Accounting
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Way to identify Excess (Surplus) Inventory?
How should I identify excess inventory, as in overstock that is literally going nowhere in the warehouse?
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SAles Tax Due Write Off
I am writing off an uncollectible invoice from 2018 where we had charged the customer CAlifornia sales tax. Do I need to take the sales tax as Miscellaneous Income or can I use it to reduce Bad Debt Expense? Thanks, Stephanie
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Payroll Calculations
I have an employee who is salary non-exempt and they receive OT for anything over 40 hours. The question this employee keeps bringing up is why they aren't paid for their 'straight' time on holiday weeks. I'll give an example. Thanksgiving Week we had 2 company holidays - Thursday and Frida…
4
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Journal entry for membership revenue
Hello, I sell memberships for a service that I deliver over the next 12 months. Could someone please advise as to the proper journal entry to record this. Many thanks!
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Depreciation on Restaurant Equipment
Depreciation of Equipment used in a Restaurant Is restaurant equipment such as freezers, refrigerators,microwave ovens, sinks, ovens - depreciated over a 15 year life or 5 year life? Does the depreciation start from the date the restaurant started doing business or from the date of purchase of th…
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We have to distribute head office renovation amortisation on 3 projects. What is the best reasonable bifurcation approach that could be used and justified this to our partners.
3 Projects Different partner but same office from where all 3 projects staff operates
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Cross border charges
Dear all, hopefully i can get some help. We are an American company that has subsidiary companies in China, Australia, Newzeland and Middle East. We have a couple of seniors executive officers working in Australia and Newzeland and they are involved in “managing” the China operation. Therefore we w…
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Amortization schedule in excel with first month pro-rated
Our company is leasing a truck. They pro-rated the first month. It is a 48 month lease with a residual value of about 10k. We will likely purchase the truck at the end of the lease. I am using excel to create amortization schedules, but I am not sure how to handle the first month being pro-ra…
3
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chart of accounts for simple rental property business
I have a customer that has 6 rental properties. I want to set up COA in QuickBooks using each property as its own "class" in QB's. I also don't want to re-invent the wheel. can anyone send an example of this for me? Thank you in advance
2
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Domestic transfer pricing question
Hello. I am working with a client (subsidiary) who is selling finished goods to a parent company. Both are domestic companies and operate solely in the US. The parent company then sells to customers. I am wondering if anyone has suggestions on how to set the transfer price between these entities …
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1120F
Hi all, I would like to ask for a help with 1120F form and filling with IRS, as have letter after EIN registration to fill it later, date of notice 3 April 2019. I have UK registered company that got full payment, no taxed under US law for meetings arrangement service in UK, invoice date 25 Mar…
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Looking for a CPA partner in US
Good afternoon, I am a CPA and MBA with several years of experience in Accounting and Finance, based in South America, and I am interested in finding an US Partner to provide bookkeeping and Accounting services to small and middle size US based companies. I am looking for some advice regardin…
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Best practices for supplier payments
I’m looking for advice concerning supplier payments. We are using a tool that checks all invoices against PO and goods' receipt. However, when discrepancies are found, I have to go through long communications with the supplier who requested the wrong payment amount. The typos and duplicates are qu…
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Can I invoice for future start dates?
I am new to billing and was wondering as my peer told me I cannot bill early for future start dates. We are a SAAS company and there is a contract for 1/1/2020 start date for annual billing, he saids we cannot bill till 2020 and that an auditors would dock us for it. I am wondering why we cannot…
3
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Service Accounting
Hello everyone, I am from an engineering background and only have the basic knowledge of accounting. I am working for a service company (transportation) and when I try to learn more about accounting, I always find the materials concerned about manfacturing sector not services like inventory, Direct…
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Seek Book-keeping Advice on business
The parent company manufactures an energy saving product and sells it to the subsidiary (60% owned) with some mark-up cost. The subsidiary will install & place the product at the customer’s premises without any charges. The ownership of the product still remains with the subsidiary. The subs…
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Accounting for Gift cards that are managed by a 3rd party
Hello, We run an ecommerce website. Our gift card programme is managed by a 3rd party Gift Card provider. As per the the Terms and Conditions of the programme, we are selling the gift cards on behalf of the third party gift card programme. When we receive the funds we transfer them to the 3rd pa…
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How should a centrally cleared swap termination that involves swap compression (with an equal and offsetting swap) be accounted for?
For example, I want to terminate a centrally cleared receive-fixed/pay-float interest rate swap through a clearinghouse, which requires entering into a counteracting pay-fixed/receive-float swap with equal and offsetting terms through the clearinghouse. The clearinghouse then compresses the posit…
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Best forum to recruit CPAs?
I'm having trouble finding someone to assist our Financial Controller. I found this site and thought I'd post the question here. I'm looking for a CPA with audit experience at a Big4. Where would be the best place to post a job listing? The typical job sites and recruiters haven't produced the most…
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Record Keeping - Billing Best Practices
I work for a small company and have been asked to assist with a project centered around improvement of billing processes - I'm looking for some insight into bookkeeping best practices, as I do not have prior experience with accounting/finance. Currently, we maintain at least four spreadsheets wit…
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NPV vs hurdle rate
Hi everyone, I appreciate your input. Do you use NPV tool to make decision to invest or no for small company and what's the connection with hurdle rate? I'm trying to understand make decision whether to invest in $$$$$ or no. thanks, MAZIN
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Payroll vs Distributions
The first 10 years I was using S-Corp for "Side gigs". I did not take distributions or salary for like 8 years. The next 4 the income increased and I took a reasonable salary and very little distributions. In 2019 I will probably net only $2000 because I did not do anything in the S Corp. I do …
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Leasehold Improvement Term
We have a leasehold improvement on a lease that initially we thought would extend and exercise option. This was 5 more years. At end of lease do we expense amortize all in bulk? Should we be reevaluating each year and this year, now that we know we won’t extend, should we begin expensing more? Is …
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How to account for a Discount on a 12 month contract?
We have a 12 month contract to a customer but offer a discount if paid in full within the first 60 days. The revenue is being recognized over the 12 months. The discount was earned in the 2nd month. I feel the discount or net revenue should be recognized over the term of the contract and not all…
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