Comments on: About http://www.accountingunplugged.com The System Behind the Software Tue, 07 Sep 2010 13:23:32 +0000 http://wordpress.org/?v=2.6.5 By: admin http://www.accountingunplugged.com/about-2/#comment-1762 admin Tue, 05 Jan 2010 23:43:51 +0000 http://accountingetc.wordpress.com/about-2/#comment-1762 Pat, Thank you so much for your comment - I appreciate the compliment and am very happy I could help. I'm sorry to say that I don't know of sources for manual ledgers and frankly, although it is essential to understand the manual system, I would discourage anyone from doing the work "by hand" because there are so many advantages to computerized systems. Having said that, I'd try an office supply or even phone a local CPA firm, they may have sources. I think Quickbooks is a good starting point for software. Good luck to you! Erin Pat,

Thank you so much for your comment - I appreciate the compliment and am very happy I could help.

I’m sorry to say that I don’t know of sources for manual ledgers and frankly, although it is essential to understand the manual system, I would discourage anyone from doing the work “by hand” because there are so many advantages to computerized systems.

Having said that, I’d try an office supply or even phone a local CPA firm, they may have sources.

I think Quickbooks is a good starting point for software.

Good luck to you!

Erin

]]> By: Pat Sanches http://www.accountingunplugged.com/about-2/#comment-1761 Pat Sanches Tue, 05 Jan 2010 22:53:44 +0000 http://accountingetc.wordpress.com/about-2/#comment-1761 Dear Erin, I will be starting up my own business in the near future. I am now in the process of taking Accounting III and started working on Quickbooks. I will have several clients that do not like computers and want their books done by hand. My problem is that I am not able to find journals and ledgers, do you know of a web site that I can access to purchase the necessary journals and ledgers. I have read all of your material and I have to say, yours is by far the best. It was better than my class Accounting Book. Hoping to hear from you. Pat Dear Erin,

I will be starting up my own business in the near future. I am now in the process of taking Accounting III and started working on Quickbooks. I will have several clients that do not like computers and want their books done by hand. My problem is that I am not able to find journals and ledgers, do you know of a web site that I can access to purchase the necessary journals and ledgers.

I have read all of your material and I have to say, yours is by far the best. It was better than my class Accounting Book.

Hoping to hear from you.

Pat

]]> By: Rico http://www.accountingunplugged.com/about-2/#comment-1414 Rico Thu, 09 Jul 2009 08:33:12 +0000 http://accountingetc.wordpress.com/about-2/#comment-1414 Nice blog! Many people think, accounting is not important, but it is. A startups financials are a major issue. Every day. I'll start reading your blog from now on! Thanks! Nice blog! Many people think, accounting is not important, but it is. A startups financials are a major issue. Every day. I’ll start reading your blog from now on! Thanks!

]]> By: admin http://www.accountingunplugged.com/about-2/#comment-1399 admin Mon, 18 May 2009 18:30:05 +0000 http://accountingetc.wordpress.com/about-2/#comment-1399 James, It is my understanding that there are no additional adjustments to be made once the over/under billing adjustments have been made. This is why. For AR which is an asset, the offset is Revenue. But, if it is found that billings were higher than they should have been under the percentage of completion method, the adjusting entry is a debit to revenue and a credit to a liability account for over billings. The revenue then, has been adjusted appropriately and the liability account offsets the receivable asset. I don't believe there are any additional adjustments necessary for deferred tax liability or AP or AR since revenue has been adjusted appropriately through the over/under billing entries. Also, there are no reversing entries required for the prior year RE's, I tend to reverse the balances of the over an the under billing accounts each month and replace them with the newly calculated balances, but even in those cases, the difference between previous and current balances exist only because of current period activities and so the only period affected should be the current period. Erin James,

It is my understanding that there are no additional adjustments to be made once the over/under billing adjustments have been made.

This is why.

For AR which is an asset, the offset is Revenue. But, if it is found that billings were higher than they should have been under the percentage of completion method, the adjusting entry is a debit to revenue and a credit to a liability account for over billings. The revenue then, has been adjusted appropriately and the liability account offsets the receivable asset.

I don’t believe there are any additional adjustments necessary for deferred tax liability or AP or AR since revenue has been adjusted appropriately through the over/under billing entries.

Also, there are no reversing entries required for the prior year RE’s, I tend to reverse the balances of the over an the under billing accounts each month and replace them with the newly calculated balances, but even in those cases, the difference between previous and current balances exist only because of current period activities and so the only period affected should be the current period.

Erin

]]> By: James A Aleru, CPA/ABV, CVA http://www.accountingunplugged.com/about-2/#comment-1398 James A Aleru, CPA/ABV, CVA Sat, 16 May 2009 05:23:51 +0000 http://accountingetc.wordpress.com/about-2/#comment-1398 I very much like the clarity in your instructions. Obviously, you have a clear and deep understanding of the subject matter. I am particulary glad of your explanation of the % of completion transaction. I am still unclear on how to adjuct begining retain earning for the accrual to the % of completion. Which balance sheet accounts are involved in the reconciliation besides, A/R, A/P, Cost &Billing in Excess a/cs, depreciation and deferred tax liab? And how are these amounts determined. I appreciate your assistance. James. I very much like the clarity in your instructions. Obviously, you have a clear and deep understanding of the subject matter. I am particulary glad of your explanation of the % of completion transaction. I am still unclear on how to adjuct begining retain earning for the accrual to the % of completion. Which balance sheet accounts are involved in the reconciliation besides, A/R, A/P, Cost &Billing in Excess a/cs, depreciation and deferred tax liab? And how are these amounts determined. I appreciate your assistance.

James.

]]> By: Jay http://www.accountingunplugged.com/about-2/#comment-591 Jay Tue, 07 Apr 2009 09:14:32 +0000 http://accountingetc.wordpress.com/about-2/#comment-591 Hi! Erin... I agree with dorie... While reading these article of yours gives me a brief information about accounting transactions. Actually these articles were great it helps me a lot in many ways. I am a system analyst and were on the process of conceptualizing our own accounting system. Thank you. Hi! Erin… I agree with dorie… While reading these article of yours gives me a brief information about accounting transactions. Actually these articles were great it helps me a lot in many ways. I am a system analyst and were on the process of conceptualizing our own accounting system. Thank you.

]]> By: dorie http://www.accountingunplugged.com/about-2/#comment-319 dorie Sat, 28 Feb 2009 00:49:56 +0000 http://accountingetc.wordpress.com/about-2/#comment-319 Hi! erin...I like the way you explain things about accounting - ordinary people who are not familiar with accounting easily understands it,... Hi! erin…I like the way you explain things about accounting - ordinary people who are not familiar with accounting easily understands it,…

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