Accounting
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Accounting for Subleasing partial space?
How do you account for receiving rent from a tenant renting a few rooms from you? You maintain the original lease and are only sub-renting. What is the GAAP rule? Is it recorded as income or reduces the overall rent expense? And, if it is income...do you have to show it as income in reporting gross…
8
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separate entities and chart of accounts
New to accounting packages, but I am self employed with several legal entities (SCorp, LLC, personal). In setting up desktop quickbooks, would each entity have a separate chart of accounts? They need to be completely segregated and I know this can't be done in on-line version without 3 separate ins…
2
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Is Accounting a growth industry and why?
Earlier this week I published a blog (https://www.proformative.com/blogs/anders-liu-lindberg/2015/06/13/why-accountants-are-threatened-species#comment-26333) about how I saw a trend of accountants soon being out of a job. However, the discussion brought many more nuances to the table and flat out c…
12
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Credit and Collections Outsourcing
Has anyone had a positive experience outsourcing credit and/or collections? My gut feel says this is too linked to the customer experience to work, but I need more than gut feel to respond to this question from my board.
5
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Treatment of Fully Amortized IDS
We have ongoing projects for internally developed software. We have never retired any of our fully amortized assets. Trying to figure out the best way, no actually trying to identify any frowned upon or incorrect methods of retiring these assets. They are fully amortized...so no $$ impact. Can we r…
1
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Acquisition of a new company in Intacct software
A new company has been acquired by the group. This acquisition is to be moved to Intacct, the accounting software used by other group companies. What list of requirements should I ask from the local accounting team.
4
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Did KPMG Auditors Drop the Ball on FIFA?
An article on CFO.com says that a former member of the US Attorney's Office says the KPMG should have discovered the fraud and corruption, but didn't. Needless to say the article doesn't paint either FIFA or KPMG in a good light. But it underscores a problem that continues and isn't addressed: -Are…
8
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Related / Unrelated Income Classification for Non-Profit Corporations
Hello, Wondering whether non-profit corporation is allowed to invest / buy 10 year note with real estate as a collateral. Will the earned interest income jeopardize the tax-exempt status of the organization? Thank you!
3
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Exempt vs Non-exempt
trying to create two new positions in the accounting department. One an inventory accountant (oversee 110 field inventories, recon perpetual to physical, and responsibilities for monthly close) and an AR/Collections staff to approve new accounts for Work boot programs, set credit limits, and pursue…
11
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Would a Prefabricated structure considered a leasehold improvement?
We have the intention of buying a prefabricated structure to be installed in our tenanted warehouse as erecting a hard wall would be expensive. We may end up moving the prefabricated structure with us if we move to another premise. Fixture or leasehold improvements? Thank you.
5
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Payment from Dept of Labor & Industries-Stay at work Program- How Do I report reimbursement
We are a services business in the State of Washington. We have 5 locations and over 50 employees. Recently we found out about a plan from Dept of Labor call "Stay at work program". Occasionally we will have an employee who injures themselves on the project. We are not a construction company. We do …
8
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Loyalty Payment to Customer: time based
Hi, Hoping someone could help with an amortization issue and also any technical reasons why under IFRS and US GAAP. We pay our customers an upfront sign-on bonus (eg: $600), and if they remain our customer for at least 2 years they retain the full $600. If the customer terminates their agreement wi…
1
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Inter Company Payroll
We have 5 companies that we run. The companies are all independent from each other. We outsource the payroll for all the companies. The payroll bill is paid by one company and the other companies reimburse this company for there portion of payroll. Is it correct for me to recognize this as revenue …
8
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Reseller Fees COGS
I work for a small software company and we recently sold one of our packages to the government of Nigeria. We went through a third party reseller and before transferring the payment to us They took a substantial "commission". I want to book this to Cost of Goods and my salesman is arguing it's just…
1
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How do I Book an Insurance Deductible
We are in offshore services business. one of our vessel made an accident and damage one platform for our customer. the damage cost was USD 500K and deducted from our invoice. However, case has been reported to Insurance Company and we are not sure that claim will be accepted! How we can book the de…
4
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IFRS & Internal Audits
"How should we expect the transition to IFRS to impact our audits? Specifically, the revaluation implications concern me as to how I can get my auditors comfortable with all the necessary valuations." This question was asked at a recent webinar, now available on-demand: "IFRS First-Time Adoption …
1
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Capitalization cost and Consolidation of financial statement
I need help with a specific problem. We have 100% wholly owned subsidiary providing software services to only our company (holding company). We have incorporated payments to subsidiary as an expense (e.g USD 5,000) and now have capitalize this cost. It has reduced the cost incurred by us to zero. O…
4
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Subscription Revenue Recognition & Topic 606
"How does Topic 606 revenue recognition affect subscription revenue?" This question was asked at a recent webinar, now available on-demand: "Topic 606 Revenue Recognition: A Deep Dive into the 5 Steps to Recognition" Please add your thoughts about it below. Thanks!
1
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When do we recognize revenue from repairs under Topic 606
"If we perform repairs on a customer's device, when would revenue be recognized under topic 606 rev rec? When the repair is complete or when the customer comes in and pays for the repair?" This question was asked at a recent webinar, now available on-demand: "Topic 606 Revenue Recognition: A Deep…
2
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Short Term Contracts & Topic 606
"Is there any impact to revenue recognition under topic 606 if a company has only 3 month contracts with their customers? Do we have to analyze bundled contracts of less than 1 year in duration?" This question was asked at a recent webinar, now available on-demand: "Topic 606 Revenue Recognition:…
2
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Bank available balance
I have a deposit made at the bank on the last day of the month and the corresponding accounting entries are made on our books (Dr Bank Cr AR). However the bank has not made the funds available and therefore my available balance is less than the bank balance which includes the deposit credited alrea…
2
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External audit for company with more than one entity
What are the audit standards in regards to auditing a company that has both an operations entity and an investment entity. Do both entities need to be audited or do standards specify that only the larger entity (in this case operations) needs to be audited? Thanks for your help!
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