Accounting
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IRR and Effective Interest Rate
Can you specify the differences between "Internal Rate of Return" and "Effective Interest Rate"?
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Distributing Yearly Differences
I have this problem where at the end of the year I need to distribute sales differences over the four quarters. However, I do not want to distribute it evenly. If I distribute it based on the percentage of total sales, the periods with more sales (which probably means capturing all the sales in tha…
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How to record an expense from a prior period?
I just found out about some expenses that were really for last fiscal year and I do not want to adjust my last fiscal year books so what is the best way to account for these expenses in my current year?
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Entry-level Accounting
I am new in accounting and I am looking to grow into accounting. I am still looking for entry-level accounting jobs but I do not have a background in accounting. How do I get started? what books do you recommend I read and how can I grow in accounting? I also would like to know if there are any tex…
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Vehicle Loan on employee's credit
There is a company vehicle that was financed on the Fleet Manager's personal credit. I'm not clear if it was his personal vehicle prior to being put in the fleet or not. The company assumed the monthly payments in January of this year. The prior accountant just classified the payments as a fleet…
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Direct experience with Tagetik?
We are looking at getting a "consolidations tool". We've got 18 companies in 12 currencies, all on different systems. Eventually, full ERP may be the answer, but we need an effective, affordable, and manageable tool to solve the current problems. Forrester seems to like Tagetik, but I would pr…
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VBA Excel in Accounting
I would like to know how effective is VBA Excel for entry-level accounting? Whether it is worth learning VBA or not ?
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How to account for the various expenses of an event?
By hosting an event, it may involves transportation cost, accommodation cost, advertising cost and so on. How do you account for these expenses? Need to put into different accounts or just under an "event" account? While preparing for the annual budget, only a lump sum was reserved under "event" …
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FP&A or Controller path? - Advice Appreciated
Hi all, I'd appreciate any advice on where to go next in my career. - I worked in public accounting (Big 4) for 4.5 years - Transitioned to large public company $300 Billion in Internal Audit I've been offered a job at an old client as their Controller (Mid-sized private company planning to g…
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Gross vs. Net Presentation - Programmatic Revenue
Has anyone in publishing industry gone through an assessment and indicators of control across open auction and direct programmatic?
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non accountant - to do accounting for a 4yr old business
Hi everyone first of Im very much happy to be here, you'll probably see my post on other accounting forums etc., so bear with me. I really need all the help I can get. For starters Im ___ , Im not an accountant but i did had a few subject of accounting during my college days. any how here my dilem…
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What would be treatment of the following?
I want to ask about how I will the following situation in Financial Statements of a General Provident Fund Trust. I'll draw the picture here. Let's say it is written in local rules that is it compulsory for an employee who has completed 2 years of service in a government to subscribe to a fund tru…
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How do I record invoices from last fiscal year?
I just received some bills this current fiscal year that were from an event last fiscal year. I do not want to restate my prior financials. Can I just set up an account titled prior period expenses and post them this current fiscal year?
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NetSuite ARM Module - can you share your experience?
Would like to hear about people's experience positive or negative with NetSuite's Advanced Revenue Management module. What is it strong at? What drives you crazy? Do you use it for allocations? What do you find you still have to do outside of ARM?
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Service contracts & procurement process - small company
hello. curious how small companies handle the procurement of service contracts i.e. consultants. we have two processes running in parallel: 1. contract negotation -- our corporate dev team handles this and contracts are signed by officers of the company 2. procurement process -- contracts are req…
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Refinancing Loan Question
Hello, I have question on the journal entries for a bank loan. We are a C corp and had 2 existing loans with balances. We got a 3rd loan this year and just rolled all 3 loans into one comprehensive loan. Naturally, there were fees associated with the transaction which were being booked as bank fee…
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Two separate companies in QuickBooks 2018
I take care of the bkpg for two separate companies. Currently using QB Pro 2012, but thinking of upgrading. Will NOT be using online subscription - will buy and install the QB 2018 Pro from CD. I do not care if both companies can be open at once - they are not related. So, my question is whether…
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Loan Origination Fees
Company has entered into a 60 month revolving credit facility with origination fees in excess of $1MM. Fees were recorded as an asset and amortized over the term of the facility straight line. Suppose after 36 months, the facility is restated to increase limits, add new lenders, and extend term an …
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Issuer accounting for Plain Vanilla Warrants
A company issues plain vanilla warrants to an outside entity with an exercise price at FMV in return for some advertising. The Company has gone through ASC 480 and determined the warrants are subject to ASC 815-40, and they should be classified in equity. Is there any accounting upon issuance? I…
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How to shop for audit firm?
Looking to start a relationship with an audit firm to implement annual financial audit of a pharmaceutical manufacturer that has been around for 30 years. Revenue growing exponentially, $16M to $19M to $30+M in the next 24 months. Where do I start looking and how do I interview these firms to en…
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Accepting money as a loan using your merchant account but you receive a 1099-k - how do you offset?
So you receive a 1099-k when accept money via your merchant account. How can you offset the 1099-k when you file your taxes. The money you receive is a loan not sales but it shows on the 1099-k as sales.
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Revenue Sharing Arrangements
Hi there, I have the following question regarding a revenue sharing arrangement that our company has entered into: Scenario/Facts We have an asset in Company A (A) which has been recognised and capitalised in A. We invoice Company B (B) 1/3 of the total value of the asset in A. Reason for this …
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Customer Owned Tool Built with Spare Parts. COGS = $0??
We built a customer owned tool with spare parts that we have in our spare parts inventory. We expensed the cost of building this tool and did not record this in COGS. I am challenging whether this is the appropriate treatment. I believe that the COGS should record the cost of the spares used to bui…
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Accounting for Convenience Fee on Credit Cards
Hi, please share best practice in accounting for credit card transaction fees voluntarily covered by Donors _is additional fee amount recorded as part of Contribution Received or under Expenses (Wash transaction). Would donor receipt reflect total amount or breakdown btw Gift + Fee coverage? would…
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Accident: Sales tax paid by personal account
I have a New Jersey LLC. I accidentally paid the quarterly sales tax with my personal checking account instead of my business account. What’s the best way to rectify this situation? According to the NJ tax department, they don’t care that the money was paid from a personal account. So I …
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