more-arw search

Popular Accounting Discussions

Member's Profile
Sheila Saffold
Title: Manager of Accounting
Company: Hospital
(Manager of Accounting at Hospital) Good morning.  I'm new to this group, and looking for best practices for the financial month-end close.  How long is your close?  If it's particularly short, do you rely on estimates?  What type of internal analysis does your group do, prior to finalizing the...
Member's Profile
S Barkman
Title: CFO
Company: AST
(CFO at AST ) We have several different subsidiaries that share employee resources. The Parent company also charges overhead to these subs monthly based on a percent of total revenue. The payroll allocations are based on actual hours spent working for the sub, this allows for the taxes and gross wages...
Regis Quirin
Title: Director of Finance
Company: Gibney Anthony & Flaherty LLP
LinkedIn Profile
(Director of Finance at Gibney Anthony & Flaherty LLP) I am looking for a lsit of activities that need to be performed to close the books for the year and prepare for the financial audit.  I am hoping someone has a generic template they have used vs. me creating something.  Thanks.
Anonymous Member
Anonymous
(Manager) Does anyone have experience with Quickbooks Pro vs Premier? We use Pro and were thinking of upgrading, but it seems expensive for the better reports, budgeting, forecasting, etc. Or, maybe something else altogether would be better. We have a small chain of self-storage facilities.
Anonymous Member
Anonymous
(Manager) Did you know that there are fake receipt generators online? I just became aware that there are  fake generators, templates, software and services... a cottage industry! How do you detect expense reports containing fake business receipts and how common do you think this is?
Anonymous Member
Anonymous
(VP Finance) Contract is $500k on 1/1/14 Billed $250k on 1/10/14 reccognized revenue of $100k on 1/31/14 Do we set at contract signing date of 1/1/14 the following: Debit Unbilled Revenue $500k Credit deferred revenue ($500k) On 1/10/14 record invoice into AR AGED: Debit AR AGED $250k Credit Unbilled...
Member's Profile
Jean Chidley
Title: CFO
Company:
(CFO) Is anyone aware of an accounting policy statement supporting treatment of credit card fees as an offset against revenue (e.g., cost of services sold) as opposed to an operating expense?  Our company treats credit card fees this way but I need to pull together a policy memorandum...
Member's Profile
Liz Armstrong
Title: Controller, consulting
Company: Consulting
(Controller, consulting at Consulting) My client is implementing a cloud based (SaaS ) financial system and wants to capitalize the implementation costs under the computer software developed or obtained for internal use rules (ASC 350-40).  Since the costs to design and install the underlying asset (e.g. software) doesn...
Anonymous Member
Anonymous
(Consultant) Hi- I have recently began consulting at a company that uses Quickbooks.  They are on the accrual method.   Right now, if a bill is received in May, dated in May, but relates to services provided in April,  the Company enters the bill date as April 30, in order to make sure...
Robert Breedlove
Title: CFO
Company: Xpert Exposition Services
(CFO at Xpert Exposition Services) I currently manage two company files within Quickbooks Pro 2012 which cannot be open simultaneously. This makes for a frustrating and time consuming user experience. We are now in the process of setting up another entity, and I know more headaches await me should I try and manage three...
Member's Profile
AJ Jem
Title: Sr. Accountant
Company: not disclose
(Sr. Accountant at not disclose) Our company received an insurance invoice at Jan 2014 for period covering Feb 2014 - jan 2015. we're in March 2014 but we were short in cash so we didn't pay the invoice yet (yes it's over due). We know it's an obligation and we'll need to pay for it but my question is...
Stephen Helfrich
Title: CFO/Consultant
Company: In Transition/Consulting/Interim CFO
(CFO/Consultant at In Transition/Consulting/Interim CFO) I recently started working for a company that has a Mexican Mequilladora operation and they have not been correctly implementing FAS 52 as it applies to financial statement translation, so when I translated the Mexican operation's financial statements from Pesos to Dollars and went to...
Member's Profile
Tim Crossno
Title: CFO
Company: in-between
(CFO at in-between) I am doing some work to cleanup our accounting for fixed assets and want to train some junior accounting people in the process.  Does anyone have any material they would recommend that would provide good guidance for beginners to follow?
Member's Profile
Anonymous
Quick question that's in dispute: Are spare parts capitalizable? My position is that unless they meet the definition of "extending the life or capabilities" of an asset (ie capitalizable in the first place), they are a prepaid expense until the time the spare is installed.
Carrie Roesner
Title: Controller and VP
Company: Centro
(Controller and VP at Centro) We have a policy of attaching receipts to all expense reports but we get the occasional "I lost it, can I use my credit card statement?"  We allow this documentation in certain circumstances.  Very rarely, we get someone that has some client entertaining event, like a...
Member's Profile
Scott Gunn
Title: CFO
Company: In-Transition
(CFO at In-Transition) Can anyone give me ideas on how to cross charge intercompany expenses?
Anonymous Member
Anonymous
(Sr. Manager Financial Planning) What is the proper way to capitalize manufacturing variances (US GAAP)? Have you set a threshold and only capitalize variances over a certain amount? Do you capitalize the entire variance and amortize based on inventory days or do you expense certain variances in the current period (such...
Anonymous Member
Anonymous
(Accountant)
Member's Profile
Susan Wayland
Title: Chief Financial Officer and Director of ..
Company: San Francisco Day School
(Chief Financial Officer and Director of .. at San Francisco Day School)  I am looking for some best practice processes in reconciling merchant bank deposits for Visa/MC/Amex payments from customers on our e-commerce site.  The process to reconcile the merchant bank payments to our GL / AR accounts is VERY difficult and takes about 2 days a month at...
Member's Profile
Susan Wayland
Title: Chief Financial Officer and Director of ..
Company: San Francisco Day School
(Chief Financial Officer and Director of .. at San Francisco Day School) I am looking for some best practice information on the allocation of warehousing costs to COGS.  Right now we write off warehouse costs each month - we are a small manufacturer that keeps inventory in our warehouse and pay for warehouse staff to assemble products for shipment. ...
Jerry Goldberg
Title: Principal
Company: Strategic Capital Corp
(Principal at Strategic Capital Corp) I have a client who is paying an outsourced development firm on a monthly basis to develop a proprietary software platform. Total time will be 24 months at #240K total, and then contiued maintenance updates and additional development as needed. My question is on how the monthly amounts...
Simon Westbrook
Title: CFO
Company: Aargo Inc.
( CFO at Aargo Inc.) As a consulting  company we bill and make a profit on our time but occasionally we incur expesnes related to a job, which we bill to the client. My questions are If the expenses are rebilled at cost should they be posted as an offset to the expense account, thereby reducing net...
Anonymous Member
Anonymous
(CFO) Is it ever possible that a retailer gift card given to employees can use the de minimis exception to taxable income to the employee?  What if the gift cards are given at a retailer such as Apple where specific products are the only possible end gifts? Editor's Discussion Summary...
Margaret Hsia
Title: Financial Consultant
Company:
(Financial Consultant) My understanding is that audit/tax fees no longer need to be accrued for a monthly basis but expensed in the period incurred.  Do you have a guidance reference that supports this?
Member's Profile
Allan Kaplan
Title: CFO
Company: Euclid Systems Corporation
(CFO at Euclid Systems Corporation) Looking for opinions - do you include the freight charges passed through to customers as top line revenue, or as a reduction of your cost of goods sold? Thanks.
Anonymous Member
Anonymous
(VP, Finance) Hi. I have received conflicting advice as to how to account for accrued PTO for exempt (salaried) employees. I understand that we need to debit PTO expense and credit Accrued PTO for the accrued vacation amount. However, when that employee takes vacation, I was told that I just need to...
Member's Profile
Lee Andrews
Title: P/T CFO, Business Consultant
Company: Pacific Bag, Inc./Other Clients
(P/T CFO, Business Consultant at Pacific Bag, Inc./Other Clients) Hypothetical #1 -- say a company is in the business of making auto wheel rims and uses lathes in the manufacturing process. If they sell off a used lathe, then I have always considered that as a sale of fixed assets, and the difference between sale proceeds and the FA NBV is a gain/...
Anonymous Member
Anonymous
(Controller) Would love to get an insight on fixed asset policy you have seen out there in your companies or with your clients.  More specifically, what determins whether you expense or capitalize an asset? I'm re-writing our policy right now, and trying to decide what it should be going...
Anonymous Member
Anonymous
(Financial Planning and Analysis) My company is currently looking at several SaaS FP&A applications, and some vendor mentioned that while you don't have hardware to capitalize, you can do it with your licenses. Never heard about this before, anyone have any insights on this? or have done something similar? Thanks!
Anonymous Member
Anonymous
(President) I currently show a revenue line on my income statement line for "Vendor rebates." I see GAAP guidance that VENDORS should record rebates as a reduction in their sales prices, but how should those of us receiving them record them? Should I offset my COGS by the rebate received,...
Anonymous Member
Anonymous
(Controller) A customer initiated a wire transfer on 12/30/11 but it did not post to our bank account until 1/03/12 (first banking day of 2012). Could this be considered constructive receipt and therefore included in 12/31 cash balance as a deposit in transit? Also have checks received Sat. 12/31 to...
Member's Profile
Daniel Magliari
Title: Principal.
Company: Magliari and Associates
(Principal. at Magliari and Associates) I am working for a privately held company that has recently acquired a couple of subsidiaries internationally.  We currently need to provide an intercompany loans to two of the subs (located in Germany and Taiwan).  The subs are wholly owned by the parent. In loaning the...
Anonymous Member
Anonymous
(CFO) My company is turning profitable this year.  i hired a consultant to review prior hires for potential work opportunity credits.  He generate $100,000 in findings, which can be applied to future federal income tax liability, but is charging $18,000 in fees. I would like to book...
Anonymous Member
Anonymous
(Controller) On foreign currency impact on cash flow statement,  I have been asked to prepare the statement of cash flows for our Company. In the past I had prepared the cash flow using the USD balance sheets, but now I've been asked to prepare the cash flow in the local currencies first and...
Member's Profile
Leena Mansharamani
Title: Corporate Controller
Company: Deeya Energy
(Corporate Controller at Deeya Energy) We are a small late stage start up company about 6 months from commercializing our product. We are currently using quickbooks to maintain our books and records. we currently have 1 foreign entity. What is the best and most effective way to consolidate the books using quickbooks without...
Member's Profile
Diane Robbins
Title: VP Finance
Company: Private
(VP Finance at Private)
Simon Westbrook
Title: CFO
Company: Aargo Inc.
( CFO at Aargo Inc.) I have just reviewed a balance sheet prepared by a company that has capitalized , and continues to capitalize patent expenses, including legal  and filing fees, and then amortizes the expense over a fixed term of x years. While this may have the advantage of smoothing the monthly...
Robert Spokane
Title: Internal Auditor
Company: Shelby Residential & Vocational Services..
(Internal Auditor at Shelby Residential & Vocational Services..) Question for the Non Profit experts out there about pledges receivable. I have a client who is in the middle of a Capital Campaign and is getting pledges that span from one to five years, many of which are employees. the client wants to record the present value of all Capital Campaign...
Anonymous Member
Anonymous
(Manager) I have a couple of colleagues who are huge PeachTree fans which, come to find out is apparently now Sage 50. Does anyone have insights into the meaningful differences of QuickBooks vs PeachTree aka Sage 50? We're a small remodeling contractor and have used QuickBooks forever. At any...
Member's Profile
Hank Eveland
Title: Controller
Company: Power Container Crop
(Controller at Power Container Crop) I'd like to discuss a few nagging problems I have with Great Plains (Version 8.0.22).  Microsoft has stopped supporting the software on October 13, 2009.  Unfortunately, I arrived at my present position only a couple of months ago and was just made aware of this. ...
Anonymous Member
Anonymous
(Accounting Manager) I'm looking into ways of shortening our close process and one of the items on the list is depreciation. Has anyone booked depreciation estimates or reconciled the Sub-Ledger to GL a month in arreas? It is typically the follow up to get approval request forms that holds back our...
Andre Solomon
Title: Interim/Contract Chief Financial Officer
Company: Your BottomLine CFO
(Interim/Contract Chief Financial Officer at Your BottomLine CFO) If a company lays off an employee and the employee signs a severance agreement that allows him to receive his salary for another six months. Does the company have to recognize the expense immediately, or can the expense be recognized in the periods when the payments are made?
Anonymous Member
Anonymous
(VP Finance/Corp Controller) What are the accounting entries (the debits, credits and accounts) used for grant accounting of Restricted Stock Units? An example would be great.
Anonymous Member
Anonymous
(Finance Director / Controller) Sublease Question: Company A which is not involved in Real Estate renting or leasing in any way subleases space to Company B, at a loss of $5K per month.  On top of the difference in base rent, it will pay the rent related taxes passed through by the (over) landlord.  There are...
Member's Profile
Esther Koch
Title: Consulting CFO
Company: Koch Consulting
(Consulting CFO at Koch Consulting) I am looking for someone who has practical knowledge of accounting for insurace claim proceeds for a fire loss.  In general, it seems that assets should be written off at a loss and the cost of replacement assets written up as a gain.  Reimbursed expenses would be a wash....
Anonymous Member
Anonymous
(VP of Finance) Our company is to receive a signing bonus for entering into a multi-year contract with a vendor.  When do we recognize the signing bonus received? Do we take it all at once or over the life of the contract?
Anonymous Member
Anonymous
(Accounting Manager) Hello, My company is going through a large implementation of software. We are a multi site company so the software is being rolled out to the various sites over time. When the sites go live, a perpetual license is purchased for the site. The main piece of the implementation has been...
Member's Profile
Mike Larkin
Title: CFO
Company:
(CFO) Commissions paid to distributors for sales made by the company to end users in the distributor's territory. Is a COGS (or debit to Sales) or a Selling expenses (SG&A)  
Anonymous Member
Anonymous
(Accounting Manager) Any insight into the proper accounting treatment for detachable warrants
Member's Profile
Paul Schaffer
Title: CFO
Company: Alterna Capital Partners
(CFO at Alterna Capital Partners) I have a theoretical question governing partnership distributions accounting.  If an entity invests $1,000 and expects to earn $300/ year over a five year period (for a total return of $1,500), is the first $1,000 treated as a return of capital, and subsequent partnership...
Member's Profile
David Williams
Title: Staff Accountant
Company: in-between
(Staff Accountant at in-between) We are currently in court arguing a lease with a landlord. I do not know the specifics of the case but I am told we will most likely win. My boss wants to capitalize the legal expenses incurred to secure this lease because the amount has become very substantial. We are a retailer and...
Member's Profile
Paul Shapiro
Title: Director of Finance [formerly Interim VP..
Company: Verizon Digital Media (EdgeCast Networks..
(Director of Finance [formerly Interim VP.. at Verizon Digital Media (EdgeCast Networks..) My company recognizes revenue monthly on a recurring revenue basis. A customer is ending their contract early and buying out their remaining term (all in 2012) at a discount. Since no additional services will be provided, can I recognize all of the revenue in 2011?
Member's Profile
Brett Bennett, CPA
Title: Head of Finance
Company: Bugcrowd Inc
(Head of Finance at Bugcrowd Inc) Our company currently factors in unbilled revenue or contracts that have been signed but no revenue incurred yet in our calculation of DSO. Are these appropriate DSO calculation methods? We also only invoice customers at month end, so in calculating DSO percentages during the month, it...
Jessica L Shahinian
Title: Senior Staff Accountant
Company: Author Solutions, Inc., A Penguin Random..
LinkedIn Profile
(Senior Staff Accountant at Author Solutions, Inc., A Penguin Random..) In my previous experience if a company had a bank account in foreign currency they also had a matching checkbook AND GL in that currency due to having an operation in a country that has that functional currency. My current employer has a US company that accepts several different foreign...
Anonymous Member
Member's Profile
Charles Gordon
Title: Senior Manager, Shared Services
Company: Carlisle Interconnect Technologies, Inc.
(Senior Manager, Shared Services at Carlisle Interconnect Technologies, Inc.) I work for a company that is implementing a new Oracle ERP system. There are certain costs associated with the implementation that may or may not be capitalize-able. Can someone refer me to the appropriate accounting literature or ruling on the following two questions: 1. Oracle hosting...
Anonymous Member
Anonymous
(Consultant) I just joined a software-as-a-service company in the finance department (small company, very small finance department).  I do not have previous SAAS experience as I was previously in a different industry.   The company's former auditors (they reviewed, not audited, the...
Anonymous Member
Anonymous
(Director, Accounting) When do you accrue / recognize expense associated with a signing bonus? A company make an offer of employment which includes a signing bonus of $XX. The employee accepts the offer prior to year-end; however, the signing bonus is not payable until the employee begins employment which is in...
Anonymous Member
Anonymous
(Financial Analyst) I am working with a client who is considering selling gift cards at a discount (e.g., pay $90 for a $100 gift card). I know that when ordinarily accounting for gift cards, you debt cash and credit a gift card liability when the gift card is sold, and then debit gift card liability and...