Hopeful future accountant here, I start my undergrad in three weeks. I have to thank all of you for the wealth of information in this thread. If you guys have any book recommendations pertaining to accounting and/or business in general I would love to hear them. Going off that, what level of subjectivity is there in accounting and business literature? I ask for fear of learning contrasting opinions from what I read and what is taught to me, and tested on, by my university. Once again, I thank all of you and look forward to continuing to learn from this thread.
[quote]swimmer2500 wrote:
Audit time for us also. The first week of field work is coming to a close and itās going very smoothly so far. One more week of the audit team on site and then they should be out of here. Canāt wait![/quote]
Feel for you man. Iāve spent about 20 hours doing all the electronic prep work and then got told by our manager that he wants me to make paper copies despite the auditors not requiring these in hard copy. Unsure the logic here but needless to say 6 hours and 200+ double sided papers later 95% done. Some very expensive paper! Banking in the overtime though so itās not all bad.
[quote]Deadlifts4speed wrote:
Hopeful future accountant here, I start my undergrad in three weeks. I have to thank all of you for the wealth of information in this thread. If you guys have any book recommendations pertaining to accounting and/or business in general I would love to hear them. Going off that, what level of subjectivity is there in accounting and business literature? I ask for fear of learning contrasting opinions from what I read and what is taught to me, and tested on, by my university. Once again, I thank all of you and look forward to continuing to learn from this thread.[/quote]
Donāt get ahead of yourself too much. If your undergrad is anything like ours in Australia youāll have that shit branded on your asshole once you graduate. The big things I guess early on are knowing how to do basic functions, i.e. bank reconciliations, accruals, understand the basis of WIP, etc. Having a good working knowledge of the basics will put you ahead of most in the beginning.
[quote]Deadlifts4speed wrote:
Hopeful future accountant here, I start my undergrad in three weeks. I have to thank all of you for the wealth of information in this thread. If you guys have any book recommendations pertaining to accounting and/or business in general I would love to hear them. Going off that, what level of subjectivity is there in accounting and business literature? I ask for fear of learning contrasting opinions from what I read and what is taught to me, and tested on, by my university. Once again, I thank all of you and look forward to continuing to learn from this thread.[/quote]
Read the Journal, google things you dontā understand.
Stay abreast on politics if you are in America, paying particular attention to regulation and taxation. (Know who people are, major cabinet positions, Speaker, Majority leader, etc.)
Stop (or donāt start) putting dumbshit on Facebook. No party pics or posts, no pics of you pooping, nothing too political either direction.
Hey Beans, and anyone else, I am trying to get my connections up on LinkedIn and applying to internships so I can get another one this Summer or Spring. Could you request to be connected with me or put your names here so I could request also. My name is Stefan Springhetti. Thanks guys!
[quote]countingbeans wrote:
[quote]sen say wrote:
[quote]countingbeans wrote:
No, it gets listed as a non-deductible expense. You can take it for book, but not for tax. [/quote]
Butā¦if Iām 501(c)(3)ā¦donāt I not pay taxes?
Anywayā¦legit to use Club money to buy booze for a coachesā party?[/quote]
In the real world or by the book?
You may not pay tax, but Iām 99% sure your returns are a matter of public record. [/quote]
Me againā¦if I go out to lunch with She Say (VP of the Not for Profit)ā¦do I need to keep the itemized food receipt, or just the total one?
Thanks.
[quote]countingbeans wrote:
[quote]sen say wrote:
[quote]countingbeans wrote:
No, it gets listed as a non-deductible expense. You can take it for book, but not for tax. [/quote]
Butā¦if Iām 501(c)(3)ā¦donāt I not pay taxes?
Anywayā¦legit to use Club money to buy booze for a coachesā party?[/quote]
In the real world or by the book?
You may not pay tax, but Iām 99% sure your returns are a matter of public record. [/quote]
Me againā¦if I go out to lunch with She Say (VP of the Not for Profit)ā¦do I need to keep the itemized food receipt, or just the total one?
Thanks.
Hey, I should get my brother on here as well.
Heās an accountant who works for the royal bank of canada. Iāve only just persuaded him to go down the gym, and really needs more advice than I can give him.
[quote]Der_Steppenwolfe wrote:
Hey, I should get my brother on here as well.
Heās an accountant who works for the royal bank of canada. Iāve only just persuaded him to go down the gym, and really needs more advice than I can give him. [/quote]
Dude you are every where today.
Yeah, sorry. Itās a rest day, and itās raining. To be fair, I did stick the weatherproof breathable membrane on the roof earlier, but otherwise thereās nothing on. The stuff needs to dry before the tile effect sheeting goes on. My apologies.
[quote]Der_Steppenwolfe wrote:
Yeah, sorry. Itās a rest day, and itās raining. To be fair, I did stick the weatherproof breathable membrane on the roof earlier, but otherwise thereās nothing on. The stuff needs to dry before the tile effect sheeting goes on. My apologies.[/quote]
I am Welch by decent. I am just giving you a hard time. Welcome to T-Nation.
Thanks, man. If you donāt mind, big brother has already seen this website, but I donāt think heās a member. When I next speak to him, shall Iā¦?
[quote]sen say wrote:
[quote]countingbeans wrote:
[quote]sen say wrote:
[quote]countingbeans wrote:
No, it gets listed as a non-deductible expense. You can take it for book, but not for tax. [/quote]
Butā¦if Iām 501(c)(3)ā¦donāt I not pay taxes?
Anywayā¦legit to use Club money to buy booze for a coachesā party?[/quote]
In the real world or by the book?
You may not pay tax, but Iām 99% sure your returns are a matter of public record. [/quote]
Me againā¦if I go out to lunch with She Say (VP of the Not for Profit)ā¦do I need to keep the itemized food receipt, or just the total one?
Thanks.
[/quote]
Total.
But it is M&E so 50% limit.
[quote]countingbeans wrote:
Total.
But it is M&E so 50% limit. [/quote]
50% limit on what?
[quote]sen say wrote:
[quote]countingbeans wrote:
Total.
But it is M&E so 50% limit. [/quote]
50% limit on what?
[/quote]
Deductibility.
You should be abreast of the UBTI rules.
Most of your questions are leading down this road.
[quote]countingbeans wrote:
Most of your questions are leading down this road.[/quote]
Thanks. Iāll definitely check out the links and ask you more questions.
Just curiousā¦are you saying that if a 501(c)(3) executive goes out to lunch the 501(c)(3) canāt pay for the lunch?
I have an MBA in finance with basic accounting classes, so all this is new to me Homes!
Thanks again.
[quote]sen say wrote:
Most of your questions are leading down this road.[/quote]
Thanks. Iāll definitely check out the links and ask you more questions.
[/quote]
Hey Beans,
We have revenues UNDER 50K so just fill out the little post card for tax purposesā¦are all these dang rules and regulations still important?
Thanks.
Beans!
Quick questionā¦I had to pay $500 out of my own pocket to cover a $1,300 not-for-profit expenseā¦how do I book this? Do I allocate the $500 over all the expenses, or book the $500 as revenue/donation?
Thanks!!
PS - I am pretty drunk and running for Congress!
[quote]sen say wrote:
Hey Beans,
We have revenues UNDER 50K so just fill out the little post card for tax purposesā¦are all these dang rules and regulations still important?
Thanks.[/quote]
Are the rules and regulations important?
Yes.
[quote]sen say wrote:
Beans!
Quick questionā¦I had to pay $500 out of my own pocket to cover a $1,300 not-for-profit expenseā¦how do I book this? Do I allocate the $500 over all the expenses, or book the $500 as revenue/donation?
Thanks!!
PS - I am pretty drunk and running for Congress![/quote]
Iām not a non-profit expert by any means, but I donāt believe there are any special rules for reimbursed expenses, plus $500 is pretty de minims.
Just reimburse yourself the $500.