Credit Unions Are Tax-Exempt

by Makenna Rowley @ Deseret First Credit Union

Wed Oct 04 15:10:58 PDT 2017

Here’s some information about Credit Unions and their tax structure that we’re trying to protect so we can continue giving back to you, the member-owners of DFCU! Credit Unions are exempt from Federal income tax because they are member-owned not for profit financial cooperatives and have a mission to promote thrift and provide access to... Read more »

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HomeTrust Bancshares, Inc. Reports Financial Results For The Second Quarter Of Fiscal 2018

by Scott Fahy @ HomeTrust Banking

Mon Jan 29 05:59:06 PST 2018

ASHEVILLE, N.C., Jan. 29, 2018 — HomeTrust Bancshares, Inc. (NASDAQ:HTBI) (“Company”), the holding company of HomeTrust Bank (“Bank”), today announced a preliminary net loss of $10.7 million for the quarter ended December 31, 2017, driven by an estimated $17.7 million deferred tax revaluation resulting from enactment of the Tax Cuts and Jobs Act (the “Tax […]

The post HomeTrust Bancshares, Inc. Reports Financial Results For The Second Quarter Of Fiscal 2018 appeared first on HomeTrust Banking.

First Service Credit Union Hosting Donation Drive for Houston Food Bank

by Eileen Rahman @ First Service Credit Union

Thu Oct 12 01:27:58 PDT 2017

HOUSTON, October 12, 2017 – First Service Credit Union is hosting a donation drive collecting food and supplies to help replenish the Houston Food Bank and assist with their disaster relief efforts. The Houston Food Bank has been overwhelmed as … Continue reading →

Raymond Thompson Named Vice President, Equipment Finance Regional Sales Manager

by Talon Rayburn @ HomeTrust Banking

Thu Mar 01 07:00:03 PST 2018

Charlotte, NC – HomeTrust Bank has announced the appointment of Raymond M. Thompson to Vice President/Equipment Finance Regional Sales Manager for the Charlotte area. According to Jeff Kale, Director of Equipment Finance for HomeTrust, “Thompson will be responsible for working with vendors and end users, providing financial solutions for purchasing equipment for growth.  He will […]

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Turnover ratios

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 15:24:00 PDT 2018

A turnover ratio represents the amount of assets or liabilities that a company replaces in relation to its sales. The concept is useful for determining the efficiency with which a business utilizes its assets. In most cases, a high asset turnover ratio is considered good, since it implies that receivables are collected quickly, fixed assets are heavily utilized, and little excess inventory is kept on hand. This implies a minimal need for invested funds, and therefore a high return on investment.

Conversely, a low liability turnover ratio (usually in relation to accounts payable) is considered good, since it implies that a company is taking the longest possible amount of time in which to pay its suppliers, and so has use of its cash for a longer period of time.

Examples of turnover ratios are:

• Accounts receivable turnover ratio. Measures the time it takes to collect an average amount of accounts receivable. It can be impacted by the corporate credit policy, payment terms, the accuracy of billings, the activity level of the collections staff, the promptness of deduction processing, and a multitude of other factors.
• Inventory turnover ratio. Measures the amount of inventory that must be maintained to support a given amount of sales. It can be impacted by the type of production process flow system used, the presence of obsolete inventory, management's policy for filling orders, inventory record accuracy, the use of manufacturing outsourcing, and so on.
• Fixed asset turnover ratio. Measures the fixed asset investment needed to maintain a given amount of sales. It can be impacted by the use of throughput analysis, manufacturing outsourcing, capacity management, and other factors.
• Accounts payable turnover ratio. Measures the time period over which a company is allowed to hold trade payables before being obligated to pay suppliers. It is primarily impacted by the terms negotiated with suppliers and the presence of early payment discounts.

The turnover ratio concept is also used in relation to investment funds. In this context, it refers to the proportion of investment holdings that have been replaced in a given year. A low turnover ratio implies that the fund manager is not incurring many brokerage transaction fees to sell off and/or purchase securities. The turnover level for a fund is typically based on the investment strategy of the fund manager, so a buy-and-hold manager will experience a low turnover ratio, while a manager with a more active strategy will be more likely to experience a high turnover ratio and must generate greater returns in order to offset the increased transaction fees.

Related Courses

Business Ratios Guidebook 
The Interpretation of Financial Statements 

Mexico vs Croatia LIVE SCORE: Latest updates from the friendly international in Texas

by Samuel Street @ The Sun

Tue Mar 27 18:08:23 PDT 2018

CROATIA take on Mexico for the first time since the 3-1 defeat that sent them out of the World Cup four years ago. The Balkan nation have won two and lost two against the Mexicans but were, crucially, beaten in both their World Cup meetings.

RESOLVED Card Processing Problem

by Kyle McDougal @ America's First Federal Credit Union

Thu Mar 01 19:31:24 PST 2018

America’s First Federal Credit Union would like to thank everyone for their patience. All cards are active now.

What Is an FEIN?

by Mike Kappel @ Payroll Tips, Training, and News

Mon Feb 26 05:10:00 PST 2018

When you run a business, you must meet many IRS requirements. You might need an FEIN to identify your business on documents like payroll tax forms. What does FEIN mean? What is an FEIN? FEIN is an acronym for Federal Employer Identification Number, also known as an EIN. This unique, nine-digit number is used by […]

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Kristi Liggins Appointed Senior Vice President-Deposit Operations Manager

by Scott Fahy @ HomeTrust Banking

Mon Jan 29 10:54:12 PST 2018

Asheville, NC – HomeTrust Bank has announced the appointment of Kristi Liggins as Senior Vice President/Deposit Operations Manager.  According to Howard Sellinger, Chief Information Officer of Home Trust Bank, Liggins will oversee all deposit operations functions and will be responsible for ensuring the accuracy and efficiency of back-office processes in support of consumer accounts. “Kristi’s […]

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First Service Credit Union Reports Robust Growth in 2015

by Youna Younan @ First Service Credit Union

Mon Feb 29 11:07:22 PST 2016

HOUSTON, February 29, 2016 – First Service Credit Union posted huge gains in net income and loans in 2015, with a strong increase in total assets and solid member growth. Continue reading →

World’s first device lets you have sex during your period… without the mess

by gmullin @ The Sun

Tue Mar 27 22:07:18 PDT 2018

PERIOD sex has many divided – for some it’s disgusting and others love it – but there’s no dispute that it can be messy. And now a company has come up with a genius device that lets you do the deed during the time of the month without the clean-up. The Ziggy Cup is the […]

The Houston Chronicle Names First Service Credit Union One of Top 100 Places to Work

by Eileen Rahman @ First Service Credit Union

Wed Nov 09 11:55:09 PST 2016

HOUSTON, November 10, 2016 – For the fourth consecutive year, First Service Credit Union was named one of the top 100 places to work in Houston by the Houston Chronicle. First Service ranked 11th out of the top 50 mid-size … Continue reading →

Throughput definition

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 15:19:00 PDT 2018

Throughput is the number of units that pass through a process during a period of time. This general definition can be refined into the following two variations, which are:

• Operational perspective. Throughput is the number of units that can be produced by a production process within a certain period of time. For example, if 800 units can be produced during an eight-hour shift, then the production process generates throughput of 100 units per hour.
• Financial perspective. Throughput is the revenues generated by a production process, minus all completely variable expenses incurred by that process. In most cases, the only completely variable expenses are direct materials and sales commissions. Given the small number of expenses, throughput tends to be quite high, except for those situations in which prices are set only slightly higher than variable expenses.

For operations, throughput can be increased by enhancing the productivity of the bottleneck operation that is constraining production. For example, an additional machine can be purchased, or overtime can be authorized in order to run a machine for an extra shift. The key point is to focus attention on the productivity of the bottleneck operation. If other operations are improved, the overall throughput of the system will not increase, since the bottleneck operation has not been enhanced. This means that the key focus of investment in the production area should be on the bottleneck, not other operations.

For financial analysis, throughput can be increased by altering the mix of products being produced, to increase the priority on those products that have the highest throughput per minute of time required at the constrained resource. If a product has a smaller amount of throughput per minute, it can instead be routed to a third party for processing, rather than interfering with the bottleneck operation. As long as some positive throughput is gained by outsourcing, the result is an increased overall level of the throughput for the company as a whole.

Related Courses

Constraint Management 

First Service Credit Union Opens New Spring Branch

by slecrone @ First Service Credit Union

Tue Sep 13 12:49:41 PDT 2016

HOUSTON, September 13, 2016 – First Service Credit Union has opened its newest branch, its 12th in the Houston area, in Spring. The full-service branch, with walk-in service and three drive-up lanes, is at 8640 Spring Cypress Road, near the … Continue reading →

Answers to 18 Payroll Questions You Are Dying to Ask

by Rachel Gray @ Payroll Tips, Training, and News

Mon Mar 05 05:10:18 PST 2018

For some business owners, running payroll might be like learning a foreign language. You are a master of your business idea, not the administrative responsibilities that come with it. Because you might not be familiar with these responsibilities, you might have some payroll questions. Payroll questions and answers When you become an employer, you need […]

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Belgium 4 Saudi Arabia 0: Romelu Lukaku, Michy Batshuayi and Kevin De Bruyne on the scoresheet in easy win

by achapman @ The Sun

Tue Mar 27 14:49:41 PDT 2018

ROMELU LUKAKU extended his incredible scoring streak to send a World Cup warning to England. The big Belgian bullied the Saudi Arabia backline with a first-half brace in Brussels. And it means Lukaku has now netted ten goals in his last six international games – form which should worry Gareth Southgate’s side ahead of their […]

First Service Credit Union Sharing Its 2015 Success with Members

by Youna Younan @ First Service Credit Union

Tue Jan 05 11:28:42 PST 2016

HOUSTON, January 5, 2016 – Banking at First Service Credit Union pays off with more than just great rates and outstanding service. The cooperative-based financial institution has given its members a portion of its earnings from 2015. Continue reading →

Inventory change

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 13:22:00 PDT 2018

Inventory change is the difference between the inventory totals for the last reporting period and the current reporting period. The concept is used in calculating the cost of goods sold, and in the materials management department as the starting point for reviewing how well inventory is being managed. It is also used in budgeting to estimate future cash requirements. If a business only issues financial statements on an annual basis, then the calculation of the inventory change will span a one-year time period. More commonly, the inventory change is calculated over only one month or a quarter, which is indicative of the more normal frequency with which financial statements are issued.

For example, if the ending inventory at the end of February was $400,000 and the ending inventory at the end of March was $500,000, then the inventory change was +$100,000.

The inventory change calculation is applicable to the following areas:

• Accounting. Inventory change is part of the formula used to calculate the cost of goods sold for a reporting period. The full formula is: Beginning inventory + Purchases - Ending inventory = Cost of goods sold. The inventory change figure can be substituted into this formula, so that the replacement formula is: Purchases + Inventory decrease  - Inventory increase = Cost of goods sold. Thus, it can be used to slightly compress the calculation of the cost of goods sold.
• Inventory management. The materials management staff uses the inventory change concept to determine how its purchasing and materials usage policies have altered the company's net investment in inventory. They typically drill down from the inventory change figure and review changes for each type of inventory (e.g., raw materials, work in process, and finished goods), and then drill down further to see where changes arose at the level of each stock keeping unit. The result of this analysis may include changes in ordering policies, the correction of faulty bills of material, and alterations to the production schedule.
• Cash budgeting. The budgeting staff estimates the inventory change in each future period. Doing so impacts the amount of cash needed in each of these periods, since a reduction in inventory generates cash for other purposes, while an increase in inventory will require the use of cash.

The concept is also used in a general sense to keep track of the overall investment in inventory, which management may monitor to see if working capital levels are increasing at too rapid a pace.

Related Courses

Accounting for Inventory 
How to Audit Inventory 

Message from CEO

by Rebecca Smith @ America's First Federal Credit Union

Fri Mar 02 14:14:30 PST 2018

To our Valued Members: You may be aware that America’s First experienced a failure in our debit card processing systems between approximately 5:00 pm on Thursday, March 1st and 9:00 am on Friday, March 2nd. Perhaps you were one of a number of members whose card was declined at a merchant or ATM during this time [...]

The difference between an invoice and a statement

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 16:21:00 PDT 2018

A customer may receive an invoice and a statement from a supplier. What is the difference between these two documents? When a seller issues an invoice to a buyer, the invoice is related to a specific sale transaction where goods or services were provided to the buyer. Since the invoice relates to a specific sale transaction, it itemizes all of the information the buyer needs to know in order to pay the seller, including:

• Invoice number
• Invoice date
• Item description
• Item price
• Shipping and handling charges
• Sales tax
• Total amount payable
• Remit to address
• Payment terms and early payment discount terms (if any)

The intent of an invoice is either to collect payment from the buyer, or to create evidence of the sale (if payment was made in advance or in cash). If payment was made at the time of sale, the invoice is stamped "Paid" before issuing it to the buyer.

When a seller issues a statement, the document itemizes all invoices that have not yet been paid by the buyer, as well as partial payments. In this case, the intent is to remind the buyer that it has an obligation to pay the seller. Since the statement is more aggregated than an invoice, it provides less detailed information at the invoice level. It typically includes the following items:

• Statement date
• Invoice numbers
• Invoice dates
• Invoice totals

A more sophisticated statement will aggregate invoice totals by time bucket, so that overdue invoices are clearly shown.

Invoices are issued whenever a sale has been completed, so they may be issued every day and in significant quantities. However, statements are usually only issued at regular intervals, such as once a month, as part of a company's collection activities.

From the perspective of the buyer, the receipt of an invoice triggers an accounting transaction, which is an account payable. Conversely, the receipt of a statement is strictly informational - it does not trigger the creation of an accounting transaction.

It can be unwise to treat a statement as an invoice and pay items listed on the statement, since it is possible that the buyer already paid for those items, but the payment has not yet been reflected in the seller's accounting system. A better alternative for the buyer is to make inquiries about any invoices that are listed on the statement, and obtain more detailed information before issuing a payment.

There can be some confusion between the invoice and statement terms when dealing with credit card providers, since they issue a "statement" that is actually an invoice.

Related Courses

Bookkeeping Guidebook 
New Controller Guidebook 

Payroll records

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 12:00:00 PDT 2018

Payroll records contain information about the compensation paid to employees and any deductions from their pay. These records are needed by the payroll staff to calculate gross pay and net pay for employees. Payroll records typically include information about the following items:

• Bereavement pay
• Bonuses
• Commissions
• Deductions for pensions, benefits, charitable contributions, stock purchase plans, and so forth
• Direct deposit information
• Gross wages
• Hours worked
• Manual check payments
• Net wages paid
• Salary rates
• Vacation and/or sick pay

The information in payroll records have traditionally been stored on paper documents, but can also be recorded as electronic documents.

Payroll records can be considered a subset of the information stored in human resources records, which can contain considerably more information than items pertaining to just employee pay and deductions.

The time period over which payroll records must be retained will depend upon government requirements. The Internal Revenue Service typically states a required retention period in each document it issues dealing with payroll issues. In general, wage calculations should be retained for two years, while collective bargaining agreements should be retained for three years.

Related Courses

Payroll Management 

First Service Credit Union buys building in Park Ten Office Park for new headquarters

by Eileen Rahman @ First Service Credit Union

Mon May 16 01:37:24 PDT 2016

HOUSTON, TX, May 16, 2016 — First Service Credit Union has embarked on the next phase of its growth strategy with the purchase of a six-story building in the West Houston Energy Corridor as its new headquarters. First Service has … Continue reading →

David Harris Joins HomeTrust as County Executive

by Scott Fahy @ HomeTrust Banking

Thu Oct 26 09:39:09 PDT 2017

Asheville, NC   – HomeTrust Bank is pleased to announce that David Harris has joined HomeTrust Bank as Vice President and County Executive for the bank’s Cleveland, Gaston, Polk and Rutherford County Markets in North Carolina.  Jonathan Jobe, Senior Vice President, and Regional President, commented, “David is a proven banker and experienced leader.  He brings a […]

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BYU & Utah To Meet in Basketball and Gymnastics!

by Makenna Rowley @ Deseret First Credit Union

Mon Jan 29 11:29:59 PST 2018

Deseret First Duel Rivalry Continues   Salt Lake City, UT, December 4, 2017 – The Deseret First Duel Rivalry between college rivals BYU and Utah picks up again in December with consecutive basketball games at BYU: Women’s Basketball on Saturday, December 9, at 2pm, and Men’s Basketball the following Saturday, December 16, at 9pm (yes,... Read more »

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Cyber Security Awareness Month

by Scott Fahy @ HomeTrust Banking

Fri Oct 20 11:35:32 PDT 2017

October is Cyber Security Awareness Month, and HomeTrust wants to make sure you have all the resources you need to keep yourself protected.  As a HomeTrust customer, you may want to start by reviewing our privacy policy, security tips and other info publicly available on our website: Privacy Policy Bank Security Identify Theft and the […]

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Tips for Your Financial Identity: Building Credit & Avoiding Fraud

by Makenna Rowley @ Deseret First Credit Union

Fri Nov 24 12:17:56 PST 2017

Financial Identity Your identity related to financial services such as your credit report and personal information used in banking. Building Credit Monitor your credit reports annually Open one or two lines of credit for at least 6 months. Use 30% or less of your credit and make payments to show history. Make 100% of your... Read more »

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2018 Community First Recipients

by Rebecca Smith @ America's First Federal Credit Union

Tue Feb 20 07:09:13 PST 2018

Our employees have spoken, and we’re excited to announce that our 2018 Community First recipients are:  Boys & Girls Clubs of Central Alabama  Greater Birmingham Humane Society  Laura Crandall Brown Foundation Stay tuned for ways you can help us support these amazing organizations this year!

Erica Parker Named VP/SBA Relationship Manager

by Talon Rayburn @ HomeTrust Banking

Tue Feb 27 07:00:24 PST 2018

Greensboro, NC – HomeTrust Bank has announced the appointment of Erica Parker to Vice President/SBA (Small Business Administration) Relationship Manager. Working from the Greensboro Piedmont Triad office of HomeTrust Bank, Parker will provide financing solutions to business owners throughout the eastern half of the United States.  Typical amounts for SBA loans range from $500,000 to […]

The post Erica Parker Named VP/SBA Relationship Manager appeared first on HomeTrust Banking.

Nonprofit accounting

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 04:55:00 PDT 2018

Nonprofit accounting refers to the unique system of recordation and reporting that is applied to the business transactions engaged in by a nonprofit organization. A nonprofit entity is one that has no ownership interests, has an operating purpose other than to earn a profit, and which receives significant contributions from third parties that do not expect to receive a return. Nonprofit accounting employs the following concepts that differ from the accounting by a for-profit entity:

• Net assets. Net assets take the place of equity in the balance sheet, since there are no investors to take an equity position in a nonprofit.
• Donor restrictions. Net assets are classified as being either with donor restrictions or without donor restrictions. Assets with donor restrictions can only be used in certain ways, frequently being assigned only to specific programs. Assets without donor restrictions can be used for any purpose.
• Programs. A nonprofit exists in order to provide some kind of service, which is called a program. A nonprofit may operate a number of different programs, each of which is accounted for separately. By doing so, one can view the revenues and expenses associated with each program.
• Management and administration. Costs may be assigned to the management and administration classification, which refers to the general overhead structure of a nonprofit. Donors want this figure to be as low as possible, which implies that the bulk of their contributions are going straight to programs.
• Fund raising. Costs may be assigned to the fund raising classification, which refers to the sales and marketing activities of a nonprofit, such as solicitations, fund raising events, and writing grant proposals.
• Financial statements. The financial statements produced by a nonprofit entity differ in several respects from those issued by a for-profit entity. For example, the statement of activities replaces the income statement, while the statement of financial position replaces the balance sheet. Both for-profit and nonprofit entities issue a statement of cash flows. Finally, there is no nonprofit equivalent for the statement of stockholders' equity, since a nonprofit has no equity.

Related Courses

Nonprofit Accounting 

Organic growth

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 12:42:00 PDT 2018

Organic growth is the increase in sales of a business generated by those of its operations that were in existence at the beginning of the measurement period. The concept is used to differentiate between sales generated from existing operations and those operations that were acquired during the measurement period. In particular, organic growth is used to determine whether existing operations are in a state of decline, neutral growth, or expansion. It is entirely possible that organic "growth" will actually be negative.

For example, a company may report 100% growth during a period, but further analysis may reveal that 95% of the growth was from sales attributable to an acquisition and 5% to existing operations.

Organic growth can be caused by any of the following:

• An increase in prices
• An increase in units sold of existing products
• Sales of new products from existing operations
• Sales to new customers for products from existing operations
• Sales generated by new distribution channels
• Sales generated in new sales regions

Organic growth nearly always refers to changes in revenue, but can be used in reference to changes in profitability or cash flows.

The organic growth concept is a solid growth strategy for many businesses. This approach depends on internally-generated growth, rather than through acquisitions, and is a particularly viable option for a business that does not have sufficient cash to acquire other entities. However, this type of growth tends to be rather slow, especially when compared to the massive sales gains that can be achieved through an acquisition strategy. Also, organic growth could be in a sales segment that does not generate much cash flow, whereas an acquisition could generate sales in a more profitable segment of the market.

Related Courses

Business Ratios Guidebook 
Financial Analysis 
The Interpretation of Financial Statements 

HTB Endows Scholarship at Davidson County Community College

by Scott Fahy @ HomeTrust Banking

Fri Oct 13 07:14:36 PDT 2017

This scholarship fund will support students who show academic leadership and/or extracurricular excellence, with awards based strictly on merit. When asked about the scholarship, HomeTrust Market President, Bob Callicutt, said “We look forward to seeing the good this scholarship does in our community. Enabling a gifted student to get an education and give back helps […]

The post HTB Endows Scholarship at Davidson County Community College appeared first on HomeTrust Banking.

Consult This Employee Termination Checklist to Keep Things Running Smoothly

by Rachel Gray @ Payroll Tips, Training, and News

Wed Mar 07 05:10:00 PST 2018

Employees leave companies every day to pursue growth opportunities, accommodate personal lives, or experience change. As an employer, you hope employees won’t leave your business, but you know this is wishful thinking. When an employee resigns, you need to know what to do. The average annual overall turnover rate is 19%, according to SHRM. If […]

The post Consult This Employee Termination Checklist to Keep Things Running Smoothly appeared first on Payroll Tips, Training, and News.

Types of financial analysis

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 14:44:00 PDT 2018

Financial analysis involves the review of an organization's financial information in order to arrive at business decisions. This analysis can take several forms, with each one intended for a different use. The types of financial analysis are:

• Horizontal analysis. This involves the side-by-side comparison of the financial results of an organization for a number of consecutive reporting periods. The intent is to discern any spikes or declines in the data that could be used as the basis for a more detailed examination of financial results.
• Vertical analysis. This is a proportional analysis of the various expenses on the income statement, measured as a percentage of net sales. The same analysis can be used for the balance sheet. These proportions should be consistent over time; if not, one can investigate further into the reasons for a percentage change.
• Short term analysis. This is a detailed review of working capital, involving the calculation of turnover rates for accounts receivable, inventory, and accounts payable. Any differences from the long-term average turnover rate are worth investigating further, since working capital is a key user of cash.
• Multi-company comparison. This involves the calculation and comparison of the key financial ratios of two organizations, usually within the same industry. The intent is to determine the comparative financial strengths and weaknesses of the two firms, based on their financial statements.
• Industry comparison. This is similar to the multi-company comparison, except that the comparison is between the results of a specific business and the average results of an entire industry. The intent is to see if there are any unusual results in comparison to the average method of doing business.

Related Courses

Business Ratios Guidebook 
Financial Analysis 
The Interpretation of Financial Statements 

Should you ditch your bank and invest in a lend-to-save instead?

by Dana @ Banking Guide

Tue Apr 30 07:53:45 PDT 2013

Officially known as peer-to-peer lending, lend-to-save cuts out the banks and allows investors to lend directly to borrowers. The benefits...

Card PIN transaction issue with some cards.

by Kyle McDougal @ America's First Federal Credit Union

Sun Mar 04 10:55:19 PST 2018

Sunday March 4, 2018 We understand that some members are unable to successfully use their debit card as a PIN transaction, either at a merchant or an ATM. This appears to be related to the outage we experienced last Thursday evening. We continue to work closely with VISA and our processor to identify the cause of [...]

First Service Credit Union Plans Special Events for City of Katy’s Waffle Week Aug. 21-25

by slecrone @ First Service Credit Union

Tue Aug 15 10:58:19 PDT 2017

HOUSTON, August 15, 2017 – First Service Credit Union is using a “Waffle Tour” to show appreciation to public servants in Katy for what they do for the community. August 24 has been designated National Waffle Day, and in connection … Continue reading →

Exchange of nonmonetary assets

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 04:59:00 PDT 2018

An exchange of nonmonetary assets occurs when two entities swap nonfinancial assets. The accounting for a nonmonetary transaction is based on the fair values of the assets transferred. This results in the following set of alternatives for determining the recorded cost of a nonmonetary asset acquired in an exchange, in declining order of preference:

1. At the fair value of the asset transferred in exchange for it. Record a gain or loss on the exchange.
2. At the fair value of the asset received, if the fair value of this asset is more evident than the fair value of the asset transferred in exchange for it.
3. At the recorded amount of the surrendered asset, if no fair values are determinable or the transaction has no commercial substance.

There can be any number of variations on the nonmonetary exchange concept, including ones where some cash is exchanged, along with other nonmonetary assets. If there is a significant amount of monetary consideration paid (known as boot), the entire transaction is considered to be a monetary transaction. In GAAP, a significant amount of boot is considered to be 25% of the fair value of an exchange. Conversely, if the amount of boot is less than 25%, the following accounting applies:

• Payer. The party paying boot is not allowed to recognize a gain on the transaction (if any).
• Recipient. The receiver of the boot recognizes a gain to the extent that the monetary consideration is greater than a proportionate share of the carrying amount of the surrendered asset. This calculation is based on the percentage of monetary consideration received to either:
  • Total consideration received, or
  • The fair value of the nonmonetary asset received (if more clearly evident)
  • Nonmonetary exchanges of inventory should be recognized at the carrying amount of the inventory transferred (not their fair values).

• Related Courses

  Fixed Asset Accounting 
  How to Audit Fixed Assets 

Murray Survey

by Makenna Rowley @ Deseret First Credit Union

Thu Oct 05 09:36:18 PDT 2017

See what our Murray Office has to offer: Personal Checking that Pays Business Checking with no Monthly Fees Competitive Personal Business Loans Home Mortgages Wealth Management And More, Much More Come visit your friends at Deseret First and see what we can do for you today!                  ... Read more »

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Nationwide warning us to keep cash and cards safe this Christmas

by Dana @ Banking Guide

Mon Dec 16 06:55:47 PST 2013

The run-up to Christmas may be giving you the feel-good factor but sadly the criminal element is pretty happy too,...

Burnley defender James Tarkowski’s England debut hands Brentford cash windfall

by whaughton @ The Sun

Tue Mar 27 14:59:40 PDT 2018

BRENTFORD are quids in after James Tarkowski made his international debut for England against Italy tonight. But it was a bittersweet night for the Burnley defender who fell foul of VAR when he tripped Federico Chiesa and conceded a late penalty to hand Italy a draw at Wembley. The West Londoners will receive £500,000 from […]

Taylorsville Branch Upgrade

by Makenna Rowley @ Deseret First Credit Union

Thu Mar 08 15:50:03 PST 2018

  We’ve just celebrated the grand opening of a new building for the Taylorsville Branch. Previously at 4645 South 2700 West, the branch moved just down the street to a new facility at 3225 West 4700 South.     The modest facility features modern conveniences for DFCU members including friendly teller pods instead of a... Read more »

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Deseret First Duel Rivalry In Close Competition

by Makenna Rowley @ Deseret First Credit Union

Fri Sep 15 17:07:36 PDT 2017

Three Sports Done, Nine to Go   Salt Lake City, UT, September 15, 2017 – The Deseret First Duel Rivalry between college rivals Utah and BYU is in close competition after the first three sporting events of the season.  After a tie in Soccer, Utah’s win in Football, and BYU’s win in Volleyball, the Duel... Read more »

The post Deseret First Duel Rivalry In Close Competition appeared first on Deseret First Credit Union.

4 Black Friday Shopping Tips!

by Makenna Rowley @ Deseret First Credit Union

Wed Nov 22 10:16:48 PST 2017

1. Plan Ahead.  It’s best to know what you want to get and where the best price is going to be. This way you can spend less time trying to maneuver through the crowds of people in stores and more time getting the things you want! 2. Prioritize Your List.  What is the most important... Read more »

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First Service Credit Union Launches Innovative Account Program for Youth

by Youna Younan @ First Service Credit Union

Wed Dec 16 11:37:42 PST 2015

HOUSTON, December 16, 2015 – First Service Credit Union has launched an innovative new banking program aimed at children from birth to age 18, emphasizing increasing levels of account features as the children grow and become more financially responsible. Continue reading →

Equifax and Identity Recovery

by Makenna Rowley @ Deseret First Credit Union

Wed Sep 20 08:43:42 PDT 2017

If you have a credit report, there’s a good chance that you’re one of the 143 million American consumers whose sensitive personal information was exposed in a data breach at Equifax, one of the nation’s three major credit reporting agencies. Here are the facts, according to Equifax. The breach lasted from mid-May through July. The... Read more »

The post Equifax and Identity Recovery appeared first on Deseret First Credit Union.

Kirk Bevan Joins HomeTrust as Branch Manager

by Scott Fahy @ HomeTrust Banking

Mon Dec 11 11:44:04 PST 2017

Greenville, SC – HomeTrust Bank is pleased to announce Kirk Bevan has joined the Bank’s leadership team as Branch Manager of a Greenville, SC banking office. Bevan will manage the retail operations and sales & service staff of the office located at 499 Woodruff Road. “We’re thrilled to have Kirk at HomeTrust,” commented HomeTrust Market President […]

The post Kirk Bevan Joins HomeTrust as Branch Manager appeared first on HomeTrust Banking.

How to Calculate a Raise

by Rachel Gray @ Payroll Tips, Training, and News

Wed Mar 14 05:10:09 PDT 2018

Employees have money on their minds. According to a Gallup poll, 59% of employees were not completely satisfied with their current pay. And, one SHRM survey found that 44% of respondents said they would leave their job to make more money elsewhere. To avoid losing their top employees, many businesses offer pay raises. Learn why employee […]

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Tips for Your Financial Identity: Building Credit & Avoiding Fraud

by Makenna Rowley @ Deseret First Credit Union

Tue Feb 20 11:49:51 PST 2018

Financial Identity Your identity related to financial services such as your credit report and personal information used in banking. Building Credit Monitor your credit reports annually Open one or two lines of credit for at least 6 months. Use 30% or less of your credit and make payments to show history. Make 100% of your... Read more »

The post Tips for Your Financial Identity: Building Credit & Avoiding Fraud appeared first on Deseret First Credit Union.

Financial model

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 16:52:00 PDT 2018

A financial model is a mathematical representation of the key variables impacting an organization, which is used to make estimates of how future scenarios will impact the performance and financial position of the business. This model is usually constructed on an electronic spreadsheet, using summary-level revenues and expenses, and employing formulas that change the results of the model when certain variables are altered. For example, variables could be used to model the impact of an increase in energy prices, a decline in product prices, a product recall, a change in the rate of sales growth, or a successful employee strike that results in increased compensation and benefit costs.

A financial model is useful for estimating the effects of a number of scenarios within a short period of time, though its effectiveness depends on how well the model mimics the business. An analyst can use a financial model for a number of purposes, such as:

• Acquisitions. To determine the range of possible outcomes that an acquirer can expect with an acquiree, depending on the actions it takes after the deal has been closed.
• Budgeting. To develop several scenarios as part of the budgeting process, to decide which scenarios to pursue when a detailed budget is constructed.
• Capital budgeting. To determine a range of outcomes that might impact the cash flow return related to a prospective fixed asset purchase.
• Risk analysis. To determine which variables can have the greatest negative effect on a firm, as part of a formal risk analysis.

There are two potential problems with financial models. One is that a model may not properly account for the variables that will impact the model's projected future results. The other problem is that a more complex model is at risk of having calculation errors built into it, which can be difficult to detect.

Related Courses

Budgeting 
Capital Budgeting 

England boss Gareth Southgate fumes over VAR penalty as Three Lions are denied Wembley win

by supal @ The Sun

Tue Mar 27 16:08:00 PDT 2018

FUMING Gareth Southgate slammed VAR after England conceded their first goal in over TEN hours. Italy were gifted a late penalty at Wembley when German referee Deniz Aytekin controversially overturned his decision to award a corner. Aytekin changed his mind after Azzurri players urged him to consult his pitchside TV monitor — where he saw […]

Should You Offer a Nonqualified Deferred Compensation Plan?

by Mike Kappel @ Payroll Tips, Training, and News

Mon Mar 26 05:10:00 PDT 2018

You know employees like employer-sponsored benefits. As an employer, offering benefits is advantageous for your business, too. A nonqualified deferred compensation plan is one type of benefit that both you and your employees can enjoy. Find out what a nonqualified deferred compensation plan is, why you might consider offering it, and how to set it […]

The post Should You Offer a Nonqualified Deferred Compensation Plan? appeared first on Payroll Tips, Training, and News.

Pure Storage teams with Nvidia on GPU-fueled Flash storage solution for AI

by Ron Miller @ TechCrunch

Tue Mar 27 13:39:51 PDT 2018

As companies gather increasing amounts of data, they face a choice over bottlenecks. They can have it in the storage component or the backend compute system. Some companies have attacked the problem by using GPUs to streamline the back end problem or Flash storage to speed up the storage problem. Pure Storage wants to give […]

What You Need to Know About a Qualifying Life Event

by Rachel Gray @ Payroll Tips, Training, and News

Mon Mar 12 05:10:40 PDT 2018

Employees have a window of time each year to sign up for certain types of employer-sponsored insurance. Although this open enrollment period takes place at the end of each year for all employees, an employee can add or remove coverage at any time of the year if they have a qualifying life event. What is […]

The post What You Need to Know About a Qualifying Life Event appeared first on Payroll Tips, Training, and News.

First Service Credit Union Purchases Site for Spring Branch

by Youna Younan @ First Service Credit Union

Tue Mar 15 12:27:33 PDT 2016

HOUSTON, March 15, 2016 – First Service Credit Union has purchased property and a building in Spring, Texas, and will open its first Spring area branch this summer. Continue reading →

Stubborn duo stage 50 minute sit-down protest in front of bus in row over who had right of way

by Jon Rogers @ The Sun

Tue Mar 27 16:55:36 PDT 2018

A “MOTHER and son” sat blocking an entire road for nearly an hour in a petty dispute with a bus driver over who had right of way. The man and woman blocked the road in both directions today after coming up against an equally resilient bus driver. The street in Penicuik, Midlothian, had become narrower […]

What Does Pay Frequency Mean?

by Michele Bossart @ Payroll Tips, Training, and News

Wed Feb 21 05:10:38 PST 2018

When you have employees, you need to run payroll so they can receive their wages. Before paying employees, you need to decide on a pay frequency. Your industry, the number of employees you have working for you, the type of workers you have, and legal requirements determine your pay frequency. But first, what does pay […]

The post What Does Pay Frequency Mean? appeared first on Payroll Tips, Training, and News.

Kim Jong-un shakes hands with China’s ironman Xi Jinping on FIRST overseas trip since taking power in 2011

by jcox @ The Sun

Tue Mar 27 16:48:42 PDT 2018

THIS is the historic moment Kim Jong-un shook hands with China’s ironman president Xi Jinping. Bejing officials confirmed the chubby leader visited for four days – his first foreign trip since taking power in 2011. The North Korean tyrant arrived in Beijing in a specially armoured train on an ‘unofficial visit’ to meet Chinese leader Xi Jinping, staying from Sunday to Wednesday […]

Valuation account

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 13:57:00 PDT 2018

A valuation account is paired with an asset or liability account, and is used to offset the value of the assets or liabilities recorded in the account with which it is paired. The result of this account pairing is a net balance, which is the carrying amount of the underlying asset or liability. The "valuation account" term is a less-used phrase that has the same meaning as the contra account concept.

Examples of valuation accounts are:

• Allowance for doubtful accounts (paired with the trade accounts receivable account)
• Allowance for obsolete inventory (paired with the inventory account)
• Accumulated depreciation (paired with the various fixed asset accounts)
• Discount on bonds payable (paired with the bonds payable account)
• Premium on bonds payable (paired with the bonds payable account)

The valuation account concept is useful for estimating any possible reductions in the values of assets or liabilities prior to a more definitive transaction that firmly establishes a reduction.

Valuation accounts are only used in accrual basis accounting. They are not used in cash basis accounting.

Similar Terms

A valuation account is also known as a valuation reserve or contra account.

Related Courses

Bookkeeper Education Bundle 
Bookkeeping Guidebook 

Ever Lived in Provo?

by Makenna Rowley @ Deseret First Credit Union

Mon Jan 29 11:19:08 PST 2018

  Whether you’ve lived in Provo or not, check out the ups and downs of living in Provo and how Deseret First can help! Learn more about Provo’s Student Checking Account Here!    

The post Ever Lived in Provo? appeared first on Deseret First Credit Union.

Billionaire heiress Chloe Green ‘pregnant with Hot Felon Jeremy Meeks’ baby’

by cgreenwood @ The Sun

Tue Mar 27 17:03:40 PDT 2018

BILLIONAIRE Chloe Green is reportedly pregnant with boyfriend Jeremy Meek’s baby. According to US Weekly, the Topshop heiress, 27, is expecting her first child with the 34-year-old male model, nicknamed the “Hot Felon”. While the pregnancy is Chloe’s first, Jeremy has a son with his estranged wife Melissa, and two step-children. Representatives for the couple […]

Ex-BHS chief Sir Philip Green ‘could KEEP his knighthood’… despite pensions scandal

by crichards @ The Sun

Tue Mar 27 15:45:39 PDT 2018

SIR Philip Green is likely to keep his title after officials declared he will not face a ban on being a director following the BHS collapse and subsequent pensions scandal. The decision not to ban Green means that he will in all likelihood keep his knighthood that Tony Blair recommended him for. The Insolvency Service […]

HomeTrust Bank Hires Mark DeMarcus to Lead Commercial Banking Group

by Scott Fahy @ HomeTrust Banking

Mon Mar 12 05:46:11 PDT 2018

ASHEVILLE, NC – HomeTrust Bancshares, Inc. (the “Company”) (NASDAQ:HTBI), the holding company for HomeTrust Bank (“Bank”), has named W. Mark DeMarcus Executive Vice President and Commercial Banking Group Executive effective February 16, 2018. “HomeTrust Bank has a long history of serving the needs of individuals, businesses and communities. I am excited to join the HomeTrust […]

The post HomeTrust Bank Hires Mark DeMarcus to Lead Commercial Banking Group appeared first on HomeTrust Banking.

First Service Credit Union Bringing Free Belgian Waffles to Katy April 18

by Eileen Rahman @ First Service Credit Union

Thu Apr 13 01:31:54 PDT 2017

HOUSTON, April 13, 2017 – First Service Credit Union is offering a delicious start to the day for people in Katy on Tuesday, April 18, giving out free waffles from The Waffle Bus at numerous stops throughout the city from … Continue reading →

Phone Call Scam

by Rebecca Smith @ America's First Federal Credit Union

Thu Feb 15 12:34:05 PST 2018

We have been made aware from some members, that someone posing as an America’s First employee is calling and offering a special loan rate and asking for sensitive information. This is a scam! Please remember that America’s First will never call you and ask for sensitive information over the phone.

Evaluation of internal controls

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 05:50:00 PDT 2018

An evaluation of internal control involves an examination of the effectiveness of an organization's system of internal controls. By engaging in this evaluation, an auditor can determine the extent of other tests that must be performed in order to arrive at an opinion regarding the fairness of the entity's financial statements. A robust system of internal controls reduces the risk of fraudulent activity, which moderates the need for additional audit procedures. The examination concentrates on such issues as:

• The separation of duties
• Checks and balances
• Safeguarding of records
• The training level and competence of employees
• The effectiveness of the entity's internal audit function

The steps involved in this evaluation process include the following:

1. Determine the extent and types of controls being used by the client.
2. Determine which of these controls the auditor intends to rely upon.
3. Based on the first two steps, determine which audit procedures should be expanded or reduced.
4. Make recommendations to the client regarding how to improve its system of internal controls.

The last of the preceding steps is useful for improving the control environment for the auditor in the following year's audit.

Related Courses

Accounting Controls Guidebook 

Correcting Employment Taxes: What to Do If You Withhold the Wrong Amount

by Rachel Gray @ Payroll Tips, Training, and News

Wed Feb 28 05:10:52 PST 2018

It’s easy to make mistakes, especially when you have a million and one things on your plate. One error you could make is deducting the wrong amount from employee wages. Correcting employment taxes is necessary if you withhold too much or too little from your employees’ paychecks. This article provides an overview of employment taxes […]

The post Correcting Employment Taxes: What to Do If You Withhold the Wrong Amount appeared first on Payroll Tips, Training, and News.

Anthony Crolla v Edson Ramirez: Start time, TV channel and live stream for Joshua vs Parker undercard fight

by jsheridan @ The Sun

Tue Mar 27 17:36:03 PDT 2018

ANTHONY CROLLA is back in the ring as he looks to mount another world title challenge. ‘Million Dollar’ saw off Ricky Burns in an epic bout that went the distance in October and still harbours hopes of reclaiming his WBA crown. To set up that fight he must first overcome Edson Ramirez in Cardiff, with […]

Will the Courts Accept a Jury Duty Excuse Letter If You’re in a Pinch?

by Rachel Gray @ Payroll Tips, Training, and News

Mon Mar 19 05:10:23 PDT 2018

Sometimes, you or your employees’ personal responsibilities conflict with your business. For many small businesses, if you miss work or lose an employee for an extended period of time, there can be harmful effects on productivity in the workplace. But if you or an employee are called in for jury duty, you might not have […]

The post Will the Courts Accept a Jury Duty Excuse Letter If You’re in a Pinch? appeared first on Payroll Tips, Training, and News.

Peru vs Iceland: Live stream, TV channel, team news and kick-off time for friendly international at the Red Bull Arena

by Samuel Street @ The Sun

Tue Mar 27 18:13:40 PDT 2018

THERE can be few teams in this summer’s World Cup as eager for the tournament to get underway as Peru and Iceland. The Peruvians have qualified for the first time since 1982 after beating New Zealand 2-0 in a play-off in Lima. And Iceland followed up their outstanding Euro 2016 by reaching their first ever […]

Human resource accounting

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 16:21:00 PDT 2018

Human resource accounting involves the tracking of all costs related to employees in a separate report. These costs may include the following:

• Employee compensation
• Employee payroll taxes
• Employee benefits
• Employee training

Such an accounting system can be used to determine where human resources costs are especially heavy or light in an organization. This information can be used to redirect employees toward those activities to which they can bring the most value. Conversely, the report can be used to identify those areas in which employee costs are too high, which may lead to a reduction in force or a reallocation of staff away from those areas.

A more comprehensive human resource accounting system goes beyond the simple tracking of employee-related costs, and addresses the following two additional areas:

• Budgeting. An organization's annual budget includes a component, in which is concentrated all employee costs being incurred from across the organization. By concentrating cost information by its nature, management can more clearly see the total impact of human resource costs on the entity.
• Employee valuation. Rather than looking at employees as costs, the system is redirected toward viewing them as assets. This can involve the assignment of values to employees based on their experience, education, innovativeness, leadership, and so forth. This can be a difficult area in which to achieve a verifiable level of quantification, and so may have limited value from a management perspective.

From an accounting perspective, the expense-based view of human resources is quite easy - employee costs from the various departments are simply aggregated into a report. The employee valuation approach is not a tenable concept for the accountant, since this is an internally-generated intangible asset, and so cannot be recorded in the accounting system.

Related Courses

Human Resources Guidebook 
Payroll Management 

A Look at Federal, State, and Local Minimum Wages

by Mike Kappel @ Payroll Tips, Training, and News

Wed Mar 21 05:30:00 PDT 2018

You can’t just pay your employees any amount you want. You must follow federal, state, and local laws that set minimum wages. What is minimum wage? Minimum wage is the lowest amount you can pay an employee per hour of work. You can pay more than the minimum wage, but you should never pay less […]

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HomeTrust Bancshares, Inc. Reports Financial Results For The First Quarter Of Fiscal 2018

by Scott Fahy @ HomeTrust Banking

Mon Oct 30 13:52:53 PDT 2017

ASHEVILLE, N.C., Oct. 30, 2017  — HomeTrust Bancshares, Inc. (NASDAQ:HTBI) (“Company”), the holding company of HomeTrust Bank (“Bank”), today announced preliminary net income of $5.6 million for the quarter ended September 30, 2017, a $1.7 million, or 45.6% increase over net income of $3.8 million for the same period a year ago. The Company’s diluted […]

The post HomeTrust Bancshares, Inc. Reports Financial Results For The First Quarter Of Fiscal 2018 appeared first on HomeTrust Banking.