Accounting
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Offering $500 toward EE laptop - how to account for it
We are considering putting in place a policy whereby we give new hires up to $500 to put toward a laptop of their choice. I believe this wouldn't be a tax event as they'd need to submit expense via our expense reporting software. However, the question came up as to who owns the laptop when they lea…
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Do you know what fees your auditing firm is charging you for?
Every year our company holds a major golf tournament to raise money for the local branch of a national charity. We ask all of our vendors, including our auditing firm (Big 4), to participate in the tournament and to make a contribution. They are always happy to, and we are always appreciative. This…
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Non-Profit Accounting Resources
Can you recommend resources to learn best practices of non-profit accounting as well as handling international currency?
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How to start a tax preparation business in California?
Hello. I was wondering what I need to do if I want to legally prepare income taxes in California? I am a CPA so I figure all I need is a PIN #? Do I need to register with FTB or apply for e-file? I am going to simply prepare mostly 1040's. Basic tax work for family and friends. Thanks.
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Financial Consolidation Software
What are the top consolidation software applications? We currently are using NAV and have other transaction based systems?
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Why is unallowable labor included in the fringe labor base but excluded from the OH labor base?
This relates to a DCAA audit; They are asking why we treat our unallowable labor this way. I inherited this and not sure there is a right or wrong way to do this. Interested to learn more how other treat this.
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should unrealized currency gain or loss go to the net income or Equity account?
I am confused about when the unrealized currency gain or loss should go to the PL account or OCI account. For example, you have a rate on the transaction date and if the transaction does not get settled at month end, you would have to record the unrealized currency gain or loss for the rate differe…
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Document and Data Capture System for Accounts Payable
I'm looking for recommendations for a document and data capture system solution for a small business using Quickbooks Accountant Desktop 2015 version as its accounting system. If you have used such a document and date capture system with Quickbooks to automate your AP entry process, I would greatly…
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How do you calculate Accounts Receivable Turnover?
I know the basic formula (Credit Sales/Average Receivable Balance), but how does your company calculate it? Do you use total sales instead of just credit? Have you found the right balance yet?
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Can I get AMEX / CC Vendors directly to AP?
Apologies if this has been asked before, but I am looking for some best practices or 3rd party solutions that allow me to have a vendor that was paid via credit card imported directly to my accounts payable module so I can have vendor purchase/payment information in my subledger. For example, we ha…
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What is Corporate Policy Governance Important?
Why is it a necessity for organization's policies to be reviewed and approved?
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Any good donor (contact) tracking system out there?
A small nonprofit with $2m revenues where I serve on the Board is looking for a donor tracking system that is not too expensive but easy to use and generate reports. Any recommendations?
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A/P Outsourcing
Would like to hear thoughts on how to properly price an A/P outsourcing model. Speaking to a specific firm, and the hourly rate they are extending out to an annualized fee feels too rich. A quick Google search shows cheaper options, but this firm comes recommended and I am more concerned with servi…
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Is SAGE 50 Accounting software the answer???
I am looking for a solution which would allow use of Peachtree/SAGE software over multiple networks. I have a team of folks that are located in different parts of the country. After talking with the SAGE support team, I have been advised that SAGE 50 is not designed to be accessed by multiple peopl…
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How does inventory get treated in software development companies?
I'm currently studying to prepare for my Master's degree in Accounting here in Egypt and I faced a theoretical question during my studies... If there is more than one method to value the inventory in the industrial entities that present material goods, then how do we account for the inventory at th…
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The nonprofit I work with received several checks postmarked 12/31 and several checks dated 12/31. What year are you recognizing gifts received 1/2 and 1/3 and possibly 1/4?
Obviously the donors sent in the checks hoping to have a tax-credit write off for 2012…but should we recognize them for 2012 if they were received in 2013?
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Restocking Fee - Where to Book? Experience with this?
Our company has a 30 day return policy. We are planning to roll out a a policy of 10% charge on returned equipment such that folks hopefully think twice. Where should this income be booked? Also, what has others experience been in regards to this topic? Thank you.
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Multi-Currency Accounting
General background: We use Quickbooks. Our home currency is USD. We invoice clients in Euros, GBP, and USD. Sometimes our clients pay the invoices in other currencies, for example, client X is billed on Jan 31st in Euro and then they pay their invoice February 15th in GBP or USD or Euro. My questio…
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LLC tax loss pass through
I am preparing K-1s for investor members of an LLC. The Company has losses for the year ended Dec 31, 2014, which are allocated proportionally to member interests. What restrictions, if any, are there on the ability of members to offset their allocated loss against other income. Is the loss allowan…
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Debt Collections
A large multinational corportation is making a claim that I owe them money for servcies that they provided . They claim that I owe them over $6,000 dollars. I need to know what options I have. I feel that they should not be paid, as they failed to the job which they were hired for, this includes no…
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Which party should pay the taxes?
Hi, We are a service company and provide services to other companies. We clean and maintain other companies restroom. We have a contract with a company to clean their restroom and provide all the paper supplies i.e. paper towels, soap, etc for their employees to use. They will pay us an X dollar am…
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Working for H&R Block as a CPA?
I am a CPA and I cannot find work at a public accounting firm or private companies. In the meantime, what do you think about a CPA working for H&R Block? Would this look bad on my resume? Is H&R Block really that bad? Could I still prepare taxes on the side while employed there? Honest opin…
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The Struggle to Simplify Accounting
Ed Trott, a former member of FASB writes in the CFO.com article that we need to simplify the rules. Does Ed go far enough in his simplification model? I think not, and the reason may be moderation. Too liberal a plan would elicit a autonomic negative effect; but sans that human foible, do you belie…
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How does one conduct a fraud risk assessment?
If I was going to audit our existing processes to look for vulnerabilities what would be the best way to start my assessment?
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