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LLC taxes: Loans Payable

musu pura
Title: llc manager
Company: hidea
(llc manager at hidea)
I and my wife owns LLC. Personally we(Me and my wife) loaned(Ex: $100) LLC 13 years ago. In 2018, LLC made a profit of $166. Since LLC never made profit last 13 years, there was no mone...
13 Views | 0 Answers/Comments

Theft loss related to uncertain exact value of valuable comic books - can I itemize loss?

As a teenager I collected comic books. I have a dozen large boxes of comics. I never tracked exactly what I had, but 20 years ago I sorted the most valuable into a single box. I stored ...
19 Views | 0 Answers/Comments

Business vehicle purchase with trade-in and depreciation

Maxanne Pierce
Title: Bookkeeper
Company: Seacoast Modular Homes, Inc.
(Bookkeeper at Seacoast Modular Homes, Inc.)
I need some assistance with an entry for a new vehicle purchase with a vehicle trade-in, including depreciation and removal of the old fixed asset. I have all of my numbers but I am not...
11 Views | 1 Answers/Comments

Balance Sheet Reconciliation Template

(Accounting Manager)
Anyone willing to share the template they use for balance sheet recons? We are a smallish start up that hasn't done them in the past. I'm hoping someone is willing to share a good tem...
26 Views | 0 Answers/Comments

Ownership of 2 corporations with different accounting methods

Brad Burgess
Title: President
Company: Spectrum Accounting, Inc.
(President at Spectrum Accounting, Inc.)
In 2000, SELLER A and BUYER B went out on there own as independent lumber brokers. Each created their own corporation and together they created a partnership each owning 50%. The part...
189 Views | 0 Answers/Comments

US Commercial Paper Buy Back

(Assistant Accountant)
When we buy back US Commercial Paper from investor, using fair value through P&L what will be journal entries for below. - how to account for break fee get charged for the swap (cros...
16 Views | 0 Answers/Comments

Assets write off(Basics)

Cristina De Franco
Title: Owner
Company: Global Sur Financial
(Owner at Global Sur Financial)
First time QBO user I created three assets to practice the entries for depreciation in QB for my service company. However, I'm not going to need them. Because of the threshold I could ...
19 Views | 0 Answers/Comments

Why do businesses reimburse for travel meals?

Richie Wohlers
Title: Controller
Company: Vision Mechanical Services
(Controller at Vision Mechanical Services)
A question I've often wondered, but never asked: why are businesses expected to pay for meals when employees travel? What is the logic involved? If I work from the office, I am eith...
10767 Views | 18 Answers/Comments

Voucher numbering

(Financial Manager)
I work for an organization which utilizes Quickbooks (QB) desktop. Expenses are recorded on vouchers, which are sequentially numbered with a stamp. QB is very limited and has fields f...
26 Views | 0 Answers/Comments

Debt Collection

We had a sales employee on their own accord, threaten one of our customers that we'd send their debt to a collections agency in the next 7 days, when currently we don't have any intenti...
95 Views | 1 Answers/Comments

Can the balance on the credit side of the Director's current account be transfered to Share capital?

The company authorized and paid up share capital is N1,000,000 and director current account balance is showing N78,000,000 in the previous year balance sheet. During the year under rev...
30 Views | 0 Answers/Comments

What practice management and cloud file sharing software is everyone using?

Camille Johnson
Title: Accounting Assistant
Company: Amitabh Bhatnagar CPA, CA
(Accounting Assistant at Amitabh Bhatnagar CPA, CA)
Looking to switch from CCH iFirm to something else. Thank you!
2078 Views | 2 Answers/Comments

Where can I find an ERP Checklist Questionnaire?

I need an ERP Checklist Questionnaire to guide me with gathering information for system specs and requirements. Where can I find free resources or do-it-yourself online resources. Also...
7087 Views | 1 Answers/Comments

Cybersecurity Firms

Greg Gay
Title: CFO
Company: Mac Papers
(CFO at Mac Papers)
We are looking at cybersecurity monitoring and threat detection service providers. We will definitely look closely at Fireeye but was wondering which firms others are using and why you...
4383 Views | 1 Answers/Comments

Commercial building lease

(Financial controller)
I’ve recently been asked by someone who is taking on a short term commercial lease (6 months) if it’s better to put the lease through the company name or in their personal name? Ple...
204 Views | 0 Answers/Comments

Recording Prepaid Expenses

Came across an interesting issue at work... Had an invoice that was approved in late December 2018, crediting AP and debiting prepaid expenses as it was for Q1 2019. However, it was act...
46 Views | 0 Answers/Comments

VAT overcharged

MAYU Theva
Title: Accountant
Company: Awal
(Accountant at Awal)
We are a small budget residence. We have by mistakenly invoiced VAT twice. And the customer (walk in) has also paid for it. How do we have to account that. Room charge - 25 Vat cha...
37 Views | 0 Answers/Comments

How do you account for a received tax credit?

Title: Controller
Company: x
(Controller at x)
Hello, We are anticipating receiving a payment from New York State for the Excelsior Tax Credit ( I assume this would be classifie...
70 Views | 1 Answers/Comments

Debt and Equity

Ravi Ramcharan
Title: CFO
Company: self
(CFO at self)
Dear All, I know it is common knowledge that a company should have some debt. Is it because of only the tax benefit? What about if a company has no debt but abundant cash reserves...
162 Views | 2 Answers/Comments

Insurance Downpayment and Financing the rest JE

(senior accountant)
Hello, First of all I would like to thank you for attempting to answer my question. I am thankful for this platform which has helped me with answers related to accounting. I resear...
54 Views | 0 Answers/Comments

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