Recent content by ladyrider

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    USA Backdating Cash Accounting Payment?

    Businesses can't just switch between cash and accrual for tax purposes.
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    India Accounting principles

    I'm sure you can use the internet just like I did. Good luck
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    USA Retired business owner salary?

    I totally agree with you. Unless there is obvious fraud then zip it. You're the accountant that's it. Your job is to run the financials and keep the books. If the people reviewing the financials don't see it then that's on them. I have in the past run the financial reports and shown the...
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    India Accounting principles

    https://whatis.techtarget.com/definition/GAAP-generally-accepted-accounting-principles https://www.investopedia.com/terms/a/accounting-principles.asp https://www.accountingtools.com/articles/what-is-ifrs.html Happy reading
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    UK Expense claim for wages paid to an employee

    Wages or self employed pay? If true wages those would have to be reported on payroll for that employee for the employer to pay appropriate WH and employer paid taxes then the resulting entry would be Wages DR Payroll Liab CR Owner Contributions CR Net Pay would be ZERO since there is nothing...
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    UK Self-employed person working for a limited company

    Why would they? They aren't employing anyone.
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    USA Backdating Cash Accounting Payment?

    Cash is cash. You can ask other accountants but pretty sure they'll agree with your current one
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    USA Correct an Invoice

    Yes do not go back to change prior periods that were already sent in - it would just be a credit in the current period and of course the invoice re-sent to the customer. But I'm confused, if you don't charge sales tax why are you filing a sales tax return? In AZ if a business doesn't collect...
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    First contract role

    "Take copious notes when they explain things or train you. If you don't understand something, ask questions until you do." YES! When I still worked in corporate and had to train people they'd sit and watch me as I did things and I was constantly saying um you better write this down cause I am...
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    Accounting for an item that is both an expense (or WIP) and an income

    How can you claim "lost revenue" on a property that isn't fully renovated and placed in service?
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    First contract role

    Contract as in an agency sent you out on a contract position as a W2 or contract as in you're working as a 1099 contractor. Not exactly sure what the laws are in the UK but here in the US if you're a 1099 then the company cannot set your hours, we do. I don't do onsite work but I used to and I...
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    USA Been doing my books by hand, is Quickbooks worth it?

    To say one doesn't need to understand accounting to use QB is exactly why so many businesses have messed up financials.
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    USA Quickbooks is designed by fools and their support sucks!

    Not enough clarity here - as Steve_Level up refers to is there petty cash involved or is this owners cash that was spent out of their personal accounts for business related expenses? Quite simple actually Create a JE and put in the different expenses then the offset would be owner contributions.
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    USA Fixed Asset

    Yep none of it is clear. Oh well... I'm sure she'll figure it out
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