Accounting & Bookkeeping Forum

Accounting and Bookkeeping Forum and Tax Questions Forum :: test

Author: Cmore
Subject: test
Posted: Fri Sep 12, 2008 12:56 pm (GMT -7)
Topic Replies: 0

test
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Other Accounting and Tax Comments Forum :: Trying to find more deductions

Author: ivydl
Subject: Trying to find more deductions
Posted: Thu May 15, 2008 12:50 pm (GMT -7)
Topic Replies: 0

My 2 children are both over 17, now and I would like to "find" more federal tax deductions. I work full time and my wife is a homemaker.

We have land outside of the city, and someone suggested that we put in a small chicken yard and claim a farm deduction.

Is this even possible?

Accounting and Bookkeeping Forum and Tax Questions Forum :: record a gift

Author: Anonymous
Subject: record a gift
Posted: Thu May 15, 2008 10:28 am (GMT -7)
Topic Replies: 0

How does a gift get entered? I have an account, Expenses:Gifts, which I guess gets credited, but what gets debited?

Todd

Accounting and Bookkeeping Forum and Tax Questions Forum :: RE: Transfering a Fixed Asset to Inventory and selling

Author: stemcell1
Subject: Original purchase transaction
Posted: Thu May 15, 2008 9:43 am (GMT -7)
Topic Replies: 3

The item is currently classified as a Fixed Asset. My question is how to properly transfer it to Inventory. I need to increase the Inventory for that item so that I can sell it. I also need to dispose of the FA and book the gain on the sale.

Accounting and Bookkeeping Forum and Tax Questions Forum :: RE: Transfering a Fixed Asset to Inventory and selling

Author: stemcell1
Subject: Not both FA and Inventory
Posted: Thu May 15, 2008 9:41 am (GMT -7)
Topic Replies: 3

This item is NOT both a FA and an Inventory asset. It was an FA, and now I have to transfer it to an Inventory item in order to sell it.

Accounting and Bookkeeping Forum and Tax Questions Forum :: RE: Transfering a Fixed Asset to Inventory and selling

Author: irsfixer
Subject: Re: Transfering a Fixed Asset to Inventory and selling
Posted: Thu May 15, 2008 9:25 am (GMT -7)
Topic Replies: 3

stemcell1 wrote:

We have a fixed asset that we have sold, and I'm trying to work through all the correct entries.

A key difference that makes this more difficult of a transaction than I'm used to is that the asset is also an inventory item. So in order to create an invoice to bill the customer, I have to adjust the inventory on hand so that we have this item in stock to sell.

Any help? Thanks!!

It cannot possibly be a fixed asset on your books and inventory. It is one or the other. If it is a fixed asset - then inventory has already be relieved at some point. If it is inventory - it is a simple sales transaction. What account is the original purchase transaction in?
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Accounting and Bookkeeping Forum and Tax Questions Forum :: Transfering a Fixed Asset to Inventory and selling

Author: stemcell1
Subject: Transfering a Fixed Asset to Inventory and selling
Posted: Thu May 15, 2008 8:58 am (GMT -7)
Topic Replies: 3

We have a fixed asset that we have sold, and I'm trying to work through all the correct entries.

A key difference that makes this more difficult of a transaction than I'm used to is that the asset is also an inventory item. So in order to create an invoice to bill the customer, I have to adjust the inventory on hand so that we have this item in stock to sell.

Any help? Thanks!!

Accounting Software Questions and Comments Forum :: QB - bookkeeper/client process

Author: Beth
Subject: QB - bookkeeper/client process
Posted: Thu May 15, 2008 8:15 am (GMT -7)
Topic Replies: 0

I am about to start my own bookkeeping business; however, I'm unsure how the quickbooks accountant version works with clients. Can someone please help me understand how the process works? If the client and I both have quickbooks and I am entering in his information on my software, will the client be able to access the info on his software?

Can someone please explain what their process is for handling the clients information and providing it back to the client?

Accounting and Bookkeeping Forum and Tax Questions Forum :: Recording a materials purchase

Author: Anonymous
Subject: Recording a materials purchase
Posted: Wed May 14, 2008 11:55 am (GMT -7)
Topic Replies: 0

I am very new to bookkeeping. My wife started a new jewelry business and when taxes were due we were overwhelmed due to NO bookkeeping. I am trying to get a grasp on things. I hope someone can explain how a raw material purchase SHOULD get entered.

Right now I am: crediting Cash account(asset), debiting Raw materials inventory account(asset).

It seems like it should go to a materials expense account first? Then to move it from expense to inventory. But won't that mess up my expenses account, showing an incorrect balance at tax time?

Todd

Accounting and Bookkeeping Forum and Tax Questions Forum :: ACCRUED EXPENSES FOR UTILITIES

Author: WEALTHY
Subject: ACCRUED EXPENSES FOR UTILITIES
Posted: Wed May 14, 2008 5:58 am (GMT -7)
Topic Replies: 0

1.HOW WILL YOU MAKE ACCRUED EXPENSES FOR ELECTRICITY FEES (UTILITIES FEE) FOR 6 DIFFERENT DEPARTMENTS IN ONE COMPANY? LET'S SAY DEPT.1, DEPT.2, DEPT.3, DEPT.4, DEPT.5, DEPT.6)

WE WILL MAKE ENTRY AS THE FOLLOWING.

JAN/08 .... ACCRUED EXPENSES FOR JAN/08
FEB/08 .... WE RECEIVE JAN/08 BILL..... AND POST IN THE PERIOD.... FEB/08
MAR/08.... WE RECEIVE FEB/08 BILL..... AND POST IN THE PERIOD.... MAR/08
APR/08..... WE RECEIVE MAR/08 BILL.... AND POST IN THE PERIOD.... APR/08
MAY/08..... WE RECEIVE APR/08 BILL.... AND POST IN THE PERIOD.... MAY/08
JUN/08..... WE RECEIVE MAY/08 BILL.... AND POST IN THE PERIOD.... JUL/08
AUG/08.... WE RECEIVE JUL/08 BILL..... AND POST IN THE PERIOD.... AUG/08
SEP/08.... WE RECEIVE AUG/08 BILL.... AND POST IN THE PERIOD.... SEP/08
OCT/08.... WE RECEIVE SEP/08 BILL.... AND POST IN THE PERIOD.... OCT/08
NOV/08.... WE RECEIVE OCT/08 BILL.... AND POST IN THE PERIOD.... NOV/08
DEC/08.... WE RECEIVE NOV/08 BILL.... AND POST IN THE PERIOD.... DEC/08

IN JAN/09 WE WILL RECEIVE DEC/08 BILL BEFORE WE CLOSE FOR THE PERIOD OF DEC/08.
WHEN WE RECEIVE DEC/08 BILL, WE WILL MAKE ADJUSTMENT FOR THE ACCRUED EXPENSES WHICH WE MADE IN JAN/08.

IN JAN/08 WE MADE ACCRUED EXPENSES AS THE FOLLOWING.

ELECTRICITY FEE............ DEBIT 1000
ACCRUED EXPENSES........................................ CREDIT 1000

IN JAN/09, WHEN WE RECEIVE DEC/08 BILL, WE WILL MAKE ADJUSTMENT ENTRY AS THE FOLLOWING. ASSUME THE ELECTRICITY FEE IS 1200.

ACCRUED EXPENSES.......... DEBIT 1000
ELECTRICITY FEE................ DEBIT 200
ELECTRICITY COMPANY ..................................... CREDIT 1200

CAN SOMEBODY ADVISE ?

Accounting and Bookkeeping Forum and Tax Questions Forum :: Dividends and Shares affecting the Balance Sheet?

Author: Undergrad1
Subject: Dividends and Shares affecting the Balance Sheet?
Posted: Wed May 14, 2008 2:46 am (GMT -7)
Topic Replies: 0

Hi,

I'm currently an Undergrad majoring in Accounting (1st year) and am having trouble understanding something. How can additional information such as this..
1. Issued capital comprises 160,000 Ordinary $1.00 shares (2006 â€“ 150,000 shares) and 3,000 10% Preference $6.00 shares (2006 â€“ 3,000 shares).
2. The market price of issued shares as at the 31st December 2007:
â€¢ Ordinary shares $2.75
â€¢ Preference shares $7.50
3. The dividends declared and paid during the year were:
â€¢ Ordinary shares $0.22/share
â€¢ Preference shares $1,800
4. The change in the Ordinary Shares occurred on the 1st January 2007

Affect the balance sheet?

Thanks for your help/input. I'm not looking for direct answers, just a general idea of how this information can change an already complied Balance Sheet.

Accounting and Bookkeeping Forum and Tax Questions Forum :: A good book on Balance Sheets and Income Statements

Author: Alonalev
Subject: A good book on Balance Sheets and Income Statements
Posted: Wed May 14, 2008 2:20 am (GMT -7)
Topic Replies: 0

Hi!
I don't know if this is the right place but -
I am desperately looking for a good book for beginners that could help
understand the components of Balance Sheets and Income Statements.
If you have any recommendations, I would be more than happy and grateful!

Thank you,

Alona

Accounting and Tax Marketing Information Forum :: Searching for a new job

Author: VRojas
Subject: Searching for a new job
Posted: Tue May 13, 2008 11:02 am (GMT -7)
Topic Replies: 0

I found a great new search engine for accounting jobs. It is called AccountingCrossing-dot-com I had been out of work for months and one day I came across this website. It was a great help. They not only have a lot of job listings, but they are from some of the top companies in the country. It was not too long before I had and interview and finally a couple of offers. I really recommend it. Have you tried AccountingCrossing?

Accounting and Bookkeeping Forum and Tax Questions Forum :: RE: Credit Line

Author: cindy.chenlh
Posted: Mon May 12, 2008 10:41 pm (GMT -7)
Topic Replies: 1

For purchasing a lot of business related products and services, you should do the following transacction:

Debit Supplies (business related products) / services Expense
Credit Bank chequing account

for leasing a vehicle for work, you should do the following transacction:

Debit Lease expense
Credit bank chequing account

for setting up a loan from shareholder, I can give you a hint, that you are the only shareholder of your company and you own 100% of the share you mentioned in your minutebook which you've already reported to the government.

Citation:

I am a sole proprietor and I am trying to keep my own books. I have been using my check card from my bank account to purchase a lot of business related products and services and I am wondering how I would set that up in quickbooks. I read in a previous topic that one would set up a loan from shareholder but that would not apply based on the fact that it is a sole proprietership. So how would that work. I also leased a vehicle for work as well and I need to write that off as well. Any help would be great.

Accounting and Bookkeeping Forum and Tax Questions Forum :: RE: Depreciation for renovated building

Author: cindy.chenlh
Posted: Mon May 12, 2008 10:39 pm (GMT -7)
Topic Replies: 1

For purchasing a lot of business related products and services, you should do the following transacction:

Debit Supplies (business related products) / services Expense
Credit Bank chequing account

for leasing a vehicle for work, you should do the following transacction:

Debit Lease payment expense
Credit bank chequing account

for setting up a loan from shareholder, I can give you a hint, that you are the only shareholder of your company and you own 100% of the share you mentioned in your minutebook which you've already reported to the government.

Citation:

I am a sole proprietor and I am trying to keep my own books. I have been using my check card from my bank account to purchase a lot of business related products and services and I am wondering how I would set that up in quickbooks. I read in a previous topic that one would set up a loan from shareholder but that would not apply based on the fact that it is a sole proprietership. So how would that work. I also leased a vehicle for work as well and I need to write that off as well. Any help would be great.