Transaction Knowledge Bookkeeping Question

by Maria
(Norcross)

Transaction Knowledge Bookkeeping Question

Transaction Knowledge Bookkeeping Question

One of the providers in a practice ask's for a report of yesterday's transactions.


How would this report be created?

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Consignment Transactions

Our Non-Profit Society sells items on consignment. We do not purchase the items. Upon the sale of the items, we keep 25% and the consignee gets 75% at the beginning of each month. I am having a terrible time trying to find the actual Dr and Cr postings. Thank you.

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Dual Affect of a Transaction

by Freeda
(New York)

What's the dual affect of a transaction if the element is no longer existent (ex. supplies get ruined)?

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Effects

What would be the effect on the profit of an accounting period if an drawing of £100 was accounted for as an expense by mistake?

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

How to Post a Transaction

I have a small S-Corp and I invested money in another corporation.

How do I record the transaction in my S-corp books?

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Intercompany Transactions

by Rose
(Conn.)

I really, really hope you can answer my question



below are the steps our new software company uses to handled Inter-co sales.

my question is on steps #3 and #5
which company should claim the sale, company 1 that is mailing the invoice to the customer and receiving the payment, or company 2 that is selling to company 1?



or should we be using inter-sale account as below:
Interco sales instead of regular sales for # 3 and Interco sales instead of cost of sales on step # 5 (see t-accounts atached)

more important question - should all intercompany accounts, when consolidated, = -0- one company with a credit balance and the other with a debit that when added together = 0?

shared- internal = company 2
1 Co 2 makes a purchase from outside vendor- DR WIP / CR AP
2 Co 2 pays the outside vendor - DR AP / CR Cash
3 Co. 2 sells to Co. 1- CR Sales / DR AR DR Cost / CR WIP

Owner- external = company 1
4 Co 1 records invoice from Co 2 - DR WIP / CR AP
5 Co 1 records sale to outside customer- CR Sales / DR AR - DR Interco Exp Cost of Sales / CR WIP
6 Co 1 receives payment from customer - DR Cash/ CR AR
7 Co 1 receives payment from customer - system generated trans. DR AP / CR Inter-co Due to/from
8 Co 2 to clear AR - system generated trans. DR bank (linked to Due to/from) / CR AR

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Making January transactions show up in Decembers numbers

by Kathy
(Chesterton, IN USA)

I paid out some expenses in late December that should be included in the books for 2010 but the checks did not clear the bank until January 2011. Therefore when I reconciled the December statement they were not included. How do I make them show up in my last fiscal year for tax purposes?
Both of these expenses are for companies that I have already issued a 1099 for income earned in 2010.
Thanks, Kathy E.

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Transaction

by Jesse
(trinidad)

7th septamber sales by cheque $1000

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.


Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you each month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.


Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.

Like Bookkeeping-Basics.net?