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Q&A Forum

New Auditor

Russell Lawler
Title: Looking
Company: Looking
(Looking at Looking)
Hello! I am a new auditor. I had a general question about auditing: When auditing an entity, I guess there aren't requirements for HOW MUCH workpapers you need? Do you basically ...
92 Views | 1 Answers/Comments

Charitable Tax Contributions

Daniel Cox
Title: Owner
Company: FallenValor
(Owner at FallenValor)
I am opening up a charity to help Fallen Military personal that have made a mistake in life and ended up with a felony. Would it be against ethics to solicit accountants to possibly sug...
86 Views | 1 Answers/Comments

CRM / Workflow software Seeking Feedback

Jake Buto
Title: Product Manager
Company: Rapidly
(Product Manager at Rapidly)
Hello, *I apologize if this is against forums rules, I have nothing to sell just looking to gather feedback* I am with an early stage software startup that is interested in buildi...
123 Views | 4 Answers/Comments

Allocating fixed costs when unsure about how much product will be sold

I’m an intern at a small publishing company, and I’ve been tasked with finding out the cost of each product to ultimately create a costing model and to calculate profitability of ea...
5144 Views | 3 Answers/Comments

Pursuing continuing professional education (CPE) opportunities during work hours?

(HR manager)
1.Does your employer let you earn CPE hours during work hours? 2. Does your employer reimburse you for your CPE expenses and if so up to what rate a year? Thanks!
82 Views | 2 Answers/Comments

Absorption Accounting - interim period reporting

I work in the USA for a manufacturing subsidiary of a company based internationally(IFRS) and there seems to be some disagreement about the interim period reporting for our absorption a...
66 Views | 0 Answers/Comments

What are the success fee's broker-dealers charge? 2020

Paula Sweis
Title: Founder
Company: SILVERWEISS International
(Founder at SILVERWEISS International)
Hello! Could someone please tell me. What are typical success fee's broker-dealers charge when raising capital for a fund? ex: equity, real estate, private placement, etc. Appr...
85 Views | 0 Answers/Comments

Oanda rate issues

(Global Accounting Manager)
Hi all, We currenlty use Oanda, FX currency converter API for our month end close. We are running into some issues with the rates provided by Oanda. The rates provided for a few cur...
98 Views | 0 Answers/Comments

Non-Profit Audits

Brenda Sikkema
Title: Director of Finance
Company: Skybeck Construction
(Director of Finance at Skybeck Construction)
My boss is a chairman of a non-profit here in Austin, TX. It's called EO Austin, and it's a membership organization for entrepreneurs. He is wondering if the financials need to be aud...
83 Views | 0 Answers/Comments

What HR System Does Your Company Use?

(Accounting Manager)
Along with that question, what size is your company? Have you changed HR software as your organization has grown? If so, what benchmark did you use to know the time to change was com...
71364 Views | 8 Answers/Comments

Form 941 Employee Retention Credit

Howard Smolin
Title: Accountant
Company: HJS & ASSOC
(Accountant at HJS & ASSOC)
Revised form 941-Employee Retention Credit My client has a restaurant/Deli which operated during Q3 2020 under a 50% occupancy order mandated by the State Government. Does this qualify...
63 Views | 0 Answers/Comments

Revenue Recognition on Customer invoice disputes

Hello, I was wondering if I can seek some guidance from more experienced accountant here. So We have calculated that our revenue for Sept is around 500k. However, on 10/14, a custom...
162 Views | 1 Answers/Comments

Selling bulk spare parts inventory and buying it back after three years

Aftab Ali
Title: Manager Finance
Company: Confidential
(Manager Finance at Confidential)
I have a scenario in which the company A is selling its spare parts inventory on the value that is in the books to company B. Company B will maintain the inventory and after 5 year Comp...
70 Views | 0 Answers/Comments

1120F filing

I have a client who is converting his LLC in to a C Corp by checking the box for tax purposes only. New share holders will be foreign corporation . If the company does not have any divi...
68 Views | 0 Answers/Comments

Allowance for doubtful / bad debt expense / ytd writeoffs

fpa girl
Title: analyst
Company: cva
(analyst at cva)
On my company's income statement I see this (I am making up numbers): bad debt expense is $900 out of which $600 is due to covid impact. YTD writeoffs is $150. Provision YTD on...
89 Views | 0 Answers/Comments

Accounting entries for free labor for a customer

(Owner/Small Business Accountant)
One of my clients is providing a small amount of free labor for one of their customers. They are recording a liability for the portion of the labor promised, but not yet delivered to th...
96 Views | 1 Answers/Comments

Need some help with accounting work

jake lenshaw
Title: Manager
Company: N/A
(Manager at N/A)
hey guys i'm looking for the best way to handle some more complex account tasks that are not my specialty. Can anyone recommend a good solution. I was looking into theaccountinganalyst....
170 Views | 2 Answers/Comments

Sales Tax Question

Our company is in a state that has sales tax, while we often make sales to customers in states that don't have it. If someone were to place an order in a state that doesn't have sales t...
7268 Views | 4 Answers/Comments

3rd Party Netsuite Online Trainings

Zach Kusick
Title: Financial Accountant Senior
Company: Clovis Oncology
(Financial Accountant Senior at Clovis Oncology)
I am trying to research/find different options for specific trainings on Netsuite. I have only really found companies that do 1-on-1 consultations rather than just a training library. I...
74 Views | 0 Answers/Comments

Reasons to Amortize annual insurance amt when paid monthly

I am trying to wrap my head around the reasoning why our controller posted our insurance in this manner (she retired and I am picking up the pieces). Example: Our liability policy ru...
117 Views | 3 Answers/Comments

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