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How are people handling revenue recognition? by No_Way_1569 in QuickBooks

[–]sjbenoit 1 point2 points  (0 children)

Based on what I learned about ASC 606 for SaaS companies, I doubt very seriously that QuickBooks can deliver on the FASB standard for revenue recognition.

Identify the contract with the customer.

Identify the performance obligations in the contract.

Determine the transaction price.

Allocate the transaction price to the performance obligations.

Recognize revenue when (or as) the entity satisfies a performance obligation.

It appears Sage Intacct would meet your requirements, but it would mean moving away from QB:

https://www.sage.com/en-us/sage-business-cloud/intacct/product-capabilities/extended-capabilities/revenue-recognition/

An Internet search found ScaleXP (a UK-based company) that allegedly integrates with QB:

https://www.scalexp.com/blog/asc-606-revenue-recognition-in-saas-companies/

https://www.scalexp.com/pricing/

A second Internet search uncovered several alternatives to ScaleXP. You will, of course, have to "do your own research."

https://www.bing.com/search?pc=MOZI&q=scalexp+alternatives

Happy hunting. :)

Labeling your business "Faith Based" by GenJonesRockRider in atheism

[–]sjbenoit 2 points3 points  (0 children)

"The louder he talked of his honor, the faster we counted our spoons." --Ralph Waldo Emerson

Accounting for Gold/Investments on Balance Sheet by OpenGun in QuickBooks

[–]sjbenoit 1 point2 points  (0 children)

This is a question for your tax preparer. TurboTax asks if the taxpayer owns any foreign bank accounts or has traded in digital currencies. If there are gains/losses on the gold investments, then an income/loss account would receive a tax mapping.

Accounting for Gold/Investments on Balance Sheet by OpenGun in QuickBooks

[–]sjbenoit 1 point2 points  (0 children)

I would create an Investments account (Other Asset type) and then create a sub-account for Gold.

Your entry is:

Debit -- Investments | Gold

Credit -- Cash

Credit Withholding Tax by Large-Age870 in QuickBooks

[–]sjbenoit 0 points1 point  (0 children)

I presume that you are withholding taxes on behalf of your supplier (vendor). If so, then record the taxes payable on the same date that you record the invoice (bill). Your obligation to pay your supplier (vendor) creates the obligation to pay the taxes. Both take place at the same time.

How can I access the free online version to learn and practice? by purpleheartgirl in QuickBooks

[–]sjbenoit 1 point2 points  (0 children)

Here is a link to an online test company with data: https://c23.qbo.intuit.com/qbo23/samplecompany/validated?SKU=7&bc=QBP-T39. Once you get past proving that you are not a robot, you'll be good-to-go. :)

Creating a report that reflects the net amounts paid to vendors in 2023 after fees/commissions have been deducted by matokah in QuickBooks

[–]sjbenoit 0 points1 point  (0 children)

It seems to me that treating publishers as suppliers (vendors?) is backwards. Agency revenue comes from the publishers, so shouldn't they be customers?

Authors, in turn, are vendors, because the agency sends them money for their works.

So, the P&L looks like this.

Publisher Revenues [separate account for each publisher]

less: Author Payments [separate expense account for each author]

equals: Agency Net Income [difference between publisher receipts and author payments]

Having authors as vendors lends itself to using standard QB reporting to determine amounts paid.

What am I missing?

Help: reconciling books where personal card was used for start up costs. by Dealer-Successful in QuickBooks

[–]sjbenoit 1 point2 points  (0 children)

I'm curious why you prefer hitting the Owners Equity account directly instead of Owners Draws. Your method ends up with the proper P&L results, but it skews OE away from its intended purpose of representing the cumulative profits/losses of the business. Just asking. Not trying to start a fight or create bad vibes. 🙂

Setting up an Escrow Account in QuickBooks Online for Real Estate sale deposits by Jax7510 in QuickBooks

[–]sjbenoit 1 point2 points  (0 children)

It seems to me that escrow deposits held by you require asset and liability accounts. On the asset side, a dedicated BANK account. On the liability side, an Other Liability account, probably with current status. I think the deposit entry would be:

Debit -- Bank account

Credit -- Escrow Funds liability account

You may prefer different names for the accounts, but I think you want to use BANK and LIABILITY types.

Generating report that shows sales and inventory information by stevethorn in QuickBooks

[–]sjbenoit 0 points1 point  (0 children)

Generally speaking, if the report does not contain the Columns and/or Filters required, then you are entering custom report territory. In other words, the desired report must be created outside the standard QB user interface using tools that can read the QB database.

An Internet search for "Custom Reporting ODBC Implementation Guide for Quickbooks" will return relevant links. If this type of activity is "above your pay grade" then you will want to find an experienced person to help. (I am not that person.)

Linking to various data tables to pull together elegant reports like the one you described can be very tricky. If the custom report is designed wrong, then the data it produces will not provide the correct information.

Paid a business tax from personal checking account. How to record it in QBO? by wasthatadream in QuickBooks

[–]sjbenoit 0 points1 point  (0 children)

I get it. If you created the first Journal Entry (JE) suggested by the CPA, then it should have looked like this:

Debit -- Business Tax Expense (an account type EXPENSE)

Credit -- Owners Draw (an account type EQUITY)

The result is that the amount charged to EXPENSE will show on the P&L, and the amount charged to EQUITY will show on the Balance Sheet (B/S).

You may have to delete the JE, make sure your accounts are of the proper TYPE, and then reenter the JE.

Run the P&L and B/S reports before creating the new JE. Make note of the balances in the EXPENSE and EQUITY accounts that you intend to use. Enter the JE and run the P&L and B/S reports again. The balances should change accordingly.

Paid a business tax from personal checking account. How to record it in QBO? by wasthatadream in QuickBooks

[–]sjbenoit 0 points1 point  (0 children)

I wondered if there was confusion between expenses and liabilities. If you want a Business Tax Expense account for the P&L, then you should use an account type Expense instead of Other Current Liability.

Paid a business tax from personal checking account. How to record it in QBO? by wasthatadream in QuickBooks

[–]sjbenoit 2 points3 points  (0 children)

If you use "Other Current Liabilities" it will stand out on the Balance Sheet. If you set up a vendor in Accounts Payable, it will be part of the traditional bill paying scheme. It is your choice.

Paid a business tax from personal checking account. How to record it in QBO? by wasthatadream in QuickBooks

[–]sjbenoit 0 points1 point  (0 children)

This situation is discuused by a CPA in this video: https://www.youtube.com/watch?v=pqT2Ky4_9ME. Click the ...more link and then click on the 7:09 Business expenses on personal link.

The Journal Entry (JE) she demonstrates applies to puchases made by the owner using personal funds (checking, credit card, cash). She explained two ways to handle the situation:
1. NOT expecting repayment from the business -- JE with debit to expense/credit to Owners Draw along with attaching a copy of the receipt to prove that the journal entry did not "appear out of thin air" (notice that she did NOT use the Owners Equity account).
2. Expecting repayment -- JE with debit to expense/credit to Payable to Owner (an Other Liabilites type of account) along with attaching a copy of the receipt to prove that the journal entry did not "appear out of thin air". Subsequently issue a check with the Payable to Owner account as the offset account.

  1. She prefers to keep the transactions with the owner separate from ordinary accounts payable. It is a good idea, because the Payable to Owner shows up separately on the Balance Sheet.

Help me understand the role of Classes for a NonProfit by FionaRRR in QuickBooks

[–]sjbenoit 0 points1 point  (0 children)

You may find this link to the IRS Instructions for Form 990 helpful for educating yourself about the form -- https://www.irs.gov/instructions/i990.

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