Accounting
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Pass through payroll income and costs (funds) in Accounting treatment
How do you handle pass-through payroll funds for US GAAP? My company provides a HR service including payroll processing. It used a payroll company to calculate payroll for a customer. It invoices its customer for a service fee and the payroll funds. The payroll funds are then sent onto the payroll …
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Resource allocation on P&L
2 separate divisions of one company whom are financially independent use some of the same resources. What would the process be to allocate these resources on a P&L and for KPI’s and incentive targets. Division A is about 60% of total company revenue, leaving 40% to Division B. Headcount is sp…
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Rental Car Damages Payment No Insurance
Recently one of our drivers hit a pole with our rental vehicle, we have returned the rental vehicle and our insurance is not covering the damages due to it being a rental vehicle. We have since paid for the damages out of pocket and would like to know where we should account for this in our books?
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Workers Comp Dividend Payment
Hello, we receive a worker’s compensation dividend every year and I would like to know where I account for this in QBO? I know it will be somewhere in other income but is it taxable?
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Write off/bankruptcy/lien question
Would love to bounce this off of someone... I'm trying to figure out the best way to account for a transaction that has me scratching my head a bit. We had a customer that we were providing fulfillment services to last year. For simplicity, last year, we charged them $100 for warehouse/fulfi…
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Current Ratio
So i am revising this "Ratio Analysis" topic and a question pops right up in my mind Why Current Ratio = Current Assets/ Current Liabilities Why not Current Ratio = Current Liabilities/ Current Assets What is the concept here :-?
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Promotion Credit
I am currently working for a shared car company. To promote our new business we give new customers credit on their account for free rides. My question is quite simple, do I have to do anything with this outstanding credit on my Balance Sheet? My first reaction would be no, since it is not exchang…
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Payroll from 3rd Party
I have been using QuickBooks for so long, I cannot seem to figure out how to do it manually. I use ADP and doing the JE seems to be so difficult. I feel like I am doing something wrong because I don't have a payable to offset since ADP does it for me. Any help would be appreciated!
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Matching Principle - Commissions
I had an accounting / accrual related question on which I needed your opinion. It’s to do with matching principle. My company pays commissions to it’s sales reps. The payment of commission is dependent on full payment by client. i.e. if I bill the client $1,000 in January but I receive this $1,…
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What kind of management reports would you create?
I recently started working as a cost accountant for a manufacturing company, that produces electrical switch-gear and I was asked what kind of reports that I can produce, that would aide management in decision making and help them understand what is going on with their costs. I've been working i…
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Opening a business for stock trading purposes
Hello everyone, I was wondering if I could get some help. I have a quick question. If I have a company under sole-proprietor, and I want to show or get a regular paycheck from myself to show as a paystub. Can I hire a payroll company to do that? And if I do, most of the companies that I lo…
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How to distinguish between operating taxes and non-operating taxes
Hi there, I am currently working on a Corporate Valuation report of Nokia during my studies at Aarhus University and i am having troubles wrapping my head around what posts under the note of income taxes that relates to the operational and the non-operational activities for Nokia. The following …
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A Credit card merchant fees and cash discounts
I have a thrift store where I sell product on consignment. My vendor brings product in for me to sell. I just purchased a POS system that includes the merchant fees in the price of the product. Therefore, when I enter the vendor's inventory in the POS system, I increase the price of their product b…
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Accounting Student needing assistance
Hi Everyone: I am an accounting student at the University of Southern New Hampshire and I am struggling to find internships to get practice in the field while I'm earning my degree. I want the internship to be under a CPA so I can work toward my CPA hours requirement. I live in Phoenix, AZ and …
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Calculating business interest on a personal card
I am a musician who never thought id do well enough to have to deduct business interest, but I had some good years followed by some rough ones and I am trying to get everything caught up and made right. I had enough advice that I formed an LLC and opened a business account, but I had been terrible…
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International Chart of Accounts
Dear all, I'm studying accounting for business purpose and I've failed to find a valuable information, so I'm asking here... I would like to get a chart of accounts for each country like the one we have in France. I've heard that there's no such thing in other countries, is that right? Kin…
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S-Corp Balance Sheet Question and affecting basis
Hello, Created a S-Corp in 2019 (should have gone another route but that's the advice I got at the time) . First year net profit was 6000 approx. But I had laptop purchase of $500 approx and meals expenses of $320 approx. Now bidding on a small project but am asked to provide a balance she…
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IASB and FASB are jointly working together on the review of IASB's Framework for the Preparation and Presentation of Financial Statements.
What are the potential benefits that a common conceptual framework could bring to standard-setting process? What are the potential benefits of convergence to investors? What is the potential impact of convergence on entities that operate globally?
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Why would reimbursements not be put against expense accounts?
I am not an accountant, but I do have my business degree and I was recently elected as treasurer to an organization. Background: This is for an HOA and there is a separate entity that files their own taxes that reimburses the HOA for insurance, payroll and office expenses. The account has the offic…
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HOA - AUDIT
Good day, everybody. I'm going to perform an HOA audit. I've found one article on this subject. Can you tell me if it is correct? https://opporty.com/blog/homeowners-association-hoa-audit-everything-you-need-to-know.html.
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Inventory value calculation at year - end
I am a new bookkeeper for a new franchise business and have difficulty calculating inventory value for the year-end. Fact: 1. The franchisee ( I work for) paid $xxx inventory deposit (that is fully refundable when the Franchise Contract ends) to the franchisor before franchisee started operat…
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Balance Sheet Question
Purchased a vehicle for my business. I used funds from the start up as a partial payment, the rest took a loan from my bank. I’m trying to set this up using Quickbooks. How does this entry go on the assets side? Vehicle was 25000, 7000 was paid upfront, 18000 from the loan.
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Capitalizing External Brand Development Costs
Hello - We are a dairy startup that has recently spent a significant amount of money on consultants to develop our logo, brand, etc. - would these costs be eligible to be capitalized? I understand internal costs can not be, but since these are all external it seems like there is more grey are…
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