The accounting tag has no wiki summary.
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1answer
26 views
Should the purchase of an asset count towards the monthly net profit of a company?
We operate a network of websites and from time to time we purchase other websites to add to this network of sites. At this point our company is profitable and we do monthly distributions to each ...
2
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1answer
28 views
Using accrual accounting for recording catering transactions, should I have an account for each customer?
For example I could make a transaction like this:
Order Placed for Yummy Meatball Platter
$120 debited to Cash Account
$120 credit to Food Payable(?) Account
Then all outgoing payments (in the ...
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0answers
23 views
How to simplify my quickbooks items list
I am using Quickbooks to handle invoicing, purchasing, sales, etc. and so, to facilitate all these processes, I have an 'Items' list; I know, pretty standard stuff, right? Well, here's my problem, ...
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2answers
65 views
How do I integrate accounting and logistics software into an all in one system?
I would be starting an online clothes shop. Instead of having 2 systems act independently when an order comes in where the logistics system would handle which item warehouse should be packing and the ...
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1answer
76 views
What is really considered overhead in a web-based app business?
The setting is a web-based app that charges a fee per month to use the service.
You have rent, utilities, servers, developers, graphic designers, marketing, legal, accounting, office supplies, ...
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1answer
28 views
Tracking all work/items-delivered are invoiced
We are a small business and use Xero.com (which is an accounting system without ERP functionality).
What we have found that we have at times lost track of items requested by the customer, and have ...
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2answers
87 views
Who should process payments?
Suppose:
Company A owns product P
P is managed by company B
The sales contract is between A and customers
A has a contract with B such that B receives all income generated by P
Could B directly ...
1
vote
1answer
39 views
Accounting upfront payments in an accrual manner
In a subscription-model context, a customer can be offered to pay for a year in advance in exchange for a rebate. This might be desirable for the business for cash flow reasons.
In accrual ...
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2answers
127 views
What's the best way to deal with a proforma invoice?
I have a supplier that sends me invoices in advance, with so many days to pay. I want to enter these invoices into my accounting software as soon as they arrive, so I know what my commitment is for ...
1
vote
1answer
73 views
Tax Year & Incorporation Question
My partner & I just won $30,000 in a business plan competition. We haven't incorporated yet (and therefore haven't cashed the check). We plan on spending all the money to get the business ...
4
votes
8answers
421 views
how should I start bookkeeping for my tiny company?
I started a little software company as a sole proprietorship and I'm generating income from an app in the Mac App Store. I have made a few business related purchases (software, web hosting, ...
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2answers
77 views
Apportioning annual expenses across multiple tax years
My wife is starting an architecture business as a sole proprietor. One significant expense is insurance.
Suppose that she pays $10,000 for insurance now that covers the period Nov. 1, 2012 to ...
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1answer
53 views
my customer is asking me for an organization number — what's that?
A first-time European customer is asking me for an "organization number" to enter me into their accounting system. Is this a standard term? Is this my (USA) Federal Tax/Employer Identification Number? ...
1
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1answer
236 views
Can a bank account accept checks written to two different business names?
Is it possible for a bank account to accept checks written to two different parts of an LLC?
For example, I have ABC LLC, which operates at ABC.com, and I accept checks using both the ABC and ABC ...
2
votes
1answer
73 views
Is a professional accountant required in a federal or a provincial corporation in Canada?
Is a professional accountant required by law to do annual taxes/reports/filings for a federal or a provincial corporation in Canada? I am about to incorporate my company but don't have enough money to ...
0
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1answer
164 views
How to withdraw funds from my LLC as a guaranteed payment?
I have checks for my LLC but can I also use electronic transfers? My business account is "linked" to my ING personal account and doing a wire transfer would be less of a hassle.
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2answers
110 views
If a business loan is taken out for a registered company, and the company goes out of business, does owner have to pay the loan?
I am curious whether the person is liable to paying back any business loans taken from a bank for a business that they have.
If the business goes out of business, does the load simply vanish?
How ...
2
votes
2answers
137 views
Paying S-Corp Owner Directly from Main Bank Account
I run a small US-based startup, (an S Corp), I am also a contractor of this business.
Am I able to withdrawl money from the main business banking account and pay myself (a contractor) without writing ...
0
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1answer
187 views
When to recognize an expense?
What is the recommended practice to recognize an expense using any computerized accounting system and base on the accrual method of accounting?
Should the expense be recognized when a Purchase Order ...
0
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1answer
113 views
When calculating Gross Profit Margin, do you include funds raised
When calculating Gross Profit Margin, do you include the startup funds you raised in your net sales or just the sales you've made
For example, should it look like:
Net Sales..
...Plus startup funds
...
4
votes
3answers
505 views
Do companies get taxed on money deposited by owners?
I just started a business (startup) and wanted to do the right thing by having a bank account for the company and putting all the business expenses on the business account. Now, I am in NY and I know ...
1
vote
1answer
1k views
How to “pay” one self in a single member LLC w/ separate checking account?
I own a side company creating web apps. I formed an LLC, registered an EIN and opened a business checking account. Recently, I sold a copy of my software for let's say $10,000. Now, since everything ...
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2answers
615 views
Writing a check for myself from my business
I opened up a business in October last year and the bank account was created today and I deposited $1600. I need to use $600 for my personal expenses. I don't pay myself a salary from the company ...
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6answers
204 views
How do I prove my finances to a partner? My partner is afraid I will not give him his full cut
I own and operate a company selling products online. A partner is stepping in and wants to sell our product line across it's websites.
However, my company will accept the payments from the buyers. ...
3
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4answers
1k views
How do Royalty payments work?
I have been asked by another company to build them some software to operate some machinery.
The company sells this machinery to their own customers and wants to provide the software I write along ...
0
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2answers
81 views
Tax law benefits?
I am thinking about starting a small charity to help find and support the "untapped Genius" in everyday people or people that might otherwise just end up in a dead end job or unemployed. The concept ...
6
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4answers
683 views
Alternative to QuickBooks for a small (1 man) S-Corp? [closed]
I'm currently using a 2009 version of QuickBooks Pro for my S-Corp accounting needs. They recently sent me a letter "suggesting" I upgrade to the 2012 version ($200+) as many of the features of the ...
2
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1answer
150 views
Tax obligations of foreign operations for a US LLC
I live in a country where corruption and bureaucracy are widespread. Opening a business takes months and costs a lot of money, and will require one to hire somebody solely for handling all ...
1
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2answers
79 views
As a US-based LLC, how to properly account for offshore service providers
I am currently an owner of a US based single member LLC in Delaware which is in the startup stage. I am a US citizen, for what it matters.
Physically, I am living in Poland, which is part of the EU. ...
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vote
2answers
294 views
Bookkeeping practices for a website using electronic payments (e.g. Paypal)
I am in the process of setting up an accounting "system" (well set of procedures etc). For most businesses, the books of original entry include:
Sales Day Book
Sales Return Day Book
As I ...
3
votes
3answers
141 views
How important is to establish a relationship with a lawyer and an accountant in early stages of a company
The older I get and the more I get into entrepreneurship, I find myself having to talk more and more with different type of lawyers and accountants.
Does it make sense to establish a relationship ...
2
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2answers
548 views
What is the role of depreciation in financial models?
I do not have an accounting background so please excuse the point blankness of my question. I'm writing a business plan and saw that several sample plans include depreciation in their financial ...
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2answers
356 views
Can we use the tax classification of “disregarded entity” for our LLC if all owners live and work outside the US?
We have registered a US LLC to help us get a US bank account. We are based in the UK, however we have some suppliers we import from in the US and we have clients who will purchase from us in the US. ...
7
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6answers
341 views
How much accounting should a founder of a startup know?
I just started up a mobile game company, set up Quickbooks online, and now I'm trying to read up on accounting.
Right now I'm reading The Accounting Game. It's a great book and it makes really easy ...
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2answers
124 views
How usually companies pays out percentage for developers?
I would like to know roughly how the payments are done if the company was started by two developers and me, owner.
Let's say, I give them 10 % each, thats 20 % of the company's profit product. How ...
4
votes
3answers
256 views
How do I choose an accountant for my small business?
I want to register a small work from home business and do yearly audits. I have found a tax consultant and we exchanged more than dozen emails. After I asked him about where he got his certification ...
2
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1answer
115 views
Are shipping charges taxable?
I purchase products and resell them, adding services that relate to computers and technology. For example, I might purchase a laptop, install custom software and settings according to my customer's ...
2
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3answers
288 views
Novice questions on starting a business
Lets pretend I'm starting an on line company which sells email accounts; I have some (probably laughable) questions because I'm new to this:
Do I have to register as a business with Companies House ...
0
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1answer
101 views
Going with a CPA or Enrollment Agent
My business partner and I are currently looking for an accountant for our growing business. At the moment we have met with two different accountants. One was a CPA and one was an Enrollment Agent. We ...
0
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1answer
165 views
How to calculate margin on my marketplace app?
My marketplace app has been live for about 2 months now. Sellers list products with me, I handle the transactions, and then charge a 15% commission.
If I pulled in, say, $500 last month on ...
5
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3answers
347 views
How to record monies owed to me by my new startup? (bookkeeping question)
I have recently started a startup.
I am totally bootstrapping the startup, and so costs are being kept to a minimum. There is no way the company can afford to pay me my normal (or even 'discounted') ...
0
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1answer
261 views
When should we put salary under cost or expense?
We are currently structuring our book accounts and really do not have any idea when should we put employees salary under cost or expense. Some said that we should put it under cost but some others put ...
1
vote
1answer
99 views
1099 required for payment?
I run a small website. I sold $100 of ad space to a local business. They asked me to send them a 1099 so they can set me up in their accounting department. I'm not sure how this works or why I need to ...
2
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6answers
691 views
What is a good free Business management software?
I'm starting up a lawn mowing service, and I want to know if there is any free software, where I can track sales, customers, expenses ect.
It doesn't need to be feature-crazy as my business will be ...
4
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2answers
272 views
Startup Taxes and Accounting: Finding services, Best practices, & How not to go to jail
There are many money issues that neither add to my code base nor user base. For example:
payroll taxes and excise taxes
W2 W3 W4 I9 941 940 1120 + all the equivalent state forms
all of those ...
3
votes
2answers
195 views
What are the variables that I must consider in putting together the accounting and legal fees budget?
I am estimating the total amount I need to spend to get things started the right way, but I can't figure out how much I should allocate for accounting and legal services.
My startup will be ...
1
vote
1answer
127 views
What should I do when VAT adds up differently to my supplier's invoice?
Sometimes when I order a product, the VAT calculation comes out slightly different when I enter the data into my accounting package. Typically the difference is 1p but sometimes it is more. This seems ...
3
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1answer
150 views
Accounting Software a Coder Would Be Happy With?
I'm looking for accounting software a software developer would be happy with.
Available integration with most big US banks.
Ability to submit tax forms electronically.
An API I can call into to send ...
0
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1answer
225 views
looking for Accounting solution
I am looking for an accounting solution. I have an online store where I currently use PayPal, Shopify, and of course my own bank. I have not been able to find a good accounting solution yet. I am ...
3
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1answer
162 views
How to handle tiny income streams?
As a site owner, I often get emails from random people about doing blog posts, asking for promotions, etc. This amounts to a tiny income stream, often at random timing and rate.
The transactions are ...
