Accounting


  • 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 ye…

  • 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 wi…

  • 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 inv…

  • 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 liability …

  • 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 internat…

  • 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?

  • How to Account for Implied Interest on a Notes Payable

    Let's say you were given a loan for $400,000, but only received $300,000 in cash. The difference of $100,000 is assumed (or implied) to be interest. There is no interest rate given, no term length, no payment schedule (e.g. pay X amount monthly or yearly), and no due date. You pay the loan off when…

  • Reasons to Amortize annual insurance amt when paid monthly

    I am trying to wrap my head around the reasoning why our controller posted our insurance in this manner (she retired and I am picking up the pieces). Example: Our liability policy runs January-December Annual premium is $12,000. However, we pay $1000 every month for 12 months (we receive a mon…

  • Quickbooks Online/Transfer/Journal Entry Question

    In QBO we have two checking accounts (two separate businesses). Sometimes money is transferred from one account to another that needs to be categorized so it will hit a certain liability or expense. However, because QBO is only a double entry accounting system, it won't let me categorize it, it wil…

  • Batching inventory management software to Quickbooks

    I've been using Quickbooks Enterprise for many years, but a few years ago I started using Connectwise as my main program for customer management, invoicing, and inventory management. Quickbooks is relegated to expense management and financial reporting. Connectwise batches over inventory transactio…

  • Do you want to connect your Power BI reports or Power BI model to your Xero data?

    Discover how to seamlessly connect your Power BI reports or Power BI model to your Xero data. Level up your Reports with Data Nucleus. https://datanucleus.co/ Learn more here > https://www.youtube.com/watch?v=6aQO9ERPJD8&feature=youtu.be #XeroData #AccountingReport #FinancialRe…

  • Showroom Display Cost

    Hello everyone, How could an item from stock that will be used for display in the showroom be entered? The item is not going to be soldable again. Under which account should this appear? A friend suggested that we create an invoice for that item with price value of zero to a customer named showroo…

  • is there a template for capital expense policy someone would share

    Trying not to have to re-invent the wheel. Request pertains to RE Mgmt industry but any help would be appreciated

  • Recognize free advertising received from a vendor

    Company A was offered free advertising at no cost. Services are non-transferable. All advertising must be co-branded and approved by Company B. How do you recognize the free advertising received in Company A's books?

  • Is this Legal?

    I have an amount of £156,400 that will be divided by 12 payments. When £156,400 is divided by 12 it comes out at £13,033.33recurring. But when you times this by 12 it comes out at £156,399.99recurring. So is it legal to bill 11 payments at £13,033.33 and the last payment at £13,033.37?

  • Financial Liability IAS 32

    sir, if supplier agreed to get his settlement by taking our shares( fixed number of shares) in 3 months time base on a market price at a future date(variable). is this an equity settled share base payment or financial liability?

  • How to classify the obligation to pay back funds

    We have what in practice is a loan, but the agreement is structured such that the company providing us funding owns our inventory and we are authorized to sell it. Its not a lein, they own the product. As we pay back with interest we're essentially buying back our inventory. I know the inventory as…

  • Fixed Asset / Leased Assets

    My company offers services for ATM Machines where some customers buy the machines outright but we also have agreements where we share on the revenue earned at that location. The agreement is usually for 5 years but they still own the machine. My question is regarding if we should book this revenue …

  • Accrual to cash conversion for multiple years

    Hello Everyone,I have a problem I've been trying to figure out for a week now; i'm sure there is an easy answer but i just can't see it.Background:We a small company that keeps financials in the accrual method. But for our tax return, we file on the cash basis.Problem:I normally convert the accrua…

  • Simple bookkeeping question re reimbursements

    Hi. I am a somewhat ignorant bookkeeper in that if something comes through I haven't dealt with before, I don't really know how to handle it. Here is my current scenario. Landlord agrees to pay for landscaping services. Tenant hires Gardener. Gardener gives Tenant invoice and instead of passin…

  • Industry advice

    I am looking for some industry career advice. I worked ~10 years in a software company that started out a small, private firm and was acquired by a large public company after 6 years. I had pretty good progression from Senior Accountant to Accounting/Finance Manager and then Director of Billing/Rev…

  • Revenue accounting from App store

    HI, question any sales that are happening from Apple Store, how that can be recorded in books? Apple charges 30% as a cut on the selling price charged to the customer and remaining 70% is given back to our company. Question- Can we just record the net revenue (70% of sale price) and can ignore…

  • How to account for the extension of stock option life?

    My company has previously issued stock options to employees that had a life of 7 years. The options were valued using the black scholes model using the simplified method to calculate the term. Most of the options are fully vested but a few are not. The company has approved the extension of the le…