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Q&A Forum

How do I pay myself?

Anonymous
(Freelancer)
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 t...
140 Views | 2 Answers/Comments

Accounting for a Cost Plus Subsidiary

Anonymous
(Manager of Accounting)
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 int...
114 Views | 2 Answers/Comments

Equity movement of a branch

V TEK
Title: International controller
Company: None
(International controller at None)
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? T...
88 Views | 1 Answers/Comments

Deferred Property Tax

A B
Title: Accountant
Company: ---
(Accountant at ---)
I have been going rounds with this and need some help to make sure that my books are accurate. For simplicity's sake, my yearly property tax bill is 12k. Our state allows us to pay in...
63 Views | 0 Answers/Comments

Can I record /expense purchases into an inventory account if I am a cash basis business

Ron Rochester
Title: Account Manager
Company: R Rochester Business Services
(Account Manager at R Rochester Business Services)
Can I purchase items into inventory and expense over time, when using a cash basis accounting system. We purchase larger than needed quantities to get bulk discount pricing. Do I ha...
80 Views | 0 Answers/Comments

Online Accounting Systems

Sima Singh
Title: Software Strategist & Digital Marketing ..
Company: Technology Counter
(Software Strategist & Digital Marketing .. at Technology Counter)
What other online accounting systems are used besides the double entry bookkeeping system?
113 Views | 1 Answers/Comments

Revenue sharing - payment to the customer

Anonymous
(Controller)
Hi, hopefully it is a quick question. Our company just started to do revenue sharing with a customer, we are paying the customer 80% annual fee and 80% interchange fees based on the i...
80 Views | 1 Answers/Comments

Bookkeeping Question

Anonymous
(n/a)
Hello all, I have a startup company that I am working through and I had a couple bookkeeping questions. It is a very small startup, $20K income/expenses per year. We buy materials...
121 Views | 1 Answers/Comments

What vendor payment software would you suggest for a small to medium company?

Jana Welsh
Title: Accounting Manager
Company: Elementum 3D, Inc.
(Accounting Manager at Elementum 3D, Inc.)
89 Views | 0 Answers/Comments

AP Bill.com

Shannon Ortiz
Title: Accounts Payable
Company: Viacyte
(Accounts Payable at Viacyte)
We have just implemented bill.com - previously, as AP, I always selected all invoices and cut checks to be signed. With bill.com, since you are assigning the Authorized Users for payme...
76 Views | 0 Answers/Comments

What is the best accounting software that can help me to manage all my monthly transactions?

Elena James
Title: Business Analyst
Company: https://ebetterbooks.com/
(Business Analyst at https://ebetterbooks.com/)
What is the best accounting software that can help me to manage all my monthly transactions?
174 Views | 1 Answers/Comments

New Auditor

Russell Lawler
Title: Looking
Company: Looking
(Looking at Looking)
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 ...
101 Views | 1 Answers/Comments

Absorption Accounting - interim period reporting

Anonymous
(Accountant)
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 a...
74 Views | 0 Answers/Comments

Oanda rate issues

Anonymous
(Global Accounting Manager)
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 cur...
107 Views | 0 Answers/Comments

Non-Profit Audits

Brenda Sikkema
Title: Director of Finance
Company: Skybeck Construction
(Director of Finance at Skybeck Construction)
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 aud...
91 Views | 0 Answers/Comments

Form 941 Employee Retention Credit

Howard Smolin
Title: Accountant
Company: HJS & ASSOC
(Accountant at HJS & ASSOC)
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...
69 Views | 0 Answers/Comments

Revenue Recognition on Customer invoice disputes

Anonymous
(CONTROLLER)
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 custom...
169 Views | 1 Answers/Comments

Selling bulk spare parts inventory and buying it back after three years

Aftab Ali
Title: Manager Finance
Company: Confidential
(Manager Finance at Confidential)
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 Comp...
78 Views | 0 Answers/Comments

Accounting entries for free labor for a customer

Anonymous
(Owner/Small Business Accountant)
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 th...
102 Views | 1 Answers/Comments

Need some help with accounting work

jake lenshaw
Title: Manager
Company: N/A
(Manager at N/A)
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....
176 Views | 2 Answers/Comments

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