Accounting
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Accounting for an LLC convert into a C Corp
I have a 3 location yoga business operating as a LLC. Owner is converting to a C-corp and have investors receiving percentages of the C-corp. Is the final balance sheet of the LLC the beginning account balances for the C-corp?
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Top 2014 Webinars: Rev Rec, Data Security, Analytics, the Strategic CFO
As 2014 enters it's final two months, it's time for the annual roundup of the top webinars, now available via on-demand video, at Proformative this year. Enjoy! Best... Sarah The New World of Rev Rec: Accounting is Only the Tip of the Iceberg The Evolving Role of the CFO in the Subscription Econ…
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Accounting Treatment of RMAs when it is a product swap ....
We have a high volume of RMAs due to either product not working and/or customer wanting to swap it for a different product. If this was simply an RMA, then there would be a credit memo and a reduction of HW sales, however, how do folks handle when the inventory items are simply swapped (i.e, custom…
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I am having problem on doing the consolidation account on recording the CTA
Recently, I am in charge for preparation of consolidation accounts with other companies which using different currencies. How do I record the translation differences? Is it same treatment as Trade Receivables - unrealised gain/loss? Can anyone help?
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Accounting For Inventory Under GAAP
I have an instance where title of inventory transfer when the invoice is paid which is 60 days after receipt of the inventory. When should inventory be recorded on the books according to GAAP, upon title transfer or receipt?
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Loans To Employees - Officer Accounts Receivable
My company has "loaned" an officer funds under a promissory note. This has accumulated and the company is now doing well enough to pay him a salary. Is there any way to reduce the promissory note without having to have him pay it with after tax dollars? thanks.
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Could you describe the difference between an assurance standard (ISAE 3402) vs. an attestation standard (SSAE 16)?
This question was asked by an attendee at a recent Proformative SAS 70/SSAE 16 event: Could you describe the difference between an assurance standard (ISAE 3402) vs. an attestation standard (SSAE 16)?
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Public Accounting Firms and Billing
I received a new engagement letter from one of the larger semi-national firms. Besides the hold-harmless attestments they wanted me as the client to sign they added a new wrinkle, a 2% administrative fee above and beyond the rates. While I negotiated this out of the contract (I said no, period, end…
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Capital lease with rent expense before start of lease
Hi all, we leased some capital equipment and the leases began quarterly as equipment was delivered across branches. We were charged rent for the space of time we had the equipment before they started the lease on quarterly cycles. Has anyone made a case for capitalizing that piece? Our CFO would lo…
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Cash Reconciliations
Whether cash basis or accrual basis, is it ever acceptable to wait until the bank statement arrives to BEGIN reconciling cash?? Secondly, if multiple checking accounts exist (with only one main operating account) would you encourage consolidation, to facilitate eom reconciliation? I already have a …
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Accounting For Equipment Manufacturing
"My company does contract manufacturing of capital equipment. We currently use a cost to cost measurement to calculate POC and recognize revenue on WIP. How does this change under the new rules?" This question was asked at this Proformative Webinar: "The New World of Revenue Recognition: Industry I…
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What are the Pro's and Con's in regards to timing when changing accounting softwares?
Currently, finance is requesting for a 01/01/2015 date and OPS is requesting 12/01/2014. We in finance would like to have a completed quarter/year in one set of books. Would like to hear anyone's suggestions and/or experiences. Thanks.
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Insurance Revenue Recognition
"I work for an insurance brokerage; the vast majority of the "delivery" is the initial placement or renewal of a 1 year policy term; there is a minority (generally) of the delivery that is due to ongoing servicing over that 1 year. How would you view this from perspective of meeting the performance…
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Can you charge sales tax on a personal property tax bill?
We have leasing agreements and I just received invoices to cover the personal property taxes that are associated with those agreements. The financier also included sales tax. I think this is wrong, but am not sure who/where to look to ask.
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How do you define non-conformance in your manufacturing company?
Do you track only the finished goods or do you include WIP in your metric?
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Chart of accounts
I am looking for a sample of a chart of accounts and income statement for a professional service company.
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Why Should We Change Revenue Recognition Standards?
Revenue recognition as it relates to the FASB has been a topic for quite a while. I work in the construction industry which is slated to have a very big change in the way its revenue would be recognized. Most of the people against changing the revenue standards stand by their assessment that the tr…
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what is the most efficient method for posting a/p and filing paid a/p?
Should copies be made of checks and filed monthly?
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Topic 605 Revenue Recognition Changes
In practice, what differences matter to you and/or do you think others may find significant?
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Accounts Receivable Turnover
Which do you use more often/find more value in analyzing? A/R Turnover DSO DDSO
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I took a big risk on a new career, we weren't a good fit, how do I add that to my resume?
I recently took a big risk and "crossed the aisle" from a construction accounting software user, for 19+ years, to a software consultant for a construction accounting software company. From long time user/manager to brand new implementer overnight. Although similar, the software was new to me, as w…
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Capital Lease Template
We have a lease template to determine capital vs. operating lease, but it requires too much user inference. Does anyone have a standard template that allows you to plug in all data (yes or no for bargain purchase options) and provides and answer?
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