Questions tagged [accrual]

The tag has no usage guidance.

4
votes
0answers
110 views

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 ...
3
votes
2answers
49 views

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 ...
1
vote
0answers
735 views

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 ...
1
vote
2answers
3k views

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 ...
0
votes
1answer
151 views

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 ...
-10
votes
3answers
454 views

Balancing an Interest Accrual Rate Between multiple loans

Tags: multiple student loans , balancing interest accruals , student loan help
1
vote
1answer
760 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 ...