Accounting
-
Cash or accrual basis tax treatment on deferred support/maint revenue?
In a software company, we will defer support/maintenance revenues collected in advance, and recognize the revenues over the course of the contracted for period (generally a year but sometimes even longer). Would the tax treatment for this be the same or is the company expected to recognize the reve…
2
-
Inventory Roll Forward
Just wondering how many companies do Inventory roll-forward perpetual inventory as part of their inventory close process. , vs, just pulling perpetual records comparing to the GL and doing Physical counts periodically.
3
-
How to make adjustments to specific accounts in order to comply with the Matching Principal
I am fumbling through closing the books for the first time (I have my own file that I can play with so I don't mess up the company financials if I were to make a mistake). [Note: I have no one here to help or teach me; that's where y'all come in :) ] My specific question is regarding Payroll. Our P…
2
-
Revenue recognition by Reseller (VAR) of SW Licences
What is the correct revenue recognition accounting by reselling software licensing? Example, the reseller sell to a customer 100K of software licenses on the first of June and they deliver the software on the second week of June. On June, the software company charges the reseller 70k for this sale …
1
-
Chart of Accounts Maintenance
Where can I find (and can you answer for me with your own practices) documentation to support one person being responsible for chart of accounts maintenance? Here is the scenario. Church - main entity School - trade name operating under main entity tax id Sending Mission Agency - trade name operati…
9
-
Upgrading Accounting software, considering ERP for future scalability, any recommendations?
We currently use Great Plains version 10. It served us well but would like a package built on new technology, on the cloud, reliable and secure. At this point I would like to replace our Accounting package yet have the flexibility to part of an ERP system that would allow my organization in the fut…
7
-
Charitable donations
I have a quick question regarding charitable donations to a 501c3 organization. We are a Church who has two large ministries under the same tax id as the Church. If someone wanted to contribute to either our school or our sending mission agency, is that okay? Meaning, is it still tax-deductible or …
4
-
Milestone Payments
The agreement has multiple milestone payments. The determination of the payment schedule was to improve cash-flow on the project. The amount of the payments do not represent the value provided. The customer has signed off and paid several of the milestones as the project has progressed. What litera…
2
-
Please give examples of SAAS model revenue recognition related to multi-element arrangements
"Please give examples of SAAS model revenue recognition related to multi-element arrangements." This question was asked at a recent webinar, now available on-demand: "A Deep Dive into Multiple-Element Revenue Recognition" Please add your thoughts about it below. Thanks!
1
-
how do I account for a loss of asset
Company had fixed asset vehicle that was wrecked and totaled by insurance company. Received payment that was equal to book value. Do I debit Accumulated Depreciation and credit fixed asset? Then when the insurance company check arrives I enter as income then debit income then credit what????
2
-
Who Measures Collections Effectiveness And How?
"Who is an example vendor that will perform the measurement of effectiveness of collections and how does that process work? " This question was asked at a recent webinar, now available on-demand: "Essentials of Working Capital Management: Trade Credit & Collections" Please add your thoughts …
1
-
Inventory Revenue
The co-packer who makes our trail-mixes has had issues sourcing organic banana so we have decided to sell them some from our supply. How do we account for this? I don’t know if we would show the amounts as revenue as this will dilute our gross margin. What would the treatment be if we sold them the…
3
-
How do I account for 10 payments of Worker's Comp Insurance which covers a full year?
We recently renewed our Worker's Comp Insurance. Under the agreement we have 10 payments during the year. Under the matching principal of accrual accounting I should record the expense 12 times for each month (if I remember my accounting courses correctly). It seems simple to divide the total Worke…
3
-
New Lease accounting rules
I was reading on CFO.com the new regulations being implemented by FASB, while not scheduled to take place until 2018, the impacts could have significant impacts. Are you taking any proactive measures to mitigate the changes to lease accounting rules? I still think all of our leases will fall into T…
3
-
ACH and Credit Card Fees Related to Customer Sales - Classify as COGS or G&A?
Where are folks posting credit card and ACH fees that the bank charges related to collections on customer invoices. Thank you, Deb
5
-
How to get a CMA certificate?
Hi guys, I'm a fresh graduate of BSBA-Management Accounting. I'm aspiring to take the examinations for that certification. I've read some articles that in order to take the exams, you've to get an experience in practicing Managerial Accounting. What would be the ideal entry level job position that …
2
-
Thick vs thin natural account dimension ... resources to help me think through tradeoffs?
I'm looking to implement a global cloud-based ERP system (NetSuite, Oracle Fusion Cloud, etc.). For the "natural account" segment, I'm torn between the two classic approaches: - "thick" or "fat" natural account ... all account-based disclosures (e.g. PP&E roll-forwards) can be done based on led…
2
-
Math Skills vs Critical Thinking Skills
I am wondering if others are experiencing problems with potential candidates having poor algebra skills? In hiring for our accounting and underwriting skills it seems that people have a problem solving for x or any other other variables. Is this a fault of the school systems? Is it a fault of eve…
9
-
Capitalization Policy
I'm looking for a written template of a Capitalization/Fixed Asset Policy that anyone would be willing to share. Thanks.
4
-
We are looking for a consolidation reporting software platform
We have units in the US and in 7 different countries using different POS systems. We are searching for a program that will allow us to consolidate the reporting for sales, product mix and any other analytical reporting.
2
-
How do you set materiality levels for period-ending accounting estimates?
"How do you set materiality levels for period-ending accounting estimates? Is this something you should agree in advance with your auditors?" This question was asked at a recent webinar, now available on-demand: "7 Keys to a Fast Close - Save Resources and Time for Improving Results" Please add you…
3
-
Closing The Books Monthly vs Quarterly
"Do any companies close the books only at quarter end instead of every month? What are the ups and downs of doing that?" This question was asked at a recent webinar, now available on-demand: "7 Keys to a Fast Close - Save Resources and Time for Improving Results" Please add your thoughts about it b…
3
-
Do you have different book-closing standards for month end versus quarter end vs year end?
"When closing the books and optimizing for speed, are there tradeoffs you make or steps you take for month-end that you change for quarter and year end? " This question was asked at a recent webinar, now available on-demand: "7 Keys to a Fast Close - Save Resources and Time for Improving Results" P…
6
-
Recommendations for A/R Automation Software
We are a wholesale distributor with ~$500 million in sales. Most of our customer payments are still received by check and processed through our lock box, but increasingly we are seeing more customers move to payment by ACH and by credit card. We want to explore some of the A/R automation software t…
4
Previous
