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Anonymous Member
Anonymous
(Payroll Manager) We switch payroll vendors and our old vendor reported the New hires to all the States automatically. The new payroll vendor does not have the feature. Whose responsibility is it? HR or Payroll?
Anonymous Member
Anonymous
(Manager) I find out that it is confusing to calculate employees' paid time off expenses on 12/31 and 1/31 of each year. For example: On 12/31/2018, employee A used $100.00 vacation, had $100.00 unused vacation benefit remaining to be carried over to 2019. Employee A also used $50.00...
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Philip Eldred
Title: CEO
Company: Fairpoint Exchange
(CEO at Fairpoint Exchange) The law is clear that CBD (a cannabis derivative) is only federally legal to sell as an ingredient in an FDA approved medication, such as Epidiolex, which is currently the only approved drug containing CBD. Unless CBD is contained in an FDA approved medication it is...
Anonymous Member
Anonymous
(Educator) I was asked to represent a company from abroad to collect balances owing to my own account and then remitting it to the company minus the commission. The company wants someone in N.America to handle their N.American clients. Personally, I don't want to use my own personal...
William Lieberman
Title: Founder & CEO
Company: The CEO's Right Hand
(Founder & CEO at The CEO's Right Hand) I have a client that raised $1MM in convertible notes at a $10MM cap with a 20% discount. They subsequently received their Series A investment of $10MM at a $40MM pre-money valuation at which time the convertibles converted into equity. The question is: what is the journal...
Anonymous Member
Anonymous
(Accountant) We are a General Contractor with Multiple Divisions that perform work on our Construction jobs, such as the Electrical, etc. We treat them as a Profit Center so we can capture their revenue and costs and generate a P&L for their department. We are purchasing waste...
Anonymous Member
Anonymous
(CFO) Hello, I am looking for suggestions on tax software for small businesses.  Specicially, i will be assisting a friend with the tax return for her bar/ restaurant.  The business is set up as an LLC taxed as a partnership with 2 partners - so i will need need the...
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Thomas LYNCH
Title: President
Company: CereTel Inc.
(President at CereTel Inc.) I am not an accountant but I have an accounting degree and am trying to clean up our books after our bookkeeper left. I am pretty familiar with QBO, at least on the day-to-day level. If I receive an invoice on, say May 5, that is for the period April 28 to May 4, and I...
Anonymous Member
Anonymous
(manager) Hello, Currently we are trying out whether Tripactions.com (a corporate travel booking website) is a good option for employees to book travels and also integrate with our HR system (BambooHR) and expense rebimbursement system (Concur)? Greatly appreciate any feedback!
Anonymous Member
Anonymous
(Financial Analyst) Dumb question I’m sorry but I’m new to my job and trying to learn everything I can. Why might a bank put their money into a different financial institution? I’m assuming for a better interest rate?
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Henry Kusuma
Title: Functional Consulting
Company: Toba Technology
(Functional Consulting at Toba Technology) Hello. First of all sorry for my bad english. Here I would like to ask some help from you guys regarding capitalization cost and how to depreciation it. Lets say, company A have an asset with 5 years useful lives and already two years depreciated. In mid of third year,...
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Andy Tan
Title: Supervisor
Company: AVS System Networks
(Supervisor at AVS System Networks) In the company we are working now, it's required that Manager of each department has to set up annual targets/objectives for the department. It's quite easy for Sales or Production department to setup their targets, but for Accounting Department, all the works are...
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Deeire Denia
Title: Accountant
Company: RETR INC
(Accountant at RETR INC) My company pays 100% of our employees' legal shield and supplemental life insurance up front and we are refunded by the employees during the month. What would the appropriate journal entries for these transactions look like under GAAP? I thought A debit to the expense...
Anonymous Member
Anonymous
(None) We opened a Vanguard IRA in 2001 and it was supposed to be a Roth. We made contributions in 2001, 2002 and 2003 and all years were under the allowable $3000 limit. Now we want to take out the money (over $12,000) and it should be tax free (we are over 59-1/2). But we never...
Anonymous Member
Anonymous
(treasurer) We purchased products off of a company for well over 30 years. Our business terms were 2% net 20 days. Now all of a sudden they want to switch the terms to Net 30 days. We were never consulted nor notified in any way. They just changed the terms on an invoice. Is that legal?
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Diana Dickson
Title: Bookkeeping executive
Company: DD LLC
(Bookkeeping executive at DD LLC) Hi All, I've posted some questions on here before and had some great help. I'm a IT tech who has been tasked with getting an accounting firms QB data into the cloud. They do not want to go QBO but want their current QB Desktop files to be hosted in the cloud with QuickBooks...
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Greg Ryan
Title: Engineer
Company: Boeing
LinkedIn Profile
(Engineer at Boeing) What would be the incentive for a company to authorize "Preferred Stock" when the company already has common stock? Is Preferred Stock seen by management as another access to capital, similar to a line of credit or loan? Lastly if possible to answer, what are some of the...
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Theodore Pepin
Title: OTD
Company: USG
(OTD at USG) Okay, I am going to try to describe my problem as best I can. So I have money coming in from different organizations, and each check that they cut carries a 'code' of sorts that restricts what I am allowed to spend the money on, although some money is so coded that I can...
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Mary Breen
Title: Corporate and financial translator
Company: Freelancer
(Corporate and financial translator at Freelancer) I would be grateful if someone could provide me with the English term for this accounting concept I have to translate from French: The firm is a transport operator who receives their revenue in many ways but they have entries in their documentation that are defined as:...
Anonymous Member
Anonymous
(Chief Risk Officer) Do foreign (non-US) owned companies owe U.S. federal income tax on income from holdings of U.S. Treasury bonds? For context, the foreign company has no U.S. citizen or resident ownership (not a CFC or PFIC). If yes, - Does the U.S. Treasury withholding some or all of the...