Accounting
-
CONTRACT/PREPAID
We signed a contract with a company for $55,000. This company is now not meeting our needs as an institution and we would like to cancel with them. They are not going to refund any of the $55,000 but there is still a prepaid on the books for approximately $28,000. Is there any way to cancel with t…
3
-
When Developing software for internal use in an Agile environment- should scrum masters be counted as capital?
We are in the development phase per FASB 350-40 and this is internal use software. I am looking for some advice beyond SOP98-1 and FASB 350-40 to be able to determine Exactly which resources should be capital, or what amounts of time spent performing what functions should be capital. I understand…
-
Depreciation expense for an impaired asset.
Can I change the type of depreciation on a newly impaired asset?
-
THESIS QUICK HELP How fourth revolution and industry 4.0 changed your daily job, and your life, accountants and controllers?
Hello everyone, I’m an Italian student of Economics and I'm writing a management accounting literature review for my bachelor thesis! I hope this is the right section to post in, if not, please accept my excuses. The title is "The fourth industrial revolution and the Industry 4.0: the effects…
-
Alternative options to go into after 25 year career in accounting in manufacturing....
After 25 years in accounting working mainly in manufacturing I would like to go into an alternative career where I can use my skills differently. One option is finance recruitment. Am looking for suggestions to explore? Has anyone else done this and where and what did you end up doing? I need to g…
-
Ariba Check Requests do not have invoices
Hi Can anyone tell me if they have experience with Ariba check requests. I understand that Ariba Check requests do not have invoices. why is this? Is the documentation to support the check request uploaded at an attachment to Ariba to support the request? How do you ensure that you do not doub…
-
Journal Entries for 2 Way Match
For two way match with a purchase order: 1. Purchase order created (No financial impact of JE) 2. Invoice is received and applied DR to Expense CR to Accounts Payable 3. Payment made: DR Accounts Payable CR Cash 4. Any open POs at the end of the mont…
3
-
Agricultural accounting question
Say I've got seed (1 ton) that I held back from Finished Goods last year, so that I can plant next year. The std cost of the finished goods I held back was $1,000. For argument's sake, this is the same volume of seed, at the same price, that I'd originally purchased to start my farm. This year I…
-
how to account for cell phone stipend
our company gives a stipend of $300 to EE's for use towards a cell phone of their choice. How is this accounted for? is this considered income to the EE or can it be considered "reimbursable expense". The EE can choose not to purchase a cell phone. What would Accounting JE's be under each s…
-
Accounting for Prepaid
We have signed a 2 year training program for $20,000. One identifiable element for the program is Russian Translation, for $ 5000 which is a flat fee. Total Contract $ 25000. Should the entire $25k be coded to Prepaid, or only $ 20K?
1
-
Question on consolidated financial statement - investment
I was doing an exercise on consolidation. the first step is the elimination of the investment, but the value I got for the investment is higher than the one reported on the parent's financial statement. what could be the reason behind it?
-
Can I record a leasehold improvement made by another company as a gift in kind
One of our foundations co-wrote a grant proposal with the City of LA. The Hospital that the foundation supports is leasing a building from the City of LA. The Hospital runs a treatment center for Assault victims from the building. The grant was approved and awarded to the City of LA to do the up…
-
Exercise on multiples: enterprise value.
Can someone help me with this exercise? You are required to determine the enterprise value of company A which is not listed on the stock market. You are provided with the following information The ev/sales multiple of a comparable company, company B, listed on the stock market is 0.9 …
-
Is this a prepayment or not?
Good day, I have a website, where users can deposit money to their virtual accounts and then buy services from my website by using that virtual currency. My question would be, is that deposit to virtual account is a prepayment? I mean, the real service is the one that users buy by using that vir…
1
-
How would these transactions be handled?
The GL/Propery Insurance invoice is received for the Nov 2017 - Oct 2018 policy period. The invoice total $2393.40(GL=$1786.90/Prop=$606.50) and is due in full at the start of the policy. We use the Accrual Method of accounting, so the individual insurance expenses need to be allocated monthly. H…
-
Paying money from company account to physical persons
I have one question about paying money for physical person. Situation is like this: we would like to register a company in Ireland. DAC to be more specific. We are creating a website, which will act as our system where various companies can create surveys about their products. They would deposit…
1
-
1099 reporting on pass through transactions
Hello, I've reimbursed for consulting fees that my employee had paid previously. Since this is a pass-through, is it required to file a 1099 to the employee? Thank you.
1
-
Accounting for Sell-Through Discounts
Our Accounting Team is debating of when to account for the sale discount when we sell into Amazon. For example, we are selling $1,000 in the product to Amazon in June for a July promotion. We offer a 10% discount on any sales made during the month on July. Since the discount is based on what A…
3
-
Auditing software?
Anybody have a lead on some good auditing software? We are creating an auditing sector in our business and would like to find a program that offers all the letters, forms, write ups, check lists etc that goes along with an audit,
1
-
Under Invoicing
Hi Will someone explain it to me under-invoicing, how does it works with detail and with examples, please. Everyone should provide his/her view as this would help me understand in deep. Responses will be highly appreciated. Thanks
1
-
Cumulative Translation Adjusment
UK Branch Balance Sheet Dec. 31, 2012 Currencies:::: Pounds - Rate - Dollars Cash <128650 - 1.65 - 212273> Accounts receivable, net < …
1
-
Interior Design Accounting for Supplies
Hi there, How do interior design companies account for things such as decor items purchased? Should I put them in job supplies expense or cost of goods sold? I also thought about putting them in reimbursable items. I don't know how the company gets reimbursed for these items, nor do I know if th…
1
-
Class Income Statement Reporting for Business Unit Directors, out of QB Ent
All, I am looking for a way to show business unit directors an income statement of their unit's financial performance (tracked with QB Class), either in real time, or exported/email to them daily. We use QB Enterprise Desktop and have the current version. There isn't a way to limit an actual …
1
-
Invoice Liability Issue
Can sombody tell me when should a liability be created? I mean when should an Invoice be posted in ledger?? below are ther conditions; After receiving the bill? After receiving sales tax invoice? After receiving GRN (Goods received note). Would sombody help me in this, It would be higly ap…
3
Previous
