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Q&A Forum

Business purchase interest deduction

Anonymous
(Lead strategist)
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. M...
90 Views | 0 Answers/Comments

Vehicle Truck/SUV deduction question

Anonymous
(Artist)
Hello, I am an artist and own a small business where I am the only employee. I'm looking to purchase a truck or SUV to be used 100% for business. I will use it to deliver paintings, tr...
777 Views | 1 Answers/Comments

Replacing Yourself: CFO's, Have you ever had to train your replacement?

Anonymous
(CFO)
My company knows I'm planning on retiring in the near future, and they've indicated they want to go ahead and start looking for my replacement. They would like to find someone w...
10729 Views | 12 Answers/Comments

How do I treat rebate payment made to my customer ?

Oluwaseyi Adebowale
Title: Management Accountant
Company: Dastra Nigeria Enterprises
(Management Accountant at Dastra Nigeria Enterprises)
93 Views | 0 Answers/Comments

Who reports the New Hires to the State

Anonymous
(Payroll Manager)
We switch payroll vendors and our old vendor reported the New hires to all the States automatically. The new payroll vendor does not have the feature. Whose responsibility is it? HR o...
761 Views | 1 Answers/Comments

How to calculate and record monthly paid time off ( vacation and sick leave) expenses?

Anonymous
(Manager)
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....
383 Views | 1 Answers/Comments

280e and large (or any size) retailers selling CBD

Philip Eldred
Title: CEO
Company: Fairpoint Exchange
(CEO at Fairpoint Exchange)
The law is clear that CBD (a cannabis derivative) is only federally legal to sell as an ingredient in an FDA approved medication, such as Epidiolex, which is currently the only approved...
830 Views | 1 Answers/Comments

Accounts receivable on behalf of a company abroad and remitting to the company

Anonymous
(Educator)
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.Amer...
2456 Views | 1 Answers/Comments

Entry for Conversion of Convertible Notes

William Lieberman
Title: Founder & CEO
Company: The CEO's Right Hand
(Founder & CEO at The CEO's Right Hand)
I have a client that raised $1MM in convertible notes at a $10MM cap with a 20% discount. They subsequently received their Series A investment of $10MM at a $40MM pre-money valuation at...
10280 Views | 3 Answers/Comments

General Contractor and Multiple Divisions

Anonymous
(Accountant)
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 re...
118 Views | 0 Answers/Comments

Tax Software for Small Business

Anonymous
(CFO)
Hello, I am looking for suggestions on tax software for small businesses.  Specicially, i will be assisting a friend with the tax return for her bar/ restaurant.  The busines...
11839 Views | 3 Answers/Comments

Invoice Amount Straddles Month End

Thomas LYNCH
Title: President
Company: CereTel Inc.
(President at CereTel Inc.)
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. ...
148 Views | 1 Answers/Comments

Tripactions and integration with HR system and Expense reimbursement system

Anonymous
(manager)
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 (B...
106 Views | 0 Answers/Comments

Deposits at other institutions

Anonymous
(Financial Analyst)
Dumb question I’m sorry but I’m new to my job and trying to learn everything I can. Why might a bank put their money into a different financial institution? I’m assuming for a bet...
1106 Views | 3 Answers/Comments

CapEx and Depreciation

Henry Kusuma
Title: Functional Consulting
Company: Toba Technology
(Functional Consulting at Toba Technology)
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 asse...
2953 Views | 1 Answers/Comments

How to Set SMART Goals, Targets/Objectives for Accounting Department?

Andy Tan
Title: Supervisor
Company: AVS System Networks
(Supervisor at AVS System Networks)
In the company we are working now, it's required that Manager of each department has to set up annual targets/objectives for the department. It's quite easy for Sales or Product...
325020 Views | 19 Answers/Comments

Help With Journal Entries

Deeire Denia
Title: Accountant
Company: RETR INC
(Accountant at RETR INC)
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 en...
3075 Views | 2 Answers/Comments

How to fix incorrect IRA classification

Anonymous
(None)
We opened a Vanguard IRA in 2001 and it was supposed to be a Roth. We made contributions in 2001, 2002 and 2003 and all years were under the allowable $3000 limit. Now we want to take o...
106 Views | 0 Answers/Comments

Business Payment terms

Anonymous
(treasurer)
We purchased products off of a company for well over 30 years. Our business terms were 2% net 20 days. Now all of a sudden they want to switch the terms to Net 30 days. We were never co...
267 Views | 2 Answers/Comments

Hosting QB in Cloud

Diana Dickson
Title: Bookkeeping executive
Company: DD LLC
(Bookkeeping executive at DD LLC)
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...
135 Views | 1 Answers/Comments

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