How to Account For Customer Advance Payments

How to Account For Customer Advance Payments

A consumer may prepay for the delivery of products or the provision of services. The following are some of the possible causes for a customer advance. Advancing the Customer Due to a poor credit rating Payment in advance is required by the vendor because he refuses to give the client credit. Due to a Custom … Read more

CFO: Build that Crew!

CFO Build that Crew

A CFO with skill and innovation may become a critical strategic partner for the CEO and a leader in the C-suite, but not without establishing a top team to assist shoulder the weight. “It would be a pity if that CFO’s expertise was wasted closing the books,” says Jack McCullough, president of the CFO Leadership … Read more

Encourage Students to Pursue a Career in Accounting

Encourage Students to Pursue a Career in Accounting

The field of accounting isn’t always portrayed as the most exhilarating in popular culture. “Everyone is walking into my class with their own prejudice about accounting,” said Lyudmyla Krylova, CPA, an accounting lecturer at Texas State University at San Marcos. Even when they’re not accurate, accounting stereotypes can be difficult to dispel. Rebecca Bogie, DBA, … Read more

Initial Accounting for an Investment

Initial Accounting for an Investment

First and foremost, how do you account for any investment in the first place? Investment costs include the purchase price of a security, any brokerage and service fees, and taxes that may have been incurred. The investment’s initial carrying amount is calculated using this value. After deducting brokerage, service, and transfer taxes, the net proceeds … Read more

Taking Into Account the Price of Crypto Mining

Taking Into Account the Price of Crypto Mining

Coin miners face two major accounting challenges. The first consideration is how to deal with the operation’s financial expenses. Cloud mining means renting space on someone else’s rigs, which are computers that are used to mine cryptocurrencies. The rental cost of the rig is deducted from the company’s income during the period in which it … Read more

The panel discusses the impact of blockchain and cryptocurrency on accounting and taxation

The panel discusses the impact of blockchain and cryptocurrency on accounting and taxation

Consensus: Invest 2018 was held in New York City on Tuesday and Blox CEO Alon Muroch said that blockchain and cryptocurrencies put “the finance side of the world at the forefront of tech,” something that rarely happens. As cryptocurrency and blockchain adoption grows, some people have called bitcoin “funny money” in the past, but “no … Read more