Dear Moderators I have just edited this post. It was originally entitled "Invoice dates". When I initially tried to post it, a huge incomprehensible error message came up, leading me to believe it had not successfully posted. I therefore tried again. It then asked me to wait a number of seconds before trying again. After waiting this time, I tried again and was successful. However, it said that it is awaiting approval. I then clicked on the link "General Accountancy Discussion" and I... Glitch on this forum ..read more

I keep thinking that I'm missing something in how I plan on handling the following: We have an employee that earns quarterly bonuses. There are certain revenue and EBITDA requirements to hit the bonus. In Q1 2023, we paid their calculated bonus. By the end of 2023, we looked at the year in totality and although the person earned the bonus for Q1, by the end of the year, the sales volume had dropped off to a level that the bonus was recoverable from the employee. I set up a... Overpaid Bonus ..read more

I am the single member of a PLLC established in 2008. The entity is disregarded for IRS purposes. I now want to sell my interest in the PLLC. The buyer cannot pay the entire sales price up front. He will continue the work of the PLLC and generate revenue as I do now. The buyer will set up an S-corp to receive all revenue generated by the PLLC. The PLLC will pay its expenses and issue a 1099 for all income paid to the S-Corp. The S-corp would then turn around and make a payment... Structure for sale of PLLC ..read more

How to post a supplier bill received to pay before goods are received that affect inventory and how to post the inventory received after bill is posted that will show the inventory goods received on QB online ..read more

Store equipment costing $10190 was purchased on march 20xx.It has salvage value of $590 and a useful life of 5 years ..read more

I have prepared the attached spreadsheet and want to confirm if the calculations I have done are correct. I tried to upload the excel file but the website does not allow me to do it. In brief there are few variable at the top of the sheet which I can change and based on it the calculations change. The initial revenue is 50k for each month and there is a 10% retainage from revenue for each month which accumulates ..read more

I have prepared the attached spreadsheet and want to confirm if the calculations I have done are correct. I tried to upload the excel file but the website does not allow me to do it. In brief there are few variable at the top of the sheet which I can change and based on it the calculations change. The initial revenue is 50k for each month and there is a 10% retainage from revenue for each month which accumulates ..read more

Hi Everyone The CFO of the company I work for here in the UK has asked me to enter on to Xero invoices we receive from suppliers using the date that I am entering the invoice instead of the date that is printed on the invoice. The reason that he is asking me to do this is that he considers all previous months to be "closed" and if a supplier invoice arrives late, he does not want this changing the numbers on reports that have already been generated. Is it legal in the UK to enter a... Invoice dates ..read more

A client has got money in a bank account in a company account in Pakistan where he is no longer residing. He wants to transfer that money to fund his UK investment company. He is considering Lending money to his own company in UK and using that money for investments. Considering this is a bit complicated as it involves borders. I wanted to know what would be the regulatory and Tax implications for the client in this ..read more

I have an invoice where in the prior finanical year a purchase order accrual was made for the goods as an expense, these goods have now been idenitifed as being part of a larger project which has been capitalised. As the accrual reverses out in the expense account in the current financial year, my question is, can the invoice still be moved to the fixed asset code and depreciated? Advice and help will be gratefully appreciated ..read more