Accounting
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Amortize or expense?
Recently my company went through a virtualization project in which all our network switches and WiFi equipment were upgraded and configured. As part of this project our vendor built and installed host servers, transferred all data to host servers and rebuilt our office servers with new hardware. Al…
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Allowance for Doubtful Accounts
Do you actively manage this account or do you "set it" for the year and forget about it? Conversely, how important is this account to you?
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Scholarship Fund
Hello, I am a member of a 503c Non-Profit. A few years ago a scholarship fund was started with the monies coming from donations made specifically for this purpose. Recently, the treasurer of our organization, combined these monies into the funds of the organization. In doing so, they recorded it on…
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How does Internal Audit add value?
We are a fast growing education service provider (revenue in the 200MM+ range). practice / process / system are changing quarterly, if not more frequently. As a process / risk / control focused internal auditor, I am struggling to find my value proposition. The main problem is that processes are ch…
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Should I Classify this as Revenue or a Reduction of Costs...
My company's Selling Department currently provides some products for free to our resellers (a third party that sales our products) as a tool to help them sell more products. My company's Selling Department wants to reduce their costs, so they have proposed to stop “giving” all the parts away. Inste…
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What are your favorite accountant jokes?
It’s a holiday week here in the US, so I thought I’d lighten things up by asking for your favorite accountant jokes. I always hear a few when I visit family this time of year, but I’d love to know what kind of jokes you all know! My favorite: An accountant is having a hard time sleeping and goes to…
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I know I want to go into Auditing.... CPA or CIA??? Which one should I start with?
Good Morning Accounting Professionals, I am about to graduate in May with my accounting degree and I am looking to decide what certification I should get. I know I would like to end up in Auditing or Forensic Accounting. Could anyone provide real world advice on which certification I should go afte…
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Accounting for loss contingency related to legal settlement where settlement is a sales credit.
We are considering settling a legal case regarding a defective product by either 1) offering a sales credit to the customer to apply against future sales or 2) offering a free piece of equipment. Assuming we meet the FAS 5 criteria for recognition, what amount do I book as my legal reserve? Is it t…
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Financial System - Implementation Plan and Timeline
We are implementing a new financial software package and we need to develop an Implementation Plan and Timeline. Wondering if anyone would be able to advise where we could get a general plan from that we can tweak so that it meets our needs. Hoping to not have to start from scratch. Will be impl…
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How does your company classify franchise/gross receipts tax
How does your company classify franchise taxes and gross receipts taxes on the income statement (other expenses included in EBITDA or below the line in income taxes? Our auditors want us to reclassify these into EBITDA but GAAP does not require it. We would like examples of what other companies do.…
6
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ADP SSAE 16 Report
My client uses ADP as a sub-service organization for payroll processing. Is a SSAE16 report from ADP required to opine on the primary client This question was asked by an attendee at a recent Proformative SAS 70/SSAE 16 event: My client uses ADP as a sub-service organization for payroll processing.…
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Is a Debit Memo collectable?
We paid a vendor for a couple of invoices in 2014. Paid in Full as invoiced. Vendor changed ownership. Now 12-10 months later, the Vendor presents Debit Memos for unbilled items and demands payment. Large national company ~ $20,000 What would you do? Can they collect on Debit Memo? (Rest of the sto…
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Can anyone recommend a bookkeeper or bookkeeping service in NYC.
I have a client that needs a bookkeeper or maybe a jr. accountant a few hours a month to handle some transactional work. It is a fairly new company. There are not a lot of transaction. Requires someone to set up system, do some minimal training of owner, be available for regular monthly work and fo…
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How do you do month-end reconciliations?
In my former job they were doing reconciliations in Excel when I arrived and had literally 10,000s unreconciled lines in the accounting system and quite a few corrective postings were needed once I forced them to reconcile in the system. My current company is soon going live with Blackline but how …
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Accounting treatment for lease incentives under FRS 101
As per SIC 15, lease incentives should be spread over period of lease and not first break clause. I have an instance whereby, the lease incentives were spread over the period of the lease in respect of a lease covering 3 floors. The lease has a break clause and now the intent is to serve notice at …
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Should discretionary bonuses be accrued?
Client wishes to accrue the entire amount of a merit pool at the end of the year in which it was established. The reasoning to support the accrual is that the awards were presumably “earned” in that year because the awards will be based on performance rendered in that year. However, any awards will…
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Operating Lease Contract with Option to Renew
Hello, My company is starting a new lease agreement for our office building. We recently signed up for a new lease ( 7/15-06/2020) with an option to renew with an additional 5 years. At this moment, the likelyhood to extend the lease is very high. Going through the new lease process, we also incurr…
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Taking over restaurant/bar financials. Books are a mess
I recently gained some side work for a client who's previous GM (relative) woefully managed the books. I think it's at a point where I need to reconcile the bank account, create a trial balance, and start fresh. Any suggestions? I have not even looked at any financials or bank records yet. I am loo…
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Alternative accounting pathways
Have you found alternative or unique positions (not traditional) for being an accountant? After investigating, were they financially worthwhile?
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End Month close template
Can someone share with me a detailed and simple end month close checklist template
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I'm a new finance officer for a county government office and it's been a few years since I've worked with fund accounting. Does anyone have any recommendations for a resource that I could use as a re
I have developed some reports for the county board but I would also like to develop some reports to be used as references for the various departments as well. Reports that would show the overall health of the county as well as some possible ratios or stats I could track.
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Form 1120 - Consultant fee
Can a corporation enter consultant fee's expense on form 1120 and if yes which expense line does it belong to on the form 1120?
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How do I account for free gift cards?
We own a laundrymat and are giving away "loyalty cards". They are essentially free gift cards. We are putting $20 on the cards that customers can use for free washes & drys in our machines. This is a limited time promotional item. The customer then can add to these cards by putting money on the…
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Best Accounting software for an International Clinic
Hello Guys, so i joined this company as a fresh Accounting graduate my first job. Its a Korean based dermatology clinic specializing in noninvasive skin treatments and this is its first operations as a separate business entity in Qatar. Since the business has not yet started providing services we a…
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