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Q&A Forum

Inventory Tracking in QuickBooks

kimberly kelly
Title: Consultant
Company: Metis Partner Solutions LLC
(Consultant at Metis Partner Solutions LLC)
One of my clients is having an issue with QuickBooks Inventory.  They are entering inventory purchases via the "write checks" function and entering the appropriate ite...
26667 Views | 7 Answers/Comments

Sage software - how to expense

Anonymous
(Senior Accountant)
We signed up for 1 year contact at 35k. Monthly expense is 2800/mo. if the vendor is invoicing us quarterly 12k on first two quarters and 3rd and 4th, they will invoice 4600. Dr ...
14 Views | 0 Answers/Comments

Final unrealized forex across periods

Widad Dzaki
Title: Associate
Company: Nio
(Associate at Nio)
Hi, Would the reversal of the unrealized forex be realized upon payment? Say in FY20X7 I had a GBP1mil Debtor valued at 1.2USD which is the revalued to 1.3USD at the end of the year...
14 Views | 0 Answers/Comments

Proxy Statement - does anyone have experience with the overall costs related to the filing of a proxy statement?

William Hubbard, CPA, CFE
Title: SEC Financial Reporting
Company: Victory Capital
(SEC Financial Reporting at Victory Capital)
Hi - we are filing a proxy statement for the first time this year and there are a multitude of vendors, broadridge being one of them. Does anyone here have experience filing the proxy s...
15 Views | 0 Answers/Comments

Is it legal for Liberty Mutual Insurance to require a company to provide the bank statements of its subcontractors?

Anonymous
(Office Manager)
During an audit, Liberty Mutual asked that I provide copies of canceled checks for several subcontractors. All of these subcontractors have insurance. Copies of the checks were provided...
20 Views | 0 Answers/Comments

ASC 606 - Revenue from contract with customers

D M
Title: accounting manager
Company: SaaS
(accounting manager at SaaS)
I have a question about the recognition of the upfront set-up fees per new GAAP. My understanding is that those should be spread over the life of a contract. Is that correct? Also, in...
20 Views | 0 Answers/Comments

Gross Revenue Question

Andrea M
Title: Accounting Clerk
Company: Global Land Surveying LLC
(Accounting Clerk at Global Land Surveying LLC)
I am new to bookkeeping and had a question in regards to what the gross revenue of a company is based on. For instance, is gross revenue based off of what is invoiced for the month or w...
26 Views | 0 Answers/Comments

How should I create a Chart of Accounts for Co-working and Office-Sharing business?

Al Shey
Title: Director/Senior
Company: PointC
(Director/Senior at PointC)
I am helping a client setup his books and I need to build his CoA for his co-working business, similar to WeWork or Regus. The business needs to track TI and Construction, various Leas...
36 Views | 0 Answers/Comments

Internally-prepared Compilation Statements (CFO [CPA])

Anonymous
(CFO | CPA)
I am a CFO of a small business and have an active CPA license. The bank is requiring compiled financial statements for their debt-service agreement. Clearly, the statements would need...
52 Views | 0 Answers/Comments

Inventory Supplies Policy

Anonymous
(Corporate Controller)
Hello, I'm new to this forum and have a question about how those of you in manufacturing or other similar industries treat your inventory policy for materials and supplies. I'm relat...
43 Views | 0 Answers/Comments

Type casted as "Tax Accountant"

Anonymous
(Staff Accountant)
The first job I took out of college and still hold is with a CPA firm in the tax department. 2 years in I realize I really don't like the overtime, constant condescension, and that taxe...
128 Views | 4 Answers/Comments

Quickbooks Enterprise and deferred revenue. A bit confused and need help.

Anonymous
(CFO)
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...
7212 Views | 3 Answers/Comments

Guidance need with company purchase accounting transaction

Anonymous
(Director)
Good day friends, I need some high level guidance with the following situation A private company C Corp was purchased by a PE backed firm. The PE firm fund and management form the ...
37 Views | 0 Answers/Comments

How do you record insurance proceeds from storm damage?

Anonymous
(Controller)
We had a large hail storm where I work that caused damage to the roof of our building, some HVAC equipment and our maintenance shop. We received the insurance check and now I'm trying ...
62 Views | 0 Answers/Comments

In-Person Training/Classes

Anonymous
(Internal Audit Manager)
Hello, I want to set up some trainings for the accounting department I work in. The CFO and myself are the only two CPA's, so we want to put on basic accounting classes for the group...
1462 Views | 6 Answers/Comments

Setting Up my books for Services rendered this year as tax preparer: Bad Debt not allowed

Cristina De Franco
Title: Owner
Company: Global Sur Financial
(Owner at Global Sur Financial)
I am setting up my books for the first time, and I'm super thrilled to do so, but I have so many questions. 1. Bad Debt or fix invoice amount How do I enter in QBO the fact that a...
63 Views | 1 Answers/Comments

When revaluing assets that are in a Construction in Progess account at year end, does the adjustment have to be booked to the P&L or can an adjustment be made to the value of the asset?

Anonymous
(Consultant)
55 Views | 0 Answers/Comments

donations vs program revenue for non-profit

Kathleen Reardon
Title: Controller
Company: South Shore YMCA
(Controller at South Shore YMCA)
Hi- does anyone know where to find specific guidance on fund-raising events such as 5K races where they pay for the ticket to enroll and may or may not have food provided afterward... w...
59 Views | 0 Answers/Comments

How to account for Intercompany shared expenses?

Anonymous
(Accountant)
If a company shares expenses with its subsidiary, e.g. rental, electricity and water fee. The Parent company pays all these fees and need to recharge to its subsidiary. Which is the mos...
121 Views | 1 Answers/Comments

Is the Escrow on a rental property considered an asset or liability on the balance sheet?

Wende Mutschler
Title: President
Company: Basic Bookkeeping Inc
(President at Basic Bookkeeping Inc)
16356 Views | 8 Answers/Comments

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