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Q&A Forum

Accounting for convertible note

Anonymous
(Accounting Manager)
Our private company issued a 24-month convertible note for $5M with 8% simple annual interest. The outstanding principal and accrued interest are payable at maturity date. Prepayment is...
31 Views | 0 Answers/Comments

My private company is having large investors come in mid-month and want me to prorate BS & IS items for mid-month and have a regular close.. how do I keep them separate?

Melissa Rice
Title: Controller
Company: OPRS Services
(Controller at OPRS Services)
I work for a private company which is having investors come in mid-month, however, the investment is really in the company that owns my company. For this reason, they want to keep trac...
24 Views | 0 Answers/Comments

Checklist for systems controls?

Matthew Dineen
Title: Controller
Company: N/A
(Controller at N/A)
Hi All - I'm a controller of a privately held business with about 400 employees. I was recently hired - the previous controller was promoted to CFO when the old CFO retired. Both of t...
30 Views | 0 Answers/Comments

Need for invoice

Tim Ahern
Title: Retired
Company: Retired
(Retired at Retired)
Does a HOA management company need to provide the HOA an invoice to receive monthly fee, or can they simply withdraw the required amount?
50 Views | 0 Answers/Comments

How do I account for a revenue share with a vendor.

Anonymous
(Senior Accounting Analyst)
We entered into a revenue share agreement with a vendor in which we buy the product from them and then sell it. They are entitled to 50% of the revenue, which is then reduced by the cos...
80 Views | 1 Answers/Comments

ERP/Accounting Software Search

Nick Tehrani
Title: Accounting Manager
Company: XYPRO
(Accounting Manager at XYPRO)
Hello, I was wondering if anyone in Technology/Software Industry has implemented a new accounting system recently. My company is hoping to move on from QuickBooks due to our need for a...
69 Views | 1 Answers/Comments

What accounts get zeroed out at the end of year?

Anonymous
(Bookkeeper)
Example: Accrued items
51 Views | 1 Answers/Comments

How to do Partnership Financial Statement with Negative Capital Account

Anonymous
(Company Accountant)
I am finishing a partnership for the first time in my life. I don't know what I should do. I plan to do a financial statements and lodge final tax return, lodge my last BAS and cancel...
61 Views | 0 Answers/Comments

How do parent and subsidiary audits work?

anonymous person
Title: Associate
Company: Accounting Firm
(Associate at Accounting Firm)
I am starting in audit soon and I am just wondering the mechanics of an audit in regards to a parent and sub. if a company buys another and they have different auditors, would the audit...
100 Views | 0 Answers/Comments

How to book a deferred tax in IFRS and in the local statutory in case of a different result in the books?

Aleksandra Myja
Title: Junior Financial Controller
Company: Fresenius Kabi SSC Poland
(Junior Financial Controller at Fresenius Kabi SSC Poland)
How to book a deferred tax in IFRS and in the local statutory in case of a different result in the books? How can I match one result to another? Thank you in advance
82 Views | 0 Answers/Comments

What is my job title ?

Anonymous
(accounts assisstant)
I recently started a job as a admin/accounts assistant in a new accounting firm, however as the months have passed they have decided to hire a few more bookkeepers and have me over se...
226 Views | 1 Answers/Comments

Solving for Net Receivables

Anonymous
(Research Analyst)
Recently took a financial modeling test as part of an interview process. The test was a three statement financial model in Excel with certain cells left blank which had to be filled in ...
148 Views | 1 Answers/Comments

Fixed Assets Verification technical criteria

Greeting, we are in fixed assets verification. we need to choose vendor for it, can anyone advice what shall be technical criteria in order to choose vendor. thanks in advance.
95 Views | 0 Answers/Comments

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

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)
92 Views | 0 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....
335 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...
2391 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...
10222 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...
117 Views | 0 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. ...
143 Views | 1 Answers/Comments

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