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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2
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2answers
39 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
33 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 ...
0
votes
1answer
22 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 ...
5
votes
3answers
140 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
74 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 ...
1
vote
0answers
56 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
80 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.
0
votes
0answers
53 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
86 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: ...
2
votes
2answers
47 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
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0answers
50 views

Software that does both accounting and multiple inventory locations?

I am currently using InFlow Inventory to manage my inventory. I have different inventory locations and InFlow handles this great. Now, InFlow doesn't do accounting so I need to get some accounting ...
0
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0answers
24 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
54 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
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0answers
35 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
45 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
86 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
130 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
87 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
185 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
289 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
62 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
69 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
129 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
62 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
111 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
76 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
201 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
81 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
51 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 ...
0
votes
0answers
133 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
301 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 ...
4
votes
2answers
252 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
86 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 ...
0
votes
0answers
62 views

Expenses included in cost of sales of a training company?

In the cost of sales for a training business, I'm including the following expenses: Trainer Fees MQA Fees Training Fees Refund Sales & Marketing Branding Newspapers Ads Google Ads Facebook Ads ...
0
votes
1answer
322 views

How can I debit money to Accounts Receivable in Gnucash without raising an invoice?

I have some income from Amazon Associates that is paid to me automatically every few months. I don't raise an invoice and Amazon doesn't create one for me. Amazon does specify a date when the payment ...
2
votes
1answer
140 views

Special bank account required for a LLC?

I've just incorporated my first LLC in the UK. I'm now looking to open a new bank account to keep my personal finances and the business finances separate. Could I sign up for say a regular Halifax ...
2
votes
2answers
829 views

What does Capital Surplus mean?

Given this information below, what does capital surplus mean? When does a capital surplus go up? What is the formula of capital surplus? I have read Wikipedia's definition, and it only seem to ...
3
votes
1answer
228 views

Making good use of the (optional) Num column in gnucash? “name-of-counterparty” column

In previous humble attempts to learning-the-ropes of household accounting (in conventional spreadsheet software) I used to have a column to hold the name of the counter-party, e.g. the supermarket ...
1
vote
1answer
562 views

Salary account in gnucash: charge vs. income // example transactions

It might not be the usual thing to have on opening balance in a "Salary" account, but if one did, this is what I tried in gnucash: description: payday again :-) transfer: Equity:Opening Balances ...
8
votes
1answer
207 views

How to record the finding of 10 dollars lying on the street and their subsequent placement into one's wallet (in gnucash)?

Within gnucash: within the Cash in Wallet account: description: found some money in the street transfer: Imbalance-USD or create a new arbitrary one-off account called something like "Penny Lane" ...
4
votes
2answers
2k views

In double entry accounting, how does income become equity?

Using GNUCash, help, putting it all together, I'm accounting for a lottery income transaction. I was able to get the example shown with 2 transactions. 1. Dr. Savings 750,000 Cr. ...
6
votes
1answer
120 views

How do I enter a house sale into my accounting package?

We sold our house and purchased a new one. The money from the sale went into our lawyer's trust account, and then was passed onto the vendor that sold us the new house. In my accounting package, I ...
0
votes
2answers
199 views

Can someone recommend a book that discusses the differences between types of financial statements?

I'm interested in learning the differences between profit and cash, but also about cash flows and financial statements. What book do you recommend I read? I want to read a practical book that ...
6
votes
1answer
86 views

Verification of student loan amounts

I consolidated my student loan debt with FedLoan a year or two after graduation. Is there an easy way to verify that my current balances are accurate? Is this something an accountant would handle, or ...
4
votes
2answers
775 views

In double entry accounting, how do I enter a loan?

I have taken an accounting course several years ago, but I'm a little rusty. I'm using GnuCash, double entry accounting software. I have a loan from a friend, so no interest. I have paid about half ...
4
votes
1answer
997 views

How to report my revenue from Apple iAds and App Store sales, without an invoice?

For accounting purposes, we need an invoice for accounts receivables, but when you get a payment from Apple for iAd revenue and app sales, how do you issue an invoice ? Are there any specific ...
5
votes
1answer
277 views

Does total US public debt include state debt?

When I see total US public debt, I wonder whether state debt is included. If "total US public debt" used differently for different cases, I will restrict my case to the usage in national ...
2
votes
1answer
600 views

Is there a difference between managerial accounting and financial accounting?

In many universities and school, there is both a Managerial Accounting and a Financial Accounting course. From what I can gather, Financial Accounting covers accounting from an perspective of an ...
3
votes
2answers
9k views

How to account for Capital Gains (Losses) in double-entry accounting?

After taking an introductory financial accounting class, I decided to use GnuCash to keep track of my personal finances. I have 5 major accounts in my general ledger: Equity Currently only used to ...
0
votes
1answer
356 views

How do I set up a budget in Quickbooks 2010?

I am treasurer for our school's PTO, and I use QuickBooks Premier Nonprofit Edition 2010. I am trying to track budgets of two different types, and I can't figure out how to do it properly in ...