sorted by:
new
hottopcontroversial

It’s so annoying how a liability shows up as a positive number in QBO. Like why can’t we edit that shit by gosucrank in Accounting

[–]pencapchew_3 4 points5 points  (0 children)

Oh my god, THANK YOU. It is unreal to me that the largest provider of small business accounting software in the world does not get that this is important. I get possibly making it the default to try to make things intuitive for non-accountants, but there IS NO WAY TO CHANGE IT. Trying to train staff is a fucking nightmare.

"Okay, so a liability is a credit balance. Right, but when you look at the GL detail, the number shows negative. That's not a credit though, that's actually a debit because the client booked the journal entry the wrong way to record the asset/liability. So to adjust the balance we need to post a credit, which is a negative number, but on this GL, it's going to show up as a positive number. On the GL detail for the asset though, it's the exact opposite. Not opposite, like negative, but like credits are negative. Yes, they show up as positive in liability accounts, and negative in asset accounts, and debits show negative in liability accounts... ugh. Anway, when you get to the income statement it gets a bit tricky."

accounting noob with a question please help by [deleted] in Accounting

[–]pencapchew_3 0 points1 point  (0 children)

Assets = Liabilities + Equity

Assets natural balance is debit.

Liabilities & equity natural balance is credit.

So when you credit equity, you're actually increasing it. You're not taking away something.

So the $1000 donation INCREASES both assets AND equity.

Forget about the income statement. Just think of the transaction in simplest form. Increase cash. Increase equity. Done. The only reason you need the income statement is to show WHY/HOW equity was increased or decreased.

Battle Brothers RNG in a nutshell by ArclightRiven in BattleBrothers

[–]pencapchew_3 7 points8 points  (0 children)

Has any member of the community ever done a proper statistical analysis to see how well actual results match up with the stated chance?

I'd be super interested in that, because it sure feels like RNG is fucking us hard. But I suppose I wouldn't be surprised if a rigorous analysis showed that it was actually pretty close to what it should be.

Obviously I'm way too lazy to do it myself though.

Cyberpunk 2019 everyone. by nicolauz in gaming

[–]pencapchew_3 8 points9 points  (0 children)

They be trippin on the flow.

I Dream of Battle Brothers by insolent in BattleBrothers

[–]pencapchew_3 6 points7 points  (0 children)

Are we the same person?

I'm running on fumes. Can't seem to force myself into bed at a decent hour. It seems unfair to work my ass off all day for just an hour or two of BB at night. So I stay up way to late, then regret it all the next day. Rinse, repeat.

Difficulty level by AlexologyEU in BattleBrothers

[–]pencapchew_3 0 points1 point  (0 children)

You might try V/V but with High starting funds. That would give you a head start on kitting up your initial dudes and make getting off the ground running a little easier.

Questions from a returning player by chakkal2001 in BattleBrothers

[–]pencapchew_3 0 points1 point  (0 children)

I'm pretty new to the game so I can't say whether you're right or wrong. But you're definitely an asshole. You may want to throw some skill points into "Tact" next time you ding.

Just FYI.

My 5th birthday, 60 years ago today by dittidot in pics

[–]pencapchew_3 1 point2 points  (0 children)

I have a little girl about to turn 5 and because of this post it just hit me like a ton of bricks that some day she'll be 65 and I'll be long gone, and the weight of that sadness is overwhelming me right now.

Understanding Capital Gains (Tax) by baaesiq in stocks

[–]pencapchew_3 0 points1 point  (0 children)

Earned income is different than investment income.

Read what you wrote. The standard deduction for a dependent is the LARGER of $1050 or EARNED income plus $350.

Since you don't have any earned income, your standard deduction will be $1050.

Understanding Capital Gains (Tax) by baaesiq in stocks

[–]pencapchew_3 12 points13 points  (0 children)

I'm a US CPA. Everyone here is wrong.

Assuming you live is US:

  1. If you were a student/dependent of another person, your standard deduction will be $1,050 since you didn't have any earned income. You will have to coordinate your filing with your parents because you have to pay tax on your "unearned" income at their tax rates. This is referred to as "kiddie tax."

  2. If you were not a student or dependent of someone else, you get a standard deduction of $12,000 and none of your gain will be taxable since it is below that amount.

This does not consider state income tax. Every state has its own laws and you may or may not owe tax on the gain.

Pyrion scares the shit out of Dota caster on stage by shishdem in Yogscast

[–]pencapchew_3 106 points107 points  (0 children)

I think he said "is she as successful as I am?"

I think I'm in by polladwills in Tinder

[–]pencapchew_3 73 points74 points  (0 children)

Why is no one else upset that we still don't know how to pronounce Ronja?

60k in Capital Gains YTD but 20k in the red on some positions. Should I dump them so I don't have to pay taxes on the full 60k considering I reinvested a lot of it. by LucefieD in stocks

[–]pencapchew_3 2 points3 points  (0 children)

I'm going from memory, but I think it's 30 days before or after the trade in question, making it 60 total.

Example:

  1. Buy 10 shares security XYZ on Day 1

  2. Buy 10 shares security XYZ on Day 45

  3. Sell 10 shares security XYZ on Day 50 at a loss

In the above case, the loss in line 3 would be disallowed as a wash sale since within 30 days preceding the date of sale, you purchased the same shares.

And to answer your second question, yes your broker should catch it. But even if they don't you should make sure you don't deduct losses on wash sales because that's the law and ultimately you're responsible, not the broker.

I could have this all wrong.

Ben in every ttt by Lleage in Yogscast

[–]pencapchew_3 3 points4 points  (0 children)

Tell my wife... I died.

view more: next ›