Accounting
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Inventory Shrinkage as % of Sales
If you were going to implement a policy for allowable inventory shrinkage would you use gross sales or gross profit?
9
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How to start over in QB but save old data
I've recently taken a new position as a bookkeeper at an organization that has not maintained quickbooks over the years. Checks were recorded and printed using QB, and some deposits were recorded, but the records are far from complete. I spent some time trying to straighten out the Quickbooks recor…
6
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Accounting for bitcoin
I'm curious to see if anyone has come across the question of how virtual currencies (such as bitcoin) and their change in value should be presented on the balance sheet and income statement? So far there's been no GAAP guidance issued on the topic, but it's becoming an issue with many internet comp…
1
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Can someone share the journal entries on a parents books when a wholly-owned subsidiary is disposed of?
The parent company is turning the subsidiary's operations over to the subsidiary's management for no consideration. There is an investment in sub recorded on the parents books, and the subsidiary has a nominal net asset value. The intercompany receivable from the subsidiary will be written off by t…
3
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Capitalizing Software configuration costs
We purchased a major software package and are now in the process of customizing it for our own use. This is an extensive undertaking, entering detailed information and is taking several months. Are we allowed to capitalize the salaries of our employees that are customizing the software to meet our …
1
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Shouldn't the General Ledger be a USEFUL tool?
Please clarify for me how the Internal Checking Account Journal in the General Ledger should be used. Background: I'm reviewing General Ledger activities (primarily, incoming revenue) of a school. All revenue receipt amounts entered into the General Ledger by the fiscal manager (as a whole document…
1
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Corporate Credit Card, Personal Liability
I will be starting a new controller job in October. The company has a 90 day probationary period during which time I am ineligible for PTO, benefits, 401(k) and all employee programs. The company demands I be issued a company Amex card to which all eligible expenses must be paid, some of which are …
4
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Pitifully Old and Obsolete Principles (POOP)
An article in Accounting Today's July 2014 titled "POOP: it's time to bring GAAP into the 21st Century" portrays the age and how outmoded much of the precepts of GAAP is, both in terms of technical abilities to produce financials and the lack of clarity they provide. Thee mention one of my favorite…
2
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Property expense category
Hello, I would like to know the best way to categorize property expenses (purchase costs, holding costs, selling costs) for home flipping business. Should they belong to COGS or OPEX? or any other treatments that most commonly used by the home flipping industry? Thank you.
3
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NetSuite Revenue Recognition
Hoping to solicit feedback from this forum regarding any experience with the NetSuite RevRec module, which we are in the midst of implementing. It has been explained to us that after the processing of an initial transaction that will be subject to deferment, that we need to go back into each transa…
4
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AP Vendor Master File Clean-up
Our company makes a number of small infrequent purchases from a large number of vendors. As a result, the vendor master file is quite large, but purchases have not been made from a number of vendors for an extended period of time. How long should a vendor remain active on the vendor master file if …
7
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Allocating overhead cost for insourced/outsourced business.
We're going through a bit of an expansion. As we do so we're expanding both our internal staff, contract staff (within and without the facility), and true outsourced to domestic and international companies. My question is, in doing so I want to best capture the best costing for these activities, wi…
3
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Government Audit Specialist?
A friend's startup received some government funding. As a result they need to have an audit done, even though they are fairly early stage. Are there particular requirements the firm must have? If they go with a good reputable regional firm who have no particular government "specialist", could the a…
2
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When and how should the revenue be recorded?
A customer terminated a management services agreement today (signed by both parties). The customer settled and agreed to pay my Company $500,000. The remainder of the agreement (before termination) had revenues of approx. $800,000. My Company has a year end of September 30, 2014. The agreement stat…
5
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Inventory - who's in charge of inventory management techniques?
As Inventory, management thereof, costing, logistics, staffing, etc. has become like many other aspects of business more complex and the containment of cost ever so more important, who at your business is in charge? Is it the CFO/Controller? The COO? The Purchasing Manager, Logistics? Warehouse Man…
4
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I am going to restructure my GL and I was hoping someone could provide a good example of a GL account mask for a manufacturing department.
Our current map is set at CC-DDD-PPP-AAAAA where C is company code, D is department, P is product line, and A is GL account. We have the opportunity to completely restructure our mapping and I have not worked in a manufacturing environment in previous position. I hope that a seasoned controller in …
3
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What is an acceptable audit deficiency rate?
Audits were reported for three of the four "Big 4" firms. "The 28 deficient audits the Public Company Accounting Oversight Board found in its 2013 inspection of the firm were out of 57 audits or partial audits conducted by Ernst & Young that the PCAOB evaluated—a deficiency rate of 49%. In the …
2
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Deferred Tax Asset/Liability with an NOL
I am calculating DTA and need to know what effective tax rate to use. Background: LLC converted a C Corp effective 5/30/2014 Company is a start-up with no revenue - only development costs. At the end of an initial audit by Deloitte in preparation of a possible equity event. At the date of the conve…
1
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Collections for Quickbooks
One of my clients is establishing a collections group. They are on QB for the next 4 to 6 months. They need more functionality than is in the QB collections center. What is the next step up? Needs to be tightly integrated with QB. Easy implementation. They need to divide the collections up by State…
21
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need help on financial modeling for a new project
Specifically, I am creating a DCF Model in EXCEL to analyze using (IRR, Payback etc) for a project: I have a sample model that has a line for an adjustment to cash flows for: " Federal Tax on State Depreciation" . Not sure what this is or why it is relevant. the model ? can someone explain? Secondl…
3
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Does your company limit nexus?
I'm wondering if companies are proactively limiting nexus (say like Amazon). Most of the companies I've worked at allow hiring in any state in which the "best'' employees are found. Whether this creates sale tax nexus or an income tax filing requirement has not been a consideration. Limiting affili…
5
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Do you make copies of checks for every incoming customer payment?
This may come in handy when trying to get financing against a contract with a customer who has questionable creditworthiness. By being able to show tracking that the customer pays their bills on a regular timely basis it will increase the likelihood that you will be able to borrow more than the cre…
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