Accounting
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Materiality Accounting
How do you keep tabs on the decision making on what is and isn't material? What litmus test or tests do you use? Are there different values for different possibilities?
3
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Accounting treatment of Severance Payments
If a company lays off an employee and the employee signs a severance agreement that allows him to receive his salary for another six months. Does the company have to recognize the expense immediately, or can the expense be recognized in the periods when the payments are made?
12
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Acquisition Step Up Basis Deferred Taxes
How does an acquisition that involves stepping up the basis of intangible assets affect deferred taxes? Please explain the accounting entries.
1
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Switching gears... accounting staff temps
Do you use them? When (what time of year)? Why (activity)? And where do you find them? Do you ever hire them full-time? And finally, what has been your overall experience?
2
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Freight-In: best way to flow through Inventory & Cogs.
We pay for freight in to our warehouse. The amounts are relatively small vs. our other shipping costs and we have been going directly to the P&L with the items historically, but below the line. I first want to a) make sure we move the costs above the line and b) if we don't simply charge in-per…
1
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Cost of Goods Sold/Manufacturing Overhead Question
My company manufactures products on a vessel at sea. We harvest our primary raw material. During the operating season, we come to port when the hold is full and offload product which is then moved into the distribution chain. We are billed specifically for this offloading activity. Prior to my arri…
3
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How do you manage accounting for fixed assets?
Would love to get some recommendations on software for managing fixed assets. More particularly, what do you use to track the acquisitions, disposals and to calculate book depreciation and gains and losses?
4
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Third party payroll and accounting providers for your overseas operations
Looking for second opinions on the support provided by firms in the UK to service both a newly formed UK subsidiary and other European countries where 1 or 2 employees may reside. Firms I've considered include: Radius (formerly Nair/Highstreet Partners merger) who appear competent but costly, MHLLP…
7
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How to Lose a Customer: Seven Practices Credit and Collections Need to Avoid
An article in the Credit Today's Weekly eNews details how not to kill a customer. 1. Holding Orders unnecessarily 2. Treating All Customers the Same 3. Continually Sending Out Incorrect Invoices 4. Taking a Long Time to Resolve Disputes, Discrepancies and Deductions 5. Repeatedly Sending out Statem…
5
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Can a forklift rental be considered part of a Fixed Asset project?
My company in Texas is revamping a portion of their warehouse, and is capitalizing the project as a Building improvement. Can the rental of a forklift or other equipment be included in the overall cost of the project or should it be expensed?
3
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Accounting for Non-Refundable Deposits
As of August 1st, we will be charging a non-refundable deposit of 10-20% of deal value. Initially, I will book this to customer deposit (liability) until we have delivered on our end. The majority of our customers who sign deals follow through on them (ie more than 90%), however, the purpose of the…
2
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Corporate Accountant Job Description – What Makes For A Great One?
If you're looking for a corporate accountant to add to you team, what skills and experiences are needed? What are you looking for in a corporate accountant? Are corporate accountants really just staff accountants, junior accountants, senior accountants, etc., under a different name? Or is there a p…
6
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correct invoice date
I operate a summer camp from Jul 1 to Aug 11. My fiscal is July1. I send out tuition invoices on March 31 and final payment is due by May 30 for the summer camp, which starts July 1. What date should I post on my billing invoice - March 31, July 1 ?
5
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Credit card processing fees:OPEX or COGS?
I work at a medical device startup and we have just started accepting credit cards from customers to pay their invoices and now I have to book the fees associated with the settled transactions. Should they be booked into an other COGS account or as an expense into my G&A dept? These fees are hi…
4
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Disastrous Controller
I have a controller who has been the top accounting person for 25+ years. She is very loyal, hardworking and most of the time detail oriented and yet she is an absolute disaster for me for the following reasons. 1) She refuses to delegate anything to our team. The role of controller of a $125 milli…
46
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Referral Fee Paid to a customer ....
If a customer makes us a referral that leads to a "signed deal" we pay them a $250 referral fee 30 days post go-live. This seems to be somewhat addressed under ASC and the 605-50. I believe I can book this as an expense vs. reduction of revenue as it is an identifiable benefit (to us) and it is als…
1
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Shipping Costs in CoGS.
Reviewing accounting treatment of shipping costs. My initial thinking is that: a) all shipping from vendors to our warehouse go in CoGs b) shipments to customers should have a separate line and ok to have in opex c) shipment returns from customers should have a separate line ok to have in opex The …
1
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Cash Flow Statements and Settling Accounts
Please provide substantiated evidence of how to account (Cash Flow Statement wise) a Settling of Accounts between companies. My opinion is that if I have a Vendor that is simultaneous a Customer and I net the position it should reflect on the Cash Flow Statement. As an example we can imagine a situ…
2
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Is it really terrible to change jobs after working so hard to get the IT Audit position?
I interned as an internal IT auditor for a large industry company that’s has more than 12 subsidiaries and over 2,200+ applications to support all business processes. During my internship I assisted on 4 engagements two starting from fieldwork to reporting and two from planning to reporting and I d…
4
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Topics of Discussion for Nonprofit Presentation
If you were asked to give a two-hour discussion on nonprofit accounting and finance to a group of people in a nonprofit who may or may not have experience in finance and accounting, what topics would you cover? I had the honor of speaking with a national nonprofit's state chapter last year at an al…
5
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Accounting for Leasehold improvement with loan from lessee to lessor
I have an interesting situation. We are entering into a lease where the Landlord, at their sole expense, is making improvements and alterations to the premises which will be funded by a loan, a one time payment of $300k by us, the lessee, upon Lease commencement. Then the Landlord shall credit us, …
1
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Basic Rev Rec Question
Hello, I'd love to get some perspective on what I think is a fairly simple question. We are a professional services firm that has both a subscription business and and custom services. Our custom services are typically consulting and research projects that last 4-6 weeks in length. As a practice, gi…
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