Accounting
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Is interest required?
There are two unrelated businesses under common control (same owners). One is located here is the states the other is in the UAE. The company here in the states has issued several loans to the other company over the past few years. Loan agreements were created for most of the loans when the loan…
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P&L Theory: are amortized costs of goods sold included in P&L? (agriculture)
I'm working on a P&L statement for a farm, so I haven't been able to find many resources online specific to this type of accounting. On permanent crop farms (fruits & nuts), there is an initial 3-4 year non-bearing period where the fruit trees are developing. In that period, there is no …
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Correcting Prior Year Capital Revenue Errors
Last financial year, we recorded costs as an expense for the creation of some Assets. These should have been recorded as capital costs as opposed to revenue. My understanding is that, we can: Cr Retained Earnings & Dr Asset - for Tangible Assets I have been advised that this is not allo…
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Interest expense
How would you book the interest charged by a supplier because you paid an invoice late? Would it be a non operating interest expense or in some operating expense account?
2
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Computing Minimum Labour rate per Hour to be charged
Say the average cost per technician is say R 100 and the labour GP is 60%, would it be correct in calculating the min labour rate as 100/(1-0.60) ?
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Breakeven Hours to be sold
The Fixed Costs is R 525,000 , The GP % is 60% . The Labour Sales breakeven has been calculated to be R 825,000. The Available hours is 9 hours per day, but with lunch and tea breaks etc the max hrs available to work on a job is 8 hours. The number of technicians is 5 I would like to know how …
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Accounting biological assets
Hi Everyone, when starting a fish farm from Zero, and purchasing the juveniles, let's say month 3, should I account as a gain arising from changes in fair value of biological assets, the total value of the juvenile + the feed consumed that month+direct costs? If I do that, since I still don't…
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Can someone explain why the financial statement notes state a different number from the cash flow statement
I’ve been studying Lowes 2005 financial statements for several weeks, one of the issues that I can’t understand is: 1. Note 7 states: after discounts and expenses that $987 million was received from the issuance of new debt. 2. The statement of cash flows states that $1013 million was received.…
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Exchange currency loss when selling inventory in real estate
Dear Members, I would really appreciate if you could help me with one question. I work in a real estate company which sells villas. The functional currency is Albanian Lek (AL), but we sell villas in Euros and so are the most of costs (cost of villas). We apply IFRSs for our financial st…
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OCR that can detect date, amount, company on receipt then rename file?
Whilst I think my current receipt filing method is the best, I feel like I am on the verge of discovering an OCR software that may make this process even easier. I have been renaming receipt files manually for 2 years. Receipt file name example: [Date]_ [Amount]_ [Country-Code]_ [Card-Numbe…
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Accounting for Wage Repayments
A past employee is repaying wages that the employer overpaid over multiple years. The repayment is occurring over a 4 year period. I know the total amount they are going to repay. How is this situation accounted for in the general ledger? I am thinking a receivable has to be established for t…
2
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Any pain points finding the right CPE course?
Is anyone else, like myself, identify frustration and burden of searching for training courses on individual sites. All the training providers seem to imitate themselves and hard to navigate for the right content. Not sure if this experience by all but finding the right course can be time consuming!
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Starting a career in accounting.
So I’ve been in the cooking industry for almost 10 years now I’ve finally decided it’s time for a change. I’m 22 and I feel like I’m still young enough to switch careers without having huge amount of responsibilities. What brings me here is because I’m interested in working in accounting but I’m no…
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Report Purchase Entry
Hello, If any market intelligence report or such is purchased, which is the best expense head to classify the same? I know it is a very basic question. Thanks
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Accounting for convertible note
Our private company issued a 24-month convertible note for $5M with 8% simple annual interest. The outstanding principal and accrued interest are payable at maturity date. Prepayment is not allowed without the holder's consent. Upon a qualified financing, the outstanding principal and accrued in…
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My private company is having large investors come in mid-month and want me to prorate BS & IS items for mid-month and have a regular close.. how do I keep them separate?
I work for a private company which is having investors come in mid-month, however, the investment is really in the company that owns my company. For this reason, they want to keep track of everything at of the day of purchase and then close the month as usual. I wanted to know the best way to han…
3
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Checklist for systems controls?
Hi All - I'm a controller of a privately held business with about 400 employees. I was recently hired - the previous controller was promoted to CFO when the old CFO retired. Both of them have been here for 25+ years. We have no internal controls to speak of and I want to get the ball rolling o…
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Need for invoice
Does a HOA management company need to provide the HOA an invoice to receive monthly fee, or can they simply withdraw the required amount?
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ERP/Accounting Software Search
Hello, I was wondering if anyone in Technology/Software Industry has implemented a new accounting system recently. My company is hoping to move on from QuickBooks due to our need for a new software that can consolidated including foreign entities and currencies, SalesForce integration, and revenue…
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How to do Partnership Financial Statement with Negative Capital Account
I am finishing a partnership for the first time in my life. I don't know what I should do. I plan to do a financial statements and lodge final tax return, lodge my last BAS and cancel ABN. Is it all? Do I have to prepare any documents saying that one of the partner decides to quit the partners…
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How do I account for a revenue share with a vendor.
We entered into a revenue share agreement with a vendor in which we buy the product from them and then sell it. They are entitled to 50% of the revenue, which is then reduced by the cost of the product we purchased. Ex: we sell $40k of widgets for which we paid $5k for. We then owe them $40k x 50% …
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How do parent and subsidiary audits work?
I am starting in audit soon and I am just wondering the mechanics of an audit in regards to a parent and sub. if a company buys another and they have different auditors, would the auditor of the parent normally take control of the audit of the sub also or would they keep the two auditor system? I w…
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