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Anonymous
(Owner) As a teenager I collected comic books. I have a dozen large boxes of comics. I never tracked exactly what I had, but 20 years ago I sorted the most valuable into a single box. I stored these casually in my basement for a long time. This summer I decided to catalog them to...
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Maxanne Pierce
Title: Bookkeeper
Company: Seacoast Modular Homes, Inc.
(Bookkeeper at Seacoast Modular Homes, Inc.) I need some assistance with an entry for a new vehicle purchase with a vehicle trade-in, including depreciation and removal of the old fixed asset. I have all of my numbers but I am not sure of exactly how to make my entries.
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Anonymous
(Accounting Manager) Anyone willing to share the template they use for balance sheet recons? We are a smallish start up that hasn't done them in the past. I'm hoping someone is willing to share a good template that I can tweak, vs having to create something new from scratch. Thanks!
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Brad Burgess
Title: President
Company: Spectrum Accounting, Inc.
(President at Spectrum Accounting, Inc.) In 2000, SELLER A and BUYER B went out on there own as independent lumber brokers. Each created their own corporation and together they created a partnership each owning 50%. The partnership owns the land and the building where these brokers conduct business. SELLER A’s...
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Anonymous
(Assistant Accountant) When we buy back US Commercial Paper from investor, using fair value through P&L what will be journal entries for below. - how to account for break fee get charged for the swap (cross currency swap) - How is the interest calculate on the swap at contract break - Is...
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Cristina De Franco
Title: Owner
Company: Global Sur Financial
(Owner at Global Sur Financial) First time QBO user I created three assets to practice the entries for depreciation in QB for my service company. However, I'm not going to need them. Because of the threshold I could simply expense them. How do I delete them? Also, because I had already reconciled, it...
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Richie Wohlers
Title: Controller
Company: Vision Mechanical Services
(Controller at Vision Mechanical Services) A question I've often wondered, but never asked: why are businesses expected to pay for meals when employees travel? What is the logic involved? If I work from the office, I am either bringing my lunch or going out and buying it. So, why should the business pay just...
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Anonymous
(Financial Manager) I work for an organization which utilizes Quickbooks (QB) desktop. Expenses are recorded on vouchers, which are sequentially numbered with a stamp. QB is very limited and has fields for a reference number and memo when entering bills. QB does check for duplicates of the...
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Anonymous
(Accountant) We had a sales employee on their own accord, threaten one of our customers that we'd send their debt to a collections agency in the next 7 days, when currently we don't have any intention to do so. I've heard that this is illegal to do, but can't necessarily find any...
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WAIDI KOLAWOLE
Title: PRINCIPAL PARTNER
Company: FAWAIT PROFESSIONAL SERVICES
(PRINCIPAL PARTNER at FAWAIT PROFESSIONAL SERVICES) The company authorized and paid up share capital is N1,000,000 and director current account balance is showing N78,000,000 in the previous year balance sheet. During the year under review, the company increased its share capital to N50,000,000 by creating additional 49,000...
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Camille Johnson
Title: Accounting Assistant
Company: Amitabh Bhatnagar CPA, CA
(Accounting Assistant at Amitabh Bhatnagar CPA, CA) Looking to switch from CCH iFirm to something else. Thank you!
Anonymous Member
Anonymous
(Director/Senior) I need an ERP Checklist Questionnaire to guide me with gathering information for system specs and requirements. Where can I find free resources or do-it-yourself online resources. Also, which online resource site has the best tools and information to compare ERP systems...
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Greg Gay
Title: CFO
Company: Mac Papers
(CFO at Mac Papers) We are looking at cybersecurity monitoring and threat detection service providers. We will definitely look closely at Fireeye but was wondering which firms others are using and why you chose the provider you selected for these services. I would appreciate any insight...
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Anonymous
(Financial controller) I’ve recently been asked by someone who is taking on a short term commercial lease (6 months) if it’s better to put the lease through the company name or in their personal name? Please note they will not be trading from these premises. If they can select to put it through...
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Anonymous
(Accountant) Came across an interesting issue at work... Had an invoice that was approved in late December 2018, crediting AP and debiting prepaid expenses as it was for Q1 2019. However, it was actually paid (DR AP, CR Cash) in early January. What's the proper entry for something like...
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MAYU Theva
Title: Accountant
Company: Awal
(Accountant at Awal) We are a small budget residence. We have by mistakenly invoiced VAT twice. And the customer (walk in) has also paid for it. How do we have to account that. Room charge - 25 Vat charge (5%) - 1.25 (But we have charged 2.50). Please help on the above. Do we show the excess 1...
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DAVID REITER
Title: Controller
Company: x
(Controller at x) Hello, We are anticipating receiving a payment from New York State for the Excelsior Tax Credit (https://www.tax.ny.gov/pit/credits/excelsior.htm) I assume this would be classified as other income on the P&L. Is that the case?
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Ravi Ramcharan
Title: CFO
Company: self
(CFO at self) Dear All, I know it is common knowledge that a company should have some debt. Is it because of only the tax benefit? What about if a company has no debt but abundant cash reserves and healthy cash flow? There is a family company that I do work for. They only have 3...
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Anonymous
(senior accountant) Hello, First of all I would like to thank you for attempting to answer my question. I am thankful for this platform which has helped me with answers related to accounting. I researched a bit prior but haven't seen an answer that "fits" my situation. Question: Insurance...
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Anonymous
(Accountant) We installed wood floors in 2018, but discovered a defect in the wood and had to replace the wood in Jan 2019. I feel that the repair/replacement of product is part of the original 2018 job. Is the 2019 paid repair expense appropriately accrued in 2018? Or should it...