Accounting
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Gross Revenue Question
I am new to bookkeeping and had a question in regards to what the gross revenue of a company is based on. For instance, is gross revenue based off of what is invoiced for the month or what money was deposited that month?
3
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How should I create a Chart of Accounts for Co-working and Office-Sharing business?
I am helping a client setup his books and I need to build his CoA for his co-working business, similar to WeWork or Regus. The business needs to track TI and Construction, various Lease Types, Fixed assets, R&M, Supplies, Payroll, Membership subscription, Event planing and corresponding Estima…
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Internally-prepared Compilation Statements (CFO [CPA])
I am a CFO of a small business and have an active CPA license. The bank is requiring compiled financial statements for their debt-service agreement. Clearly, the statements would need to state the lack of independence and I am required to properly adhere to the requirements under SSARS 21(ARC SS …
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Inventory Supplies Policy
Hello, I'm new to this forum and have a question about how those of you in manufacturing or other similar industries treat your inventory policy for materials and supplies. I'm relatively new to my company (small-mid level) and we seem to inventory things that cost only a few dollars and others …
1
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Guidance need with company purchase accounting transaction
Good day friends, I need some high level guidance with the following situation A private company C Corp was purchased by a PE backed firm. The PE firm fund and management form the following companies New LLC company 1, it will serve as platform for governance New LLC company 1 a new compan…
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How do you record insurance proceeds from storm damage?
We had a large hail storm where I work that caused damage to the roof of our building, some HVAC equipment and our maintenance shop. We received the insurance check and now I'm trying to figure out how to record it. I know the check is just recorded as a gain, but what I can't figure out is the l…
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Type casted as "Tax Accountant"
The first job I took out of college and still hold is with a CPA firm in the tax department. 2 years in I realize I really don't like the overtime, constant condescension, and that taxes aren't what I want to do for the rest of my life. I have been applying like crazy to places, hardly getting a re…
4
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donations vs program revenue for non-profit
Hi- does anyone know where to find specific guidance on fund-raising events such as 5K races where they pay for the ticket to enroll and may or may not have food provided afterward... we have always counted as a donation but there is some in disagreement and we want to ensure consistency as well.. …
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American-based Project Accountant moving to UK - what next?
Hi All, I am a Project Accountant for a large oil and gas corporation in the US. I am moving to the UK permanently in the next few years (family reasons). However, does anyone know if my experience in Project Accounting will be relevant to UK accounting departments, i.e., do UK departments do …
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Setting Up my books for Services rendered this year as tax preparer: Bad Debt not allowed
I am setting up my books for the first time, and I'm super thrilled to do so, but I have so many questions. 1. Bad Debt or fix invoice amount How do I enter in QBO the fact that a client underpay me for tax services? Looks like I'm not suppose to have a bad debt account, so I guess I should j…
1
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IFRS 1 First Time Adoption Essay
I wrote a paper on the following: why adoption of IFRS 1 was met with controversy and how a company, a 2010 first-time adopter, presented its statement of financial position and what alternatives were available. I need an international student's/ person perspective on why adoption of IFRS h…
1
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Can I sell a computer to my company.
I am a co-owner of an LLC. I purchased a laptop computer with my personal credit card a few days ago, but since have decided that I want to only use it for my business. I have another laptop that I will continue to use for my personal needs. Can my company purchase the computer from me? (I’d prefe…
1
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Can I sell a computer to my company.
I am a co-owner of an LLC. I purchased a laptop computer with my personal credit card a few days ago, but since have decided that I want to only use it for my business. I have another laptop that I will continue to use for my personal needs. Can my company purchase the computer from me? (I’d prefe…
1
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How to account for Intercompany shared expenses?
If a company shares expenses with its subsidiary, e.g. rental, electricity and water fee. The Parent company pays all these fees and need to recharge to its subsidiary. Which is the most suitable way to account for these expenses and the principles behind? 1. Parent Company: debit all these expe…
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Professional Service firm - Accounting method/Form 3115
We are a Marketing firm using accrual method accounting to record revenue on a completed contract basis. We would like to switch to percentage of completion so we completed a 3115 citing Section 460 as our support. The IRS returned the form saying we can't cite Section 460 since we are not contrac…
1
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From Single Entry System to Double Entry System
Hello, Right now I am in a hot seat. I got this new job in a Marine Logistics Company. Since 2010, the company have been practicing single entry system using excel as a software. Now my first assignment is to migrate the whole accounting system to Peachtree Accounting Software which they have ad…
1
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Freelance Accounting or going out on your own?
I’m launching a blog/ YouTube channel in 3 weeks that will have various topics for accountants about how to start your own accounting business. It will cover things like software, what you just know, sales, etc. Are there any topics that those that want to go out on their are interested in? Plea…
3
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Innovating the Close
Our team has been on an a journey of innovation. We are closing regularly and consistently to an Excel closing checklist, but I suspect there is room for additional improvement. Most of our close is completed by the 8th work day. Timing of available information is the largest driver of time for our…
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No cost extension contract
Hi, My company does a lot of work with universities and research institutions. I am helping out with the accounting for this. As an example, we have a contract for $120K for a 12 month period, even recognition. If after month 6, where we already recognized 60K in cost, we sign an amendment for a …
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CPA List?
I see all the lists of CPA's divided by state, but it is hard to tell which certifications are the most recent. Is there a way to get a list of all the CPA's who have passed the last CPA test or the ones within the last year?
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In-Person Training/Classes
Hello, I want to set up some trainings for the accounting department I work in. The CFO and myself are the only two CPA's, so we want to put on basic accounting classes for the group. We are not looking to distribute any CPE's, but rather take a simple topic (such as new ASU's, examples of good …
6
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Advice & Guidance on starting own practice
I am a California CPA (inactive) considering starting my own practice. My background is Big 6 audit experience (lol dating myself there, aren’t I?), and several years of industry experience in accounting, finance and project management. I left to stay home with kids, working part time running a…
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Who gets the cash discount?
I'm an engineer but I'm getting my MBA so I've started sticking my head in places it doesn't belong. I have a question regarding cash discounts. Say I buy something for $1000, I receive it, it gets invoiced and paid. The payment terms are 2/10 net 60. We pay within 10 days so the check is for $9…
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