Accounting
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How to book a deferred tax in IFRS and in the local statutory in case of a different result in the books?
How to book a deferred tax in IFRS and in the local statutory in case of a different result in the books? How can I match one result to another? Thank you in advance
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Fixed Assets Verification technical criteria
Greeting, we are in fixed assets verification. we need to choose vendor for it, can anyone advice what shall be technical criteria in order to choose vendor. thanks in advance.
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Business purchase interest deduction
So I have a few years business and personal of tax filings to catch up on. I just found out that interest paid on business purchases is deductible, even if you use a personal card. May issue is that I have been really bad about using one payment method. Is there a way to find out how much inter…
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Solving for Net Receivables
Recently took a financial modeling test as part of an interview process. The test was a three statement financial model in Excel with certain cells left blank which had to be filled in with the proper formulas. One of them was a cell for "Net Receivables" on the balance sheet. My understanding i…
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Accounts receivable on behalf of a company abroad and remitting to the company
I was asked to represent a company from abroad to collect balances owing to my own account and then remitting it to the company minus the commission. The company wants someone in N.America to handle their N.American clients. Personally, I don't want to use my own personal account to receive the rem…
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How to calculate and record monthly paid time off ( vacation and sick leave) expenses?
I find out that it is confusing to calculate employees' paid time off expenses on 12/31 and 1/31 of each year. For example: On 12/31/2018, employee A used $100.00 vacation, had $100.00 unused vacation benefit remaining to be carried over to 2019. Employee A also used $50.00 sick leave benefit, h…
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General Contractor and Multiple Divisions
We are a General Contractor with Multiple Divisions that perform work on our Construction jobs, such as the Electrical, etc. We treat them as a Profit Center so we can capture their revenue and costs and generate a P&L for their department. We are purchasing waste equipment trucks and dumpste…
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Invoice Amount Straddles Month End
I am not an accountant but I have an accounting degree and am trying to clean up our books after our bookkeeper left. I am pretty familiar with QBO, at least on the day-to-day level. If I receive an invoice on, say May 5, that is for the period April 28 to May 4, and I enter the invoice on May …
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Tripactions and integration with HR system and Expense reimbursement system
Hello, Currently we are trying out whether Tripactions.com (a corporate travel booking website) is a good option for employees to book travels and also integrate with our HR system (BambooHR) and expense rebimbursement system (Concur)? Greatly appreciate any feedback!
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CapEx and Depreciation
Hello. First of all sorry for my bad english. Here I would like to ask some help from you guys regarding capitalization cost and how to depreciation it. Lets say, company A have an asset with 5 years useful lives and already two years depreciated. In mid of third year, company A decided to improve …
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Equivalent English language accounting term
I would be grateful if someone could provide me with the English term for this accounting concept I have to translate from French: The firm is a transport operator who receives their revenue in many ways but they have entries in their documentation that are defined as: having no impact on cash, do …
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Help With Journal Entries
My company pays 100% of our employees' legal shield and supplemental life insurance up front and we are refunded by the employees during the month. What would the appropriate journal entries for these transactions look like under GAAP? I thought A debit to the expense account and credit to cash …
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PeopleSoft FSCM Consultant for 20 years, now helping extremely small businesses become Cloud ERP Customers
I'm looking for your recommendation based on the clients I'm currently assisting in designing an optimal solution for fast or slow growth thats affordable and can handle their basic requirements. For example I have one company 3 employees, 500,000 in yearly revenue that would like one solution to …
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Can this obligation be integrated under IFRS15?
Somtimes, a contract for plant facilities includes an operation service. So it can be divided two obligations, construction and operation. And usually, plant facilities is highly complex, it is almost impossible to find new contractor for the operation service only. For this reason, I think these o…
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What is my job title ?
I recently started a job as a admin/accounts assistant in a new accounting firm, however as the months have passed they have decided to hire a few more bookkeepers and have me over see the general running of the office instead, as I have been with the business since it started and have a good under…
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Hosting QB in Cloud
Hi All, I've posted some questions on here before and had some great help. I'm a IT tech who has been tasked with getting an accounting firms QB data into the cloud. They do not want to go QBO but want their current QB Desktop files to be hosted in the cloud with QuickBooks Hosting. I seen a bun…
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effect on accounting
I am a recent graduate and a staff accountant at a new car dealership. I noticed to day that the parts department is debiting purchase discounts to pad their inventory. I believe that has multiple negative effects on the business. First parts inventory is undervalued. Second the parts departmen…
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Old outstanding credits on Accounts Receivable
Our company has about $24,000 worth of old credits that are sitting in the over 120 day column on our accounts receivable. We would like to clean up these old credits, but not sure where to start. They are actually from 3-4 years ago and are balances that were carried over from our old accounting…
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SEP IRA Balance in Quickbooks
So I had a sole proprietor and was making SEP IRA contributions, but everything was run through my personal account. I switched to an s-corp. Do I need to 'transfer' the balance of the SEP IRA onto the corporate balance sheet? If so, what is the best way to go about doing that? Debit SEP IRA …
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Payment posted to AR but deposited in the following month, how to treat?
Hello, I have a scenario where payments were posted to AR at the end of the month but payments were not deposited until the following month. In order for AR Aging to balance to GL I will have to make an adjusting entry at the end of the month and reverse it at the beginning of the next month whe…
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Balance Sheet for a company financed 100% by debt
If a firm is 100% financed by debt, where would the net income (retained earnings) from the firm's income statement be shown on the balance sheet? In other words, how are retained earnings that are used to finance the firm in the future handled on the balance sheet when there is no owner's equity?…
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How do big tech companies conclude that internal use software development is expensed, not capitalized?
Tech companies such as Google, Facebook, Snap, Amazon, Spotify, Dropbox, Box, Pinterest, Lyft state in their 10k that software development costs are immaterial, so they expense and don't capitalize. How do they reach this conclusion? And how do their auditors (all are audited by EY except Lyft whic…
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how to recognize termination benefits (commitment fees) under these special conditions?
A company offering its service to clients by time-specified contract and non-time-specified contracts. if that service cancelled either as a result of client asking or; accumulation of that client debit balance, he is obligated to pay a commitments fees. How should the benefit from such commit…
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Getting back into the game
I currently own my own tax business due to taking it over when my mother in law passed away last year. However, my background is Accounting, including I have my Masters in Accounting. I was on Disability for the last 6 years though after I got my degree so been working from home for awhile. I am…
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