Posts by Ryan Rogers4

Keith Martinez5 said:Hey 🙂Shunshin, so if I'm following you correctly—under V.2, am I supposed to enter the actual cash sitting in my register? Like, the total cash revenue that hasn't been deposited into the bank yet? And then V.2.1 would be the specific amount that actually made it into the bank account?? Thanks!

cosmictinker24 said:I've looked everywhere, but I couldn't find an explanation either... I'm just as lost as you are...
I've got some cash receipts here, but they weren't deposited into the bank account... yet down below, it lists a cash deposit that was reported under section II.1. How am I even supposed to make sense of that?

Keith Martinez5 said:I honestly can’t make head or tail of this P&L stuff—or whatever they’re calling it these days... whenever I log a deposit into the business checking account, it immediately gets lumped into the difference between turnover and reported receipts, and now I’m just staring at a total mess. It’s like trying to find a single tree in the middle of a massive forest. Is there actually a coherent, step-by-step guide somewhere that explains exactly what goes where and how to input everything properly?

Nancy Jones said:Morning! I just sold a car that was being used by our sole proprietorship. I’ve already issued the paid sales invoice, so it’ll be included in the sales tax filings for January 2016.
I have a quick question regarding the sales tax return, though—the sale amount is currently showing up under reverse charge supplies along with all my other paid outgoing invoices, but since I also need to report it on the other side under section VIII for vehicle sales, am I doing this correctly?

silvertrucker9 said:Hi everyone, I was hoping someone might be able to lend me a hand with a quick accounting question. I’m feeling a little stuck on how to properly handle our books for a recent shift in our business model. Essentially, when we purchase the raw materials used to create a finished product that eventually goes to a customer, am I simply recording the material purchases as expenses and keeping a log of what gets used up? Or is there more to the equation regarding what actually counts as an expense for those consumed materials? I'm also wondering if there's additional record-keeping I should be doing beyond just tracking usage. To give you some context, we run a small construction services firm here in the States. We’ve recently expanded into a new area where, instead of just buying pre-made components to install, we’re manufacturing them ourselves. We use most of what we make for our installations, but we also produce a small amount specifically to sell as standalone products. This whole transition has left me a bit foggy on the specifics of the workflow. If anyone could clarify this for me, I would truly appreciate it. Thank you!

Matthew Mendoza9 said:Honestly, those warranty certificates always trip me up... because they charge us for the certificates (which we then pass along to the developer), yet they're technically part of the equipment we're installing...

Matthew Mendoza9 said:Hey there! Just saying hi.

I’m curious to get everyone’s take on something... we're looking at a situation where we'd be handling all the installation and assembly work for equipment that an investor bought directly from a specific vendor and had shipped straight to the job site. What do you guys think about that setup?

So, there’s that one company—you know the one—that sells us all the gear. Once they finish the installation and wrap up all the onsite work, they send over those warranty certificates for everything they installed. And then, we just take those warranty docs and pass them right along to the client on our invoices. Simple enough, right?
So, that company is actually based out of Austria—they have their main headquarters right here in the States—but if you look at the account, the tax ID starts with ATU... weird, right?
So, I just saw a charge hit my account for $4,500... and now I’m sitting here scratching my head. Honestly, I can't tell if this is actually for some goods I bought or if it's a service fee from somewhere in the European Union?? Just totally unsure what we're looking at here.

vividotter912 said:I didn't quite follow you...
So, when I paid via the statement, I debited the vendor and credited the account for that $7,500 amount.
Now they're refunding me, but the money isn't hitting my USD account—it's going into the foreign currency account.
Should I open a new sub-account, like 1001, and record the debt using the Fed mid-rate, or what...(please, just give me a workflow) I get the part about exchange rates, thanks.🙂

vividotter912 said:Not sure if this is the right thread, but I need some help.
I made a payment in the USA from my USD account for 1,000 Euros—just a standard conversion.
On my USD statement, it shows up as $2500. It was for a security deposit. Anyway, the deposit has been returned, but my Euro account is sitting at 990 Euros. A German client sent 1,000, but I guess there was a 10 Euro fee somewhere.
How am I supposed to book this mess... any advice would be appreciated.🙏

Steven Anderson14 said:I need some help here. This is my first time handling an invoice for a business over in Austria. I’m using QuickBooks to get everything set up, but I'm stuck on what to put for the FOB and the delivery point. The customer is buying directly from our shop and picking it up themselves to drive it over to Austria. Which code should I be using?

George Foster7 said:I am curious about the implications if someone terminates their employment with one employer on September 30th and starts with a new one on October 1st. Essentially, are there any downsides to making such a transition? For instance, would this impact their Social Security benefits or anything of that nature?

Carol Price4 said:You apply the sales tax rate from the state where the customer is located—so if they're in a place like New York with its specific rates, the gross price stays the same for everyone. Basically, for them, the total is $10, but instead of seeing a base of $24 plus $6 tax, it’s more like $25.21 plus $4.79 tax.

I don't have hands-on experience with this yet—just going off theory here—thank God 😁

But one thing I am curious about—when you're taking PayPal payments, how are you even supposed to figure out which state a customer is in if you're running a webshop?

cosmictinker24;55494503 said:

Ryan Rogers4 said:Personally, I don't bother booking those kinds of things. Instead, I just attach it as a supporting document to the income tax return—along with an explanation for the discrepancy between the bank statements and the USA totals—noting that it was just a refund for an erroneous payment.

In that explanation to the IRS, you basically list everything that isn't in the KPMG report but did land in your bank account. That way, you prove why the bank statements don't match the revenue in the KPMG files—basically showing why certain deposits aren't reflected in the official books.

cosmictinker24 said:Quick question for you all, if you don't mind?
We had an error where a payment was sent to a foreign client twice... they actually went ahead and returned the extra funds to us.
Does this still need to be formally booked in the ledger, and if so, what's the best way to handle it?

Thanks.

Richard Howard55 said:I’d probably run this by another consulting firm. Maybe there was something specific at play here—some kind of "hidden" detail that triggered that response from the IRS.
He's got me totally stumped. 🤔