Accounting
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New Auditor
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 just get as much info and do as much testing as you have to, in order to get enough assurance? And also, are th…
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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 accounting. We have assigned costing rates for both our labor and overhead costs. Obviously, the rates are estim…
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What is the best accounting software that can help me to manage all my monthly transactions?
What is the best accounting software that can help me to manage all my monthly transactions?
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How do I pay myself?
I'm not sure how to explain this, so I'll try my best. I'm self-employed. I do freelance work for a website. I don't know how to pay myself though. I mean I don't know how to make the journal entries for my accounting books. So far my books just look like a fancy checkbook. I was told by my…
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Oanda rate issues
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 currencies were not correct for last month. Anyone else is experiencing rate issues provided by Oanda. I'd also love …
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Non-Profit Audits
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 audited yearly because they are a non-profit? Or can they be reviewed or just done in house? I do not have non-prof…
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Equity movement of a branch
Hi all How the capital movement should take place between branch and the parent entity? Here I am referring to best practices when it comes to excess cash blocked in the branch? Thanks
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Form 941 Employee Retention Credit
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 as a partial suspension of operations and therefore eligible for the employee retention credit on form 941? If ye…
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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 customer disputed all of their invoices through their bank (credit card issuer) - around 45k. Our company responded wi…
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Selling bulk spare parts inventory and buying it back after three years
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 Company A will buy back the remaining inventory. The price of inventory will increase by 10% every year. Assuming inv…
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Accounting entries for free labor for a customer
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 the customer, with a corresponding expense. What should the entry be when that labor is provided? The liability …
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Accounting for a Cost Plus Subsidiary
We have an international subsidiary with a cost plus agreement. The subsidiary does not generate any revenue and is established only to handle the wages and employee benefits of our international employees in that country. We have a cost plus agreement between our US parent company and our internat…
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Need some help with accounting work
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.com has anyone used them before or have any other ideas?
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How to Account for Implied Interest on a Notes Payable
Let's say you were given a loan for $400,000, but only received $300,000 in cash. The difference of $100,000 is assumed (or implied) to be interest. There is no interest rate given, no term length, no payment schedule (e.g. pay X amount monthly or yearly), and no due date. You pay the loan off when…
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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 runs January-December Annual premium is $12,000. However, we pay $1000 every month for 12 months (we receive a mon…
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Quickbooks Online/Transfer/Journal Entry Question
In QBO we have two checking accounts (two separate businesses). Sometimes money is transferred from one account to another that needs to be categorized so it will hit a certain liability or expense. However, because QBO is only a double entry accounting system, it won't let me categorize it, it wil…
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Batching inventory management software to Quickbooks
I've been using Quickbooks Enterprise for many years, but a few years ago I started using Connectwise as my main program for customer management, invoicing, and inventory management. Quickbooks is relegated to expense management and financial reporting. Connectwise batches over inventory transactio…
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Do you want to connect your Power BI reports or Power BI model to your Xero data?
Discover how to seamlessly connect your Power BI reports or Power BI model to your Xero data. Level up your Reports with Data Nucleus. https://datanucleus.co/ Learn more here > https://www.youtube.com/watch?v=6aQO9ERPJD8&feature=youtu.be #XeroData #AccountingReport #FinancialRe…
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Showroom Display Cost
Hello everyone, How could an item from stock that will be used for display in the showroom be entered? The item is not going to be soldable again. Under which account should this appear? A friend suggested that we create an invoice for that item with price value of zero to a customer named showroo…
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is there a template for capital expense policy someone would share
Trying not to have to re-invent the wheel. Request pertains to RE Mgmt industry but any help would be appreciated
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Recognize free advertising received from a vendor
Company A was offered free advertising at no cost. Services are non-transferable. All advertising must be co-branded and approved by Company B. How do you recognize the free advertising received in Company A's books?
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Is this Legal?
I have an amount of £156,400 that will be divided by 12 payments. When £156,400 is divided by 12 it comes out at £13,033.33recurring. But when you times this by 12 it comes out at £156,399.99recurring. So is it legal to bill 11 payments at £13,033.33 and the last payment at £13,033.37?
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Financial Liability IAS 32
sir, if supplier agreed to get his settlement by taking our shares( fixed number of shares) in 3 months time base on a market price at a future date(variable). is this an equity settled share base payment or financial liability?
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How to classify the obligation to pay back funds
We have what in practice is a loan, but the agreement is structured such that the company providing us funding owns our inventory and we are authorized to sell it. Its not a lein, they own the product. As we pay back with interest we're essentially buying back our inventory. I know the inventory as…
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