wrongly missed one invoice to prepare which we identified in 2015. Invoice Amount in AED 10,000. We Contact with Customer and he agreed to pay. after that he paid that amount and we deposited in our bank account and prepared BRV. but its not yet posted in system because there is no Invoi…
2
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Is there a course on the relationship between chart of accounts, the budget and the income statement?
I'm looking for a course or white paper or other APQC resource that describes the typical annual financial planning process including the relationship between the three items in the title. In "Painting with Numbers" Randall Bolton comments, for example, “As we discussed earlier, the Natural P/L is …
2
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FIFO
Is anyone using FIFO, and if so, why? If you've been using it long enough, has the pendulum swings in our economy supported that choice or did you get "stung" by using FIFO?
6
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How to improve inventory turnover?
How do you maximize your inventory turnover so you don't carry too much inventory, but don't run out? Are you using Distribution Requirements Planning or some other algorithim?
1
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What's your secret for increasing Accounts Receivable Turnover?
No matter which metric you use, A/R Outstanding, A/R Turnover, DSO the objective is a) keep selling more and b) keep collecting faster. So, how do you collect faster?
9
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What can i do at the end of the year to minimize the tax we have to pay as an LLC?
We are a small technology company (just made 2 years old a few months ago). What can i do to minimize the taxes that we will have to pay on our revenue when it comes time for filing our company taxes. We are an LLC with two owners. Thanks.
1
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Change in capitalization threshold
We are currently using $500 threshold to capitalize assets, and discussing increasing it to $2,500 per IR-2015-133. I would like to know how I should treat the existing assets, historical cost of which is less than $2,500 but hasn't been fully depreciated by the end of this calendar year.
4
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Canada to US Profit Distributions
We have a Canadian division, and I need to transfer some money from the Canadian entity to the US entity above and beyond what is being transferred via transfer pricing. Our legal firm has provided documentation surrounding intercompany loans, but I want to move it as a profit distribution instead …
1
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Preferred Costing Method For A Manufacturer
What is the preferred costing method for a plastic injection molding manufacturing company? The company manufactures plastic products to customer orders; most of the time the specifications of products ordered by each customer are relatively fixed; the products are identical (e.g. plastic container…
9
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Activity-Based Costing Advantages & Disadvantages
How many of you have implemented ABC? Were you successful? What were the Advantages over traditional costing you reaped? What were the Disadvantages that were a by-product of the implementation? Would you use it again??
4
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Resigning as Finance Manager
Kindly assist with the implications be it professional, ethical or moral of a Finance Manager who is the principal bucket owner of an audit resigning just when the statutory audit started. He resigned because he had a better offer from another company. What are the implication to the Company and th…
8
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Process Costing vs Job Order Costing
Do you feel that knowing and being proficient in one ties directly to the other? In other words, you work in discrete (Job Order) manufacturing, can you just walk into a Process shop and go or would you have to study the nuts and bolts of process again?
2
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How To Prepare For An Audit
I need to prepare an audit readiness plan for a well funded start-up that is looking for audited financials starting in 2016. I have several items on my list, but I'm probably missing a few things. Are there any items that come to mind or resources you can point me to?
7
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Getting Hands On Controller Training
MBA professional who wants to take on a job as a controller needs some help. Please let me know where to find online class or someone who is willing to show me how to close the books with QBO. Thanks.
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