Accounting
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Is it proper accounting procedures to go in behind the scenes and reverse a 3 way match invoice after it has been posted?
Is it appropriate for the OPS dept. to go behind the scene and delete a receipt of goods entry due to error after the receipt has been posted and not notify accounting?
13
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Standard Accounting Procedures, does every Company have them typed out?
Example: Your warehouse department receives in the wrong product on a receipt. Is it written out somewhere on how they are to correct the error? And should the warehouse notify the accounting department of such error?
4
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Can we capitalize software license fees payable over time if hosting arrangement meets ASU 2015-05 criteria?
In 2015, the FASB released ASU 2015-15 pertaining to cloud computing software arrangements (i.e., hosting arrangements). The purpose of this Update is for cloud computing customers to assess whether the hosting arrangement essentially transfers a software license, based on meeting certain criteria …
2
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Membership Tiers
For revenue recognition/reporting, if we offer discounts depending on how customers prepay, how do we recognize this? For example, if a monthly subscription is normally $50, but we offer a 3 month membership for $120 (if the customer prepays) do we report gross revenue as $150 and a discount of $30…
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How do you account for cancelled options?
As part of a share repurchase program, we allowed optionees to participate with their vested shares. For the sake of efficiency and not having to first exercise and then repurchase the shares, we simply cancelled the options in exchange for consideration. The consideration was the repurchase price …
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Fixed Assets Sale with Attached Lease
Does anyone know how to account for a fixed assets sale that has a lease attached. Let's assume a company bulids cars and also leases the car to someone. My client likes to buy the car from me since it appeals to him/her that a lease is attached (cash flow guarantee). Would I just look at the diffe…
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When buying out a competitor's contract.
The company I work for recently bought out a competitor's contract that sells a certain specialty product to a customer. The competitor was paid a specific amount per unit, for the remaining undelivered units in the contract. That piece was treated as Pre-paid. We are now ready to start shipping pr…
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Tax/Accounting Treatment
Good Morning, I have a question and hopefully you could help me with. Our tax department collect $2 in sales tax (make believe) from each transaction sold. Then, they turn around and only report $1 to sales tax department and keep $1 by claiming that they work with the tax department and that is wh…
4
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Month-End Financial Close Discussion
Good morning. I'm new to this group, and looking for best practices for the financial month-end close. How long is your close? If it's particularly short, do you rely on estimates? What type of internal analysis does your group do, prior to finalizing the finanicals? How do you distribute the …
16
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Accounting for Raw Material Disposal Fees
We are a consumer products company that purchases raw materials, which are shipped to third party co-packers to build our products for us. One of our co-packers is billing us a separate fee to dispose of some of our raw materials that can no longer be used in production of finished goods. It seems …
2
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Concur vendor import
Our client is migrating the AP from Bill.com to Concur. Can anybody shed a light on "importing the vendor list"? It seems that you can't manually edit the vendor records once you import them. You need to re-import the list again for field value revision. But I do notice it does create a duplicate v…
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Company A signs for capital lease on behalf of Company B, a customer. Acctg treatment?
A small company used it's strong credit profile to sign a capital lease of computer equipment for it's customer's use, and the customer is making the lease payments. What would be the accounting treatment, and - short of having the other company assume the lease - is there a way to enable the small…
1
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Is "A/P Automation" just trendy jargon?
I have to say, I kind of think it is. I just had a meeting with a guy, whose company shall remain nameless, and all I can think is "I will never get that 30 minutes back." It was all about "the cloud" this and "the cloud" that. Whenever I hear "the cloud," I sincerely wish we were talking about the…
5
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Allowance For Loan Losses & Partner Guarantee
We have an agreement with a partner whereby they will receive a percentage of the future interest payments on a loan that we originate with a merchant. In doing so, if the merchant defaults on that loan, the partner who is receiving the percentage of the interest payments must pay back to us their …
1
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Forfeitures of RSUs
Currently a monthly RSU amortization entry is generated by our service provider is reduced for an estimate of future forfeitures, but how do you determine what % to apply and for how many months?
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Writing down net $0 balance statement of cash flow impact
We have separate general ledger accounts for principal investment balance, capitalized interest and principal payments. When we make a new investment we debit the principal investment balance for the investment amount. Monthly, interest accrues on the investment balance and is capitalized (debit to…
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Can our non profit account for inventory for incidental sales as an expense item?
We are a small non profit whose major source of income is private donations. We occasionally purchase promotional items with our logo. Some items are donated while others are sold from our website. Would it be acceptable to record the cost of purchase of these promotional items as a straight expens…
7
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Revenue Recognition- SAAS Software Contract
I work for a start-up company that sells SAAS software company. We sold a three-year subscription software license to a company. The total contract was let's say $200K. The first year was free, no payments are due. Year 2 is $100K and Year 3 is $100K with payments being received in Year 2 and 3 net…
7
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Best Practice to manually assign vendor number
What's the best practice to manually assign a vendor number to a vendor if the management doesn't want to use the auto generated vendor numbers from the accounting system? I am looking at a growing business with US and international divisions. Any advice is greatly appreciated.
5
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Accounting software for Denmark corporation/subsidiary
I am looking for an accounting software/platform for my Denmark operations. Right now we are using "e-conomics" & are not very happy with it. Does anybody have experience with Quickbooks online for Danish Company? Is it compliant with IFRS & local laws?
2
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What have you done to make your close more efficient?
Looking for battle-tested ideas, large and small, that you have found save time, money, frustration, etc. Thanks!
8
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Best Big 4 Audit Firms - What Are The Differences?
I am being asked to "shop for" an audit firm that can handle the growth we plan to experience. What are the main differences between the big four accounting firms? Are any of them better for technology companies? Or does anyone know of a regional firm that does well with technology comapnies
20
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How to run P&L and Balance Sheet in QB if I create COA with two digit prefix
I read on various discussion forums that by creating COA with two digit prefix we can manage more than one company under one licence. I can't figure out how we can run separate P&L and Balance Sheet for all those companies from reporting tool?
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Software to run a large residential electrical contractor business
The operation has a run rate over $30mm/year, mostly own staff, some sub contractors, many jobs, most of which are 2-3 days duration. Runs on QB and Excel now. What systems would you suggest for a starter list to help implement more formal processes and controls over: -Job/order management and desp…
2
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Recording machine sales that are not a fixed asset
How do you record the record of a machine sale that is not a fixed asset but a part of the normal operation of the business. We are a small production facility where our primary products sold are the ones we produce - but we also sell small production machines. We purchases these machines from anot…
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