Questions tagged [accrual]

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Remaining Balance Formula for Actual/360 and Actual/Actual Accrual Methods

Is there a concise formula for calculating the remaining balance of a loan with actual/360 and actual/actual accruals? I know for 30/360 amortizations, the remaining balance is just the FV of the ...
ZAR's user avatar
  • 111
1 vote
1 answer

Daily interest calculation on a 30/360 basis, considering payment occurs before schedule — how-to in Excel?

I'm setting up a payment spreadsheet for a loan just granted, and want to be able to make daily calculations of accrued interest. The debtor has been given a payment schedule with an interest only ...
Miguel Olano's user avatar
0 votes
1 answer

In accounting, accrual basis, what happens once the client pays to Accounts Receivable and Revenue [closed]

From what I understand, in accrual based accounting, when an invoice is issued (not paid yet), two entries are made: Accounts Receivable (Debit Entry) Revenue (Credit Entry) But my question is, what ...
Eugene van der Merwe's user avatar
6 votes
1 answer

Accrual accounting: how to implement prepaid tax

I am trying to put my personal finances in order and I figured that accrual accounting fits my needs for keeping a better track of my records. I am new to accrual accounting and while I think that I ...
geo909's user avatar
  • 163
3 votes
2 answers

Approach to modifying invoices in previous fiscal period?

I have a small business in Ontario Canada and I file my taxes each year. Let's say I discover an erroneous invoice from the last fiscal year for which I've already submitted my tax returns to the ...
learningtech's user avatar
1 vote
2 answers

How to deal with February in accrued interest calculation (30/360 day count convention)

How would you deal with the month of February in a daily interest calculation on a loan that compounds monthly? I would think that with 30/360 day count convention, each day in February results in ...
stackexchange013513's user avatar
4 votes
2 answers

How does IRS deal with 1099s across accounting methods?

For a US company using the accrual method of accounting, if they receive a bill in January 2016 for work done in 2015, I expect they are supposed to report the 1099 income to the biller as part of the ...
WilliamKF's user avatar
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0 votes
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End of year crowdfunding and taxes

I am about to run a crowdfunding campaign, which will end mid-november. That gives me 1.5 months to spend the funds on project expenses--not really feasible given that it's all destined for ongoing ...
logan m's user avatar
-10 votes
3 answers

Balancing an Interest Accrual Rate Between multiple loans

Tags: multiple student loans , balancing interest accruals , student loan help
kblunt333's user avatar
1 vote
1 answer

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 ...
Justin Elkow's user avatar