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Anonymous Member
Anonymous
(Director of Finance) Looking to start a relationship with an audit firm to implement annual financial audit of a pharmaceutical manufacturer that has been around for 30 years. Revenue growing exponentially, $16M to $19M to $30+M in the next 24 months. Where do I start looking and how do I...
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Tech Man
Title: accounting
Company: Techman
(accounting at Techman) So you receive a 1099-k when accept money via your merchant account. How can you offset the 1099-k when you file your taxes. The money you receive is a loan not sales but it shows on the 1099-k as sales.
Anonymous Member
Anonymous
(Financial Accountant) Hi there, I have the following question regarding a revenue sharing arrangement that our company has entered into: Scenario/Facts We have an asset in Company A (A) which has been recognised and capitalised in A. We invoice Company B (B) 1/3 of the total value of the asset...
Anonymous Member
Anonymous
(Senior Accountant) We built a customer owned tool with spare parts that we have in our spare parts inventory. We expensed the cost of building this tool and did not record this in COGS. I am challenging whether this is the appropriate treatment. I believe that the COGS should record the cost...
Rayomand Ghadiali
Title: CFO
Company: The Citizens Foundation, USA
(CFO at The Citizens Foundation, USA) Hi, please share best practice in accounting for credit card transaction fees voluntarily covered by Donors _is additional fee amount recorded as part of Contribution Received or under Expenses (Wash transaction). Would donor receipt reflect total amount or breakdown btw...
Anonymous Member
Anonymous
(marketing) I have a New Jersey LLC. I accidentally paid the quarterly sales tax with my personal checking account instead of my business account. What’s the best way to rectify this situation? According to the NJ tax department, they don’t care that the money was paid from a...
Anonymous Member
Anonymous
(developer) I am trying to figure out what type of legal entity to go with. The nature of my business is going to be web development. I am going to create websites by contracts, do different development from time to time for different companies. I have also another team which is...
Anonymous Member
Anonymous
(CFO) The company I work for owns multiple businesses located across the province. In 2012 we transitioned from separate bookkeepers in each location to centralized accounting. We employ 4 bookkeepers who look after multiple stores from start to finish, AP/AR/Payroll/GL/YE...
Anonymous Member
Anonymous
(Manager) Any time-saving tips for simplifying the consolidated financial statements reporting process? In terms of just the software piece of it, I feel like we’ve outgrown QuickBooks. Our holding company is mainly in the construction business.
Anonymous Member
Anonymous
(Accountant) Hi All, I am working on a paper regarding the new lease accounting standard and would appreciate any insights on how to do the calculations to record operating leases in the B/S. As an example, if a company leases copy machines and the lease agreement states a monthly...
Anonymous Member
Anonymous
(Audit associate) Hello all, I am currently a student finishing up a dual bachelor's and master's degree in accounting at a large and well regarded public university. Like most of the kids in my program, I decided to pursue big 4 audit following graduation. I accepted an offer in NYC (non...
Member's Profile
Audrey Johnson
Title: Training
Company: Company
(Training at Company) So I'm on an accounting course and I would be grateful if you could answer me this questions 1. Each entry in the journal can't have more that one operation or transaction. That is to say you can only make one entry per day with only one transaction. (This is what my...
Anonymous Member
Anonymous
(Director of Finance) My company offers various promotions to new members. Most of them are of the buy one, get one free nature. The items are substantially the same. In those cases, we divide the consideration by two to get the value of each item. However, we also offer the following two...
Anonymous Member
Anonymous
(Manager) My client purchased an existing Franchise business (insurance) from another franchisee. The purchase cost was a lumpsum of $200,000. This included all FFE and the book of business (Goodwill). Also, the previous owner (the seller) paid for the franchise cost of $40,000...
Anonymous Member
Anonymous
(Director of Product, Partner Operations) I'm looking for people to share their experiences with systems like Drake, ProSeries, Prosystem fx, Lacerte, etc. I have seen smaller threads for some products, but I'm looking at this from a product feature point of view like "if we could build our own system based on all...
Anonymous Member
Anonymous
(Assistant Corporate Controller) Hi, My company recently hired a company to film a new hire training video. We incurred the film fees as well as travel, propping, warbrode, etc. The travel was incurred by our employees who participated as actors in the film. Can all of these expenses be capitalized? We are...
Anonymous Member
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 Quickbooks in a SaaS or other deferred revenue environment, list out the Quickbooks entries...
Bryan Fritz
Title: Taoist Finance Officer
Company: Business Consultant
LinkedIn Profile
(Taoist Finance Officer at Business Consultant) Has anyone recently implemented an accounts payable automation system at their company? Did it go smoothly, what software/company did you engage and are you happy with what you have? Any tips or suggestions as I review different solutions? My two main goals are to...