Accounting


  • How do I handle lease termination agreements under ASC 842?

    My question is around the proper handling of lease termination payments. In this scenario-                  The lease term is extended for two years, let's say Jan 1, 2020- Dec 31, 2021. The tenant will pay monthly rent payments in the…

  • How do I incorporate foreign subsidiaries into a consolidated cash flows statement?

    At the moment, I am kind of stuck with how to deal with consolidated cash flow statement.          Before the way I did was as below, because all the subs are in the same currency as the parent. I combined all the parents and subs in balance sheet and P&L …

  • LLC divides into 3 entities; how do you divide retained earnings?

    I am a bookkeeper who recently took on a client that is separating an LLC into three. They were: Master LLC with a dba of XYZ They are now: Master LLC owns - XYZ LLC 100%; A split off service ABC LLC 50% owned by Master LLC.         Is there a single…

  • How should I record the value of an asset, net of a customer’s partial payment?

    Our customer is paying partially for an asset we will own. Should I record the value of the asset net of his participation? If not, is this participation considered revenue or other income?

  • Following acquisition, do I need to convert cash basis accounting to GAAP basis pre-acquisition?

    The company that I work for was just acquired by a private equity firm. The company has a cash basis accounting. We now need to audit our opening balances (post-acquisition).                  Do I need to first convert cash basis accounting t…

  • What is my company’s journal entry for a judgment against an employee who committed fraud?

    We recently had a judgment made in our favor against a former employee who committed fraud. When we receive payments from this employee, what should the journal entry be? We also received a house in the judgment and need to add the asset to our books. How would we make that journal entry when no…

  • What is ‘Proformative?’

    What is Proformative? Why does it exist? Why should I join?

  • 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 of …

  • 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 on …

  • 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 to…

  • 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 w…

  • 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 all…

  • 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 th…

  • 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 estim…

  • 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 my…

  • 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 love …

  • 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-prof…