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Q&A Forum

How should I create a Chart of Accounts for Co-working and Office-Sharing business?

Al Shey
Title: Director/Senior
Company: PointC
(Director/Senior at PointC)
I am helping a client setup his books and I need to build his CoA for his co-working business, similar to WeWork or Regus. The business needs to track TI and Construction, various Leas...
44 Views | 0 Answers/Comments

Internally-prepared Compilation Statements (CFO [CPA])

I am a CFO of a small business and have an active CPA license. The bank is requiring compiled financial statements for their debt-service agreement. Clearly, the statements would need...
54 Views | 0 Answers/Comments

Inventory Supplies Policy

(Corporate Controller)
Hello, I'm new to this forum and have a question about how those of you in manufacturing or other similar industries treat your inventory policy for materials and supplies. I'm relat...
48 Views | 0 Answers/Comments

Need advice - Want to pursue Financial Data Science career

Dear all, I currently am a professional public accountant working in a big 4 audit firm for the past 5 years. Considering the increasing involvement of AI in the Finance profession, ...
423 Views | 0 Answers/Comments

Type casted as "Tax Accountant"

(Staff Accountant)
The first job I took out of college and still hold is with a CPA firm in the tax department. 2 years in I realize I really don't like the overtime, constant condescension, and that taxe...
137 Views | 4 Answers/Comments

I am a commission only, outside sales person. After over 13 years at my company, they have put a tracker on us and are literally questioning every hour of our day and weeks.

(Sales representative)
They are also saying that our home office/admin days are no longer allowed and do not count that time toward our work hours that day. I work in alcohol distribution and am required to p...
54 Views | 0 Answers/Comments

Quickbooks Enterprise and deferred revenue. A bit confused and need help.

New CFO to a SaaS company and a bit confused about how to have my accountant process these transactions (we are currently using QuickBooks Enterprise). Would some kind soul who uses...
8471 Views | 3 Answers/Comments

How To Raise Money For A Startup?

Besides your own personal network, what is the best way to get investors for a startup? ...
177699 Views | 19 Answers/Comments

Guidance need with company purchase accounting transaction

Good day friends, I need some high level guidance with the following situation A private company C Corp was purchased by a PE backed firm. The PE firm fund and management form the ...
42 Views | 0 Answers/Comments

How do you record insurance proceeds from storm damage?

We had a large hail storm where I work that caused damage to the roof of our building, some HVAC equipment and our maintenance shop. We received the insurance check and now I'm trying ...
65 Views | 0 Answers/Comments

Does Payroll report to HR or Finance?

Liz Armstrong
Title: Controller, consulting
Company: Consulting
(Controller, consulting at Consulting)
I'm interested in getting feedback from large employers (over 100 employees) with out-of-state employee and have somewhat complex payroll (lots of deduc...
216561 Views | 46 Answers/Comments

Guidance around travel budget

(Strategic program manager)
Helping the team prepare travel budgets for FY19. Wanted to see if anyone has any average trip costs for domestic / international travel that I could use. Thinking something like: Ai...
126 Views | 0 Answers/Comments

In-Person Training/Classes

(Internal Audit Manager)
Hello, I want to set up some trainings for the accounting department I work in. The CFO and myself are the only two CPA's, so we want to put on basic accounting classes for the group...
2470 Views | 6 Answers/Comments

Can somebody recommend a credit card processor company that provide inmates with debit cards upon release from custody

(Buyer III)
Currently my company uses Vantiv. However, the problem we are having is Vantiv is part of a 5/3 bank and can only establish one card per SSN. So if someone is released multiple times, t...
1411 Views | 0 Answers/Comments

990 Former Directors

Kathleen Reardon
Title: Controller
Company: South Shore YMCA
(Controller at South Shore YMCA)
we have always reported former Directors from prior years on our 990 even though they are not paid. am I correct in determining they do NOT need to be reported as that have not been pai...
813 Views | 0 Answers/Comments

Setting Up my books for Services rendered this year as tax preparer: Bad Debt not allowed

Cristina De Franco
Title: Owner
Company: Global Sur Financial
(Owner at Global Sur Financial)
I am setting up my books for the first time, and I'm super thrilled to do so, but I have so many questions. 1. Bad Debt or fix invoice amount How do I enter in QBO the fact that a...
69 Views | 1 Answers/Comments

When revaluing assets that are in a Construction in Progess account at year end, does the adjustment have to be booked to the P&L or can an adjustment be made to the value of the asset?

59 Views | 0 Answers/Comments

donations vs program revenue for non-profit

Kathleen Reardon
Title: Controller
Company: South Shore YMCA
(Controller at South Shore YMCA)
Hi- does anyone know where to find specific guidance on fund-raising events such as 5K races where they pay for the ticket to enroll and may or may not have food provided afterward... w...
63 Views | 0 Answers/Comments

How to account for Intercompany shared expenses?

If a company shares expenses with its subsidiary, e.g. rental, electricity and water fee. The Parent company pays all these fees and need to recharge to its subsidiary. Which is the mos...
124 Views | 1 Answers/Comments

Is the Escrow on a rental property considered an asset or liability on the balance sheet?

Wende Mutschler
Title: President
Company: Basic Bookkeeping Inc
(President at Basic Bookkeeping Inc)
18336 Views | 8 Answers/Comments

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