for questions that relate to the laws, practices, and products of accounting. Please note that questions about accounting that are academic or have no bearing on personal finance are off-topic here.

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0
votes
1answer
26 views

What's the difference between a company's after-tax profit and their sales/revenue?

Two fundamental analysis formulas have got me confused. One is the EPS (earnings per share) and the other is P/S (price/sales ratio). If I understand the formulas correctly, EPS is calculated by ...
0
votes
1answer
27 views

Do proceeds from a sale count as income for the decedent or the estate when agreement is prior to death and payment is after?

This is a question about US taxes and accounting. The documentation I've read says that if an estate is run on a cash accounting system, then any income received after the decedent's date of death is ...
6
votes
4answers
152 views

Why use accounting software like Quickbooks instead of Excel spreadsheets?

Some friends and I are starting a small landscaping cooperative, and are thinking about how we will manage accounting. Places we've worked in the past have used Excel spreadsheets to manage all of ...
2
votes
1answer
58 views

How should accounting software be categorized in terms of business expense?

I'm using online payroll software to manage payroll for employees and contractors. What category would the expense of this software fall under?
0
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0answers
28 views

What is equity capital?

Is equity capital the same as stockholders equity, if not then what is equity capital and how do we work it out from a balance sheet?
0
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1answer
64 views

In double entry book keeping terminology, what is the term or expression for when a journal entry both debits and credits the same account?

I configure point of sale software and thus deal with my clients' accounting people. I need to know how to properly express to them this situation, when they describe it. Thank you.
5
votes
2answers
88 views

How do I account for 100 percent vendor discounts in GnuCash 2.6.5

Consider this simple scenario, where I am running the accounts for a small business. No need to get into fancy standards (e.g. GAAP). A vendor sends my company a bill for $100. The work is complete ...
0
votes
2answers
47 views

What is the purpose of marking-to-market a futures contract?

Suppose I enter into a long futures contract to buy 1 ounce of gold at 1200$/ounce for delivery in May 2015. Between now and May 2015, the market price for a similar contract will certainly vary. Do ...
6
votes
5answers
1k views

How to divide up utilities when one tenant's rent includes utilities, but others' don't?

This is an extension of my question asked here. Four roommates are living together. Two are co-tenants, who hold the lease, and the other two sublet from the co-tenants and pay rent and utilities to ...
1
vote
0answers
39 views

Preference shares vs. common shares and overall holding structure for a public company?

I am trying to understand the overall holding picture for a listed company — like, there can be preference shares, common shares (free float), etc. My questions are: It would be really great ...
2
votes
0answers
174 views

How to divide up utilities amongst tenants? [duplicate]

Let's say I have two tenants who share my apartment with me. It is agreed that utilities shall be divided equally amongst us. However, one tenant has, as part of his lease, a stipulation that all ...
0
votes
0answers
32 views

How to correctly track a covered call write (sell to open) in double-entry accounting?

I recently started using gnucash for personal accounting, but I guess this question doesn't depend on the software. I sold a covered call, and I'm not sure how to keep track of that in the ...
0
votes
1answer
72 views

How can I import customers and invoices from a previous year's Gnucash file?

I've been using Gnucash for the past year for small business accounting as a self-employed contractor. I've read that it's a good practice to create a new file for each year. Now that 2014 has ...
0
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0answers
32 views

Name of Balance Term

What is the balance term for each condition below, which is updated realtime: When it only consist of actual money (actual income and expense) a company has (excluding projections) When it also ...
1
vote
0answers
41 views

If any Admob user is moving to any country where Admob is not available, then can't he use his admob account anymore? [closed]

I am currently staying in Malaysia. I have an Admob account which i opened here in Malaysia and i use it for my App monetization. I will be moving to my country Bangladesh next month where admob is ...
0
votes
1answer
145 views

What is the difference between a creditor and a lender? [closed]

Can you share specific examples? Also, when are they the same entity and when are they different?
0
votes
1answer
70 views

Rationale behind discount bonds?

I'm trying to understand if my rationale behind discount bonds is correct. Let's say Company X issues a 2 year $1000 bond at 5%, market interest rate is 10%. Because the coupon rate < the market ...
4
votes
1answer
94 views

The formula equivalent of EBITDA for personal finance?

I am considering the idea of trying to run my household finance more like a business and I am looking for formulas to gauge household financial health. I am running into issues with EBITDA for ...
2
votes
2answers
107 views

How To Record Income As An Affiliate ( UK )

I'm registered as self employed and I now want to start a blog where I can use adverts and amazon to make a little extra cash. Now I know that I have to record anything I earn as an income but I have ...
0
votes
1answer
62 views

Working Capital Definition [closed]

I invest in receivables (factoring) and I'm trying to determine what obligors are a good and not deteriorating credit risk. Part of this involves assessing obligors that are extending their days ...
1
vote
1answer
220 views

How to resolve imbalances and orphan transactions in Gnucash?

I am a new Gcash user. I Installed Gcash and imported couple statements from my bank. It is all good except that I now have huge imbalances. And I do not know how to handle this. I looked around the ...
6
votes
2answers
172 views

I started some small businesses but need help figuring out taxes. Should I hire a CPA?

I've got a couple of small businesses I run. I started them in the last couple of months. I feel lost when it comes to my taxes. I know I should be paying something, but I'm not real sure where to ...
3
votes
1answer
141 views

What is the difference between an Independent Financial Advisor (IFA) and an Accountant?

I'm looking for some advice on various small personal financial matters relating to pension, salary, taxation etc. I've been given a personal recommendation for an accountant, but looking at their ...
2
votes
1answer
157 views

How should I record invoices in foreign currency in GNUCash?

I'm a Canadian living in Canada and I've recently started a new contract with a client in the US. My previous contract specified payment in CAD while my new contract is in USD. I invoice once a ...
1
vote
1answer
179 views

What account should passport renewal expenses go into?

I am trying to appropriately name an account for these types of "official" fees. The fee doesn't really relate to a particular project, nor a normal type of expense.
1
vote
1answer
80 views

What would be the appropriate account for written off loans to friends and family?

In the past I have lent some money to friends and family, which I have not gotten back. I don't want to ask them for the cash, but I do want to clean up my accounts. How would I record this in my ...
1
vote
1answer
102 views

What's an account called that always balances to 0?

I use a pretty standard double-entry system in GnuCash (Income/Expenses, Assets/Liabilities). With my wife going back to school this fall, I did something in my accounting that I haven't done before: ...
3
votes
2answers
113 views

Which date to record for a transaction?

I need to record a transaction in a journal. If I take the date of the paper receipt, this might be different to the date on my bank statement. Which one should I use? Should I use one, and then ...
0
votes
0answers
35 views

Accounting for flippa type purchase

This accounting year I purchased a digital asset from another company (ie his website and associated product) let's say this price was £20,000 and it was purchased day 1 of the accounting period How ...
2
votes
1answer
59 views

When does a public company report a balance sheet?

As 31st March is the last day of the financial year in India. I was browsing some data and found that there are many companies that have not reported their balance sheets for 2013-2014. Is there a ...
0
votes
0answers
64 views

UK VAT Rounding issue

I calculate VAT per line on invoices. Manager sets prices in gross instead of net so occasionally come across rounding issues like the follow: 9.375 + 1.875 = 11.25 Displayed as 9.38 + 1.88 = 11.25 ...
1
vote
1answer
87 views

Dealing with temporary accounts

I use Gnucash for managing my finances. When I receive a gift card, I assume that it should be it's own account as one of my Current Assets. However, once that gift card is fully spent or expired, ...
1
vote
0answers
176 views

How do I do double-entry bookkeeping for separately-managed investment accounts?

Double-entry bookkeeping is new to me but is something I'm trying to apply to our personal finances. The area I am struggling with is how to deal with our investments. We have a mix of Canadian RRSP ...
0
votes
3answers
353 views

Why is salary a credit if money comes in?

I am new to keeping accounts. Today I learned that debit is what comes in credit what goes out Then how can we say that salary gets credited when the money comes in?
-1
votes
1answer
178 views

few question about debit credit and liabilities [closed]

i have few question about accounting terms, please help me to figure it out these term and debit and credit flow to our company account. 1) i sold 500$ cost products on account, buyer will pay me in ...
0
votes
2answers
452 views

Accounting for paying bills for (and being reimbursed by) another person

I an currently using Gnucash to manage my expenses. I am new to double-entry accounting and find many aspects of it to be confusing. Here's a situation that currently happens monthly. I'd like to know ...
4
votes
3answers
863 views

After consulting HR Block, are you actually obligated to file your taxes with them, if they've found ways to save you money?

tl;dr HR Block charged me $100 for a "review"—that is, entering in their system what I myself calculated my returns would be (via TurboTax), and seeing what they could come up with to beat that. If ...
1
vote
1answer
67 views

GAAP for items that you both sell and make? [closed]

Concept: I buy widgets. Some widgets I resell. Some widgets are used to make doohickeys. Of the dohickeys, some are sold, some are made into thingamabobs. How should inventory be valued for this ...
0
votes
1answer
88 views

Which account type to use for claimable expense I pay upfront for my employer?

I am using GNUCash for personal finance. Sometimes I pay expenses upfront for my employer with cash or credit card. My employer will pay me back later with cash or cheque. I am thinking of using ...
1
vote
2answers
184 views

Does “NET 30 DAYS” on a legal invoice refer to 30 days after the billing period end date, the invoice creation date or the invoice receipt date?

Does "NET 30 DAYS" on a legal invoice from a US law firm refer to: 30 days after the billing period end date (the last day for which hours are billed) 30 days after the invoice creation date ...
2
votes
1answer
70 views

How to properly name expense accounts (fees and fines, resp.) with public bodies in the context of personal (non-corporate) bookkeeping? [closed]

How to properly name expense accounts (fees and fines, resp.) with public bodies in the context of personal (non-corporate) bookkeeping? Of course I can just make up a random names, but if standard ...
1
vote
1answer
148 views

Prepaid Rent (Accrual Based Accounting)

I am running a small business that prepays office rent on the 25th of each month (for the next month). I am using accrual based accounting with QuickBooks. My question is, do I need to debit current ...
1
vote
1answer
107 views

Where to record existing assets when starting double-entry accounting

Very rarely would anyone start recording their accounting with zero assets or liabilities. Question is - under which account would you record them? Specifically, if you own property, you would debit ...
1
vote
1answer
332 views

Asset Sale: Net proceeds to cash AND capital gains?

This is very simple but I'm having trouble figuring out how to account for the sale of an asset, in double-entry bookkeeping, in a way that shows the net proceeds going to cash AND recorded as a ...
2
votes
1answer
111 views

Is a Scan of my receipts enough for my accountant?

Is a Scan of my receipts enough for my accountant in order to state my expenses for tax refunds? Or does my accountant need the total-100%-original-paper-receipt? Are there any laws about that in ...
1
vote
1answer
52 views

Accounting: Automatically Sort And Put Timestamp In Right Corner On Invoices I Receive

Whenever I do my taxes I have to collect all my invoices and add the date with a pen in the right corner and then sort them by date, my question is - are there any programs that can help me automate ...
1
vote
1answer
255 views

How to account for Unrealized Gains in a Trial Balance?

Using GnuCash, When I run a Trial Balance on my accounts, my Debits exceed my Credits by 875.00 wich is the same amount of my Unrealized Gains on the Balance Sheet. How do I reconcile this in my ...
4
votes
2answers
468 views

Can I invest C-corp or S-corp profits by purchasing stock, bonds or property to reduce tax liability?

If I own a C-corp or an S-corp in the US ( say for example Delaware ), and I take profits from revenue after expenses for the corporation and purchase stock in the US stock markets, bonds or other ...
5
votes
3answers
495 views

U.S. Taxes: Can you deduct or depreciate equipment that was both bought and sold in the same year?

Assume there is equipment used for a for profit endeavor that will be deducted from earnings. That equipment is also sold in the same year, for less than or equal to the purchase price. How does ...
2
votes
1answer
108 views

Generally Accepted Accounting Principles question

In QuickBooks 2011 for Dummies, pg. 24, there are listed several generally accepted accounting principles. I see that Expense Principle The expense principle states that an expense occurs when the ...