Recent content by Whoknowsbest

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    Prepaid and Accrued Expense

    Prepaids A prepaid expense is when you have paid an invoice in advance for a specific time period. For example, your insurance policy is due in January, but it is the insurance for January to December of the current year. You would put the total as a "prepaid insurance" and reduce the amount...
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    not recording voided checks and receivables?

    This does seem accurate, as I have always been told by auditors you need to keep a track of all voided cheques in your accounting system and to keep the actual voided hard copy cheque.
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    Intercompany Offsetting

    I/C Offsetting They do not want to have any I/C between A and C and they do not want to transfers funds directly from A to C. This is what is making me think that doing it this way is incorrect. It seems as if they do not want to have a record of it from A to C at all, thus putting it through...
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    Intercompany Offsetting

    I am hoping I can explain this well so someone is able to provide some advice, as I feel my boss wants to do it incorrectly. We have three separate legal entities (companies) operating in three separate countries, but consolidated financials under the parent company. They want to do a recharge...