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    Home Unlabelled Accounting When the client receives a cash payment and wants to recognize revenue, but they haven't performed the related service yet

    Accounting When the client receives a cash payment and wants to recognize revenue, but they haven't performed the related service yet

    December 09, 2018

    Accounting When the client receives a cash payment and wants to recognize revenue, but they haven't performed the related service yet

    When the client receives a cash payment and wants to recognize revenue, but they haven't performed the related service yet

    Posted: 09 Dec 2018 10:31 AM PST

    Shout out to the girl at the PwC Atlanta holiday party

    Posted: 09 Dec 2018 07:09 AM PST

    That got so messed up she was puking in the toilets and had to be stretched out to an ambo. Also shout out to her friends that were covering her face so people wouldn't see who she was.

    submitted by /u/PwCparty
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    Saving files

    Posted: 09 Dec 2018 04:01 PM PST

    Remember remember the 9th of December...

    Posted: 09 Dec 2018 07:53 AM PST

    BECAUSE ITS THE START OF THE MOTHER FUCKING WORK WEEK!!!! MONDAYS ALMOST HERE BABY!!!!!! Now I know what everyone is thinking. How could this Monday possibly be more sexy, more exciting, and more incredible than last Monday?!?! Well guess what, you're way more experienced than last week. You have a whole other Monday under your belt. Now it's up to you to take that belt off and beat the living shit out of this accounting.

    It's holiday season but fuck all that. I just wanna roll around in the sheets. Spreadsheets that is. I'm gonna excel this week. I'm gonna calculate the shit of some numbers. Sales tax? I got you. Depreciation? I got you. The number of times I'm gonna explode with accounting liquid? I can't account for that. That would take the power of every big 4 combined to figure out that number.

    We get our next years tax software tomorrow oh buddy, I'm literally shaking with anticipation. But because it's the holidays, we are supposed to remember family, friends, and all that stupid non accounting bullshit, but let me ask you a question. Does your family get to reconcile with the bank? Do your friends even make cash flow statements? No? Well fuck that noise. Don't say being an accountant leaves you with no life. Accounting is life. Now go live it up. Monday's coming in hot so leave the jackets at home. Go get it boiz and gurlz. It's your time to shine!

    submitted by /u/Sneezis
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    Who Was On A Date Last Night?

    Posted: 09 Dec 2018 06:51 PM PST

    I was visiting my family out of state and we stopped at a local microbrewery. In the next booth over, some young guy was trying his best to impress a lady with 'what he does at work.'

    I could feel the dry air in the conversation....

    Him: Yeah, I do sales tax mostly. It's really complicated stuff with deadlines...

    Her: Oh, that's nice

    Silence and more silence.

    Him: Do you want to go?

    Her: Yeah, I should get home.

    I should have gave a standing ovation to our tax colleague. CLAP, CLAP, CLAP

    submitted by /u/MNCPA
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    [Rant] I'm officially helping the outsourcing of Western jobs

    Posted: 09 Dec 2018 05:05 PM PST

    [No offense to anyone in India or the Philippines.]

    I'm sitting here on a Sunday night, writing audit testing instructions for my firm's overseas audit delivery center. They're going to be taking over a larger proportion of my busy season client's testing than last year. I'm sure it'll be an even bigger portion next year.

    Meanwhile, there's an abundance of accounting co-op students and new grads in my city who can't get jobs - in part due to the fact that my firm's goal is to send 10% of each engagement's audit work abroad.

    Since high school, I've always been against the outsourcing of Western jobs. And here I am, literally fucking over accounting students, accounting grads, and my whole country. On a fucking Sunday night. Fuck my life. More so, fuck this fucking firm. And fuck our clients for making us lower our fees.

    /Rant

    submitted by /u/DoubleUnderline
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    Sugar Bear shooting his shot

    Posted: 09 Dec 2018 01:12 PM PST

    So I got this today. RIP Sametime.

    Posted: 09 Dec 2018 06:07 PM PST

    So my friends and I did a Secret Santa exchange this year...

    Posted: 09 Dec 2018 08:17 PM PST

    Good luck on CPA results!!

    Posted: 09 Dec 2018 04:56 PM PST

    I am taking audit, my last exam, tomorrow and I'm feeling good about it. Having passed FAR with an 80 in Q3, I am currently waiting on REG and BEC which I took earlier this Q. It has been draining doing so much studying, more so than in college. Really hopping I passed all 3 and wish nothing but the best for everyone

    submitted by /u/blackmushh
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    Me finishing my Excel class

    Posted: 09 Dec 2018 08:58 PM PST

    When you come back to the office after the Holiday party and the partner wants to talk to you

    Posted: 09 Dec 2018 11:57 AM PST

    Is a CNA worth it?

    Posted: 09 Dec 2018 10:24 AM PST

    I feel like becoming a Certified Nursing Assistant coupled with a CPA shows that you really know how to take care of business

    submitted by /u/ChiNor
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    EY $500 Fitness Benefit

    Posted: 09 Dec 2018 07:19 PM PST

    Hi all, I'm an EY employee. Has anyone used the fitness allowance on iwatch? Just curious how it works.

    ​

    I checked on Verizon website, so it's like $20/month for the device and $10/month for data.

    And I know by fact that we have $150/yr on the device and $60/m for the phone bill.

    ​

    So for a $500 watch, if I do a payment plan, do I get the $150 benefit per year or it's a one-time thing?

    For $10/m data, does it count towards the $60 phone bill?

    ​

    Sounds confusing. I'd hope someone knows the answer. :) Thanks

    submitted by /u/stanui2015
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    WGU BS Accounting/MS Accounting

    Posted: 09 Dec 2018 06:38 PM PST

    Has anyone been successful with doing there BS/MS degree at WGU? I want to do my CPA afterwards. I'm in the Houston TX area. I read there is 15 hour live face to face requirement.

    submitted by /u/den1978
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    Anyone pass FAR just only using ninja on the first try?

    Posted: 09 Dec 2018 08:08 PM PST

    How far do you push your dress code?

    Posted: 09 Dec 2018 03:03 PM PST

    Since a lot of firms have started to adopt "smart casual" dress code, how far does everyone take it? I normally have on jeans and a sweatshirt with some black sneakers. I've seen some people even show up with long sleeve tees and white sneakers.

    submitted by /u/whichdirection1
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    Adderall and public accounting

    Posted: 09 Dec 2018 05:18 PM PST

    I've never personally used it but I wanted to know if it is prevalent in public accounting. Now looking back at certain parts of busy season, some people must've been on that stuff because I've seen people sit in front a monitor 12 hours straight.

    submitted by /u/debitcreditgirl
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    Desperately need an Excel wizard who's also good with cash discounts. No idea where to start on this assignment.

    Posted: 09 Dec 2018 06:34 PM PST

    So, I'm pretty comfortable doing the cash discount calculations, but formatting this excel spreadsheet is beyond me. I'm not looking for a full answer (unless you feel real generous haha), but rather something to get me started. I have no idea what the layout would possibly look like. Here's the assignment:

    Scenario

    Bigtunes Inc. manufactures a premium grade FM transmitter that has a list price of $99. With varying cash and trade discounts, it is tedious to determine a customer's final price. Consequently, Bigtunes Inc. has contracted you to set up a template in Excel to help them reconcile customer payments against the appropriate net cash price.

    Instructions

    Follow the structure in chapter 24 of your math text to create a table on Worksheet 1 that calculates the net cash price. Since you will be using this template repetitively, create an input section that allows you to change the values for the list price, number sold, relevant dates, customer type and delivery charge for each reconciliation. In addition, identify the following payment terms on worksheet 2:

    The GST rate is 5%

    Cash discount is 2% of net price if paid within 20 days of the invoice date.

    Trade discounts are offered according to the following schedule:

    Reg. Customer 0%

    Retailer 30%

    Wholesaler 10%

    Distributor 5%

    Your customer type input cell should be created to provide a drop down list of the four options above. (Hint: use the list option in the data validation tool on your ribbon). In order to automatically calculate the correct discount rate based on the type of customer chosen, you will need to calculate the single discount equivalent and employ the VLOOKUP function. Utilize the IF function to calculate whether the cash discount applies (Hint: you can perform mathematical calculations on dates).

    ​

    submitted by /u/People-WhatCunts
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    Stupid question... How difficult would it be to get a ~85% avg?

    Posted: 09 Dec 2018 03:50 PM PST

    In accounting at university?

    I keep hearing that's what you need to get a good job...

    submitted by /u/EarlyWynter
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    Elon Musk: "I have no respect for the SEC"

    Posted: 09 Dec 2018 09:47 PM PST

    How many of you had to retake Intermediate Accounting or any accounting class?!

    Posted: 09 Dec 2018 02:07 PM PST

    US CPA working in Canada?

    Posted: 09 Dec 2018 09:39 PM PST

    So a little about me. I am Canadian. I am also finishing doing my final and fourth exam tomorrow.

    The thing is I have not really made a plan on what to do next. I have 6 or so credits left with my state (Montana) to be fully eligible to get my liscence assuming I do everything else that's needed.

    Besides working for one of the big four's US accounting department I have no idea what I can do. I probably should have prepared for all this before hand but I was just so focused on the exams...

    Anyway. I would really appreciate some ideas. My next brilliant plan is to just google any job that has "US GAAP" in it. I don't see how else I can get all the hours I need to become fully liscenced. I have 2 years of working as a bank Reconciler and almost 2 years working as the accountant for this start-up company. Yeah they do have revenue.

    I would really appreciate any guidance you can provide. I feel like a deer in the headlights right now. Thanks.

    submitted by /u/JackJumpingjack
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    Do Public Accountants listen to rap music?

    Posted: 09 Dec 2018 09:07 PM PST

    Sub-Director/Partner, what percentage of public accountants would say like rap music?

    submitted by /u/VeganAccountant323
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