Accounting
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Fixed Asset / Leased Assets
My company offers services for ATM Machines where some customers buy the machines outright but we also have agreements where we share on the revenue earned at that location. The agreement is usually for 5 years but they still own the machine. My question is regarding if we should book this revenue …
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Accrual to cash conversion for multiple years
Hello Everyone,I have a problem I've been trying to figure out for a week now; i'm sure there is an easy answer but i just can't see it.Background:We a small company that keeps financials in the accrual method. But for our tax return, we file on the cash basis.Problem:I normally convert the accrua…
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Simple bookkeeping question re reimbursements
Hi. I am a somewhat ignorant bookkeeper in that if something comes through I haven't dealt with before, I don't really know how to handle it. Here is my current scenario. Landlord agrees to pay for landscaping services. Tenant hires Gardener. Gardener gives Tenant invoice and instead of passin…
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Industry advice
I am looking for some industry career advice. I worked ~10 years in a software company that started out a small, private firm and was acquired by a large public company after 6 years. I had pretty good progression from Senior Accountant to Accounting/Finance Manager and then Director of Billing/Rev…
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Revenue accounting from App store
HI, question any sales that are happening from Apple Store, how that can be recorded in books? Apple charges 30% as a cut on the selling price charged to the customer and remaining 70% is given back to our company. Question- Can we just record the net revenue (70% of sale price) and can ignore…
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How to account for the extension of stock option life?
My company has previously issued stock options to employees that had a life of 7 years. The options were valued using the black scholes model using the simplified method to calculate the term. Most of the options are fully vested but a few are not. The company has approved the extension of the le…
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Capitalise installation fees
Hi All, I am working for a telecom operator and we would like to assess the possibility to capitalise fiber internet installation services. What is the customer has signed the contract to buy an Internet service we send a technician who takes the items from the inventory to install the modem …
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Help with Costing Methods
Hi, I'm PhD student with a background in engineering. My PhD is around R&D and AI. Currently, on my NPD (New Product Development) subject, I was assigned with the task of checking the current standard costing methods that can be applied to this sort of activity. My problem, going through boo…
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Preceding year negative balance and current year E&P
If a company has a negative balance from a preceding year (i.e., a net operating loss), should the current year earnings & profits include an offset to bring that negative balance back to 0 or positive? For example, if the company from 2018 had a balance/loss of -$2000, and in 2019 the company …
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Removing Capital Assets from B/S through Leasing?
I have a non-accountant friend that works in an industry where they add propriety equipment onto other equipment that they sell. Their customers used to buy both outright and capitalize, then went to an 11-yr licensing/leasing-to-buy model. Now, due to the economy, the customers don't want the as…
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Square Fees
Hi, I would like to know how do I account for Square fees? I currently use QBO and I haven't included the fees at all. The way I do it is I create an invoice & collect the amount that is deposited into my bank vs what was invoiced and received via square. Could someone provide some insight on …
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2Q2020 941 Return Filing - Adjustments for small rounding errors / Amounts Due
Hi, I have stepped in to carry forward bookkeeping and payroll. I have a question regarding a small amount showing due (Line 14) - $2.76 - (presumably rounding figures) for our 2Q2020 941 Return, which we are going to file. During the 2Q2020, I reviewed each pay period payroll summary (by…
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Cost Accounting
I am potentially looking for a field switch from Financial to cost/managerial accounting as it seems there are more opportunities in cost than financial (side bonus starting salaries seem to be higher too). All my experience is in the financial side of accounting though, and I do not want to set m…
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Are Credit Card fees incurred Cost of Revenue or Operating Expenses
This is specific to software companies who accept credit card as a form of payment for annual subscriptions, and does not pass along the cost to the customer.
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Accounting Proecures Template
Hi there, Are there any recommendations out there for accounting procedure templates?
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How to deal with negative PEG ratio for cost of equity research?
I am conducting a research on the cost of equity. I followed the research model from a past literature but since I'm unable to obtain the forecasting EPS for PEG ratio, I'm using other PEG formula (PER/Earnings growth). My data contains many negative PEG and there are many outliers. How to deal wit…
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AAT vs FIA
Hi all, feeling very confused and need some advice from professionals. Question is AAT or FIA? I am looking in to getting an ACCA qualification. What would be the best route and the best way to get the most out of my qualifications, not only once I have achieved ACCA but also while I am doing it…
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Question: Informally Networking Just Because
Posting for the first time & impressed by the quality of the posts and questions. This is general but is there any interest in starting a discussion to get to know folks simply for the sake of getting to know each other? I mean no hidden agenda, no job seeking or hiring, no vendors trying to ge…
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Travel Membership for company and personal use
I have a client who is the owner of a small business. He pays a monthly flat rate for a travel membership which allows him to stay at hotels for free when he travels. He uses this for both business and personal use. Typically he travels for the company about one week a month, but it can vary. He is…
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what would be the entries when receive rebate after investing in a fund?
We have invested in a fund for several years, recently we received a cheque with a note said it's rebate to us. How to record the rebate? Appreciate your help!
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question on 1031 exchanges
Hello. I have a question on 1031 exchanges. A C-filing LLC owns a residential rental property. This property was owned by an individual, who created the LLC in 2015, then gave the deed to the corporation. If the property was originally acquired by the individual in 2009 for $150k and later give…
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Foreign currency revaluation, consolidation & elimination for intercompany loans
Assumptions: 1. USD is the parent company's functional currency and reporting currency. 2. A foreign sub uses its local currency as their functional currency. 3. The intercompany loan from the parent to the sub is denominated in USD. 4. The sub booked the loan in USD on its books, which is equa…
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Best Certificate after CMA and MBA
What is the best certificate after CMA and MBA for someone only would like to continue working as financial analyst and budgeting in corporations for housing construction field? I think CFA or CPA are different fields more for banking and investment that I am not interested in. Thank you
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GAAP certification which can be tagged in LinkedIn?
I have CPA study materials with me and looking for a entry level accountant job. But I would like to do a course to show that I have a good understanding of GAAP, something that I can put under certifications so employers actually know. Because a certificate to show that I have good understanding o…
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3rd Party processor, COGS problem
Wondering if someone could provide some advice, I’ve never seen this situation before – I’m working in Beijing/HK at the moment. Company A in mainland China buys raw materials, and provides (not sells) these materials at no cost to Company B which is a processing facility. Company B uses the raw…
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