Accounting
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Studying year out or whilst working CIMA?
Hi, I currently have a Bsc in chemistry and have been working as a finance assistant for the past 2 years. I am studying towards my CIMA qualification, however I have only managed to take 1 exam in the year. I struggle to manage work life and exams and am usually too tired at the end of the day …
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Accounting for Design
I've only taken basic accounting subjects so I come from a place of ignorance when it comes to managerial accounting. I'm working on an accounting system for my business. I'm trying to figure out how to go about attributing design costs to the final price of a product? It seems that functional ba…
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Career advice
Hi all, Hope you are all well. I was hoping forum members can share some advice in regards to my next career move. Given that there are many hiring managers on this forum, it would be the best place to ask to get your thoughts and views. To give you some background, I am a trainee charter…
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SEC Reporting For Changes in FNAV?
I work in the treasury department. We are about to invest in Prime Money Market Funds. I'm curious if anyone knows how a change in the Floating NAV should be reported based on SEC rules? I have been unsuccessful at finding anything on their website. In the past, we booked changes in the FNAV (po…
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Overhead Applied Account
Hi, I am a functional consultant for an ERP software and have not accounting background but got some training in finance. My question might seem stupid but I need to clear this confusion. Scenario: In fiscal year 2019 I have purchased an item from vendor that have direct unit cost as $100 and…
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Expense recognition
Our vendor is selling a product to one of our customers direct. We are being asked to generate the order, the bill will come to us, we pay it and then the customer will pay us. There is no markup on this, period. I will recognize the sale accordingly as revenue, however I'm being asked to offset th…
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Fixed assets had been overstated by an abnormally higher amount for 4 years.
Hi... I work for a large university. The fixed assets of this university have been revalued in 2015 and the revalued figures have been taken to the books of accounts on 01.01.2016. But, later on, a lot of mistakes have been detected which have been resulted while the revalued figures are being ente…
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Non-Exclusive License GAAP TReatment
Hello, my telecom company recently entered into an agreement that says we have a non-exclusive license to be able to use another company's conduit. I'm not really sure how to treat this. We have 10 years to do something with it, or we forfeit the money, and then if we do use it, we have until 2070 …
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Related Party - Subsidiary to Parent - Capital Distribution in Form of Note - How to Report & Disclose?
#1 Greetings! I would appreciate any guidance on how to report an intercompany capital contribution / capital distribution in the form of a note from subsidiary to Parent Company. Normally, an intercompany loan would be eliminated at Parent. However, we are wondering if this transaction would be…
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Cargowise
Curious if anyone has experience using the accounting platform on Cargowise? We'll be implementing Cargowise for our logistics company and I'm debating whether to stay with QBO or go with Cargowise accounting platform.
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Expensing of loan origination fees on construction loan at refinance
Hello Everyone, this is a first time post for me and I am looking for input on a topic I am split on... I work for a development company that builds apartments. Throughout construction we utilize a construction loan which we pay loan origination fees on an interest is capitalized throughout constru…
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Invoice from India
I have a limited company registered in the UK. Recently, we plan to do some business with Indian freelancers. Is it ok to accept an invoice from India? In India, a private person can also provide service and issue an invoice even if he does not have a company registered (with income up to 20 lakh …
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Recording Year End Bonus Compensation with Continuing Employment requirement
An individual earns bonus based on the companies performance for 2018 however the bonus are not paid out till May of the following year, 2019. To be paid out the bonus the employee must be employed at the date the bonus are paid. If the employee leaves before May 2019 is it more appropriate to true…
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how to move from items to expenses in enter bills (editing transaction)
is there a keyboard shortcut for this?
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Mid-size accounting firm (100 employees) - seeking input on knowledge database tool
I used to work in a Big 4 and in a large Media and Entertainment company, and both had wonderful risk, control and KPI databases for internal audit. The small firm I am working with has a very limited tool (CCH Accounting Research Manager) and we are assessing other options. We are based in Souther…
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How should a stock donation be recorded?
We are a non profit and sell stocks upon receipt. The proceeds remain in the investment account and are just reinvested. To keep it simple for this lets say the value when received was $900.00 and value when sold was $1,000.
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Receivables Turnover Question
Hi All, I am trying to calculate receivables turnover for Damac Real Estate Limited based on their 2017 annual financial statement (found here - https://content.damacproperties.com/en/investor-relations/financial-information/damac-real-estate-development-limited/financial-statements) The fina…
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Some questions about the accounting profession
Hello all I am currently in training to develop my professional project which is to become an accountant. I need to conduct a survey as part of my training to better understand / discover the job in order to realize if the field of accounting suits me. I would really appreciate it if any account…
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Purchase price variance
How do you record inventory PPV? I assume it is a debit or credit to a COGS account for PPV. This doesn’t seem to match revenue and cogs if the inventory sits on the shelf for 4 months before being sold. I am thinking of booking it to a non perpetual inventory account and amortizing it over the inv…
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Other gain or reduction of expenses?
Hi, A former employee had a company profit sharing that was put into a 401k. The employee did not meet the vesting requirement so after 5 years, our 401k company refunded the balance that was forfeited by not vesting. So should I enter that amount as Other Income or should I use it to reduce…
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How to take a loss on assets
Hi, We have some furniture that has been fully depreciated. After sitting in storage for a while, the furniture was ruined, even though it had some resale value. Say it was about $1,000. But we had to toss the furniture and now get nothing. How can I book that $1,000 loss?
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Record pre-tax and post-tax deductions in payroll journal
Hi, Please could you help with recording pre-tax and post-tax deduction in payroll journal as it doesn't balance? 1. The journal was out by pre-tax amount - so I have recorded it as credit - i hope its correct? 2. Now it does balance, however I cant see how to record loan 853.63 which is post-…
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how to account for jewelry design fee
the jewelry company paid someone to design jewelry and then create mold and use the mold to produce jewelries. the design and mold are owned by the jewelry company. How should the jewelry company account for the jewelry design fee? Can it add the design fee to fixed assets account or intangible a…
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