Accounting
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Options after a customer refuses to take delivery of an order
I was wondering if anyone has experience with or knows your options when a customer rejects delivery of an order. In our situation, we are not operating on a specific contract with the customer but under our standard T&C's with a written purchase order from the customer. The product was made …
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WHAT IS THE DIFFERENCE IN CREDIT AND DEBIT PERSPECTIVE FROM A COMPANY/FIRM PERSPECTIVE AND INDIVIDUAL/ACCOUNT PERSPECTIVE
Hi, I am new to the financial accounting, can anyone please tell me the difference in terms of credit and debit from a company or firm perspective and individual account perspective. Many thanks to all in advance! Regards, Mannawar
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Paying Commission Past 60 Days
Does anyone know of or ever heard of a commission salesperson NOT getting paid on paid invoices past 60 days? The company got paid but doesn't want to pay the salespeople if it is paid past 60 days. Technically couldn't a company mark invoices paid 60 days or longer even if it was sooner? If …
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Batch printing and Date stamping
Hello, I am an accounts payable clerk and I'm looking for a couple solutions to make life easier for me. I get anywhere from 80-100 invoices per day. I'm converting them all over to emailing invoices rather than mailing. I find it easier to print than to open a stack of mail. So I am looking…
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"Gifts" to prospects at Conference - How to account for the expense ?
Hello, My company gives away prizes at conference (video games, gift cards, t-shirts,...). Should we simply consider this a Marketing expense, or should we categorize this as a gifts. Is there a specific Tax treatment ? Thank you
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Shoud i account all the contract amount as a prepaid Expense although the contract amount will be paid on four payment "Quarterly" according to the contract terms???
My company made an agreement "Employee Medical Insurance Contract for the year 2018" and the total amount will be paid on 4 payments "Every 3 month" according to the deal and the contract terms. Should i account all the amount as a "prepaid expense" and credit the "A/P" although we've only paid t…
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Can a company capitalize labor cost related to the creation and the development of creative materials? (books, screen plays etc.)
As a company assigns labor time to these creations they are wanting to capitalize that labor cost. Is that appropriate? Direction to codification would be awesome!
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A credit received from insurance
Hi, We are using a control prepaid account, where all payroll WCB deductions get recorded as credit to the account and payroll expense account get debited. Also, WCB installments invoices get debited to the same account. At this year-end we have received a some amount from WCB for prior year adjust…
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Inventory vs. Fixed assets
Dear All, I have question! If the company maintains stock available for sale (Machines) that is normally classified as inventory (current assets) due to some increasing demand in the rental department the company decided to rent out the machines from the inventory without reclassify the assets t…
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Canadian Citizen Purchased Property In USA
Currently I have a client that resides in Canada. Both husband and wife is Canadian citizen, where as husband holds US green card with a social security number. Wife only have a ITIN from US and no green card, no social security number. They purchased 2 rental in Washington State for rental. They b…
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Revenue recognition by Reseller (VAR) for service contract under new revenue recognition rules
This question was asked in a post 4 years ago before the new revenue recognition laws. I have a client who is a VAR who will resell one-year service contracts from Zebra, Honeywell and other manufacturers of handheld and mobile devices. The VAR does not have any service obligations under the co…
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Accounts Receivable in Other Current Assets
Is it common for the asset side of a T-account for Deferred Revenue to be booked to Other Current Assets? I'm being recruited by a public company and I noticed something odd in the company's 10-K. The company sells software and some of their customer receivables are included in Other Current Asse…
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From the standpoint of an investor: why use WACC for company valuation?
I've recently been in a dicussion and could not give an honest explanation to the following question: Why is the value of a company determined by discounting its cashflows with the WACC? This sound obvious at first, but hear me out: The WACC is the cost of capital and thus the return of capi…
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Student questions regarding Auditing for a scholastic research paper. Any help would be greatly appreciated.
I have a series of questions that are required as part of Financial Accounting course. I have been having trouble finding qualified people in my geographic location to answer the necessary questions that will facilitate an adequate report. Below is a list of the questions I feel would help in t…
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do the new tax laws affect depreciation for construction project draws?
can I now expense all the costs associated with my construction project? I usually process draws and allocate expenditures to various expense and asset accounts. can I now expense all construction costs?
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Revenue Recognition - Subscription Fees
Hello - We charge our customers credit card via stripe the day they sign a contract. The amount charged is for the full month. So for example, a customer signs a contract to pay $1,000 subscription per month for the next 6 months. The customer contract was signed on 1/15/18, so their 6-month term…
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Asset Capitalization
We are planning on purchasing a significant amount of large metal trays that will be used with our manufacturing equipment. Individually, they only cost about $300, but in total will put us back about $180K - they all will be purchased at the same time. Can we capitalize these as assets or do we…
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We have identified a material (more than US$4 Mn) under provision in staff benefit which related to past 35 years for the CEO of the business, when we do this adjustment, can we d
Our auditor is suggesting to adjust the current year portion of the adjustment to P&L and charge all prior period amounts directly to retained earnings in the financials. Alternatively we can charge the full under provision amount to current year P&L ( Dr. Expense …
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Planning to transition from Active Duty military to Accountant
Hey guys! So I'm currently in the Navy, looking to get out in 498 days. I'm trying to plan out my separation and begin preparing my civilian life. I'm extremely interested in being an accountant. I'll be 26 when i separate, and i have about 3 years til I'll earn a degree (got about a year of school…
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Trying to go paperless in 3-way matching process
Hi everyone! First post here. I'm helping a middle market manufacturer with some projects in their finance group. First task is with AP team who are trying to go paperless. At this point they are getting stacks of physical receiver+pack slip packets from their shop floor, then physically matching …
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Payroll deduction for charitable contributions
When employees have a deduction taken from their check for charity, and the charity is the organization they are currently working for, how is this handled in Quickbooks? The deduction was made from their paychecks and Its showing up in a revenue account and in a payroll deduction account. It seem…
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