Finance & Accounting Questions & Answers - Proformative

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Actived: Sunday Jul 5, 2020


Freight charges to customer - Revenue? or net of expense?

Under US GAAP, it depends upon whether your business is as a freight or shipping business. If it is, then ASC 605-20-25-13 provides the relevant guidance.

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Accounting For Vendor Rebates Received

Looks like EITF 02-16 is the guidance you are looking for. If I am reading it correctly, it should be a reduction of cost. You will want to read the literature yourself for your specific facts and circumstances.

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Accounting For Insurance Premiums - Proformative

I understand the increase in AP would wash it off but it sounds to me two wrongs don't make one right. when if I was to increase my revenue by 2billion and offset that 2 billion by increasing an expense, is that an appropriate accounting practice? can we have an contra AP account within a liability to offset the AP? thanks.

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Accounting for Gift Cards Sold at Discount

I am working with a client who is considering selling gift cards at a discount (e.g., pay $90 for a $100 gift card). I know that when ordinarily accounting for gift cards, you debt cash and credit a gift card liability when the gift card is sold, and then debit gift card liability and credit revenue once the goods are delivered or service has been rendered.

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Trailing Nexus - Constitutional?

Let's take a break from the drama of whether we go off the fiscal cliff to look at an interesting state tax issue - trailing nexus. Trailing nexus means that even after the activity or event that causes a business to have either income or sales tax nexus in a state ends, the jurisdiction might say that nexus continues for some time afterwards.

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Credit Card Points / Reward Policy

If a vendor offers me 15% off a purchase, can I "pocket" the discount because I worked so hard to get the discount? How about those box seats at the football game that vendors are known to offer as an incentive to purchase? Should I accept those because I work so hard? How about swiping a few batteries from the store room for your flashlight at

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vreizman stuff - Proformative

ExperienceCFO : RCM Industries, Inc - [2003-09 to Current]Accounting, Treasury, Real Estate, Human Resources, Taxes, Generalist. EducationEMBA, Business Administration : Kellogg School of Management (at Northwestern University ) - [1998 to 2000]Bachelors, Accounting : University of

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What to do With Worn-out Tech Gear? - Proformative

Companies can also drop off their old goods at retail locations, such as a Best Buy or Staples, or the manufacturer which might be able to offer coupons or gift cards, depending on the condition of the device, Computerworld detailed. Other options include donation and selling it online.

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Adaptive Planning Pricing To Replace Excel-Based Budgeting

I am CFO of a cellular network operator in Vietnam. I'd like to replace our current excel-based budgeting/planning process with Adaptive planning or the similar.Does anyone here use AP and give me some assessment on this with regards to Reliability, performance, easy-to-use, useful features etc, especially on security issue when we put our very sensitive and confidential company data on the

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Accounting For Gift Cards - Proper GAAP Treatment

For my two cents worth of advice - I have to believe the cost of creating the cards is immaterial. If you sell the cards for face value, you have a liability for the cash you received and when the card is used you reduce the liability appropriately.

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