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Q&A Forum

How to shop for audit firm?

(Director of Finance)
Looking to start a relationship with an audit firm to implement annual financial audit of a pharmaceutical manufacturer that has been around for 30 years. Revenue growing exponentially,...
10 Views | 1 Answers/Comments

Accepting money as a loan using your merchant account but you receive a 1099-k - how do you offset?

Tech Man
Title: accounting
Company: Techman
(accounting at Techman)
So you receive a 1099-k when accept money via your merchant account. How can you offset the 1099-k when you file your taxes. The money you receive is a loan not sales but it shows on...
36 Views | 3 Answers/Comments

Revenue Sharing Arrangements

(Financial Accountant)
Hi there, I have the following question regarding a revenue sharing arrangement that our company has entered into: Scenario/Facts We have an asset in Company A (A) which has been re...
31 Views | 1 Answers/Comments

Customer Owned Tool Built with Spare Parts. COGS = $0??

(Senior Accountant)
We built a customer owned tool with spare parts that we have in our spare parts inventory. We expensed the cost of building this tool and did not record this in COGS. I am challenging w...
38 Views | 1 Answers/Comments

Accounting for Convenience Fee on Credit Cards

Rayomand Ghadiali
Title: CFO
Company: The Citizens Foundation, USA
(CFO at The Citizens Foundation, USA)
Hi, please share best practice in accounting for credit card transaction fees voluntarily covered by Donors _is additional fee amount recorded as part of Contribution Received or under...
76 Views | 0 Answers/Comments

Accident: Sales tax paid by personal account

I have a New Jersey LLC. I accidentally paid the quarterly sales tax with my personal checking account instead of my business account. What’s the best way to rectify this situ...
48 Views | 1 Answers/Comments

Help me choose between DBA, S Corp or LLC

I am trying to figure out what type of legal entity to go with. The nature of my business is going to be web development. I am going to create websites by contracts, do different devel...
33 Views | 0 Answers/Comments

Changing structure of our finance office

The company I work for owns multiple businesses located across the province. In 2012 we transitioned from separate bookkeepers in each location to centralized accounting. We employ 4 bo...
6183 Views | 15 Answers/Comments

Consolidated Financial Statements and QuickBooks

Any time-saving tips for simplifying the consolidated financial statements reporting process? In terms of just the software piece of it, I feel like we’ve outgrown QuickBooks....
56097 Views | 29 Answers/Comments

Can anyone kindly shed some light on how to calculate PV of payments for a lease (under new guidance (ASC 842)), if the payment varies depending on usage?

Hi All, I am working on a paper regarding the new lease accounting standard and would appreciate any insights on how to do the calculations to record operating leases in the B/S. As an ...
40 Views | 0 Answers/Comments

Career planning. Need advice!

(Audit associate)
Hello all, I am currently a student finishing up a dual bachelor's and master's degree in accounting at a large and well regarded public university. Like most of the kids in my progr...
43 Views | 0 Answers/Comments


Audrey Johnson
Title: Training
Company: Company
(Training at Company)
So I'm on an accounting course and I would be grateful if you could answer me this questions 1. Each entry in the journal can't have more that one operation or transaction. That i...
39 Views | 0 Answers/Comments

Applying Value to Discounted Items

(Director of Finance)
My company offers various promotions to new members. Most of them are of the buy one, get one free nature. The items are substantially the same. In those cases, we divide the considerat...
69 Views | 1 Answers/Comments

Franchise Fee on Balance Sheet

My client purchased an existing Franchise business (insurance) from another franchisee. The purchase cost was a lumpsum of $200,000. This included all FFE and the book of business (Goo...
43 Views | 0 Answers/Comments

What features do you wish your accounting software had?

(Director of Product, Partner Operations)
I'm looking for people to share their experiences with systems like Drake, ProSeries, Prosystem fx, Lacerte, etc. I have seen smaller threads for some products, but I'm looking at this...
57 Views | 2 Answers/Comments

Capitalization of Training Video

(Assistant Corporate Controller)
Hi, My company recently hired a company to film a new hire training video. We incurred the film fees as well as travel, propping, warbrode, etc. The travel was incurred by our employ...
59 Views | 2 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...
52 Views | 0 Answers/Comments

Should a company record commission expenses paid to a 3rd party (for a sales lead that leads to revenue) as COGS or as a net (contra expense) in revenue?

77 Views | 1 Answers/Comments

How should a company value inventory that is made up of used product? For example if a customer wants a new computer and pays a company 500 dollars and also trades in their old computer. How does the company that received the trade in cost it in inventory

(Accounting manager)
30 Views | 0 Answers/Comments

Accounts Payable Automation Process

Bryan Fritz
Title: Taoist Finance Officer
Company: Business Consultant
LinkedIn Profile
(Taoist Finance Officer at Business Consultant)
Has anyone recently implemented an accounts payable automation system at their company? Did it go smoothly, what software/company did you engage and are you happy with what you have? An...
21318 Views | 12 Answers/Comments

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