Accounting
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Accounts Receivable Collections Incentives
I am looking to get a sense for industry practices around incentivizing AR staff to improve collections. Do you or don't you incentivize AR staff above and beyond their normal pay. If so, what measures to you use to determine the incentive, and how do you continue to raise the bar? As a point of…
29
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Expected term of stock option for valuation
How does a company without history of option exercises estimate the expected term of stock options for valuation and accounting?
1
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Does anyone have a year-end Accounting activity checklist?
I am looking for a lsit of activities that need to be performed to close the books for the year and prepare for the financial audit. I am hoping someone has a generic template they have used vs. me creating something. Thanks.
13
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I manage several different subsidiaries that share resources-What is the best way to do cost allocation
We have several different subsidiaries that share employee resources. The Parent company also charges overhead to these subs monthly based on a percent of total revenue. The payroll allocations are based on actual hours spent working for the sub, this allows for the taxes and gross wages to be char…
10
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Consolidating foreign entities using Quickbooks
We are a small late stage start up company about 6 months from commercializing our product. We are currently using quickbooks to maintain our books and records. we currently have 1 foreign entity. What is the best and most effective way to consolidate the books using quickbooks without investing mo…
6
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General journal entries for accrued PTO for exempt employees
Hi. I have received conflicting advice as to how to account for accrued PTO for exempt (salaried) employees. I understand that we need to debit PTO expense and credit Accrued PTO for the accrued vacation amount. However, when that employee takes vacation, I was told that I just need to reverse the …
11
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Capitalize or Expense SaaS implementation costs?
My client is implementing a cloud based (SaaS ) financial system and wants to capitalize the implementation costs under the computer software developed or obtained for internal use rules (ASC 350-40). Since the costs to design and install the underlying asset (e.g. software) doesn't reside on the…
14
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Great Plains Accounts Receivable / Payable & General Ledger
I'd like to discuss a few nagging problems I have with Great Plains (Version 8.0.22). Microsoft has stopped supporting the software on October 13, 2009. Unfortunately, I arrived at my present position only a couple of months ago and was just made aware of this. With a tight cash flow, I can't d…
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Has any one booked depreciation estimates or booked depreciation a month in arears to speed up the close process?
I'm looking into ways of shortening our close process and one of the items on the list is depreciation. Has anyone booked depreciation estimates or reconciled the Sub-Ledger to GL a month in arreas? It is typically the follow up to get approval request forms that holds back our process and I genera…
10
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Insurance Invoice not yet paid - How to treat - accrued expense?
Our company received an insurance invoice at Jan 2014 for period covering Feb 2014 - jan 2015. we're in March 2014 but we were short in cash so we didn't pay the invoice yet (yes it's over due). We know it's an obligation and we'll need to pay for it but my question is at march 2014, how do you acc…
27
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What should be the equity account that I should use to record the net assets of a previous branch - now a legal separate entity - as we open their new books?
Hi! I hope someone can help me on my dilemma right now. The company's situation goes like this, we have a branch that is now a legal separate entity. Their assets, AR, AP and other miscellaneous accounts are sitting in our books. These accounts are pending to be transferred to their newly created c…
9
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Accounting Entries for a new building...
We have an office building and a piece of unused land adjoining the building. The proposal is to partially demolish the existing building and construct a new complex using the land. My question is :- 1. How do I treat the proposed conversion in the books? ie . What are the accounting treatment for …
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Can you extend the life of an ISO plan past 10 years?
Hi Everyone - What are the tax implications if options in an ISO plan are given a longer than 10 year life? I assume the plan therefore changes from an ISO to an non-qualified plan. (I assume there are no GAAP implications unless the decision is made to cancel and re-grant options under a new ISO p…
2
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Does a retroactive tax abatement trigger income?
Prior year real estate tax bill was $180k, and 1st qtr payment was already made for this 7/31/2013 year-end client. The 7/31/2013 RE tax accrual was calculated made based on this. Taxes were abated by $80k, making prior year RE taxes overaccrued by $46,667. Is the appropriate current year accountin…
3
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How to record for a bonus paid in year X, for performance on X-1, but that had not been accrued?
2014 - no accrual booked 2015 - bonus paid for 2014 performance
4
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What do you call the report given to a missionary monthly showing his individual donations received?
I am trying to update my resume. I have missionaries all over the world who we collect support for and distribute funds as needed. Every month I send them a report detailing the donations they received. What is the official name of this report. I call it a Monthly Account Balance Update. What is th…
1
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Spare parts used to repair fixed assets leased to customers
We purchase spare parts that are used to repair equipment that is fixed assets on our books, and that we then lease to customers. Currently we book the purchased parts in inventory and then expense the parts to COGS - leases. However wondering if this is in line with GAAP. Upon purchase before use,…
3
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How to account for Sales and use tax rebate received from the city
How to account for Sales and use tax rebate received from the city as an incentive for office relocation. Is this an ordinary income to be included in Operating Revenue or is it an extraordinary income and should be shown in other income.
3
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Fixed Assets
Hi, Would costs incurred in moving an assets from 1 location to another location satisfy the criteria for capitalization? What if the move is required to ensure there is better efficiency and productivity? What are the requirements under US GAAP for capitalization of moving, reorganization costs of…
4
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Consolidated Financial Statements and QuickBooks
Any time-saving tips for simplifying the consolidated financial statements reporting process? In terms of just the software piece of it, I feel like we’ve outgrown QuickBooks. Our holding company is mainly in the construction business.
30
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New Assembly Warehouse Costs
How much would it cost to open an assembly warehouse, as an international citizen, in the U.S.? Details: - 5,000sq ft space that would include the office, inventory space, and assembly line. -about a 20 person staff (includes all sales, managers, assembly persons) -Obtaining parts from other countr…
2
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Accounting experts, please help!
Dear accounting experts, I have a technical accounting question to ask you all. It would be greatly appreciated if you could please spare a minute out of your busy schedule. Here's the situation. Customer A signed a 10 year contract with the Company to lease an air conditioner (AC). Customer A paid…
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How to Start as a Financial Controller
I signed up for a new job as a financial controller, The problem is I have never been in that position before, and I will be the first one to fill this position in the company, because this position just created recently by the company. Even so I have good experience in accounting (more than 6 year…
9
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FF&E Amortization in the Business Plan....
I am writing a Business Plan and the focus is, how funds spent on expenses ( Such as Salaries & Benefits to Educators, Computers, Furnitures,Fixtures & Equipment- FF&E) will increase the student population. In the first year I will be showing the FF&E purchases as a cash outflow. In…
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