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Q&A Forum

How to account for FX swap

Wanted to get input regarding accounting for a currency swap as haven’t done this before: Near Leg: Value Date: 07/04/2018 Amounts: GBP 100,000 EUR (113,992.61) Fa...
12 Views | 0 Answers/Comments

Western CPE going bankrupt - what should I do with my CPE?

Janice Taylor
Title: CPA
Company: Self
(CPA at Self)
A friend just told me that Western CPE has filed chapter 11. I have used them for years. What should I do with my CPE certificates from them, and who should I look at next for CPE?
1307 Views | 4 Answers/Comments

Contract date

Olive O
Title: Controller
Company: P&P
(Controller at P&P)
If a contract's effective date is in October but was signed in December, would rev recognition begin in Oct or Dec? Considering we haven't adopted the new standards
23 Views | 0 Answers/Comments

Proper recognition of deferred fees and costs?

Tommy Barzola
Title: Manager
Company: Wintrust Bank
(Manager at Wintrust Bank)
Good day all Under FASB 91, as a lender we are to recognize loan origination fees and costs over the life of the loan. In my office there is some discrepancy of how we go about accou...
30 Views | 0 Answers/Comments

Financial Statement Presentation of a Converted Corporation

Taewon K
Title: Staff Accountant
Company: CPA
(Staff Accountant at CPA)
Hello, I had a question about financial statement presentation for an audit. In 2017, an LLC converted to a Corporation mid-year. At the time of the conversion, the net income to dat...
35 Views | 0 Answers/Comments

E-commerce platform

Chun Huat Tan
Title: Finance Executive
Company: Singapore
(Finance Executive at Singapore)
Hi, We will be developing an online e-commerce platform for buyers and sellers to transact. We will charge a fixed % of platform commission for the usage of platform. Payment gate...
32 Views | 0 Answers/Comments

Asset Capitalization

We are planning on purchasing a significant amount of large metal trays that will be used with our manufacturing equipment. Individually, they only cost about $300, but in total will pu...
212 Views | 4 Answers/Comments

Treatment of Bad Debt expense

Sufyan Alvi
Title: Assistant Manager
Company: Nyumba Ya Akiba SA
(Assistant Manager at Nyumba Ya Akiba SA)
Hi, I want to ask that when we collect previously written-off receivable, we make entry of Dr Cash Cr Allowance for Doubtful Debts. And, earlier we had already passed an...
90 Views | 2 Answers/Comments

Restaurant Accounting with QuickBooks: Recording Daily Sales

Doug Sleeter
Title: President
Company: The Sleeter Group, Inc.
(President at The Sleeter Group, Inc.)
A restaurant’s success relies on an effective back office accounting system, and QuickBooks financial software can be a critical part of that success. QuickBooks can be used for...
19780 Views | 1 Answers/Comments

What next after a CPA and 15 years of experience

(Manager, Tax Accounting)
Hello, I'm a CPA with 16 years of experience listed below from the latest to oldest 5.5 years Tax Accounting (ASC740) 3.5 years private company financial reporting 7.0 years Big 4 p...
42 Views | 0 Answers/Comments

Required documents for Auditing!!!

Matt Moradi
Title: Accounting specialist / Bookkeeper
Company: Neuvoo
(Accounting specialist / Bookkeeper at Neuvoo)
Hi all, I was wondering, for auditing purposes, do I need to have document explaining Rent payment? or for example some expenses like office cleaning, that we pay cash on receipt (By c...
49 Views | 0 Answers/Comments

Fixed Assets purchased at a discount

(Strategic program manager )
Hello. We purchased several fixed assets at a significant discount because a similar company was going out of business. In our financials, we recorded the assets at cost and they are de...
52 Views | 1 Answers/Comments

How do I account for old cost from an audit when previous year is closed?

Matt Capozzi
Title: Controller
Company: Brogan Landscaping
LinkedIn Profile
(Controller at Brogan Landscaping)
An insurance audit created an additional bill for premium to my company. That audit covered a period between November 2016 and march 2017. A CPA firm completes the owners taxes for t...
41 Views | 0 Answers/Comments

GDPR is a regulation that requires businesses to protect the personal data and privacy of EU citizens for transactions that occur within EU member states

(Director of Finance/Controller)
GDBR law will become effective on 05/25. Just wonder if any companies in US having no entity in EU are required to implement this law or not. If so, please share the implementation expe...
47 Views | 1 Answers/Comments

need career advice

Chris Peterson
Title: Accountant
Company: Xcel Energy
(Accountant at Xcel Energy)
Need career advice on how to get out of the nightmare situation that I’m in. My LinkedIn profile: Working for a large utility com...
74 Views | 0 Answers/Comments

Why do we exclude accrued bank FD interest from carrying FD balance and and shows separately in balance sheet under current assets ? Is this due to IAS 7 or any other applicable IAS or IFRS ?

(financial analyst)
41 Views | 0 Answers/Comments

Can someone please describe how you would prepare & generate a monthly financial report for your management?

Shadab Anwar
Title: Associate
Company: GMR
(Associate at GMR)
84 Views | 2 Answers/Comments

Accounts Receivables Journal Entries and Accruals?

Inderpal Singh
Title: Learner
Company: XYZ
(Learner at XYZ)
Hi there What all journal entries are required to be posted in accounts receivables. What accruals means in context of accounts receivables. if we don't receive payment on month end th...
40 Views | 0 Answers/Comments

What is a reasonable window from the date an employees incurs a reimbursable expense to when it must be submitted for reimbursement?

Sarah Zodin
Title: VP Accounting
Company: HomeAdvisor
(VP Accounting at HomeAdvisor)
I have had expenses submitted any where from 1 day after the expense was incurred to as much as 9 months. Our current policy requires reimbursement request to be within 30 days from th...
64 Views | 3 Answers/Comments

Accounting treatment for assets on hire

(Finance Professional)
One of my clients are involved in the business of importing medical equipment and hiring them out to hospitals. The company does not charge a significant payment from the customer in th...
87 Views | 4 Answers/Comments

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