Recent content by Lily0208

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    USA Old AP Balances

    Hello! I recently took over the accounting department of my company, and I have been going through their BS to try and clean things up. I have a number of open balances on our AP aging that are over 15 years and that are Debits (we either overpaid or they gave us a credit that we never used)...
  2. L

    USA Posting Date vs Transaction Date for Currency Remeasurement

    Hello, If we are posting a foreign supplier invoice, what currency rate should the system use? The rate at the time the transaction occurred ( Invoice date) or the rate at the time the invoice was posted in our accounting system? Personally, I believe that if we receive an invoice 10 days...
  3. L

    USA Intercompany and GST

    Thanks heaps! this is very helpful!
  4. L

    USA Intercompany and GST

    Haha you do have a ton of credit! The invoice is issued to a GST registered entity because it is made to the Australian Sub, I wonder if the ATO cares if that entity didn’t actually pay the invoice? I think l they should care right? If they are not paying the invoice themselves, they shouldn’t...
  5. L

    USA Intercompany and GST

    Thanks Dave! I don’t think is technically an export because the services are being provided from an Australian company, to our Australian entity. The only reason US is involved is because we agreed to share these costs and we are the ones paying them, if that makes sense.
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    USA Intercompany and GST

    Hello! My company, who has a lot of foreign subsidiaries, has received an invoice issued to our Australian Subsidiary that includes GST (during the acquisition, US was paying for all the costs but now they are shared). Normally, I would expect the Australian sub will pay for the invoice, claim...
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    USA Single year presentation

    Hello, Our company has gone through an international merger ( mid year 2020). Our Auditors are currently working on the US only financials and have suggested we do single year presentation. Given that the consolidated financials will be done at a later date, I am not sure why we would do...
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    USA Bonuses based on Foreign Currency. What rate to pay?

    Hi Kirby! They are Intercompany partners. I don’t see anything on ASC 830 that applies.
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    USA Intercompany Currency Translations

    How are Intercompany balances translated into the reporting currency? If our German subsidiary translates their USD payable account to spot rate at the end of each month, that balance won't match with our receivable here cause we have the actual USD balance they owe. Should we just make them...
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    USA Bonuses based on Foreign Currency. What rate to pay?

    Hello! We have projects in Europe, that have partners in the US, so we bill Europe for those bonuses plus a15% margin. The Intercompany agreement specifies that bonuses must be billed in the same currency than the client is billed, so if we bill them for example in Euros, we'll invoice them...
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