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Chris Tilley
Title: Working towards dual Bachelors degrees A..
Company: Elizabeth City State University
(Working towards dual Bachelors degrees A.. at Elizabeth City State University) I have a series of questions that are required as part of Financial Accounting course. I have been having trouble finding qualified people in my geographic location to answer the necessary questions that will facilitate an adequate report. Below is a list of the questions...
Jim McCloskey
Title: Managing Partner
Company: Catapult CFO Partners
(Managing Partner at Catapult CFO Partners) I see many startups using QuickBooks and QuickBooks Pro vs Premier accounting systems.  The problems with these accounting systems is that they do not have an audit trail.  Historical changes can be made in any month, so a simple review of adjsuting entries is...
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Ron Rochester
Title: Accounting Manager
Company: Trevian Soccer Club
(Accounting Manager at Trevian Soccer Club) can I now expense all the costs associated with my construction project? I usually process draws and allocate expenditures to various expense and asset accounts. can I now expense all construction costs?
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Thomas Egbert
Title: Student (MBA)
Company: Chicago Booth
(Student (MBA) at Chicago Booth) Hi everyone! First post here. I'm helping a middle market manufacturer with some projects in their finance group. First task is with AP team who are trying to go paperless. At this point they are getting stacks of physical receiver+pack slip packets from their shop floor,...
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Anonymous
(Accountant) We are planning on purchasing a significant amount of large metal trays that will be used with our manufacturing equipment. Individually, they only cost about $300, but in total will put us back about $180K - they all will be purchased at the same time. Can we capitalize...
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Anonymous
(Accounting Intern) Accrued liabilities is a current liability, and any increases or decreases would be a source and a use respectively, correct? My boss told me that this account wasn't reduced with cash, and that the issuance of Preferred Stock would offset this accrued liability. But if we...
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Anonymous
(Director of Finance) Hello - We charge our customers credit card via stripe the day they sign a contract. The amount charged is for the full month. So for example, a customer signs a contract to pay $1,000 subscription per month for the next 6 months. The customer contract was signed on 1/15/...
Doug Sleeter
Title: President
Company: The Sleeter Group, Inc.
(President at The Sleeter Group, Inc.)   Intuit releases updates to supported versions of QuickBooks quite often, and this is the time of year when we seem to see a lot of updates. That means it is a good time to talk about fixing QuickBooks installation errors. Nothing warms the heart more than seeing...
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Anonymous
(Chief Financial Officer) Our auditor is suggesting to adjust the current year portion of the adjustment to P&L and charge all prior period amounts directly to retained earnings in the financials. Alternatively we can charge the full under provision amount to current year P...
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Jake Sieckman
Title: Fire Controlmen
Company: US Navy
(Fire Controlmen at US Navy) Hey guys! So I'm currently in the Navy, looking to get out in 498 days. I'm trying to plan out my separation and begin preparing my civilian life. I'm extremely interested in being an accountant. I'll be 26 when i separate, and i have about 3 years til I'll earn a degree (...
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Anonymous
(bookkeeper) When employees have a deduction taken from their check for charity, and the charity is the organization they are currently working for, how is this handled in Quickbooks? The deduction was made from their paychecks and Its showing up in a revenue account and in a payroll...
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Elton Kelsay
Title: Revenue Audit Manager
Company: Grand Casino
(Revenue Audit Manager at Grand Casino) All tips that employees receive from patrons at a restaurant are collected by the employer and then paid to the employees on their paycheck. Since this is not restaurant funds but rather patron tips, should the restaurant exclude these tips from wages and salaries expense?
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Anonymous
(Director, Business Administration) We have incurred a recruitment expense that is equivalent to a % of the candidate's annual salary. IF they leave for any reason during a one-year period (ie. are terminated or quit), the expense is not refunded but it is deferred to the next search so we would not be...
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Samia Rustom
Title: Account Payable
Company: oilibya sudan
(Account Payable at oilibya sudan)
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Ray Chow
Title: Trainee accountant
Company: Odyssey
(Trainee accountant at Odyssey) Hi everyone, i just recently got my first accounting job, as a trainee for an outsourcing company that specialises in preparing company tax return for clients in Australia. I have got to say i am really overwhelmed, although i have learned pretty much a lot of basic...
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Cynthia Hendrix
Title: Owner
Company: ABRI Services
(Owner at ABRI Services) Do I record these as COGS or are they considered a Banking Expense?
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Lane Sue
Title: None
Company: Siesta Cove
(None at Siesta Cove) Background: The store has run on a POS system selling sodas, chips, gas, etc. for years. The store has also taken payments for rental of camping lots, boat slips, tent sites on this POS for years. Invoices for the rentals have never been on this system, so the owner had...
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Anonymous
(Independent Consultant) A company makes Product X and sells to customers. The per unit cost / profit structure is as below. Material cost Cy. 35 Add: Labour and other direct costs (Process A) Cy. 15...