Non repayable funds

by catsnplants @ Sage 50 CA New Users - Recent Threads

Thu Aug 24 09:52:46 PDT 2017

Hi there,

I am working for a non-profit and they have a project on the go where the head office of the organization has money from the sale of an old building that they have allocated to our project.  We are pulling from that money as needed, the head office deposits the funds into our bank account and I write the cheque out of sage 50.  This money does not need to be paid back.

The lady training me has given me some information but I don't see how it works so I need some help.

She has told me to create a fund under accounts receivable to debit and another under revenue to credit.  When we get a deposit, put it in the receivable as a debit and then credit the revenue account.

Then I was told to write the cheque out of the correct bank account and debit the accounts receivable.

I did this under a test situation and it didn't work because the money didn't hit the bank account anywhere here.

The funds from the head office isn't revenue, we don't want it showing as revenue.

Thanks for the help 

Visa & Viewpost to Accelerate Electronic Bill Payments for U.S. Businesses

by Viewpost @ Viewpost

Tue Mar 28 11:38:55 PDT 2017

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Month end Reconciliation

by wini2007 @ Sage 50 CA New Users - Recent Threads

Wed Feb 21 09:11:01 PST 2018

The issue I have is that I receive an error message with I try to post "the statement end balance does not equal the sum of the opening balance".  How do I make an adjustment so I can post my month end transactions?

Thanks

Sudden Problem Receiving Deposits to my USD RBC Account

by @Caan Caan @ Sudden Problem Receiving Deposits to my USD RBC Account

Tue Aug 15 11:59:30 PDT 2017

@Caan wrote:

I suggest talking to your accountant to see if it is acceptable to use a personal account for your US deposits. We were able to keep using our personal US based RBC account after we incorporated. Of course, we consulted with our accountant, the bank, and have been audited and CRA found our practice acceptable. We are also not using FBA in the US so we are not required to have a US business to sell our goods. We are shipping all our orders from Canada.

While the business accounts are $150 per month, the fees for a personal account are only $3 per month.

Edited by: Caan on Aug 15, 2017 11:59 AM

Dave, who do you use for foreign exchange conversion? We get the very competitive rate rather than the regular rate with RBC and have been told that with them, the next better rate requires transfers of $100,000.

Read full topic

Prepaid Deposits

by Julie Grover @ Sage 50 CA New Users - Recent Threads

Wed Apr 01 22:56:55 PDT 2009

 Our company receives deposits ahead of doing the work.  An invoice is then issued after the fact.  i am having difficulty with understanding the connection between the 'sales order (AR) and the "Receipts" and how they impact the various accounts.  For example, if I receive a deposit and it was paid by cash I enter the transaction through the receipts.  The transaction debits our "VISA receivable" account and credits receivables. A second deposit for the same customer is received and is paid by cheque.  Again it is entered through the 'Receipts" and posts to  "Customer Prepaid Deposits"  and credits receivable. When the invoice is set up the deposits are cleared against it and the invoice set up - debits receivables and credits revenue, gst & pst.  Now the receivable is cleared to zero but the VISA and Customer prepaid accounts remain in a debit balance....how do we clear these to the bank account as the money has been received.  I'm sure I am doing something wrong...:-(

Sudden Problem Receiving Deposits to my USD RBC Account

by @sunshine_happy Sunshine Happy @ Sudden Problem Receiving Deposits to my USD RBC Account

Sat Aug 12 10:07:33 PDT 2017

@sunshine_happy wrote:

Sorry Caan. I should have been more specific. I use my CAD dollar account in Canada. So amazon converts it for me. So thats the solution I am talking about. You could also open a US bank account in the United States to receive USD. Those are the two solutions I am aware of at the moment.

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Sudden Problem Receiving Deposits to my USD RBC Account

by @Deal_for_You Deal for You @ Sudden Problem Receiving Deposits to my USD RBC Account

Mon Sep 04 16:03:11 PDT 2017

@Deal_for_You wrote:

Boy, I hear different answers throughout this thread.
I, too, have tried to open a Royalbank (U.S.) personal cross border from my RBC Royal Bank in Canada. What happened was my bank manager and I filled out the application and he told me everything was legit. I could have a U.S.D. account in the U.S. Told me it would take up to 5 business days to set up. What happened instead when I called RBC Bank in Georgia after 5 days and was told my application was incomplete. Was asked follow up questions as to why I was opening the U.S. account and they told me the U.S. have strict laws using a personal account for business transaction. Was told I would need to open a business account in the U.S. but that costs $150/month. I get the feeling personal accounts used by FBA SELLERS for funding and withdrawing for business was happening for a while until you get caught and can no longer use the account for business transactions.

Read full topic

Sudden Problem Receiving Deposits to my USD RBC Account

by @Boardgames4Us Boardgames4Us @ Sudden Problem Receiving Deposits to my USD RBC Account

Tue Aug 15 14:52:01 PDT 2017

@Boardgames4Us wrote:

You will need to watch this with rules changes I have seen in Europe. They now require that the title of the bank account is in the name of the business. It also become more complicated when you do FBA since you could not possibly have a personal based entity (like a sole proprietor or a US S-Corp) without residency. It would need to be a company. Operating as you do, should be okay for the time being

> Dave, who do you use for foreign exchange conversion? We get the very competitive rate rather than the regular rate with RBC and have been told that with them, the next better rate requires transfers of $100,000.
>
I will send you a PM re forex.

Dave

Read full topic

Re: Receiving deposits from Customers

by Michael @ Receiving deposits from Customers

Wed Jul 16 12:58:42 PDT 2008

2460 Prepaid Sales/Deposits is in the Current Liabilities section and has a Deferred Revenue account classification.  Technically, since you have not really earned the money yet, it is considered a liability.

cheque numbering

by Amanda G @ Sage 50 CA New Users - Recent Threads

Thu Dec 28 08:10:21 PST 2017

How do I set up automated Vendor Cheque numbers when paying? And would this be the same for the Customer Receipt number for receiving a payment.

Many thanks and Regards,

Amanda

Sudden Problem Receiving Deposits to my USD RBC Account

by @sunshine_happy Sunshine Happy @ Sudden Problem Receiving Deposits to my USD RBC Account

Sat Aug 12 09:59:46 PDT 2017

@sunshine_happy wrote:

Once again your assumptions are wrong Dave. I fixed my problem and continue to receive deposits. Just like you.

I don’t post in this thread unless there is activity and I can be helpful. For example when “
The Harrison’s” posted and asked if there was any new info or update. I replied to him. So there are people still interested in updates. Including myself.

You solved your problem via using a US bank account. So I don’t know why you post in this thread anymore.

But I am happy to put you in your place and reply to you every time.

I think your angry with me because you came to this thread and gave misleading information to people. When I read your false assumptions and incorrect information I had to step in.

Remember on the second and third page I humiliated you by proving you wrong when you said Canadians can’t use that routing number for their USD deposits. I posted the official bank documents that contradicted what your saying and you where really embarrassed by this. You had a hard time reading the ACH form and stated misleading information about Canadian banks using routing numbers. I pointed out that Canadian banks use transit and institution numbers not routing numbers.

Dave unless you have any information that’s relevant to the topic being discussed I think it’s time you left this thread. Leave while you still have a reputation.

Read full topic

Month end Reconciliation

by wini2007 @ Sage 50 CA New Users - Recent Threads

Wed Feb 21 09:11:01 PST 2018

The issue I have is that I receive an error message with I try to post "the statement end balance does not equal the sum of the opening balance".  How do I make an adjustment so I can post my month end transactions?

Thanks

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.

Sudden Problem Receiving Deposits to my USD RBC Account

by @Boardgames4Us Boardgames4Us @ Sudden Problem Receiving Deposits to my USD RBC Account

Sat Aug 12 09:18:10 PDT 2017

@Boardgames4Us wrote:

Well, as stated many times, YOU have a problem - WE don’t. The solution has been stated plainly several times and you have chosen to rant, rather than to fix it. YOU suffer the consequences - WE have no problem at all.

This is entirely on YOU, since YOU choose to take the action to fix YOUR problem.

You are welcome to continue to suffer.

Nothing will change unless YOU make the changes.

Have fun with that.

Dave

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Sudden Problem Receiving Deposits to my USD RBC Account

by @Mostlybooks Mostlybooks @ Sudden Problem Receiving Deposits to my USD RBC Account

Wed Aug 16 13:58:16 PDT 2017

@Mostlybooks wrote:

Caan,

Talk to Vancity about their USD transaction rates. Depending on amounts and frequency, they can be very competitive on both the buying and sell side of the transaction. You need to ask about getting the treasury rate.

Read full topic

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.

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Military Members Foreclosed on May Receive $116, 785 Settlement

by Taylor @ Child Support Services

Wed Mar 01 11:37:24 PST 2017

Please read for full information...CLICK TO VIEW

Sudden Problem Receiving Deposits to my USD RBC Account

by @Boardgames4Us Boardgames4Us @ Sudden Problem Receiving Deposits to my USD RBC Account

Tue Aug 15 11:35:49 PDT 2017

@Boardgames4Us wrote:

Yes, $150/month is the rate. I am very sure that you can find a US bank (in the US) that charges less per month. Your main concern will be the paperwork for the US entity as most will not provide an account for a Canadian entity. It is best to do that in person.

The key differentiator with the RBC accounts is that you can directly transfer USD between the Canadian USD and the US accounts, which you won’t be able to do with any other bank I have encountered. That does enable me to use a foreign exchange service to convert between USD and CAD at a very attractive rate which saves me much more than the fees and I can choose to do this when the exchange rates are moving the right direction to optimise buys and sells with exchange rate changes.

I mostly keep the US and CA accounts separately as I pay for products and services in the US in USD, so the movement between banks is primarily for dividends and intercompany loans.

You should be prepared for the US tax implications. When operating a business in another country, that is standard. You pay the tax for that country for the earnings in that country and then use the tax treaties to avoid duplicating the tax for the same income in your home country. It is less complex with separate US and Canadian companies.

Dave

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Sudden Problem Receiving Deposits to my USD RBC Account

by @system system @ Sudden Problem Receiving Deposits to my USD RBC Account

Sat Mar 03 23:30:24 PST 2018

@system wrote:

This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.

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Handling Customer Deposits in QuickBooks

by 1034 @ QuickBooks Tutorial

Fri May 31 11:05:46 PDT 2013

Handling Customer Deposits in QuickBooks Many businesses who receive deposits from customers are not aware of how to process these payments properly. One  mistake I see often is receiving a payment and leaving the payment “unapplied” to anything until some later date when an invoice is created.  This process wreaks havoc with your Accounts Receivable […]

Sudden Problem Receiving Deposits to my USD RBC Account

by @Caan Caan @ Sudden Problem Receiving Deposits to my USD RBC Account

Tue Sep 05 00:30:21 PDT 2017

@Caan wrote:

I was up front and told them I was using it for business. I was not incorporated at the time. They said they didn’t care that I would be using it for business deposits and opened it up. I get up to ten business deposits a week and they don’t seem to care.

It’s strange that they said that to you. Do you have a history with RBC?

Someone on this thread or another one said TD’s business accounts are much cheaper.

Read full topic

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.

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does sage plan on addressing 2018 Ontario labour law changes

by punkerdoo @ Sage 50 CA New Users - Recent Threads

Tue Jan 02 10:21:17 PST 2018

The new labour laws in Ontario says that an employee is receive "at least three weeks vacation after five years with the same employer." Simply should be able to add a flag that lets you know the first paycheque you go to write when an employee has reached that five years that their vacation rate should be changed to 6% rather than 4%. 

RE: Prepaid Deposits

by BRAutobody @ Sage 50 CA New Users - Recent Threads

Tue Mar 20 13:18:22 PDT 2018

How would you create these prepaid deposits if you are in historical mode? 

Re: Receiving deposits from Customers

by rdeering @ Receiving deposits from Customers

Thu Jul 17 11:36:14 PDT 2008

Hi there:  In the A/R Module, Receipts window, you need to pick the customer name and then "net" the amount of the deposit against the invoice as if you were recording a payment from them.  The deposit amount of $5,000.00 should be showing in red.  On the right column where you would put in a payment, put $5,000.00 next to the invoice and then also hilite the "deposit" amount of $5,000.00 in that column.  The two will "net" out.  Before posting, go up to Report (or Control+J) and see which accounts the entry will be posting to.  It should be a Dr. to your #2460 account and a Cr. to Accounts Receivable.  This will clear the deposit out of #2460 and decrease your customer's receivable account down to the correct amount.    Give it a try and see if it solves the problem.    Rita Deering

Sudden Problem Receiving Deposits to my USD RBC Account

by @the_harrison_s The Harrison's @ Sudden Problem Receiving Deposits to my USD RBC Account

Tue Aug 15 11:27:40 PDT 2017

@the_harrison_s wrote:

What is the most cost effective way to set up a US account in the US??

I just spoke to someone at RBC and the cost for the US account in the US is $150usd per month. That seems really high to me. Plus your corp should have been in business for a year or more which mine has not. What are others paying per month for their accounts?? I am close to the border and could drive over and set up an account in Blaine but not sure if you need a US address to do so. Yes I know you can get one but then it would seem like you have a US presents/business residing in the US which seems like it would have tax implications.

What banks are other using for their US accounts and what are the costs??

Thanks in advance for helpful responses! Lesley

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Sudden Problem Receiving Deposits to my USD RBC Account

by @Boardgames4Us Boardgames4Us @ Sudden Problem Receiving Deposits to my USD RBC Account

Fri Aug 11 19:29:32 PDT 2017

@Boardgames4Us wrote:

Mostlybooks, Caan,

I suggest that you just stop responding on this thread.

This character wants to argue about the way he wants things to be while ignoring the way things are.

For all I care, he can continue having the wrong bank information and not receiving the deposits until bankruptcy.

…

Edited by: Jake@SellerSupport on Aug 14, 2017 8:39 AM
Inappropriate Content Removed.

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Sudden Problem Receiving Deposits to my USD RBC Account

by @Caan Caan @ Sudden Problem Receiving Deposits to my USD RBC Account

Wed Aug 23 11:28:15 PDT 2017

@Caan wrote:

This was exactly what everyone knew the issue to be but some were bull headed and refused to accept that the rules changed.

Read full topic

Sudden Problem Receiving Deposits to my USD RBC Account

by @amcdc79 amcdc79 @ Sudden Problem Receiving Deposits to my USD RBC Account

Wed Aug 23 23:47:35 PDT 2017

@amcdc79 wrote:

Way back on page 2 of this thread Ed nailed it.

Read full topic

What are the capabilities of using Simply Pro 2011 for a small church?

by VictoriaS @ Sage 50 CA New Users - Recent Threads

Thu Nov 30 14:04:31 PST 2017

Hello:

I am working in a small church that uses Simply Pro 2011 for journal entries and not much else.  We have a budget of under 100,000 and use the cash basis method of accounting.  We have four part time employees that are paid using a manual process including figuring out vacation, EI, CPP and so on.  Our donations are done through Excel along with our receipts.  Finally our invoices for rentals are done manually and time consuming.  From what I can see our Simply Pro version should be able to do:

Invoices including emailing them (our treasurer is worried that this will credit the account rather than wait for me to enter the receipt of the money)  With 5 renters I need this.

Payroll which if set up properly will track what gets withheld and sent to the government.

Donors - I think that a donor could be entered as a customer and the donations entered and tracked with a receipt coming out at the end of the year built to match CRA requirements.  this would the last process to bring on board and I'm not sure I would invest the time in it since we have something that already works with minimal effort.

I have read a tons of stuff and played with Sage50 as a trial version and am eager.   It seems that current volunteers are a little afraid of the software so i would likely hire someone to help ensure that the additional pieces are set up correctly.  Does anyone have any advice?  Am I expecting too much?  We will move to new software if needed but I would like to use what we have for now and introduce new processes next year and then migrate to a new system.  Thanks!  Victoria

RE: Prepaid Deposits

by BRAutobody @ Sage 50 CA New Users - Recent Threads

Mon Mar 19 14:42:52 PDT 2018

Hi there I am currently setting up a body shop company on Sage that operates the same way. Customers will pay for their deductible ahead of time, usually when they drop off the vehicle for repairs, but the work isn't invoiced until the job is complete. Therefore, the deductible is a Customer Prepaid Deposit. 

I am still in history mode and I can not figure out how to make the Total Deposit and Prepaid Order reflect the Customer prepaid deposit account. I tried crediting the customers account like an invoice but that doesn't work and it changes my accounts receivable. I can not exit the historical mode until I figure this out. Does anyone know how to enter these prepaid deposits without having made an invoice when in historical mode?

Sudden Problem Receiving Deposits to my USD RBC Account

by @amcdc79 amcdc79 @ Sudden Problem Receiving Deposits to my USD RBC Account

Thu Aug 24 21:13:47 PDT 2017

@amcdc79 wrote:

Very true Caan, I guess I should have added, that Susan confirmed, what Ed had stated, awhile back.

Now we know why those of us who use PayPal, must change the currency to CDN$'s before we can transfer the funds.

Thanks for your help.

Read full topic

Can not leave history mode

by BRAutobody @ Sage 50 CA New Users - Recent Threads

Mon Mar 19 13:40:58 PDT 2018

Hi There,

All finished entering all the historical data into the program and my chart of accounts is all balanced however when I try to leave historical mode, the following memo pops up:

Sudden Problem Receiving Deposits to my USD RBC Account

by @Caan Caan @ Sudden Problem Receiving Deposits to my USD RBC Account

Sat Aug 12 10:04:35 PDT 2017

@Caan wrote:

Are you saying you are now getting ACH deposits into a Canadian bank account now? Two days ago, you said it wasn’t working as of yet. What changed? How did you get it to work? If it isn’t, what was your solution?

Read full topic

Sudden Problem Receiving Deposits to my USD RBC Account

by @Caan Caan @ Sudden Problem Receiving Deposits to my USD RBC Account

Thu Aug 24 13:02:35 PDT 2017

@Caan wrote:

And Susan explained it in the last post she made. Amazon will not use the IAT format and because of those new government regulations, the old method no longer works.

Dave explained that the reason why PayPal still transfers is because the seller is registered on the Canadian website which means the US regulations don’t apply. If a Canadian seller is registered on the .com side, they would have the same issue.

Read full topic

Bank Deposit

by Linda Co @ Sage 50 CA New Users - Recent Threads

Sat Aug 05 13:14:08 PDT 2017

I am trying to enter a deposit that does not an an entry to be credited. It is a partial refund from our Insurance company that debits monthly from the bank account. The bank statement shows it as a deposit, I cannot get the deposit to register in Sage.

RE: Can not leave history mode

by BRAutobody @ Sage 50 CA New Users - Recent Threads

Tue Mar 20 12:26:46 PDT 2018

Does anyone know how to enter a prepaid order or customer deposit while in Historical mode? 

Deposit slip error

by Claudia_K @ Sage 50 CA New Users - Recent Threads

Wed Nov 01 05:45:37 PDT 2017

Hi all, just about ready to throw in the towel here. Complete newbie with no previous experience, replacing a bookkeeper who up and left with no notice. I entered the wrong account number and a check that was supposed to be cash into a deposit slip and then processed it before realizing the error. Step by step instruction to fix this would be a blessing. I read that I could fix it by making general journal entries to correct it but I'm not familiar with that either, hence the request for a breakdown of steps. TIA

Claudia

Sudden Problem Receiving Deposits to my USD RBC Account

by @Caan Caan @ Sudden Problem Receiving Deposits to my USD RBC Account

Wed Aug 23 11:18:47 PDT 2017

@Caan wrote:

[quote=“SusanH@SellerSupport”]

Hello Caan,

I checked with the Amazon Payments Team, and my contact there explained the situation.

I learned that Royal Bank of Canada (RBC) in the past allowed sellers to use their US routing number to receive disbursements sent to Canada in US Dollars.

Due to a US Government regulation, effective May 15th, RBC started rejecting such transfers unless they were sent from the US to Canada using an International ACH Transaction (IAT format). The old process allowed sellers to get disbursements in Canadian dollars without paying transfer taxes, which is no longer an option for our third-party sellers who are using the process because Amazon does not use the IAT format.

To begin receiving payments, those sellers will need to either open a US bank account to receive US Dollars or use a Canadian bank account and the Amazon Currency Converter. The Currency Converter for Sellers is an optional service that allows Amazon sellers to receive the proceeds of their earnings into their local bank account if that account is located in a different country from the marketplace on which they are selling. I am providing a link to the frequently asked questions about the Amazon Currency Converter.

https://sellercentral.amazon.com/gp/help/help.html/?itemID=200381250

I hope this helps clear the fog around this question!

-Susan

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Sudden Problem Receiving Deposits to my USD RBC Account

by @Mostlybooks Mostlybooks @ Sudden Problem Receiving Deposits to my USD RBC Account

Sat Aug 12 09:53:01 PDT 2017

@Mostlybooks wrote:

Dave,

You are so smart. <3<3<3

Read full topic

Sudden Problem Receiving Deposits to my USD RBC Account

by @sunshine_happy Sunshine Happy @ Sudden Problem Receiving Deposits to my USD RBC Account

Wed Aug 23 11:30:23 PDT 2017

@sunshine_happy wrote:

And some thought it was an illegal hack that shouldn’t have worked in the first place.

Read full topic

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).

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Re: Receiving deposits from Customers

by Kenr @ Receiving deposits from Customers

Thu Jul 17 10:45:00 PDT 2008

Hi Michael, Thank you for your reply, that’s what I thought; however my Accounts Receivable account (#1200) shows $5000 more than what is really owing. For example I have generated $14000.00 in invoices (Sales account #4000), received $5000.00 in deposits (#2460), and $2000.00 in final payments. My receivables account should be $ 7000.00, however the account shows $12000.00, inflated by the $5000.00 in #2460.What am I doing wrong?Thanks you again for your help! Kenr

Limited Support this Week due to Training

by Ola Persson @ Sirvoy Reservation System

Tue Nov 07 04:48:42 PST 2017

Most of our support team is in London this week to attend WTM and to receive training. You may experience ...

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 

Sudden Problem Receiving Deposits to my USD RBC Account

by @yayeah yayeah @ Sudden Problem Receiving Deposits to my USD RBC Account

Mon Aug 21 09:34:29 PDT 2017

@yayeah wrote:

Hi, Ed, any news?

I have having the exact same problem since May.

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Sudden Problem Receiving Deposits to my USD RBC Account

by @sunshine_happy Sunshine Happy @ Sudden Problem Receiving Deposits to my USD RBC Account

Fri Aug 11 20:30:17 PDT 2017

@sunshine_happy wrote:

Your off topic. This thread is about Canadian US dollar accounts receiving USD payments from amazon and how it stopped working.

I read your speculation on why things stopped working but you haven’t posted any references to anything or proof. You know as little as everyone else does. So thanks for sharing your opinion but please remember to let everyone know it’s just your best guess.

I suggest you stop replying to this thread unless you have a link to something that sheds some light on to the situation. Your conspiracy theories on how international banking should work aren’t helpful. Please try to contribute to threads.

And honestly I’m a little annoyed I have to find official documents from the bank and then teach you how to read them because you don’t understand what a cross border ach form is and what they are for. If you acted a little more appreciative I wouldn’t mind so much.

So please. I’ll say it again. Stop replying to this thread unless you have an official update. There are people relying on the facts of the situation. Your opinions are not helping.

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Sudden Problem Receiving Deposits to my USD RBC Account

by @sunshine_happy Sunshine Happy @ Sudden Problem Receiving Deposits to my USD RBC Account

Wed Aug 23 11:23:54 PDT 2017

@sunshine_happy wrote:

Thank you Caan. Good job.

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Sudden Problem Receiving Deposits to my USD RBC Account

by @Mostlybooks Mostlybooks @ Sudden Problem Receiving Deposits to my USD RBC Account

Sat Aug 12 11:07:25 PDT 2017

@Mostlybooks wrote:

You have got to be kidding me. You are on here giving posters he double hockey sticks left right and centre because they are telling you that those are the only two ways to solve the problem you are posting about and you insist that they are wrong and that they need to back up what they are saying with extrinsic evidence. Then you turn around and acknowledge we are right by claiming it is the only solution?

Be advised that I will never help you with any other issues that you have going forward. The level of disrespect of others you have shown is not to be believed.

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Setting up New Client from YE Trial Balance

by MStolp @ Sage 50 CA New Users - Recent Threads

Tue Nov 28 09:51:45 PST 2017

HI there,

I am very very new to Sage and I need help. I just got a client where their bookkeeper basically ran away after their YE. I received the TB from the accountant as well as the GL and the Balance Sheet and that is all the information I have to go off of. 

I need to set up the chart of accounts with the balances so I can start entering and reconciling the new year, but whenever I enter the amounts post AJE I get the pop up that says the accounts aren't balanced. I've checked the TB over and all the numbers matched what the accountant gave. So I am very confused and like I said very very new. 

Are there any recommendations on what I should do or what numbers I should be entering?  

Sudden Problem Receiving Deposits to my USD RBC Account

by @sunshine_happy Sunshine Happy @ Sudden Problem Receiving Deposits to my USD RBC Account

Sat Aug 12 10:05:02 PDT 2017

@sunshine_happy wrote:

Here is a smart quote from Dave

" The fact that it might have worked until now was purely luck and that was bound to change at some point. Even permitting ACH transactions to that account is quite likely breaking US banking laws."

Then I posted official documents from the bank to prove him wrong. It was very embarrassing for him so now he is angry with me.

It’s important to understand Im not angry with you Dave. But when you tell people they are breaking LAWS and that using an official system is pure luck you are doing something very dangerous. I have you call you out.

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Can not leave history mode

by BRAutobody @ Sage 50 CA New Users - Recent Threads

Mon Mar 19 13:40:58 PDT 2018

Hi There,

All finished entering all the historical data into the program and my chart of accounts is all balanced however when I try to leave historical mode, the following memo pops up: