Accounting
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Vendor Fees?
The companies I have worked for have always been on the receiving end of fees from our customers for doing something incorrectly (wrong pallets, late delivery, ect), but I have never had the opportunity to take a deduction not directly related to the product sold. In the example of the wrong pallet…
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Debt Collection
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 documentation stating this. …
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Accounting for joint development agreements
Our startup entered into a joint development agreement with a large company. The company will pay milestone payments to cover a portion of our R&D expenses. The R&D costs associated with the project are not tracked separately and are commingled with other development activities. How would …
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Food Processing
Hello All, This is my first post here and I must say this is a wonderful and very knowledgeable community! One of my clients buys raw fish and he then prepares fillets. This is done 90% with manual labor. He then packages it and stores it in inventory. So he starts of with raw fish, th…
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Marketing Campaigns that include some revenue
Our company will engage in marketing campaigns that may include the sale of our product, the product could be a co-branded product or our regular product sold at a deep discount. The intent of these marketing campaigns is to drive brand awareness through collaborations with influencers. We may br…
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Please Help Me Calculate PTO for Employees Who Start Midway Through the Accrual Period
Please help me understand how to accurately calculate PTO for the following scenario: An employee is eligible for: 32 hrs PTO after the 1st year of service 64 hrs of PTO after the 2nd year of service 72 hrs of PTO after the 3rd year of service PTO is awarded on Jan 1 each year. No limit to…
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Upgrade from Concur Standard to Concur Professional Version
Has anyone had the experience of upgrading from Concur Standard to Concur Professional Version? I am particularly interested in: 1. time and effort in upgrading? 2. benefits on Concur invoice - what new features you consider most useful? 3. benefits on Concur expense- what new features you cons…
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Money Trail
Need help from experts, Can some one tell me how to construct a money trail? What documents I would be needing? If there are articles/books etc anything for reading material, kindly suggest, Also whats would be the most important thing to be taken care of when making a money trail. Than…
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Consolidating financial statement
Hi, Our structure is with a Cayman Island holding company as the parent company. Under it, there are three 100%-owned companies. When I do consolidated financial statement, do I simple pull together the three for B/S, I/S and cash flow? there is no inter-company transactions. Thank you.
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Taxes for a drop-shipping business
Hello, I'm about to open an online drop shipping business, selling gardening products to US citizens. I am not an American myself, and have a registered business in my country. Some of the suppliers I use are located in the US and some are not. Are there any taxes that I will need to pay th…
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How do you calculate the ST vs. LT portion of deferred rent liability when the peak balance is more than one year away?
We are still under ASC 840 and need to finalize accounting treatment for a new 10 year lease. The peak liability is four years out so the liability is still increasing during the ST period over the next 12 months. I am unable to locate specific accounting guidance related to the ST/LT breakout whe…
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How can I record in QB the accounting for the following info ?
I have two corps A and B one year old. Because the start up expenses were incurred in A ( Corp B was registered later), the owner 100% shareholder of both, wants to convert the expenses of incurred in B to a loan to be paid to her under A. How can this be done ?
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Accounting for Sale of Asset/Donation: Non-Profit
I am doing some accounting work for a non-profit foundation associated with a college. They have an accounting situation that I have never run across before. The Foundation built a multi-million dollar campus for the benefit of the College a couple years back. They entered into a capital lease a…
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Sell of Assets
Company have sold some assets; however, the actual cash will only be received after the books are closed for the year. Is there a way to account for it in 2018? specially that the gain of the sale is material , can this be accrued ? there is sufficient documentation to prove that this sale will ta…
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How to clear unearned revenue balance
How to clear unearned revenue balance that has been carried over for 2 years. A customer signed a contract and paid fees in full in 2016. Half of the invoice amount was earned based on the performed work, and the other half was kept unearned since the work wasn't complete. In the middle of that the…
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Should freight-out be considered COGS or Selling Expense?
Our manufacturing company pays freight-out to logistics providers to ship products from our warehouses to customers. We do not charge freight-out in our customer invoices. From what I understand, COGS consists of inventoriable costs that are considered to be necessary to produce and prepare good…
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Income Tax
Hello everybody! I need advice. Me and my wife moved from California to Las Vegas this year, Mars 2018. I working under 1099 as service technician. After my calculations I suppose to pay around $4500 to IRS next year. Recently I went to local accounting company, the gentlemen told me to start a…
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Large Supplier Overpayment
We received notice that our local electric company had been over charging us for years so we have been issued a 20K credit to our account. I am a little puzzled about the best way to handle this transaction: - I am inclined to book the entire credit to the expense account in the current peri…
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Sage software - how to expense
We signed up for 1 year contact at 35k. Monthly expense is 2800/mo. if the vendor is invoicing us quarterly 12k on first two quarters and 3rd and 4th, they will invoice 4600. Dr Accrued expense: 35000 Cr A/P : 35,000 What accounts do i use or how do i make monthly expense? I appreci…
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Final unrealized forex across periods
Hi, Would the reversal of the unrealized forex be realized upon payment? Say in FY20X7 I had a GBP1mil Debtor valued at 1.2USD which is the revalued to 1.3USD at the end of the year. Do I have a 0.1mil unrealized gain which I reverse out in the beginning of the subsequent year. Then, the debtor…
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Proxy Statement - does anyone have experience with the overall costs related to the filing of a proxy statement?
Hi - we are filing a proxy statement for the first time this year and there are a multitude of vendors, broadridge being one of them. Does anyone here have experience filing the proxy statement - in addition the typical costs associated with this. If you are a small, medium, or large public company…
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Is it legal for Liberty Mutual Insurance to require a company to provide the bank statements of its subcontractors?
During an audit, Liberty Mutual asked that I provide copies of canceled checks for several subcontractors. All of these subcontractors have insurance. Copies of the checks were provided. They are now asking me to provide the bank statements for one of those subcontractors. If I do not provide those…
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ASC 606 - Revenue from contract with customers
I have a question about the recognition of the upfront set-up fees per new GAAP. My understanding is that those should be spread over the life of a contract. Is that correct? Also, in regards to the implementation for private entities - as of 1/2019 should the revenue be restated old GAAP vs. new…
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