Questions tagged [accounting]

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.

Filter by
Sorted by
Tagged with
0 votes
0 answers
70 views

Do I need to report income for a non-profit Japanese club in the UK?

I'm setting up a Japanese club for kids in London, UK. The idea is that parents would pay into a community account and we would hire native speakers to run lessons/events, rent out a venue, etc. The ...
AnotherVinyasa's user avatar
-1 votes
4 answers
168 views

What is the benefit of WB shelving finished movies? [closed]

WB Discovery are in hot water due to their decision to shelve several already done movies and not releasing them, Batgirl and Coyote vs. Acme among them to get a tax write-off for them. I don't ...
SIMEL's user avatar
  • 101
1 vote
1 answer
44 views

Why is prepayments and receivables recorded as one item in BABA's balance sheet?

I'm reading the fillings of BABA, https://www.sec.gov/Archives/edgar/data/1577552/000110465924011604/tm245446d1_ex99-1.htm I noted something unusual in the balance sheet, the Prepayments and ...
daisy's user avatar
  • 579
0 votes
1 answer
71 views

how to properly record details of big purchase into the ledger? [closed]

Suppose I bought the car for $10k. I would imagine that journal entry for the purchase would include $10k on debit and credit side and go to accounts like 'Payable' and 'Assets'. Suppose I need to ...
lowtech's user avatar
  • 103
7 votes
7 answers
3k views

I can't understand what equity is

I know there is dozen materials out there on the internet, but I can't wrap my head around equity. From the accounting equation I know that assets = liabilities + equity. assets are the things the ...
Yurii A's user avatar
  • 179
0 votes
3 answers
78 views

Add to existing invoice, or create new invoice

Let's say I rent a car for $300 and I don't pay upfront. The car rental company issues me Invoice #1. I return the car and have used excess mileage, so owe an additional $50. I pay with my credit card;...
Alan P.'s user avatar
  • 101
1 vote
2 answers
135 views

What does share of equity mean?

The following is from Exxon Mobil's website which can be found at: Exxon Mobil's Balance Sheet It has the following line in it: Exxon Mobil share of equity 199,703 195,049 What do ...
Bob's user avatar
  • 1,773
0 votes
1 answer
64 views

Loan: calculate number of monthly payments with fixed annual interest, fixed montly payment, and 1 additional payment per year

The situation is the following. Consider a loan of 430,000 units (dollars or whatever). The client will pay 10,000 units per month. The client will pay an additional 70,000 units every 12th month of ...
Meclassic's user avatar
  • 111
0 votes
2 answers
71 views

Do I need to file form 5472?

I own 100% of a US based LLC, in Wyoming, and I am a non-resident of the United States. I want to know if I need to file form 5472 even though my company had no transactions whatsoever. I paid a third ...
Vegas's user avatar
  • 101
-2 votes
2 answers
171 views

Why is the "cash flow statement" a thing? (It seems it can be deduced from the balance sheet and income statement anyway?)

The question is basically in the title. From what I see, once I have the balance sheet and income statement, I already have everything I need about my business. From what I've seen, when creating the ...
mmerprogra's user avatar
1 vote
1 answer
86 views

Quickbooks: how to keep track of mortgage installments as expenses?

I am new to Quickbooks. Anyone can help answer this quick question? I need some help figure out mortgage installments bookkeeping rules.
Carson B's user avatar
0 votes
0 answers
24 views

Filing a UK Company Tax return for 22/23- is it possible to bring back a trading loss from 23/24?

Whilst filing my UK company tax return for the financial year covering 22/23 in the section 'Trading losses', under 'Bring back a loss from a later period' is states the following: You can only bring ...
james's user avatar
  • 101
0 votes
0 answers
32 views

Why is the UK Corporation tax payment deadline before the company tax return filing deadline?

I've returned to contracting (as a software engineer) after 8 years of full time employment and am now working through my own LTD company. I mistakenly thought - as is the case with self assessment - ...
james's user avatar
  • 101
-1 votes
1 answer
78 views

Reverse accured income on first balance day?

When using the cash method for accounting, pre-paid income and expenses, and accrued income and expenses will not be recorded in the books, except on the last day of the year. For example, on 12/31 an ...
Dux's user avatar
  • 1
1 vote
1 answer
91 views

Do I need to charge VAT to other VAT registered businesses?

If I invoice a client who is VAT registered, and I am VAT registered, do I need to add on VAT even though they will claim this back from HMRC? I'm sure I've seen online somewhere where adding in a VAT ...
Joe Simpson's user avatar
0 votes
0 answers
264 views

Is there a formal distinction / definition of a “credit” vs a “refund”?

I’m working with an event organizer where they collect payments in advance for the event. The policies for the event host state that “any refunds due to attendees must be issued within 30 days”. ...
ljwobker's user avatar
  • 224
1 vote
1 answer
128 views

GnuCash: How to assign a checking account from which a bill will be payed

Description I'd like to properly account for purchases (e.g. on Amazon). In most cases, when I purchase an item the merchant sends me the package and only after a couple of days credits my bank ...
citizen_code's user avatar
3 votes
1 answer
147 views

German invoicing practices

I'm based in the UK, and recently started buying services from a German company (Contabo). I'm paying from a Euro card account, and they have a UK VAT registration, so there are no complications with ...
AtTheBeach's user avatar
1 vote
0 answers
30 views

How to apply Canada's superficial loss rule for multiple sales?

I know that a capital loss cant be claimed if you repurchase the asset within 30 days of the sell date. DATE ACTION SHARES TICKER CAP GAIN 1. Jan/01 BUY 1,000 MSFT - 2. Jan/...
AlanSTACK's user avatar
  • 1,440
1 vote
1 answer
133 views

How do I close my account in GNUCash

I am not a Accountant or GNUCash expert so I am seeking help. Let me set the stage. I am from India, here we have investment option called Fixed Deposit abbreviated as FD (in USA I think they call it ...
Raj Mallesh's user avatar
0 votes
1 answer
47 views

Would operating income be found using EBIT or using the income statement?

How would I find the operating income on this income statement? Is it the stated number: "INCOME BEFORE PROVISION FOR INCOME TAX: $13.8m" or would I use the EBIT formula: EBIT = net income + ...
cjames's user avatar
  • 13
0 votes
1 answer
31 views

Calculating Canadian Capital Gain or Loss After Loan and Investment

Consider the following hypothetical scenario involving trading with margin in Canada w/ made-up exchange rates: I take out a $100,000 USD loan on Jan/01 - ($150,000 CAD) I lose all of it immediately ...
AlanSTACK's user avatar
  • 1,440
3 votes
1 answer
170 views

GnuCASH - How to split a single bill in multiple due dates for payment?

It happens often that I have a single bill from a vendor and the payment is split along multiple dates, but I can't get how to do that and Gnucash docs don't explain it much. So far, I split the bill ...
DieP's user avatar
  • 31
-1 votes
2 answers
144 views

Resources vs. Assets

I read an excerpt on Quora from the book, "Rich Dad, Poor Dad": If you want to be rich you must know the difference between an asset and a liability and you must buy assets. This may sound ...
Vinay Sharma's user avatar
0 votes
2 answers
113 views

Intuition behind business entity concept?

Following definition is the representative of the plethora of definitions one would find on the internet: The business entity concept declares that a business stands independently from its owner, and ...
Vinay Sharma's user avatar
2 votes
1 answer
149 views

Intuition behind the accounting equation: Assets= Liabilities + Shareholder’s Equity

Every transaction (exchange of value) has two sides: what I get, and what I give. How this thought leads us to say: Assets = Liabilities + Shareholder's Equity All I mean is there any intuition ...
Vinay Sharma's user avatar
1 vote
1 answer
224 views

How to collect money on behalf of a third party in double entry bookkeeping [closed]

I run a store where I sell products on behalf of other people. For example... I make a sale for £100. £20 is my commission and £80 is owed to the third-party. At some point in the future the third-...
Mat's user avatar
  • 111
1 vote
2 answers
90 views

UK reg business (not vat reg) paying consultancy fee to the EU consultant (not vat reg)

My limited company is registered in England (not vat registered though). I need to make a payment to a consultant abroad in the EU who is not vat registered. Do I need to pay anything to the HMRC and ...
Alien_Explorer's user avatar
2 votes
0 answers
62 views

Based on the line item descriptions in 10Ks, how do I find the corresponding terminology under US_GAAP_2019 taxonomy analyzer?

For example, if I'm looking at the 10K for AVB and under its reconciliation of FFO, I see a description of "Gain on sale of previously depreciated real estate", how do I find the ...
Jay Jung's user avatar
-2 votes
3 answers
145 views

Mathematics and Accounting of withdrawals and deposits in a shared portfolio

My friend is a day trader and works with money, after days of research I still haven't found a method or approach to accounting our shared account. I've came across keywords such as pooled funds, ...
Erfan Ahmadi's user avatar
0 votes
1 answer
73 views

Is carryforward / NOL derived from operating income (EBIT) or taxable income (EBT)?

From Strategic CFO A net operating loss occurs when a company’s operating expenses and allowable tax deductions exceed its operating income for an accounting period. From Investopedia A net ...
Mario Ishac's user avatar
1 vote
4 answers
165 views

What does the term backlog mean

Imagine an investor is thinking about buying shares in the XYZ company which is publicly traded. He reads that the company has a backlog of $10 billion dollars in orders. Can he conclude that all ...
Bob's user avatar
  • 1,773
0 votes
2 answers
46 views

Net Change of Owners’ Equity [closed]

I have a question related to Net Change of Owners’ Equity especially when the company is buying back the stocks that they shared to the investor before. How the change are affecting to the assets and ...
Ydstr's user avatar
  • 9
1 vote
1 answer
83 views

What are Insurance Reserves on The Balance Sheet

Are insurance reserves JUST the amount the company expects (the max) amount it may have to pay in the future for claims. Or (B) is it the cash or cash equivalent the company set aside for possible ...
Jack 's user avatar
  • 161
0 votes
1 answer
69 views

Accounting: Charging a Customer for a Service you had to Outsource [closed]

I run a horse boarding facility where customers pay a monthly rate for maintaining and care for the horse, as well as access to facilities such as indoor riding rings and trails. Some of the care and ...
ctilley79's user avatar
  • 103
0 votes
0 answers
22 views

When closing books for the year, do you group by posted date or entered date? [duplicate]

Say you close your books yearly on December 31, 11:59pm. There's a transaction on a credit card that you made on Dec 29th, but it doesn't post with the bank until Jan 2nd. Would you include that ...
tsj's user avatar
  • 121
1 vote
0 answers
121 views

CT61 form for HMRC (corporation tax UK)

I recently created a company in the UK for occasional work as a locum pharmacist. I get paid by pharmacies for hours worked. Following advice from HMRC, I recently pulled out £500 of the company that ...
Yozef's user avatar
  • 11
2 votes
1 answer
136 views

What is the meaning of reserve in the assets of a bank's balance sheet?

I was reading a bank's annual report. I discovered that the table of balance sheet contains 'reserve' in the assets column of the balance sheet. I want to know the meaning of that reserve, and its ...
ISMAEL's user avatar
  • 23
3 votes
1 answer
276 views

Can I 'reverse' an S Corporation distribution?

I am the sole proprietor and employee of an S Corporation. I know I'm required to pay myself a reasonable salary. Say in January the S corporation received $30,000 of revenue from completing a project....
Claudiu's user avatar
  • 131
1 vote
1 answer
52 views

S-corp accounting and tax and accounting - buffer amount for early next year

I have single owner LLC taxed as S-Corp. I got an interesting question, let us say we have to keep some buffer amount to keep January expenses in the bank, how do we classify this for both accounting ...
kosa's user avatar
  • 133
4 votes
2 answers
541 views

How best to record tax relief?

I contribute to a SIPP, and receive tax relief at the basic rate (HMRC adds 25% of the value of my contributions to it). I am wondering how best to record this in my books, and whether any accepted ...
Jivan Pal's user avatar
  • 353
0 votes
1 answer
60 views

Solo 401k establishments costs - is it employer or employee?

I am on owner/employee for S-Corp. Took help from an administrator in establishing Solo 401k and paid some fees. Can we write this fee as "business expense" (or) "is it EMPLOYEE expense&...
kosa's user avatar
  • 133
2 votes
2 answers
888 views

How to record currency conversion in a journal entry

I am keeping track of my personal finances in a physical accounting journal. At a currency exchange desk, I converted 100 CAD into 75 USD. How should I record this transaction in my journal? In double-...
Flux's user avatar
  • 17k
4 votes
3 answers
1k views

What does the term Other Revenue mean?

I am looking at Target's recent earnings release which can be found at the following URL:Earnings Release. On page five it show two types of revenue: sales and other revenue. What does other revenue ...
Bob's user avatar
  • 1,773
0 votes
1 answer
304 views

In a budget do you account for expenses of last month in current month?

If I recieve june's paycheck by june 30th Ill be using that paycheck through out the month of july. In a budget then, should I add june income and july expenses in the same column? thanks
user117582's user avatar
1 vote
2 answers
135 views

Is the price-to-book ratio too arbitrary to be useful to investors?

Many financial portal websites show the price-to-book (P/B) ratio of companies. For example, Yahoo Finance shows this P/B ratio for TotalEnergies SE: Under IFRS (IAS 16 — Property, Plant and ...
Flux's user avatar
  • 17k
13 votes
6 answers
3k views

How do you calculate the depreciation on a car?

I’m thinking of selling my new car. Here are some informations about it. Model: Suzuki XL7 2022 Bought: Brand New, January 2022 (6 months of usage) Initial Price: ~$16600 Mileage: 3100 miles If I’m ...
Kezia's user avatar
  • 131
1 vote
1 answer
57 views

Accounting question about recording debits & credits

Please consider this simple spreadsheet, which tracks a $1,000 loan that I gave to a friend, along with the friend's payments against that initial loan. type date amount ------------------...
Nate's user avatar
  • 111
5 votes
5 answers
6k views

In a Budget is Saving Considered an Expense?

I created a personal budget with a savings section but I'm not sure if it is considered an expense. Is it an expense, and how do I account for it? Thank you all for your great insights. I decided its ...
user117582's user avatar
0 votes
1 answer
139 views

What type of accounting practice is this and is it good, bad or depends on other circumstances?

QUESTION - I'm looking for a name I can associate with this specific type of accounting practice and whether this would be considered good accounting, bad accounting, doesn't matter, depends, etc? ...
questionwonderer's user avatar

1
2 3 4 5
11