Transaction Knowledge Bookkeeping Question

by Maria
(Norcross)

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?

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.

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)?

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?

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?

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

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.

Transaction

by Jesse
(trinidad)

7th septamber sales by cheque $1000

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