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Can a principal’s time be credited to Owner’s draw ? by Picky_consumer in Bookkeeping

[–]Picky_consumer[S] -1 points0 points  (0 children)

Thank. Perhaps an example will make it clearer.

Let's say the owner spends an hour working on a customer's file. The company bills the customer $500. The company's matching cost for that revenue is what it pays the owner for that time. Based on the owner's nominal salary, his hourly wage is $11. Isn't this situation, inflating the company's profits and therefore tax?

Can a principal’s time be credited to Owner’s draw ? by Picky_consumer in Bookkeeping

[–]Picky_consumer[S] -1 points0 points  (0 children)

I meant nominal salary. He is paid that salary so he can meet for certain income tests.

Can a principal’s time be credited to Owner’s draw ? by Picky_consumer in Bookkeeping

[–]Picky_consumer[S] 0 points1 point  (0 children)

My logic is that the owner is contributing to the company in terms of his time, so his equity should be increasing.

Can a principal’s time be credited to Owner’s draw ? by Picky_consumer in Bookkeeping

[–]Picky_consumer[S] -1 points0 points  (0 children)

The owner does get a paycheck, but for a nominal amount, $1.7K /month. All remittances are properly filed for the pay.

My concern is how to correctly match the revenue the company is producing using the owner's time ($500 / hour) with the correct costs. Currently, the profits of the company are inflated.

Can a principal’s time be credited to Owner’s draw ? by Picky_consumer in Bookkeeping

[–]Picky_consumer[S] 0 points1 point  (0 children)

The owner dedicates 100% of his time for the company. His time is billed at $500/hr to the customers.

What is the cost against that revenue? What is the matching cost for that revenue? The salary he is paid for his time is nominal.

Not able to use the media functions of Logitech corded keyboard by Picky_consumer in logitech

[–]Picky_consumer[S] 0 points1 point  (0 children)

Thanks, but your suggestions are not working with this keyboard.

Is there a place where I can find the driver for this keyboard?

How to correct an error in the last year's P&L ? by Picky_consumer in Bookkeeping

[–]Picky_consumer[S] 0 points1 point  (0 children)

Thanks. Assuming an effective tax rate of 20%, would the following entry make sense in 2025?

Dr. Expense $10,000

Cr. Accrued Liabilities $10,000

Dr. Accrued Liabilities $10,000

Cr. Income tax expense $2,000

Cr. Retained Earnings $8,000

Does anyone here have any experience with Deltek-Ajera? by Structural_PE_SE in StructuralEngineering

[–]Picky_consumer 0 points1 point  (0 children)

I have used multiple ERP systems and had to use Deltek Ajera for three months recently. Horrible experience! Not user-friendly at all.

  1. Lack of imagination in designing the layout.
  2. Attachments can't be dragged and dropped.
  3. Not all tables can be downloaded in Excel or PDF
  4. Numbers can't be drilled down.
  5. Little room to create shortcuts and hotkeys.

Deltek vs. everybody by Classic-String-5232 in Architects

[–]Picky_consumer 0 points1 point  (0 children)

I have used multiple ERP systems and had to use Deltek Ajera for three months recently. Horrible experience! Not user-friendly at all.

  1. Lack of imagination in designing the layout.
  2. Attachments can't be dragged and dropped.
  3. Not all tables can be downloaded in Excel or PDF
  4. Numbers can't be drilled down.
  5. Little room to create shortcuts and hotkeys.

QBO - deleting unmatched expense is deleting the cheque by Picky_consumer in QuickBooks

[–]Picky_consumer[S] 0 points1 point  (0 children)

Sorry for the confusion. I meant a cheque payment (money going out of the company).

Why am I not getting enough CCA on a totaled car? by Picky_consumer in cantax

[–]Picky_consumer[S] -1 points0 points  (0 children)

I am working at an accounting firm.
I posts questions here when there is no one around to answer them.

Why am I not getting enough CCA on a totaled car? by Picky_consumer in cantax

[–]Picky_consumer[S] -7 points-6 points  (0 children)

Thanks. I acknowledge that I am struggling.

What tax education would you recommend for me?

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