Accounting
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Can you file a section 168 bonus depreciation for a Tesla purchased for business purposes?
I am a self employed real estate agent. I was thinking of buying a TESLA model X, which is more than 6,000 lbs in weight, and file section 168 bonus depreciation since the car will be used for business purpose only. I was wondering if there is any CPA is California who is familiar with this tax …
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I set up a new LLC in a new state; how do I update my accounting and book keeping?
I had an LLC registered in Louisiana selling stuff on Amazon. I moved from LA to Arizona and I set up a new LLC and I dissolved the old one. My question is, how does that work in bookkeeping and accounting? I am the only member of the LLC. Do I make a new Quicken account and st…
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As a construction company preparing our own financials, what general ledger accounts should we add?
We are a construction company and would like to have a few questions answered regarding the financial statements that we are going to create for ourselves. Here is the link to Balance Sheet & Income Statement. Are there any new General Ledger Accounts that are typically used and we sho…
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How do I write off an unpaid balance to my vendors?
I want to write off the unpaid balance to my vendors. What is the journal to write off vendor balances?
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How do I handle lease termination agreements under ASC 842?
My question is around the proper handling of lease termination payments. In this scenario- The lease term is extended for two years, let's say Jan 1, 2020- Dec 31, 2021. The tenant will pay monthly rent payments in the…
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How do I incorporate foreign subsidiaries into a consolidated cash flows statement?
At the moment, I am kind of stuck with how to deal with consolidated cash flow statement. Before the way I did was as below, because all the subs are in the same currency as the parent. I combined all the parents and subs in balance sheet and P&L …
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LLC divides into 3 entities; how do you divide retained earnings?
I am a bookkeeper who recently took on a client that is separating an LLC into three. They were: Master LLC with a dba of XYZ They are now: Master LLC owns - XYZ LLC 100%; A split off service ABC LLC 50% owned by Master LLC. Is there a single…
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How should I record the value of an asset, net of a customer’s partial payment?
Our customer is paying partially for an asset we will own. Should I record the value of the asset net of his participation? If not, is this participation considered revenue or other income?
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Following acquisition, do I need to convert cash basis accounting to GAAP basis pre-acquisition?
The company that I work for was just acquired by a private equity firm. The company has a cash basis accounting. We now need to audit our opening balances (post-acquisition). Do I need to first convert cash basis accounting t…
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What is my company’s journal entry for a judgment against an employee who committed fraud?
We recently had a judgment made in our favor against a former employee who committed fraud. When we receive payments from this employee, what should the journal entry be? We also received a house in the judgment and need to add the asset to our books. How would we make that journal entry when no…
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What are the journal entries for an inter-company loan?
My boss has two companies: Company A and Company B. Company B takes a loan from company A in the amount of 100,000. After some time, company B returns 150,000. What will be the accounting entry and what is the procedure of this extra amount 50,000?
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Revenue Recognition
(Cutting Edge) is a monthly magazine that has been on the market for 18 months. It currently has circulation of 1.4 million copies. Negotiations are underway to obtain a bank loan in order to update the magazine’s facilities. They are producing close to capacity and expect to grow at an average of …
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Donation of fully depreciated computers
Our company recently donated fully depreciated computers. I know there should be a journal entry that debits accumulated depreciation and credits computer equipment, but should there also be a journal entry that debits charitable contributions expense and credits gain on donation of asset based on …
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What are EOR services?
Employer of Record (EOR) is an alternative payroll solution often provided by staffing companies.
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How to maintain employment of records?
Its necessary for small business that how to maintain employment of records..need to discuss about that
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Deferred Property Tax
I have been going rounds with this and need some help to make sure that my books are accurate. For simplicity's sake, my yearly property tax bill is 12k. Our state allows us to pay in 3 installments, which we do. This bill was entered as 3 separate invoices in Sage 300, which resulted in a DR to…
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Can I record /expense purchases into an inventory account if I am a cash basis business
Can I purchase items into inventory and expense over time, when using a cash basis accounting system. We purchase larger than needed quantities to get bulk discount pricing. Do I have to expense at time of purchase, or can I expense as items are used? This is not a major part of our business, …
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Online Accounting Systems
What other online accounting systems are used besides the double entry bookkeeping system?
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Bookkeeping Question
Hello all, I have a startup company that I am working through and I had a couple bookkeeping questions. It is a very small startup, $20K income/expenses per year. We buy materials and create products which we either sell or let another company rent them out. How would the recording for this w…
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AP Bill.com
We have just implemented bill.com - previously, as AP, I always selected all invoices and cut checks to be signed. With bill.com, since you are assigning the Authorized Users for payments, how does your AP team select bills? Currently, my check signers are selecting the payments, which is not all…
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Revenue sharing - payment to the customer
Hi, hopefully it is a quick question. Our company just started to do revenue sharing with a customer, we are paying the customer 80% annual fee and 80% interchange fees based on the information that we have received. What is the proper way to book the payment to the customers? thanks
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