Accounting

What's the best practice for managing the process of POs received, but not yet invoiced? Do we set a materiality and close open POs after a certain date? Do we research open balances to determine if the POs should be closed?

For PO's received-not-invoiced, AP should be booking an accrual to the GL number for each line

What are best practices for processing child support garnishment payments, and record retention of them? It appears to me it should be done through Payroll instead of AP due to confidentiality concerns.

We have seen garnishments handled in both Payroll, AP, and by third parties (e.g., ADP does it). We

I am looking for a policy on corporate jets everything from usage to accounting for the shares purchased and amortization. Can you send me anything you may find that touches on these aspects?

Below is information for both taxes and accounting treatments. We advise that you consult with your

What are the best practices for keeping vendor statements? Should they be filed or thrown away?

Your question depends on your company's business practices including your record retention policy.

We have a consultant/contractor who wants to send only one invoice for the full amount for services to be rendered during his contractual period and for our company to partition the amount on a monthly basis. What should we look out for?

The answer to your question depends on your accounts payable system's capability. If your system

A company that purchases from overseas receives the invoice before the goods. They use standard costing method and want to post into inventory upon receiving the invoice. Is this ok?

Generally, the variance measures the standard cost of an inventory item against the actual cost

Is it a best practice to determine the accounting period based on invoice date instead of service period? If I understand the correctly, we would need to setup a reversing accrual for regular expenses. Is that correct?

We assume by "accounting period" you are referring to what period you should charge the expense on

We have some vendors, who for whatever reason, are billing us many months after work is complete. How do you handle it when a vendor delays invoicing you for work that has been completed or supplies that have been received?

The answer to your question will depend on the type of accounting methods you are using: 1) accrual

Extending a lease for PCs: The original FASB13 test was conducted and the lease came back as an operating lease. The lease expires at the end of this year. Our IT staff wants to extend the lease another year. Do we need to retest the lease?

After researching your question, it appears that the lease extension would be considered a new

DPO: break out the purchases(COGS) from our discount term suppliers separately to find the DPO, calculate the DPO on the non-discount term suppliers. Is this calculation any different than the normal way?

The calculation would not be any different but your inputs will be. You will have to break up your

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Accounting

What's the best practice for managing the process of POs received, but not yet invoiced? Do we set a materiality and close open POs after a certain date? Do we research open balances to determine if the POs should be closed?

What are best practices for processing child support garnishment payments, and record retention of them? It appears to me it should be done through Payroll instead of AP due to confidentiality concerns.

I am looking for a policy on corporate jets everything from usage to accounting for the shares purchased and amortization. Can you send me anything you may find that touches on these aspects?

What are the best practices for keeping vendor statements? Should they be filed or thrown away?

We have a consultant/contractor who wants to send only one invoice for the full amount for services to be rendered during his contractual period and for our company to partition the amount on a monthly basis. What should we look out for?

A company that purchases from overseas receives the invoice before the goods. They use standard costing method and want to post into inventory upon receiving the invoice. Is this ok?

Is it a best practice to determine the accounting period based on invoice date instead of service period? If I understand the correctly, we would need to setup a reversing accrual for regular expenses. Is that correct?

We have some vendors, who for whatever reason, are billing us many months after work is complete. How do you handle it when a vendor delays invoicing you for work that has been completed or supplies that have been received?

Extending a lease for PCs: The original FASB13 test was conducted and the lease came back as an operating lease. The lease expires at the end of this year. Our IT staff wants to extend the lease another year. Do we need to retest the lease?

DPO: break out the purchases(COGS) from our discount term suppliers separately to find the DPO, calculate the DPO on the non-discount term suppliers. Is this calculation any different than the normal way?

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