Accounting


  • Revenue Recognition

    (Cutting Edge) is a monthly magazine that has been on the market for 18 months. It currently has circulation of 1.4 million copies. Negotiations are underway to obtain a bank loan in order to update the magazine’s facilities. They are producing close to capacity and expect to grow at an average o...

  • Donation of fully depreciated computers

    Our company recently donated fully depreciated computers. I know there should be a journal entry that debits accumulated depreciation and credits computer equipment, but should there also be a journal entry that debits charitable contributions expense and credits gain on donation of asset based o...

  • How is POS Different From My Accounting Software?

    How is POS Different From My Accounting Software?

  • What are EOR services?

    Employer of Record (EOR) is an alternative payroll solution often provided by staffing companies.

  • How to maintain employment of records?

    Its necessary for small business that how to maintain employment of records..need to discuss about that

  • Deferred Property Tax

    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 3 installments, which we do. This bill was entered as 3 separate invoices in Sage 300, which resulted in a DR ...

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

    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 have to expense at time of purchase, or can I expense as items are used? This is not a major part of our business...

  • Online Accounting Systems

    What other online accounting systems are used besides the double entry bookkeeping system?

  • Bookkeeping Question

    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 and create products which we either sell or let another company rent them out. How would the recording for this...

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

  • AP Bill.com

    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 payments, how does your AP team select bills? Currently, my check signers are selecting the payments, which is not a...

  • Revenue sharing - payment to the customer

    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 information that we have received. What is the proper way to book the payment to the customers? thanks

  • New Auditor

    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 just get as much info and do as much testing as you have to, in order to get enough assurance? And also, are ...

  • Absorption Accounting - interim period reporting

    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 accounting. We have assigned costing rates for both our labor and overhead costs. Obviously, the rates are est...

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

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

  • How do I pay myself?

    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 the journal entries for my accounting books. So far my books just look like a fancy checkbook. I was told by ...

  • Oanda rate issues

    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 currencies were not correct for last month. Anyone else is experiencing rate issues provided by Oanda. I'd also lov...

  • Non-Profit Audits

    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 audited yearly because they are a non-profit? Or can they be reviewed or just done in house? I do not have non-pr...

  • Equity movement of a branch

    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? Thanks

  • Form 941 Employee Retention Credit

    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 as a partial suspension of operations and therefore eligible for the employee retention credit on form 941? If ...

  • Revenue Recognition on Customer invoice disputes

    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 customer disputed all of their invoices through their bank (credit card issuer) - around 45k. Our company responded ...

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

    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 Company A will buy back the remaining inventory. The price of inventory will increase by 10% every year. Assuming i...

  • Accounting entries for free labor for a customer

    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 the customer, with a corresponding expense. What should the entry be when that labor is provided? The liabilit...

  • Accounting for a Cost Plus Subsidiary

    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 international employees in that country. We have a cost plus agreement between our US parent company and our intern...

  • Need some help with accounting work

    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.com has anyone used them before or have any other ideas?