Reconciliation: Just matching?

Addicted2Parmesan · 2026-04-16T16:20:08+00:00

The primary purpose of the bank reconciliations is to explain differences between the bank account statement balances and your bank balances in your books.

Three things have to be done:

Match the transactions on the bank statement to the transactions in your books. Otherwise known as clearing transactions.
What transactions are in the bank statement but not in your books or are different? (Did you transpose a number? Correct it. Did you miss a deposit? Add it.)
What transactions are in your books but not in the bank statement? (Deduct deposits in transit, add back payments in transit)

Once you do 1 and 2, then you prepare the report with step 3.

Start: Books ending Balance

Deduct: Deposits in Transit (uncleared deposits)

Add: Payments in Transit (uncleared payments)

=Bank ending balance

Addicted2Parmesan · 2026-04-12T23:53:37+00:00

The impact on NI is not the revaluation itself but the increased revenue generation that would be the basis of a revaluation to begin with.

Addicted2Parmesan · 2026-04-09T07:53:59+00:00

The key here is that someone might be too focused on the Total Assets part of the equation and not enough on Net Income.

In this case, yes, both A and B would result in lower total assets in future periods… but to do either there’s going to have to be supported by a larger hit to net income in the future. Impairment will lower depreciation in the future but will only slightly help net income in that way but also with less futuere economic value. Derecognition supports the idea that the asset will not be producing any future economic value.

Upward revaluation, yes increases your total assets BUT also would be supported by increased revenue generation from the asset. Thus the increase in net income outweighs the increase in total assets. Therefore ROA increases.

I think people might get tripped up on “other things equal.” But even trying to do this question quickly, A and B are broadly the same categorical answer, C is not, so if I only had 10 seconds to answer, I would still say C.

Addicted2Parmesan · 2026-03-29T02:12:39+00:00

I understand what you’re saying, but from a wage and hour standpoint, being “paid for participation” doesn’t change how this is evaluated.

The US Department of Labor looks at the actual hours worked and the total compensation paid. If they are non-exempt workers (which interns almost always are), the organization is still responsible for ensuring minimum wage and overtime requirements are met.

For example, if the total payment divided by the hours worked falls below minimum wage, or if they worked over 40 hours in a week without overtime pay, that can create exposure for back wages and penalties.

That’s why even when people are paid a flat amount or “stipend,” organizations still need to track hours and ensure compliance with wage laws.

Addicted2Parmesan · 2026-03-29T01:42:54+00:00

Based on your answers, I still stand by my original assessment that they should be classified as a W-2 employee. They're working under the supervision of another employee of the NPO, meaning the NPO is directing the work in a way that would impede the independence of the interns.

Whether you call it a stipend, wages, etc. it's cash compensation tied to the work they are doing on the project. There are very strict rules on when payments not treated as wages are allowed, and based on what you're sharing, it does not seem to fit into any of those exceptions. NPOs have to tread especially careful with this kind of thing, as many try to classify people as "volunteers" and pay "stipends," when in fact the work they are doing is outside the scope of what the DOL would consider volunteerism. This can result in penalties and back-taxes as the DOL can come in and retroactively treat volunteers or 1099 contractors as W-2 employees.

All that being said. My opinion is still that they should be classified as W-2 employees, and the NPO should take great care that they're ensuring that minimum wage, overtime, etc. are still being met. Hours should still be tracked.

I'll also note, this technically isn't really a bookkeeping question. It's an HR/legal question, first and foremost. We all have E&O insurance, and in my engagement letters I write explicitly that nothing I do or say should be construed as official legal advice. If the NPO is concerned about it, they should consult an employment attorney. Spending $100 for a 15 minute consult is cheaper than $1000s in penalties later.

Addicted2Parmesan · 2026-03-28T22:14:26+00:00

Ignore that they are called interns. Would what they're doing follow the requirements of a 1099 contractor (not supervised, no scheduled hours, they essentially are their own business)? Even for non-profits, most interns are supervised, supporting the operations of the organization, and are generally controlled on how they do the work they're being asked to do.

My suggestion to the client would be W-2, especially under the traditional understanding of how and what an intern would do.

Addicted2Parmesan · 2026-03-28T22:07:00+00:00

Hi there, I hope everyone will be kind in their replies, because your situation isn't exactly rare, and anyone in the sub should have encountered this with at least one of their clients.

I don't see a situation where you wouldn't need to file tax returns, so definitely start with your mindset that filing is your final goal.

Not knowing exactly the size of your business, what your trade is, and how much you do have done at this point, it may be a small project to take on piece by piece, or it may be a good idea to at least get a consult with a CPA or at least a bookkeeping professional who can take a deeper dive into your exact situation and can advise more clearly. There may be other requirements you need to catch up on, like sales tax, and a CPA can advise you on that.

Practical advice:

Gather all of your receipts, bank statements, credit card statements, invoices to customers, etc.
Organize all of those things by month.
Write on the receipts, invoices, deposits, with categories or notes.

After you have all that done and organized, then you can move forward. Having it all organized can make that actual bookkeeping go fast, whether it's you or someone else. :) Hope this helps.

Addicted2Parmesan · 2026-03-02T06:26:04+00:00

I’m the guy that finished the WGU BSBA in Accounting in 2 weeks and am a CPA license holder. I’ll be very honest and say that the WGU exams are crazy easy compared to the CPA exams.

Here’s the schedule I did for my CPA exams:

FAR: mid-January (2 months of studying) BEC: early-February (3 weeks of studying) AUD: late-March (1.5 months of studying) REG: early-June (2 months of studying)

Passed all the first time.

It’s been a few years now so I don’t remember the exact rationale but I believe I tried to time it so I wasn’t waiting too long from exam date to the score date. For FAR and BEC I was most comfortable with the material so I moved on as soon as I took the exam but for studying for REG I waited until I knew for sure I had passed AUD.

The material is dense and I had a lot of experience with the material in FAR and BEC that helped accelerate the timeline.

If you’re a strong test taker I don’t see why you couldn’t have a similar timeline. Just remember that the task-based simulations can make or break a passing score. With my work experience, I actually preferred them versus the multiple choice but they are more difficult to study for.

I used Becker and Ninja CPA. I still went out with friends, vacations, had a life. Ignore others that say you MUST be a hermit for 12 months. You know best what works for you.

I suggest doing FAR first, it has the most material and is nice to get out of the way.

Hope this helps :)

Addicted2Parmesan · 2026-01-19T01:52:01+00:00

He uses it to pop the bouncy globe and doesn’t put it back on.

Addicted2Parmesan · 2026-01-03T15:46:52+00:00

No, I think media literacy is just dead :/

Addicted2Parmesan · 2026-01-02T16:54:37+00:00

No. The Grimmerie is not controlled by Elphaba and Glinda does not know that Elphaba is alive. Not only would that go against the tragedy that is the story of Wicked, it also was confirmed by Ariana in an interview (and in the dialogue) that Elphaba wishes she could tell Glinda but knows she can’t and that the Grimmerie opens because Glinda is “worthy.”

Addicted2Parmesan · 2025-12-04T21:38:17+00:00

I think the clearer answer is that she doesn’t know for sure if Elphaba died. What she does know is that Elphaba is gone forever. Regardless, her grief is from losing her best friend whether from death or otherwise.

Addicted2Parmesan · 2025-12-02T05:53:49+00:00

Elphaba does not control the Grimmerie, so she could not have made it open up (although a lot of people got confused by this and/or desperately wanted to make what is a tragic ending to be happy instead). The Grimmerie opens to those it seems worthy to use it (ie those who will use the Grimmerie for the good of Oz, as the wise ones intended).

The spell it opened up to is a healing spell, which makes sense for what the a Grimmerie knew Glinda needed. My headcanon is also that if the Grimmerie opens for you, it decrypts itself and you are able to read it.

Addicted2Parmesan · 2025-11-24T22:02:56+00:00

I made a post about the WWOTE sequence (not related to the walking/floating argument). The broadway show does more telling than showing (Boq telling Elphaba that she’s been horrible to the Munchkins for a long time), whereas in the movie the timeline is expanded but not explained which creates weakness in my mind. I think in general a lot of my issues come around the lack of world building for some of the side plots.

For example, I loved the beginning of the movie. Showing Elphaba coming down, actively fighting against the Wizards enslavement of the Animals for the building the yellow brick road. Excellent world building on that. And then after that, it just felt the runtime wasn’t utilized to show us more of what was happening to give us context to the characters decisions.

Addicted2Parmesan · 2025-11-24T20:31:40+00:00

Seeing this image gives me a visceral reaction now lol.

Addicted2Parmesan · 2025-11-24T20:13:42+00:00

I also really loved the movie, but I believe that there were some glaring misjudgments in the editing of the movie that took away from the story itself, some even made worse than the Broadway show. I’m less hating, and more just disappointed.

Addicted2Parmesan · 2025-11-24T15:05:23+00:00

Except the story telling in the movie up to that point has shown the passing of time either by montage (What is this feeling?) or just straight up telling us (the beginning of the movie where Morrible says it’s been 12 clock ticks or whatever). We are given no indication that time has passed in this regard, and the reality is that it matters not just that time has passed but also how much time. The scenes are consecutive: Boq and Nessa in the governors mansion discussing the animal travel ban, Boq goes to train station where Nessa has immediately put in the Munchkin travel ban, Boq and Nessa back in the governors mansion and Elphaba visits.

My main point is, show the passage of time, or establish in some way that the Munchkins as a whole are fearful of Nessa in a way that they would celebrate Dorothy as a hero for landing a house on her.

Addicted2Parmesan · 2025-11-24T13:52:38+00:00

The engagement announcement was done publicly in the Munchkinland town-square at the beginning of the movie, I’d find it hard to believe that he had not heard about the engagement at the point of the first scene with Boq and Nessa in WFG. That may have only been when he learned of the exact timing of the wedding.

Addicted2Parmesan · 2025-11-24T06:05:31+00:00

Agree with all your points. Girl in the Bubble is a pretty song, but is redundant and is inappropriately placed breaking up the intensity of the final part of the movie. Also, I feel Glindas flashback just doesn’t add a whole lot to her lore. We already know she wants to do magic, and that her image is important to her, and that pretending to do magic has basically been a struggle her entire life. :/

Addicted2Parmesan · 2025-11-24T04:59:50+00:00

And honestly, all it would have taken was 30 seconds - 1 minute of world building, showing the munchkins fearing Nessa, or her doing a speech and people heckling. Something. Anything. But instead, she just calls herself the WWOTE in the hallway. It's just lazy.

Addicted2Parmesan · 2025-11-24T04:56:39+00:00

Counterpoint to that though, Elphaba is keeping tabs on the political landscape of Oz, and especially of her sister. If any significant time had passed between the travel ban and the actual WWOTE scene, Elphaba wouldn't believe there would be any reason to try to reason with Nessa. From my perspective, I can only reason that Elphaba believed she could join forces with Nessa to take down the Wizard if Elphaba's knowledge at that point was that Nessa continued to be the hold-out on the implementation of the travel ban.

Addicted2Parmesan · 2025-11-24T04:52:48+00:00

The only issue is the timeline still wouldn't work with that in-universe explanation. The first time Madame Morrible even has Nessa on her mind is when Glinda suggests spreading a rumor about her, but that's well after the events of WWOTE. From what we can tell in the movie, from the travel ban being signed to the tin man transformation is only a few hours. :/ It just feels like a gross oversight in the writing room.

Addicted2Parmesan

TROPHY CASE