Accounting
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What could be a risk to a client that only uses a simple cah book, with no analysis nor a charter of accounts, as an accounting system?
There is a client I'm working on and this client uses excel as its accounting system. The problem is, the cash book is not analyzed into the kind of expenditure, e.g Repairs and Maintenance, Staff Welfare, Training, etc. It just shows the payments done and that's all. Please help.
3
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What needs to be in an acknowledgement of debt letter?
This is for a customer who didn't pay as agreed and then had claimed a variety of off-sets, resulting in a complicated re-do of ancient invoices and arriving at a specific balance and terms, which we may still have a hard time collecting. What a nightmare.
2
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Accounting treatment for Bidding Commission
Our products are to enter one Super Market. The Market offer us exclusive contract for such product (effective for 2 years) but with a fixed amount of Bidding Commission. The commission is to be paid once the contract is signed by 50%, and the rest be paid end of 1st year. Shall we book the commiss…
3
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Can I manage multiple Businesses within QB, with several only for reporting?
Hi, I'm the business manager for a <$10m/yr Home builder, and have 5 companies to manage, all under the same owner. We use QB pro for all accounting. The owner has expressed his wish that the parent company treat its counterparts as contractors, or perhaps more accurately, subcontractors. As he …
1
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Capitalization of building permits/related fees on leased space
We needed to obtain an assembly permit to hold events in our leased office space. Can the permit and related professional fees be capitalized as leasehold improvements?
2
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Fraud!
One of the most dreaded words for Finance and Accounting professionals. But how much training do we really get on discovering fraud? In a recent article titled "The art of illusion" by Bruce G. Dubinsky and Tiffany Gdowik in Fraud Magazine (dated September 2013), they describe the tricker…
9
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Accounting for Sale of Asset: Non-profit Entity
I am doing some pro-bono finance and accounting work for a non-profit medical clinic. They have an accounting situation that I am unsure how to handle. A piece of hospital equipment was donated to the non-profit (FMV of $175,000 according to a recent appraisal obtained by the donor organization). T…
1
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Deferred rent schedule
Hello, My firm recently moved from a old STE to a new STE in the same building. The move date was 11/15/13. My question is what to do with the previous deferred rent schedule for the old suite? We were no longer occupied after 11/15/13 for the old suite. In terms of the accounting treatment, should…
3
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Sister company to absorb salary costs?
We have a sister company that does not have any salaries on their books, however a handful of our companies employees work approx 1/3 of their time on the sister companies jobs. I would like to charge our sister company for a portion of these salaries. What is the proper accounting treatment - is i…
6
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Tangible Asset and Repair & Maintenance Policies 2013
Does anyone have sample policies to comply with the new final regs for Capitalization of Tangible Asset and Repair & Maintenance which are needed before 2014? The capitalization part is straight-forward, but I wonder about the repair & maintenance part and how to word a policy which is not …
3
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Breakeven Analysis for an Equipment Manufacturer
If you have developed a breakeven analysis for an equipment manufacturer, can you share your approach? Variable vs Semi-Variable vs Fixed Costs.
1
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Expensing consulting fees on retainer
We intend to pay a relatively significant fee to hire a consulting firm prior to year end. Obviously, much of the actual services will be performed in the year to follow. However, without seeing the final contract, I'm certain that this fee will be non-refundable. We can stand to benefit tax wise b…
4
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I'm Looking for an Inventory Management Solution that Integrates with QuickBooks. Any Suggestions?
I'm looking for a solid, cost effective inventory management solution that integrates well with Quickbooks. I've seen fishbowl, and many of the others listed on the QB partners site, but I'm wondering if anyone has any real world experience with any of the solutions. The main thing I'm needing is m…
5
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How do I write a charitable contribution letter to a donor from a not-for-profit
According to the IRS I must list any goods or services that a donor received in exchange for their charitable contribution. So if I hold an charitable dinner /dance and charge $100 per plate and a donor purchases an entire table of ten for $1,000, do I need to list the meals for all ten at the tabl…
3
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Recommendations for CIP & Fixed Assets software for multi-location/multi-country entities.
All of our Fixed Assets purchases go thorough an approval process, and are booked to CIP first. Upon completion, the CIP is transferred to the appropriate Fixed Assets GL account and set-up in our Fixed Assets tracking software. Originally, we had multiple locations in the US and Mexico. We have re…
2
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Recommended A/R (receivables) reserve for young company
We're a few million in revenue privately held company that sells both products and services. We're upgrading our accounting policies and procedures and creating an A/R reserve for the first time. Historically we have had very little receivables default. Do we connect our reserve directly to our his…
11
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Accounting Education Recommendations
I have been working as a Accounts Payable Specialist for the past 2 years, but I have no formal accounting training. At this point I am interested in continuing my education, whether it be an accounting degree, online program, conference, etc! Does anyone have recommendations for excellent programs…
14
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Accounting Treatment of amount paid to Consulting Company for Restructuring HR policies
I need to know the accounting treatment of amount paid to consulting company on account of Restructuring of HR policies. Any information?
5
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Inventory or Materials Costs?
Hello, We are a service company that performs scientific/lab testing and our end deliverable is a report (no goods are delivered). To conduct the testing numerous gases and materials are used for calibration of machinery and as inputs into the testing process. The value of said materials an be valu…
6
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Accounting for a Sublease
We entered into a sub-lease on a property where the FV of the cash flows was going to be less than we earned therefore we booked a loss up front on the sub-lease. Now we are going to terminate the sub-lease contract after a few months. Can we reverse the remaining loss on our books as we do not hav…
2
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I work for a non profit company and I need help with different requests that I receive from IC's.
the organization is in Iowa and some IC's are working in California, I am continuously receiving emails from them asking for the Gas reimbursement and car milage and other expenses. I want to know if a non profit organization should provide these to an Independent Contractor. Thanks
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