Accounting
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Need to create an AP policy
I am currently generating an accounts payable policy for my company. We don't have one currently so this will be the first. I would like the policy to contain best in practice AP for a manual process we are not automated at all. IE I would like the policy to include things such as approval process,…
3
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How do we re-measure long term Intercompany accounts and long term loans?
They should go to other comprehensive income (PL) account. Right? our funcational currency is USD . Thanks for any guidance.
4
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ED : Revenue Recognition - What will be the potential impact of this new accounting standard?
I started this discussion on the linkedIN group, however, I also want to get a different perspective from you all. Please let me know your comments as to what do you expect changing as it relates to your business OR relating to some clients you service OR some of the interesting aspects of the stan…
1
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Tickmarks in QuickBooks
In reviewing our Accounts Payable, I use tickmarks on the invoices to make sure they are entered properly into QuickBooks (date, invoice number, vendor, due date, amount, etc.) and then sign and initial the invoice to show I reviewed it for accuracy. Is there a way to use a tickmark or stamp in Qui…
1
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Changing the invoice date of a booked sale
Hi i wanted to know what the affect is if i change the date on an invoice from November to May of this year by request of a customer? Can this be done and is this a correct accounting practice? Thank you
4
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Up front payment to distributor
Hello, I'm needing help in the proper accounting treatment for an upfront payment to a distributor. The contract is between my company and the distributor for a term of three years for the distributor to only sell my company's products to specified territories during this time frame. The distributo…
3
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How to account for a Sublicense fee paid in installments?
Has anyone had experience accounting for a sublicense fee agreement payable in installments? We recently entered into a sublicense agreement that had an upfront payment and four annual installments (let's use an example: $100K, plus four $25K payments) Our initial assessment was to book the upfront…
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Forget about learning to code—to get rich in tech, become an accountant
Interesting article and if I read this correctly: • They seem to be implying that CEOs are normally wealthier than CFOs, but this is not because of salary, but stock options. • What many of these finance chiefs often have in common is public-company experience, with previous IPO experience an espec…
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The new Revenue Recognition Rules 2014 - who wins?
I took an interesting Proformative course given by Jeff Tchir. I'm reading article after article in CFO and other traditional and online venues. In my jilted final analysis, I'm not sure anyone but the public accounting firms actually win at the end of the day (and maybe the SEC & IRS). Does th…
8
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Standard Cost
Hi, i am looking for setting up the cost standards for manufacturing company. I am interested to see what companies are doing in order to do that? Mean, what is the base for the standard? I am looking for better way than a weighted average of actual cost in the last 12 months. (currently in use) Ar…
6
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Form 990- Preparation
In the process of lowering our overhead cost l am considering preparing Form 990 in house rather than allowing the auditors to handle it for an average of $5,000.00. Does any one have a better ideas on how to extract audited financial information for use on Form 990? Thanks Francis
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What are some common policies and procedures specific to professional services companies?
Hello: I'm looking into policies and procedures specific to a professional services company. I've identified three I think are specific: - document and data control related to customer contracts - Client acceptance and continuance policy - Subcontractor policy I would love some insight into what ot…
2
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How do you rate your Internal Auditor?
An article in the May 2014 CFO magazine stated that in a survey by PricewaterhouseCoopers that 34% of the CFO's polled said their auditors were doing a good job. However the broader C-suite (55%) said these auditors brought no "significant" value. Do your auditors bring value to you and your broade…
2
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Intellectual Property Revenue Streams
Our company is developing a new revenue source in which we put together an engineering design build for a distributor who will then turn around and re-sell that design, with minor modifications to suit their clients (ie scaling up or down). It is our desire to obtain revenue from our distributor ea…
2
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Basic US GAAP course materials
The head of finance where i work has asked me to give an introduction course on US GAAP to some finance people based in Central America. At the moment they just complete the required reports but the controller wants to raise the knowledge base. Any ideas on where i could find such materials? it wou…
2
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How to account for tenant improvements in purchase accounting?
For example, if a company was acquired while there was still an amount sitting in deferred rent being amortized every month, what would be the impact of purchase accounting? Does the liability amount get "fair valued"?
1
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AP AR Automation
I am taking on the responsiblity to mondernise and simplify the AR and AP process for for business with $100m in revenues. I am considering moving the check processing to lockbox and get a BIA2 file from our bank that will integrate with our accounting software. On the payables side we have a large…
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Is ACCA recognized in the USA?
Hello All, I am moving to the USA next year and would like to know if ACCA (Association of Chartered Certified Accountants - UK) is recognized by employers in the USA. Thank you.
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What are good accounting software for a $40M ~200 people service based business?
I am looking for recommendations for an accounting system software for a $40M ~200 people service based company with following characteristic/expectation: - essentially looking for alternative to QuickBooks - ability to integrate with CRM applications, with mobile capabilities that field employees …
7
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Fixed Asset Tracking Module
Folks, We use NetSuite for our Accounting, and I'm looking for a Fixed Asset management software. Any recommendations for me. We operate in the US and Canada, and we have multicurrency consolidation. Thanks in advance for your help! Cheers
5
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If you were able to design a business course....
For your Business Degree (Business Management, MBA, Accounting, Finance, etc). What would it be? So in other words, what practical skills would you have wish you had in College/Grad School that would have served you well in industry. Examples (and these just come to mind) are Excel with database s…
12
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Gross vs. Net Revenue (Apps Store)
I am having a debate with our CEO on what we should recognize as revenue through sales via the Apple App Store. We sell a product for $10 but we recieve $7 from Apple. Our CEO is convinced we can recongize the full $10 and show the $3 as COGS. I know ASC 605-45 guidelines essentailly say that sin…
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