Eight hundred a year. BIG DEAL. Infected just means they were fool enough to take a worthless non-specific test for harmless anti-bodies. More ‘AID$’ Inc B.S.
Eight hundred a year. BIG DEAL. Infected just means they were fool enough to take a worthless non-specific test for harmless anti-bodies. More ‘AID$’ Inc B.S.
More U$ Inc. B.S. Published on Friday, October 22, 2004 by CommonDreams.org The Bush Budget Deficit Death Spiral by Robert Freeman Lenders talk about a "debtor’s death spiral." It occurs when borrowers get so far in over their heads they begin borrowing money just to cover the interest payments on past borrowings. The borrowers have to do this to keep the lending flowing but they can no longer plausibly pay down the principal. As new debt compounds on old, bankruptcy becomes imminent. Further lending is foolhardy. Foreclosure is only a matter of time. The U.S. is starting to look like it is entering just such a death spiral. It is foretold not simply by the large and growing deficits, nor by the fact that their carrying costs will rise quickly as interest rates rise. Rather, it is the fact that these trends are becoming irreversible, a structural part of the U.S. economy. When the ultimate collapse will occur, whether it comes with a bang or a whimper, how it will be triggered, and how severe it will be are as yet unknown. But as Herbert Stein, Chairman of the Council of Economic Advisers under Richard Nixon was fond of saying, "Things that can’t go on forever, don’t." The first signs of impending trouble are the exploding budget deficits themselves. They began, of course, under the parlous economic stewardship of Ronald Reagan. Reagan cut the marginal tax rate on the wealthiest of Americans from 70% to 38%. He promised it would spur an orgy of investment and rocket the economy to new levels of production and prosperity. Instead, his "supply side economics" did the exact opposite. It produced the deepest recession since the Great Depression. Output fell 2.2% in 1982 while budget deficits soared. When Reagan took office in 1981, the national debt stood at $995 billion. Twelve years later, by the end of George H.W. Bush’s presidency, it had exploded to $4 trillion. Reagan was a "B" grade movie actor and a doddering, probably clinically senile president, but he was a sheer genius at rewarding his friends by saddling other people with debts. Bill Clinton reversed Reagan’s course, raising taxes on the wealthy, and lowering them for the working and middle classes. This produced the longest sustained economic expansion in American history. Importantly, it also produced budgetary surpluses allowing the government to begin paying down the crippling debt begun under Reagan. In 2000, Clinton’s last year, the surplus amounted to $236 billion. The forecast ten year surplus stood at $5.6 trillion. It was the last black ink America would see for decades, perhaps forever. George W. Bush immediately reversed Clinton’s policy in order to revive Reagan’s, once again showering an embarrassment of riches on the already most embarrassingly rich, his "base" as he calls them. He ladled out some $630 billion in tax cuts to the top 1% of income earners. In true Republican fashion, they returned the favor by investing over $200 million to ensure Bush’s re-election. Do the math. A $630 billion return on a $200 million investment: $3,160 for $1. I’ll give you $3,160. All I ask is that you give me $1 back so I can keep the goodness flowing. Do we have a deal? Republicans know return on investment. But the cost to the public has been a return to the exploding deficits of the Reagan years. Bush blew through Clinton’s surplus in his first year. The 2004 deficit reached $415 billion, a record. Still, its real size is masked by the fact that Bush has shifted $150 billion from the Social Security trust fund in order to make the shortfall look smaller. It’s like pretending you’re richer when you move money from one pocket to another. Both sums have to be repaid, so the real amount borrowed is the $415 billion "nominal" deficit plus the $150 billion from Social Security or $565 billion. This shell game with federal trust funds taints all official forecasts about Bush’s deficits going forward. For example, the Congressional Budget Office estimates Bush’s cumulative ten year deficit at $2.3 trillion, to be sure, a breathtaking shortfall from the $5.6 trillion surplus he inherited from Clinton. But as with the yearly number, this one ignores the trust fund sleight of hand, an omission of some $2.4 trillion. When this is added back in, Bush’s ten year deficit leaps to $4.7 trillion, $10.3 trillion short of Clinton’s number. But even that number is understated because the CBO forecasts are based on current law. Bush’s tax cuts have not yet been made permanent. If Bush is re-elected and the cuts are made permanent, that would add another $3.2 trillion to the shortfall. It was not too long ago that a $3.2 trillion increment to anything would have made sober people’s noses bleed but such figures are mere accounting details to the Big Thinkers in the White House, especially since it will not be their constituents who are paying it back. Add it all together
If I have a $1,662.00 credit from the IRS coming to me how much did I earn that year and how much was my spending? I lost all of my records. The IRS lost all of my records. (Except credit) Noone has any records on file. anyone care to help? Please please please Thanks.
The first rule in filing with the IRS is to keep at least 2 copies for your records. Your question is not an easy one to answer as there are all kinds of deductions to take. Do you remember anything about filling out the form? Janice
– Hide quoted text — Show quoted text – If I have a $1,662.00 credit from the IRS coming to me how much did I earn that year and how much was my spending? I lost all of my records. The IRS lost all of my records. (Except credit) Noone has any records on file. anyone care to help? Please please please Thanks.
I supposedly made $44,254 in 1999 and my accountant told me I need deductions, but I need to know how much in deductions to gain back $1,662 in credit. (He couldn’t tell me) The IRS (two seperate agents) told me just show the 1999 return with $1,662 over payment and everything will be fine. Yeah yeah I know copies copies copies, but I was young and nieve then. Last year in 2001 the IRS had copies of my records of 1999 I applied that credit towards my 2002 return… Becuase I owed $768. Thats when they sent a letter stating they never received my 1999 return. I have been in contact with them to extend the 3 year deadline, but the new deadline is creeping fast and I don’t know what to do. What do I do?
– Hide quoted text — Show quoted text – The first rule in filing with the IRS is to keep at least 2 copies for your records. Your question is not an easy one to answer as there are all kinds of deductions to take. Do you remember anything about filling out the form? Janice If I have a $1,662.00 credit from the IRS coming to me how much did I earn that year and how much was my spending? I lost all of my records. The IRS lost all of my records. (Except credit) Noone has any records on file. anyone care to help? Please please please Thanks.
- Hide quoted text — Show quoted text – I supposedly made $44,254 in 1999 and my accountant told me I need deductions, but I need to know how much in deductions to gain back $1,662 in credit. (He couldn’t tell me) The IRS (two seperate agents) told me just show the 1999 return with $1,662 over payment and everything will be fine. Yeah yeah I know copies copies copies, but I was young and nieve then. Last year in 2001 the IRS had copies of my records of 1999 I applied that credit towards my 2002 return… Becuase I owed $768. Thats when they sent a letter stating they never received my 1999 return. I have been in contact with them to extend the 3 year deadline, but the new deadline is creeping fast and I don’t know what to do. What do I do? The first rule in filing with the IRS is to keep at least 2 copies for your records. Your question is not an easy one to answer as there are all kinds of deductions to take. Do you remember anything about filling out the form? Janice If I have a $1,662.00 credit from the IRS coming to me how much did I earn that year and how much was my spending? I lost all of my records. The IRS lost all of my records. (Except credit) Noone has any records on file. anyone care to help? Please please please Thanks.
There’s no way to answer the question as posed as there’s insufficient information to make the answer unique. I would suggest you need to reconstruct as well as possible the information for the year in question and submit it to the IRS with an explanation. I’ve not looked, but I would suppose there are quidelines published for what to do in cases where documentation has been lost as it must happen often. Sounds like you’ve been fiddling away the time hoping a problem would go away if you ignored it–doesn’t seem like you’ve matured that much yet. :)
fe – Hide quoted text — Show quoted text – "You don’t sound like someone that could compete a tax return of their own." You are right I would not want to compete in a tax return, but I do NO how to spell correctly. I am dealing with a schedule c with lost information. This is not a school question…this is real! I lost my info in a fire. I now do my returns electronically because of that. Welcome to the odds, since it did happen where everyone lost the info and that is why I am posting on a message board for accountants! Do you think I want to be here? They have a copy of an adjusted credit with no records of my returns. 2 Years ago I wanted them to send me a check, but the good ol’ IRS can not just send a check. Now because they told me to wait to adjust it to 2002’s return since that happened in 2003 it is passed the alotted time (3 Years) of the orginal overpayment on my part and this is where I am having difficulties. Since I owe $768 from 2002 and I applied that credit towards the bill. This is why I am faced with a catch twenty two situation. They want money from me, but I want money from them, it’s the same money but nobody gets anything until they find the 99 return or I recreate the numbers (as told to me by 2 seperate operators from the IRS). That is why I posted hoping I would get some advice instead of ridcule, but Thanks for the tax table advice that is a start to what I was looking for. As for the IRS losing my information… well they did it three times and if you don’t believe me then "Oh my God look out behind you!" … sorry I had a daydream. Thanks for everyones advice so far. If you want to be on my christmas gift list email me and I will take care of you.
Find a good Tax Accountant who spends a lot of time dealing with the IRS on behalf of other clients and let him / her handle the problem for you. If you are making a good income at the moment, it is not worth wasting your time in an area that you are not knowledgeable in.
I supposedly made $44,254 in 1999 and my accountant told me I need deductions, but I need to know how much in deductions to gain back $1,662 in credit. (He couldn’t tell me) The IRS (two seperate agents) told me just show the 1999 return with $1,662
This IRS has to have records of your tax liability and payments for 1999. If you worked that year, you would have W-2 wages so there had to be a settlement of the account for the Tax Year 1999. What is it? ast year in 2001 the IRS had copies of my records of 1999 I applied that credit towards my 2002 return… Becuase I owed $768. Thats when they sent a letter stating they never received my 1999 return. I have been in contact with them to extend the 3 year deadline, but the new deadline is creeping fast and I don’t know what to do.
So are you saying that they never have received record of your 1999 return and now they are coming after you to file this return also. If this is the case, then you have problems if you can’t recreate your activities for that year and will probably end up owing more money based on the settlement you reach for 1999.
– Hide quoted text — Show quoted text – "You don’t sound like someone that could compete a tax return of their own." You are right I would not want to compete in a tax return, but I do NO how to spell correctly. I am dealing with a schedule c with lost information. This is not a school question…this is real! I lost my info in a fire. I now do my returns electronically because of that. Welcome to the odds, since it did happen where everyone lost the info and that is why I am posting on a message board for accountants! Do you think I want to be here? They have a copy of an adjusted credit with no records of my returns. 2 Years ago I wanted them to send me a check, but the good ol’ IRS can not just send a check. Now because they told me to wait to adjust it to 2002’s return since that happened in 2003 it is passed the alotted time (3 Years) of the orginal overpayment on my part and this is where I am having difficulties. Since I owe $768 from 2002 and I applied that credit towards the bill. This is why I am faced with a catch twenty two situation. They want money from me, but I want money from them, it’s the same money but nobody gets anything until they find the 99 return or I recreate the numbers (as told to me by 2 seperate operators from the IRS). That is why I posted hoping I would get some advice instead of ridcule, but Thanks for the tax table advice that is a start to what I was looking for. As for the IRS losing my information… well they did it three times and if you don’t believe me then "Oh my God look out behind you!" … sorry I had a daydream. Thanks for everyones advice so far. If you want to be on my christmas gift list email me and I will take care of you.
Oh don’t get too pissed off! real tax advice can be found
If I have a $1,662.00 credit from the IRS coming to me how much did I earn that year and how much was my spending?
I have to inform you that, sadly, I had to terminate my psycic. Fortunately, she saw it coming. How in the world do you expect anyone to know? The potential combinations are endless. — Paul A. Thomas, CPA taxman at negia.net
The only good thing I have on my court is the letters each operator has sent to me before they disappear. Each letter expalins I have $1,662.00 credit coming to me.
Ummm……that is probably the amount of withholding or overpayment from a prior year. If they knew how much you have overpaid in taxes, they wouldn’t NEED your return. They can’t create a refund until the return is filed. They can’t apply it forward until the return is filed. I need to come up with some numbers that equal out.
You need to file a return. If you thought you filed a return, then it may be helpful to contact your state tax agency to see if they have a copy on file. Is there a website that can calculate this? Is there a phone number I can call? Is there a God I can pray to.
As others have stated before, reconstruct your income and deductions for that year. — Paul A. Thomas, CPA taxman at negia.net
"You don’t sound like someone that could compete a tax return of their own." You are right I would not want to compete in a tax return, but I do NO how to spell correctly. I am dealing with a schedule c with lost information. This is not a school question…this is real! I lost my info in a fire. I now do my returns electronically because of that. Welcome to the odds, since it did happen where everyone lost the info and that is why I am posting on a message board for accountants! Do you think I want to be here? They have a copy of an adjusted credit with no records of my returns. 2 Years ago I wanted them to send me a check, but the good ol’ IRS can not just send a check. Now because they told me to wait to adjust it to 2002’s return since that happened in 2003 it is passed the alotted time (3 Years) of the orginal overpayment on my part and this is where I am having difficulties. Since I owe $768 from 2002 and I applied that credit towards the bill. This is why I am faced with a catch twenty two situation. They want money from me, but I want money from them, it’s the same money but nobody gets anything until they find the 99 return or I recreate the numbers (as told to me by 2 seperate operators from the IRS). That is why I posted hoping I would get some advice instead of ridcule, but Thanks for the tax table advice that is a start to what I was looking for. As for the IRS losing my information… well they did it three times and if you don’t believe me then "Oh my God look out behind you!" … sorry I had a daydream. Thanks for everyones advice so far. If you want to be on my christmas gift list email me and I will take care of you.
This sounds like a text book assignment question!!! But here’s my two cents… If I have a $1,662.00 credit from the IRS coming to me how much did I earn that year and how much was my spending?
Check a tax table (IRS has them and would gladly help you calculate tax owing/credit). I lost all of my records.
Why? The IRS lost all of my records. (Except credit)
Not possible if they have record of your credit… they don’t destroy filing documents until the seven year rule. Noone has any records on file.
How about the original tax preparer? You don’t sound like someone that could compete a tax return of their own. The tax preparer should/must keep copies of files. No way all three parties (you, IRS and preparer) could lose documents… odds are too terrific. anyone care to help? Please please please Thanks.
Why not go back to your text book and read the chapter again where it shows you how to calculate the tax owing and work backwards.
- Hide quoted text — Show quoted text – Duane thanks for the advice, but fiddling away waiting for it to go away was not my intention. I have sent the IRS now a total of three tax returns for 1999. This time I need to send them one more return, hopefully this will be my last. This may sound weird, but each time I contact an operator and send them the information they end up no longer working there. I think each person I send my info to keeps getting released, fired, killed etc… My 1999 tax returns are cursed! The only good thing I have on my court is the letters each operator has sent to me before they disappear. Each letter expalins I have $1,662.00 credit coming to me. My problem now is that after the last operator completed my transactions, I have moved and lost all of my older transactions. I do not have the information my accoutant needs to do the 1999 tax return. Which makes things worse is I was a schedule c in 1999. I need to come up with some numbers that equal out. Is there a website that can calculate this? Is there a phone number I can call? Is there a God I can pray to. Please Help! I appreciate you stating I haven’t matured yet, but hey your just an accountant what would you know?
I’m just an engineer, not an accountant? And, sorry, it was just the tone of the post that made the comment… Anyway, I don’t think there’s anything you can do to build a return but to sit down with the information the best you can piece it together and simply fiddle with numbers that eventually work out to what you need. Since it would all be undocumented, that’s why I’d suggest going to an accountant and asking advice as to how to proceed….maybe someone else here will have some suggestions as an actual accountant in such a situation. If you do at least have the letter stating that you are owed the amount, that should at least help some. But, it’s clear there’s an infinite number of ways to arrange income, expenses and deductions to make a specific bottom line from only a single income figure.
Duane thanks for the advice, but fiddling away waiting for it to go away was not my intention. I have sent the IRS now a total of three tax returns for 1999. This time I need to send them one more return, hopefully this will be my last. This may sound weird, but each time I contact an operator and send them the information they end up no longer working there. I think each person I send my info to keeps getting released, fired, killed etc… My 1999 tax returns are cursed! The only good thing I have on my court is the letters each operator has sent to me before they disappear. Each letter expalins I have $1,662.00 credit coming to me. My problem now is that after the last operator completed my transactions, I have moved and lost all of my older transactions. I do not have the information my accoutant needs to do the 1999 tax return. Which makes things worse is I was a schedule c in 1999. I need to come up with some numbers that equal out. Is there a website that can calculate this? Is there a phone number I can call? Is there a God I can pray to. Please Help! I appreciate you stating I haven’t matured yet, but hey your just an accountant what would you know?
Hi, will you please advice me a long-distance accounting courses anywhere in USA, Canada or UK? It’s necessary for me to improve my accounting knowledges, and I would prefer to do it at a great distance, using my credit card and regular mail 
Thank you for any advice and best wishes, Mikhail
University of Florida in Gainesville, Florida has internet degree programs. You should check their website at www.uf.edu
Hi, will you please advice me a long-distance accounting courses anywhere in USA, Canada or UK? It’s necessary for me to improve my accounting knowledges, and I would prefer to do it at a great distance, using my credit card and regular mail Thank you for any advice and best wishes, Mikhail
After the Army Vernona stuff from the forties and fifties was declassified, history shows that McCarthy wasn’t completely wrong. Further, it turned out that many of the people who criticized McCarthy were agents and agents of influence. Destroying lives based on slander, inuendo, and rumor and getting protection under Congressional immunity is ALWAYS completely wrong.
It is, from what I see every day, I guess it depends on who is doing it. McCarthy nearly destroyed what we fought WWII to defend: free speech, free press, freedom of association. That, by the way, was clearly his goal.
McCarthy was more right than wrong. He just wasn’t smart enough to see the difference. — * Ronald Lee Todd M.B.A., C.P.A. * * Unemployed for six years, mistake of being an accountant. * * Students, when someone tells you of your great future as * * an accountant, ask him to show you the job. *
After the Army Vernona stuff from the forties and fifties was declassified, history shows that McCarthy wasn’t completely wrong. Further, it turned out that many of the people who criticized McCarthy were agents and agents of influence.
Destroying lives based on slander, inuendo, and rumor and getting protection under Congressional immunity is ALWAYS completely wrong. McCarthy nearly destroyed what we fought WWII to defend: free speech, free press, freedom of association. That, by the way, was clearly his goal. But enough politics. We stray off topic. SFC
An insider friend of mine says the products Citigroup sold to Enron were standard derivatives, sold to hundreds of other customers (mostly corporate and government). I can’t see how that’s "helping Enron prop up" their finances. This smacks of McCarthyism: find anyone you can accuse, and do so, ignoring the real facts. (Don’t forget how popular McCarthy got before his bubble burst) S.F. Cardwell
An insider friend of mine says the products Citigroup sold to Enron were standard derivatives, sold to hundreds of other customers (mostly corporate and government). I can’t see how that’s "helping Enron prop up" their finances. This smacks of McCarthyism: find anyone you can accuse, and do so, ignoring the real facts. (Don’t forget how popular McCarthy got before his bubble burst) S.F. Cardwell
If your right, your right. If your wrong, the lawyers will take care of it. I’m willing to wait and see. After the Army Vernona stuff from the forties and fifties was declassified, history shows that McCarthy wasn’t completely wrong. Further, it turned out that many of the people who criticized McCarthy were agents and agents of influence. — * Ronald Lee Todd M.B.A., C.P.A. * * Unemployed for six years, mistake of being an accountant. * * Students, when someone tells you of your great future as * * an accountant, ask him to show you the job. *
- Hide quoted text — Show quoted text – Investigators Say Hidden Loans Propped Up Enron July 22, 2002 03:04 PM ET WASHINGTON (Reuters) – Major investment banks helped Enron Corp. for years by lending the fallen energy giant billions of dollars via elaborately disguised commodity trades, a congressional panel said on Monday, linking Wall Street more closely to the Enron debacle. Investigators for the Senate Permanent Subcommittee on Investigations said Enron, bankrupt since December, obtained $8.5 billion in financing from 1992 to 2001 from Citigroup Inc. and J.P. Morgan Chase & Co. Inc., which collected hefty fees and interest payments. Since the Bush nay sayers like to point out that this "happened" under W’s watch, I’d like to take this opportunity to say, that while it came to light during W’s administration, it happened during the Clinton years. I suppose that the Clinton / Bush aspect of this situation is of interest to some, however, in my opinion that aspect is of little real importance. Think about the first paragraph. It appears that major investment banks (plural) helped Enron commit fraud "for years", and Andersen either helped or examined the data with blind eyes. Think of the implications. If investment banks and accounting firms were helping Enron commit fraud, might they also have been "helping" others; others that we do not yet know about? Just how big could this scandal get? Jim, yours truly couldn’t agree more about the irrelevance of Demorep analysis on this "bipartisan" issue. You are now beginning to understand more of the inner workings of the "soft occupational fraud" system, of which investment bankers and accountants are integral parts. Yours truly was an accountant in an investment banking financial group for several years and was able to observe the relevant operations first hand. His refusal to become an active instrument in such racketeering did not, no surprise, lead to a promotion.
A certain level of your "soft fraud" gets tolerated as it is deemed necessary to grease the wheels. However, I agree with you that it is way out of hand and it is past time for some "heads to roll." (figure of speech, not literally) — * Ronald Lee Todd M.B.A., C.P.A. * * Unemployed for six years, mistake of being an accountant. * * Students, when someone tells you of your great future as * * an accountant, ask him to show you the job. *
Investigators Say Hidden Loans Propped Up Enron July 22, 2002 03:04 PM ET WASHINGTON (Reuters) – Major investment banks helped Enron Corp. for years by lending the fallen energy giant billions of dollars via elaborately disguised commodity trades,
Mr. Levin has an article in National Review Online that indicates Robert Rubin was in this mess. Interesting, he also points at Sen. Lieberman’s doing a duck and cover. — * Ronald Lee Todd M.B.A., C.P.A. * * Unemployed for six years, mistake of being an accountant. * * Students, when someone tells you of your great future as * * an accountant, ask him to show you the job. *
- Hide quoted text — Show quoted text – Investigators Say Hidden Loans Propped Up Enron July 22, 2002 03:04 PM ET WASHINGTON (Reuters) – Major investment banks helped Enron Corp. for years by lending the fallen energy giant billions of dollars via elaborately disguised commodity trades, a congressional panel said on Monday, linking Wall Street more closely to the Enron debacle. Investigators for the Senate Permanent Subcommittee on Investigations said Enron, bankrupt since December, obtained $8.5 billion in financing from 1992 to 2001 from Citigroup Inc. and J.P. Morgan Chase & Co. Inc., which collected hefty fees and interest payments. Since the Bush nay sayers like to point out that this "happened" under W’s watch, I’d like to take this opportunity to say, that while it came to light during W’s administration, it happened during the Clinton years. I suppose that the Clinton / Bush aspect of this situation is of interest to some, however, in my opinion that aspect is of little real importance. Think about the first paragraph. It appears that major investment banks (plural) helped Enron commit fraud "for years", and Andersen either helped or examined the data with blind eyes. Think of the implications. If investment banks and accounting firms were helping Enron commit fraud, might they also have been "helping" others; others that we do not yet know about? Just how big could this scandal get?
Jim, yours truly couldn’t agree more about the irrelevance of Demorep analysis on this "bipartisan" issue. You are now beginning to understand more of the inner workings of the "soft occupational fraud" system, of which investment bankers and accountants are integral parts. Yours truly was an accountant in an investment banking financial group for several years and was able to observe the relevant operations first hand. His refusal to become an active instrument in such racketeering did not, no surprise, lead to a promotion. A. Lucien Meyers, CIA, CMA — If you receive this by error, please delete it and inform the sender. PGP key fingerprint=F1C0 D9AE 1B18 1405 4DFA B4CC 6DC7 FF78 C76E FB15 To Big Brother Echelon from "spook": Kennedy counter-intelligence Legion of Doom cryptographic fissionable
Investigators Say Hidden Loans Propped Up Enron July 22, 2002 03:04 PM ET WASHINGTON (Reuters) – Major investment banks helped Enron Corp. for years by lending the fallen energy giant billions of dollars via elaborately disguised commodity trades, a congressional panel said on Monday, linking Wall Street more closely to the Enron debacle. Investigators for the Senate Permanent Subcommittee on Investigations said Enron, bankrupt since December, obtained $8.5 billion in financing from 1992 to 2001 from Citigroup Inc. and J.P. Morgan Chase & Co. Inc., which collected hefty fees and interest payments.
Since the Bush nay sayers like to point out that this "happened" under W’s watch, I’d like to take this opportunity to say, that while it came to light during W’s administration, it happened during the Clinton years. — Paul A. Thomas, CPA Athens, Georgia http://www.pat-cpa.com
- Hide quoted text — Show quoted text – Investigators Say Hidden Loans Propped Up Enron July 22, 2002 03:04 PM ET WASHINGTON (Reuters) – Major investment banks helped Enron Corp. for years by lending the fallen energy giant billions of dollars via elaborately disguised commodity trades, a congressional panel said on Monday, linking Wall Street more closely to the Enron debacle. Investigators for the Senate Permanent Subcommittee on Investigations said Enron, bankrupt since December, obtained $8.5 billion in financing from 1992 to 2001 from Citigroup Inc. and J.P. Morgan Chase & Co. Inc., which collected hefty fees and interest payments. Since the Bush nay sayers like to point out that this "happened" under W’s watch, I’d like to take this opportunity to say, that while it came to light during W’s administration, it happened during the Clinton years.
I suppose that the Clinton / Bush aspect of this situation is of interest to some, however, in my opinion that aspect is of little real importance. Think about the first paragraph. It appears that major investment banks (plural) helped Enron commit fraud "for years", and Andersen either helped or examined the data with blind eyes. Think of the implications. If investment banks and accounting firms were helping Enron commit fraud, might they also have been "helping" others; others that we do not yet know about? Just how big could this scandal get? — Jim Hudspeth, CFE, CPA http://survivalworks.com
Investigators Say Hidden Loans Propped Up Enron July 22, 2002 03:04 PM ET WASHINGTON (Reuters) – Major investment banks helped Enron Corp. for years by lending the fallen energy giant billions of dollars via elaborately disguised commodity trades, a congressional panel said on Monday, linking Wall Street more closely to the Enron debacle. Investigators for the Senate Permanent Subcommittee on Investigations said Enron, bankrupt since December, obtained $8.5 billion in financing from 1992 to 2001 from Citigroup Inc. and J.P. Morgan Chase & Co. Inc., which collected hefty fees and interest payments. <snip The commodity trades were known as "prepay" transactions. Enron booked proceeds from them as cash flow from operations, but should have booked it as debt, the committee said. "Certain financial institutions knowingly participated in, and indeed facilitated, transactions that Enron officials used to hide debt and, thereby, make the company’s financial position appear stronger than it actually was," Sen. Susan Collins, of Maine, the committee’s ranking Republican. Besides Citigroup and JP Morgan Chase, subcommittee staffers said smaller deals worth $1 billion in total involved Credit Suisse Group Inc., Barclays Plc, FleetBoston Financial Corp., Royal Bank of Scotland Group Plc and Toronto-Dominion Bank. Shares in all seven financial institutions fell on Monday on stock exchanges in New York, London, Zurich and Toronto, as markets swooned again amid widening investor mistrust. <snip The subcommittee said it found that in 2000 Enron’s total debt would have been 40 percent higher, and its funds from operations 50 percent lower, if not for the prepay deals, which helped to support its credit rating and its stock price. The banks knew about this, and helped Enron hide its debt by letting it do complex, prepay trades through offshore, bank-controlled special-purpose entities, investigators said. Massive class-action lawsuits filed this spring by Enron investors and former employees have named as defendants Citigroup, JP Morgan, Credit Suisse, Barclays and other leading banks, alleging they schemed with former Enron executives to bilk investors out of tens of billions of dollars. http://www.reuters.com/news_article.jhtml;jsessionid=RE55ONFMO2UK0CRB… — Jim Hudspeth, CFE, CPA http://survivalworks.com
I am trying to understand the entries that I need to make in QB to account for a credit on outstanding invoices (perhaps soon to be bad debt expense) relating to a credit for a royalty payment on a joint product. In QB when I try to issue the credit, it expects me to write a check, which I do not want to do. I just want to net the invoice and track the expense relating to the royalty as CGS What am I missing? Thanks
From the Menu Help – Help – Search, type in box "Bad" Help says 2 From the Activities menu, select Enter Special Transaction. (Make Journal Entry) Credit the Accounts Receivable account for the gross amount on the invoice. Or the amount you wish to use as an allowance Enter the customer’s name in the Name field. Debit the Bad Debt account for the net amount of the invoice. Or a Doubtful Receivalbe expense Or the Bad Debt liability account Debit the Recoverable tax account for the tax amount of the invoice. – Hide quoted text — Show quoted text – I am trying to understand the entries that I need to make in QB to account for a credit on outstanding invoices (perhaps soon to be bad debt expense) relating to a credit for a royalty payment on a joint product. In QB when I try to issue the credit, it expects me to write a check, which I do not want to do. I just want to net the invoice and track the expense relating to the royalty as CGS What am I missing? Thanks
I am trying to understand the entries that I need to make in QB to account for a credit on outstanding invoices (perhaps soon to be bad debt expense) relating to a credit for a royalty payment on a joint product. In QB when I try to issue the credit, it expects me to write a check, which I do not want to do. I just want to net the invoice and track the expense relating to the royalty as CGS What am I missing?
– Hide quoted text — Show quoted text – Thanks
Open QuickBooks and click on Help (in the menu bar at the top) and then Help Index and type in this into the search box: bad debts and then click the Display button below it and read everything there on how to do this. – Hide quoted text — Show quoted text – I am trying to understand the entries that I need to make in QB to account for a credit on outstanding invoices (perhaps soon to be bad debt expense) relating to a credit for a royalty payment on a joint product. In QB when I try to issue the credit, it expects me to write a check, which I do not want to do. I just want to net the invoice and track the expense relating to the royalty as CGS What am I missing? Thanks
Didn’t that industry software group, name escapes me, offer software for free that did this? Run it once and it listed everything on the machine, or something like that.
Our software DOES NOT use an inbuilt database, hence avoids the pitfalls of most other auditing techniques! NEW SOFTWARE COMPLIANCE AUDIT TOOLS TO ASSIST YOU PC Software Compliance Auditing by exception http://www.pcprofile.com/baseline.htm One of the hardest and most frustrating tasks in PC software management is identifying and locating software that has been added to computers after initial audits have been conducted. It is a tedious, time consuming and costly process to continually repeat audits to satisfy yourself and management, that what is installed is legal! And the goalposts keep changing behind your back as you conduct repeat audits! If you are about to conduct any form of software inventory on desktops and notebook computer systems you know that the task is daunting. Why? Well, as soon as you have conducted the audit the "local user" adds more software, deletes software, or just changes the directory structures around. The result is, that when you come back later to do second and third audits you have to go over the "same old ground" again! They might even try and "hide" files on you to "beat the audit". IF YOU WANT TO LOWER THE COST OF REPEAT AUDITS ON PC’s THEN AUDIT-Baseline CAN ASSIST THAT GOAL! http://www.pcprofile.com/baseline.htm subject=Send_Pricing_details_AUDIT_BASELINE&bod y=Please_e- mail_details_about_prices_to_audit_xxxxxx_PC’s_for_AUDIT_BASELINE _(insert_number_of_PC’s) A company here in the US has similar product. www.blueocean.com has Track-It. I wrote the Dos to Windows conversion back in 94 and the product has gotten better with age. You can get a demo to see how it works, and it picks up tons of titles. __Stephen
– Hide quoted text — Show quoted text – NEW PRODUCT FOR AUDITORS, ACCOUNTANTS & IT MANAGERS We now have available what we believe is the FIRST CD-ROM based auditors toolkit (SOFTWARE COMPLIANCE AUDITORS TOOLKIT ) on the market that enables auditors and accountants to do a thorough desktop audit, on demand, of any PC with a fitted CDROM, to IDENTIFY what is installed on that specific PC. The Software Compliance Auditors Toolkit CDROM is designed to audit Windows based desktop PC systems and extract sufficient details to enable you to match licences, disk etc with installed software. It’s primary aim and focus is to ENSURE that you have the means to survive a desktop audit by any of the anti-piracy bodies (Microsoft, BSAA, FAST, BSA etc) and more importantly to ensure that the policies that you have in place for desktop installation and ownership of software are being followed. Getting CAUGHT with illegal software costs HEAPS of money. See BUSTED at http://www.pcprofile.com/busted2.htm This tool also provides a means for you to investigate DLL conflicts, and downloads of sound and image files to your systems that may be wasting both time, bandwidth and productivity, thus costing your organisation MONEY! Traditional audit’s with some software tools could only tell the following details about software installed on your PC C:Program FilesPhotoDeluxe HE 3.1EZPhoto The Software Compliance Auditors Toolkit tells you the following about software installed on a PC; C:Program FilesPhotoDeluxe HE 3.1EZPhoto Storm Technology. Inc. EZPHOTO.EXE This is the MINIMUM level of detail you need to know about each software application so that you can match licences and disks to installed software as evidence that you own licences for what is installed. SOFTWARE COMPLIANCE AUDITORS TOOLKIT CDROM version comprises; AUDIT-Manager v 2.1 CDROM version AUDIT-DLL AUDIT-Image AUDIT-MP3 Software Compliance Screen Message system Large database of 33,000 exe file names (44,000 in total) Database of 3,000 file types Managers toolkit of documents, policies and procedures and audit tips Software Compliance PowerPoint slide show Links to web pages for software audit resources for auditors subject=Software_Compliance_Auditors_Toolkit&bo
dy=Please_e_mail_details_about_pricing_for_Software_Compliance_Audit_Too – Hide quoted text — Show quoted text – lkit_to_audit_xxxxxx_PC’s (insert number of PC’s) (Cut and paste this long url if it doesnt all link up in your e-mail system) NOTES REGARDING SOFTWARE COMPLIANCE AUDITORS TOOLKIT 1. Due to the proprietary manner in which we gather the audit details relative to each PC this software can only be run from CDROM. IT IS IMPOSSIBLE TO GATHER the level of details contained in the audit files via a floppy disk audit as we need to include special drivers and files to capture this information. 2. This software cannot be installed to a local PC from this CDROM version. It is set-up to be run from the CDROM and writes 2 audit files for each PC audit, (TXT and RTF) by node name, back to a floppy disk that you need to insert in drive A and each floppy will hold the contents of approx 4 to 5 audits (based on typical PC systems). NOTE: If you need a desktop installation program to install it on each PC then please see 5 below. 3. If you are auditing PC’s containing Windows 3.1, 3.11, Windows NT 3.51 or 4.0, some application details may not be retrievable by AUDIT Manager Version 2.1. Application executable’s version information is identified using standard Windows naming conventions and where applications do not follow this format then it is NOT POSSIBLE to have this detail identified and displayed. To assist you in this manner the audit file generated (yyyymmdd.RTF) will show files first by IDENTIFIED APPLICATION name, and then will list those files detected BUT NOT named. A sample audit RTF audit report is available at http://www.pcprofile.com/20000806.zip On the CDROM based Software Compliance Auditors Toolkit we INCLUDE a database of approx 33,000 exe file names (44,000 incl dll’s and other program names) to assist you in cross matching (using a parsing routine that you can develop in- house) to identify from the database of file names supplied. 4. We also include in the Software Compliance Auditors Toolkit AUDIT-DLL looks strictly at DLL files only (helps manage dll conflicts by identifying by name each dll) AUDIT-Image looks strictly at 3 major image file types (helps manage hard disk space!) AUDIT-MP3 looks strictly at major sound file types (helps manage hard disk space and wasted time on music downloads!) OTHER AUDIT TOOLS AVAILABLE AS OPTIONAL EXTRAS 5. There are other versions of this software as follows which can be installed direct to the desktop and these generate 3 files (TXT, CSV and RTF) for each PC; AUDIT-Manager version 2.1 (installs direct to each PC) http://www.pcprofile.com/auditmv2.htm System requirements Windows 95, Windows 98, Windows NT version 3 and 4 to Service pack level 5 is the highest level installation available so far. 6. Additional audit tool options to assist management of desktop PC’s Add-Ons are currently under development for the desktop installed version of AUDIT-Manager version 2.1 AUDIT-Manager Compare (scheduled for release by Nov 2000) this addon module to AUDIT-Manager v 2.1 desktop version – extracts details about the variation state between audits. It identifies additions, changes and deletions between audits to enable better management control, reduce risk and reduce the cost of auditing! AUDIT-Manager View (scheduled for release by Nov 2000) this addon module to AUDIT-Manager v 2.1 (desktop installed version) provides a visual display of audit status across network connected PC’s so that the manager has a view of how current the audit status is in the organisation. Runs by server and uses colour status indicators to show hot-spot areas that haven’t been audited recently. AUDIT-REGISTRY looks strictly at key Registry entries (scheduled for release by Nov 2000) (helps manage desktop PC’s!) CONTACT DETAILS subject=Software_Compliance_Auditors_Toolkit&bo
dy=Please_e_mail_details_about_pricing_for_Software_Compliance_Audit_Too – Hide quoted text — Show quoted text – lkit_to_audit_xxxxxx_PC’s (insert number of PC’s) (Cut and paste this long url if it doesnt all link up in your e-mail system) Software Compliance Auditors Toollkit, AUDIT Manager and Software Inventory System is Copyright 1999-2000 (C) Rob Harmer Consulting Services Pty Ltd All rights reserved Worldwide Rob Harmer Consulting Services Pty Ltd P.O. Box 196 Modbury North Sth Australia 5092 fax +61 8 8265 1961 http://www.pcprofile.com Provides a focus on issues affecting desktop PC’s, strategies and solutions for business survival!
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A company here in the US has similar product. www.blueocean.com has Track-It. I wrote the Dos to Windows conversion back in 94 and the product has gotten better with age. You can get a demo to see how it works, and it picks up tons of titles. __Stephen – Hide quoted text — Show quoted text – NEW PRODUCT FOR AUDITORS, ACCOUNTANTS & IT MANAGERS We now have available what we believe is the FIRST CD-ROM based auditors toolkit (SOFTWARE COMPLIANCE AUDITORS TOOLKIT ) on the market that enables auditors and accountants to do a thorough desktop audit, on demand, of any PC with a fitted CDROM, to IDENTIFY what is installed on that specific PC. The Software Compliance Auditors Toolkit CDROM is designed to audit Windows based desktop PC systems and extract sufficient details to enable you to match licences, disk etc with installed software. It’s primary aim and focus is to ENSURE that you have the means to survive a desktop audit by any of the anti-piracy bodies (Microsoft, BSAA, FAST, BSA etc) and more importantly to ensure that the policies that you have in place for desktop installation and ownership of software are being followed. Getting CAUGHT with illegal software costs HEAPS of money. See BUSTED at http://www.pcprofile.com/busted2.htm This tool also provides a means for you to investigate DLL conflicts, and downloads of sound and image files to your systems that may be wasting both time, bandwidth and productivity, thus costing your organisation MONEY! Traditional audit’s with some software tools could only tell the following details about software installed on your PC C:Program FilesPhotoDeluxe HE 3.1EZPhoto The Software Compliance Auditors Toolkit tells you the following about software installed on a PC; C:Program FilesPhotoDeluxe HE 3.1EZPhoto Storm Technology. Inc. EZPHOTO.EXE This is the MINIMUM level of detail you need to know about each software application so that you can match licences and disks to installed software as evidence that you own licences for what is installed. SOFTWARE COMPLIANCE AUDITORS TOOLKIT CDROM version comprises; AUDIT-Manager v 2.1 CDROM version AUDIT-DLL AUDIT-Image AUDIT-MP3 Software Compliance Screen Message system Large database of 33,000 exe file names (44,000 in total) Database of 3,000 file types Managers toolkit of documents, policies and procedures and audit tips Software Compliance PowerPoint slide show Links to web pages for software audit resources for auditors subject=Software_Compliance_Auditors_Toolkit&bo dy=Please_e_mail_details_about_pricing_for_Software_Compliance_Audit_Too lkit_to_audit_xxxxxx_PC’s (insert number of PC’s) (Cut and paste this long url if it doesnt all link up in your e-mail system) NOTES REGARDING SOFTWARE COMPLIANCE AUDITORS TOOLKIT 1. Due to the proprietary manner in which we gather the audit details relative to each PC this software can only be run from CDROM. IT IS IMPOSSIBLE TO GATHER the level of details contained in the audit files via a floppy disk audit as we need to include special drivers and files to capture this information. 2. This software cannot be installed to a local PC from this CDROM version. It is set-up to be run from the CDROM and writes 2 audit files for each PC audit, (TXT and RTF) by node name, back to a floppy disk that you need to insert in drive A and each floppy will hold the contents of approx 4 to 5 audits (based on typical PC systems). NOTE: If you need a desktop installation program to install it on each PC then please see 5 below. 3. If you are auditing PC’s containing Windows 3.1, 3.11, Windows NT 3.51 or 4.0, some application details may not be retrievable by AUDIT Manager Version 2.1. Application executable’s version information is identified using standard Windows naming conventions and where applications do not follow this format then it is NOT POSSIBLE to have this detail identified and displayed. To assist you in this manner the audit file generated (yyyymmdd.RTF) will show files first by IDENTIFIED APPLICATION name, and then will list those files detected BUT NOT named. A sample audit RTF audit report is available at http://www.pcprofile.com/20000806.zip On the CDROM based Software Compliance Auditors Toolkit we INCLUDE a database of approx 33,000 exe file names (44,000 incl dll’s and other program names) to assist you in cross matching (using a parsing routine that you can develop in-house) to identify from the database of file names supplied. 4. We also include in the Software Compliance Auditors Toolkit AUDIT-DLL looks strictly at DLL files only (helps manage dll conflicts by identifying by name each dll) AUDIT-Image looks strictly at 3 major image file types (helps manage hard disk space!) AUDIT-MP3 looks strictly at major sound file types (helps manage hard disk space and wasted time on music downloads!) OTHER AUDIT TOOLS AVAILABLE AS OPTIONAL EXTRAS 5. There are other versions of this software as follows which can be installed direct to the desktop and these generate 3 files (TXT, CSV and RTF) for each PC; AUDIT-Manager version 2.1 (installs direct to each PC) http://www.pcprofile.com/auditmv2.htm System requirements Windows 95, Windows 98, Windows NT version 3 and 4 to Service pack level 5 is the highest level installation available so far. 6. Additional audit tool options to assist management of desktop PC’s Add-Ons are currently under development for the desktop installed version of AUDIT-Manager version 2.1 AUDIT-Manager Compare (scheduled for release by Nov 2000) this addon module to AUDIT-Manager v 2.1 desktop version – extracts details about the variation state between audits. It identifies additions, changes and deletions between audits to enable better management control, reduce risk and reduce the cost of auditing! AUDIT-Manager View (scheduled for release by Nov 2000) this addon module to AUDIT-Manager v 2.1 (desktop installed version) provides a visual display of audit status across network connected PC’s so that the manager has a view of how current the audit status is in the organisation. Runs by server and uses colour status indicators to show hot-spot areas that haven’t been audited recently. AUDIT-REGISTRY looks strictly at key Registry entries (scheduled for release by Nov 2000) (helps manage desktop PC’s!) CONTACT DETAILS subject=Software_Compliance_Auditors_Toolkit&bo dy=Please_e_mail_details_about_pricing_for_Software_Compliance_Audit_Too lkit_to_audit_xxxxxx_PC’s (insert number of PC’s) (Cut and paste this long url if it doesnt all link up in your e-mail system) Software Compliance Auditors Toollkit, AUDIT Manager and Software Inventory System is Copyright 1999-2000 (C) Rob Harmer Consulting Services Pty Ltd All rights reserved Worldwide Rob Harmer Consulting Services Pty Ltd P.O. Box 196 Modbury North Sth Australia 5092 fax +61 8 8265 1961 http://www.pcprofile.com Provides a focus on issues affecting desktop PC’s, strategies and solutions for business survival! http://www.pcprofile.com fax +61 8 8265 1961 site map at http://www.pcprofile.com/sitemap.htm Before you buy.
NEW PRODUCT FOR AUDITORS, ACCOUNTANTS & IT MANAGERS We now have available what we believe is the FIRST CD-ROM based auditors toolkit (SOFTWARE COMPLIANCE AUDITORS TOOLKIT ) on the market that enables auditors and accountants to do a thorough desktop audit, on demand, of any PC with a fitted CDROM, to IDENTIFY what is installed on that specific PC. The Software Compliance Auditors Toolkit CDROM is designed to audit Windows based desktop PC systems and extract sufficient details to enable you to match licences, disk etc with installed software. It’s primary aim and focus is to ENSURE that you have the means to survive a desktop audit by any of the anti-piracy bodies (Microsoft, BSAA, FAST, BSA etc) and more importantly to ensure that the policies that you have in place for desktop installation and ownership of software are being followed. Getting CAUGHT with illegal software costs HEAPS of money. See BUSTED at http://www.pcprofile.com/busted2.htm This tool also provides a means for you to investigate DLL conflicts, and downloads of sound and image files to your systems that may be wasting both time, bandwidth and productivity, thus costing your organisation MONEY! Traditional audit’s with some software tools could only tell the following details about software installed on your PC C:Program FilesPhotoDeluxe HE 3.1EZPhoto The Software Compliance Auditors Toolkit tells you the following about software installed on a PC; C:Program FilesPhotoDeluxe HE 3.1EZPhoto Storm Technology. Inc. EZPHOTO.EXE This is the MINIMUM level of detail you need to know about each software application so that you can match licences and disks to installed software as evidence that you own licences for what is installed. SOFTWARE COMPLIANCE AUDITORS TOOLKIT CDROM version comprises; AUDIT-Manager v 2.1 CDROM version AUDIT-DLL AUDIT-Image AUDIT-MP3 Software Compliance Screen Message system Large database of 33,000 exe file names (44,000 in total) Database of 3,000 file types Managers toolkit of documents, policies and procedures and audit tips Software Compliance PowerPoint slide show Links to web pages for software audit resources for auditors subject=Software_Compliance_Auditors_Toolkit&bo dy=Please_e_mail_details_about_pricing_for_Software_Compliance_Audit_Too lkit_to_audit_xxxxxx_PC’s (insert number of PC’s) (Cut and paste this long url if it doesnt all link up in your e-mail system) NOTES REGARDING SOFTWARE COMPLIANCE AUDITORS TOOLKIT 1. Due to the proprietary manner in which we gather the audit details relative to each PC this software can only be run from CDROM. IT IS IMPOSSIBLE TO GATHER the level of details contained in the audit files via a floppy disk audit as we need to include special drivers and files to capture this information. 2. This software cannot be installed to a local PC from this CDROM version. It is set-up to be run from the CDROM and writes 2 audit files for each PC audit, (TXT and RTF) by node name, back to a floppy disk that you need to insert in drive A and each floppy will hold the contents of approx 4 to 5 audits (based on typical PC systems). NOTE: If you need a desktop installation program to install it on each PC then please see 5 below. 3. If you are auditing PC’s containing Windows 3.1, 3.11, Windows NT 3.51 or 4.0, some application details may not be retrievable by AUDIT Manager Version 2.1. Application executable’s version information is identified using standard Windows naming conventions and where applications do not follow this format then it is NOT POSSIBLE to have this detail identified and displayed. To assist you in this manner the audit file generated (yyyymmdd.RTF) will show files first by IDENTIFIED APPLICATION name, and then will list those files detected BUT NOT named. A sample audit RTF audit report is available at http://www.pcprofile.com/20000806.zip On the CDROM based Software Compliance Auditors Toolkit we INCLUDE a database of approx 33,000 exe file names (44,000 incl dll’s and other program names) to assist you in cross matching (using a parsing routine that you can develop in-house) to identify from the database of file names supplied. 4. We also include in the Software Compliance Auditors Toolkit AUDIT-DLL looks strictly at DLL files only (helps manage dll conflicts by identifying by name each dll) AUDIT-Image looks strictly at 3 major image file types (helps manage hard disk space!) AUDIT-MP3 looks strictly at major sound file types (helps manage hard disk space and wasted time on music downloads!) OTHER AUDIT TOOLS AVAILABLE AS OPTIONAL EXTRAS 5. There are other versions of this software as follows which can be installed direct to the desktop and these generate 3 files (TXT, CSV and RTF) for each PC; AUDIT-Manager version 2.1 (installs direct to each PC) http://www.pcprofile.com/auditmv2.htm System requirements Windows 95, Windows 98, Windows NT version 3 and 4 to Service pack level 5 is the highest level installation available so far. 6. Additional audit tool options to assist management of desktop PC’s Add-Ons are currently under development for the desktop installed version of AUDIT-Manager version 2.1 AUDIT-Manager Compare (scheduled for release by Nov 2000) this addon module to AUDIT-Manager v 2.1 desktop version – extracts details about the variation state between audits. It identifies additions, changes and deletions between audits to enable better management control, reduce risk and reduce the cost of auditing! AUDIT-Manager View (scheduled for release by Nov 2000) this addon module to AUDIT-Manager v 2.1 (desktop installed version) provides a visual display of audit status across network connected PC’s so that the manager has a view of how current the audit status is in the organisation. Runs by server and uses colour status indicators to show hot-spot areas that haven’t been audited recently. AUDIT-REGISTRY looks strictly at key Registry entries (scheduled for release by Nov 2000) (helps manage desktop PC’s!) CONTACT DETAILS subject=Software_Compliance_Auditors_Toolkit&bo dy=Please_e_mail_details_about_pricing_for_Software_Compliance_Audit_Too lkit_to_audit_xxxxxx_PC’s (insert number of PC’s) (Cut and paste this long url if it doesnt all link up in your e-mail system) Software Compliance Auditors Toollkit, AUDIT Manager and Software Inventory System is Copyright 1999-2000 (C) Rob Harmer Consulting Services Pty Ltd All rights reserved Worldwide Rob Harmer Consulting Services Pty Ltd P.O. Box 196 Modbury North Sth Australia 5092 fax +61 8 8265 1961 http://www.pcprofile.com Provides a focus on issues affecting desktop PC’s, strategies and solutions for business survival! http://www.pcprofile.com fax +61 8 8265 1961 site map at http://www.pcprofile.com/sitemap.htm Before you buy.
FAS 116 gives guidance on recording non-cash donations. If it is skilled service credit an income account and debit an expense account. If you are using QB use classes to separate non-cash contributions and expense from you actual cash receipts and cash disbursements. – Hide quoted text — Show quoted text – We would like to learn how to record donations of services to our 501(c)(3) nonprofit corporation. We wish to declare the value in our accounts, but don’t know how to do it, since we are not accepting cash. We would give a receipt to the donor for the value of the donated services. Does anyone know how to record the dollar amount of services donated without depositing money into checking account? Thanks, Ron Before you buy.
Dear Jim, I’m feeling a little less "foolish" when a CPA finds this to be an interesting topic.
Ron, I really can’t say much more because I don’t know much more. Hopefully some of our tax mavens will weigh in with some learned opinion. Non profits really are a specialized area. So far you have piqued the interest of one working CPA and one Associate Professor of Accounting. Nothing foolish about that. — Jim Hudspeth, CPA – http://home.att.net/~jdhcpa/mainpage.html – Washington, USA Associate Member, Association of Certified Fraud Examiners
Actually, there is a very good reason to keep track of it. If/when your group applies for grants, such records can be useful for showing support already received. This can have kind of a "bandwagon" value. Many grant givers feel better contributing to causes already deemed worthy by others. - Chris Anton
"foolish" when a CPA finds this to be an – Hide quoted text — Show quoted text – interesting topic. To me, it would be nice to be able to just say, why record it? or if it’s all noncash, why is it important?
Actually, there is a very good reason to keep track of it. If/when your group applies for grants, such records can be useful for showing support already received. This can have kind of a "bandwagon" value. Many grant givers feel better contributing to causes already deemed worthy by others. - Chris Anton
It can also be useful as it identifies the scale of operations to the members / associates / beneficiaries so they are aware of fundraising and expenditure that would be required to maintain operations in the absence of the contribution.
- Hide quoted text — Show quoted text – Just a question to clarify some of the technical repercussions of creating noncash contributions account: If I create such an account called "noncash contributions" then don’t I have to also create a new "class" for "noncash contributions" so these donated items (actually in this case internet services) don’t show up in the regular income columns. And on the other side of the double-entry, to cancel everything out, would I have to create a new class for expenditures, or can I just put "noncash expenditures" in the regular expense account…doesn’t seem that I could. It seemed like it would be convenient to simply enter a positive and an equal negative entry for the same transaction by splitting the entry with a zero change end result when entering the noncash contribution. And the other question that came up was when "depositing" a noncash contribution, my software wants a location to deposit it to, like "bank" or , and is the noncash contribution a subcategory of another "asset" account, such as inventory account or not? To me, it’s not so easy to decide how to set up the noncash contribution and expenditure, because it’s "noncash" and therefore confusing to me. If you can help clear this up, it’d be great! Ron
This is an interesting topic. I have some small amount of experience with non profits. While I have opinions on the subject matter, they are largely uninformed opinions. Strictly from the standpoint of internal accounting, what is the real difference between cash and non cash donations? If the donated item is something the non profit needs and can in fact use, why does it matter that the item is directly donated rather than purchased using donated cash? Obviously, as Bill pointed out in his initial response, the non profit should be careful not to mislead the donor into taking an improper tax deduction. depository. In that case, it may be necessary to flush the transaction through some form of internal non cash depository account. My first thought, if I were doing it, would be to credit the appropriate contribution account and debit the non cash depository account when receiving a non cash item, and to debit the appropriate expenditure account and credit the non cash depository account when "expending" the item. Having said all that and reflecting on it, I then wonder "Who is going to be reading these reports. Why does it matter." Why not just pass it through and get on with life? Why bother recording it at all? How does Jimmy Carter and Habitat for Humanity do it? — Jim Hudspeth, CPA – http://home.att.net/~jdhcpa/mainpage.html – Washington, USA Associate Member, Association of Certified Fraud Examiners
Bill, Thanks for your assistance. It is not always easy for a small, new nonprofit like ourselves to access professional services, with our limited funds, but we realize how important it is to have accurate records. You’ve been a tremendous help! Thanks again, Ron – Hide quoted text — Show quoted text – Bill, Thank you for the quick reply. We should have been clearer in describing the services to be donated: the services donated are not "personally" provided as a professional would donate time performing legal or accounting or graphics services, for example. The services in this situation are internet services from an ISP that wishes to help support nonprofit corporations in our community, by donating internet access, which is a $20.-/month value if normally billed to a customer. It would seem that these types of services are equivalent to donated "items," even though internet access is a "service." They are willing to donate that internet service to our nonprofit. Is this type of donated service treated the same as what you described below, with two contribution accounts and two expenditure accounts (one for cash and one for non-cash donated services)… and is this type of donated service still not deductible for the donor? Thanks! Oh, I see. Yes, I would still account for this service as I described in my earlier post – $20 of non-cash contributions received and $20 of non-cash Internet access acquired. As for the ISP, they can deduct the cost of providing you with Internet access which they probably are already doing. I’m sure they would still appreciate that letter of thanks. Regards, Bill #*#*# Associate Professor of Accounting School of Business & Economics Longwood College http://web.lwc.edu/staff/wpbrown/wpbrown.htm Opinions expressed by me are mine alone and not that of my employer.
Before you buy.
Dear Jim, I’m feeling a little less "foolish" when a CPA finds this to be an interesting topic. To me, it would be nice to be able to just say, why record it? or if it’s all noncash, why is it important? But we feel we have to do everything "by the books" and properly, because we are a nonprofit. The important point, in the particular case we have, is that a business is donating Interet access which is a $20/month regular donated item/service. Because we are a 501(c)(3), they would want to declare their donation as a tax-decuctible contribution to "get credit," so to speak. If they take a deduction of any sort, and when we given them a "receipt" for that donation, then we have to keep very careful records, even if "noncash" is coming in, and "noncash" is paying for the item. My mind is bewildered thinking about all of this, (not being an accountant) but we have to do it to record it properly for official records. Then the question of which account to deposit it into comes up. The software already has a deposit account called "inventory asset" which we really don’t use much, and I thought that might work, but really it’s not "inventory," it’s noncash donation, so should I create a deposit account called "noncash contributions" to deposit into, and then a "noncash" expenditure account? And if so, do they fall into the normal classes of donations or do I set up a separate "noncash donations" class to keep this type of contribution separate from the moneys flowing in and out? Anyway, thanks for your comments. Ron – Hide quoted text — Show quoted text – Just a question to clarify some of the technical repercussions of creating noncash contributions account: If I create such an account called "noncash contributions" then don’t I have to also create a new "class" for "noncash contributions" so these donated items (actually in this case internet services) don’t show up in the regular income columns. And on the other side of the double-entry, to cancel everything out, would I have to create a new class for expenditures, or can I just put "noncash expenditures" in the regular expense account…doesn’t seem that I could. It seemed like it would be convenient to simply enter a positive and an equal negative entry for the same transaction by splitting the entry with a zero change end result when entering the noncash contribution. And the other question that came up was when "depositing" a noncash contribution, my software wants a location to deposit it to, like "bank" or , and is the noncash contribution a subcategory of another "asset" account, such as inventory account or not? To me, it’s not so easy to decide how to set up the noncash contribution and expenditure, because it’s "noncash" and therefore confusing to me. If you can help clear this up, it’d be great! Ron This is an interesting topic. I have some small amount of experience with non profits. While I have opinions on the subject matter, they are largely uninformed opinions. Strictly from the standpoint of internal accounting, what is the real difference between cash and non cash donations? If the donated item is something the non profit needs and can in fact use, why does it matter that the item is directly donated rather than purchased using donated cash? Obviously, as Bill pointed out in his initial response, the non profit should be careful not to mislead the donor into taking an improper tax deduction. depository. In that case, it may be necessary to flush the transaction through some form of internal non cash depository account. My first thought, if I were doing it, would be to credit the appropriate contribution account and debit the non cash depository account when receiving a non cash item, and to debit the appropriate expenditure account and credit the non cash depository account when "expending" the item. Having said all that and reflecting on it, I then wonder "Who is going to be reading these reports. Why does it matter." Why not just pass it through and get on with life? Why bother recording it at all? How does Jimmy Carter and Habitat for Humanity do it? — Jim Hudspeth, CPA – http://home.att.net/~jdhcpa/mainpage.html – Washington, USA Associate Member, Association of Certified Fraud Examiners
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Just a question to clarify some of the technical repercussions of creating noncash contributions account: If I create such an account called "noncash contributions" then don’t I have to also create a new "class" for "noncash contributions" so these donated items (actually in this case internet services) don’t show up in the regular income columns. And on the other side of the double-entry, to cancel everything out, would I have to create a new class for expenditures, or can I just put "noncash expenditures" in the regular expense account…doesn’t seem that I could. It seemed like it would be convenient to simply enter a positive and an equal negative entry for the same transaction by splitting the entry with a zero change end result when entering the noncash contribution. And the other question that came up was when "depositing" a noncash contribution, my software wants a location to deposit it to, like "bank" or , and is the noncash contribution a subcategory of another "asset" account, such as inventory account or not? To me, it’s not so easy to decide how to set up the noncash contribution and expenditure, because it’s "noncash" and therefore confusing to me. If you can help clear this up, it’d be great! Ron – Hide quoted text — Show quoted text – Bill, Thanks for your assistance. It is not always easy for a small, new nonprofit like ourselves to access professional services, with our limited funds, but we realize how important it is to have accurate records. You’ve been a tremendous help! Thanks again, Ron Bill, Thank you for the quick reply. We should have been clearer in describing the services to be donated: the services donated are not "personally" provided as a professional would donate time performing legal or accounting or graphics services, for example. The services in this situation are internet services from an ISP that wishes to help support nonprofit corporations in our community, by donating internet access, which is a $20.-/month value if normally billed to a customer. It would seem that these types of services are equivalent to donated "items," even though internet access is a "service." They are willing to donate that internet service to our nonprofit. Is this type of donated service treated the same as what you described below, with two contribution accounts and two expenditure accounts (one for cash and one for non-cash donated services)… and is this type of donated service still not deductible for the donor? Thanks! Oh, I see. Yes, I would still account for this service as I described in my earlier post – $20 of non-cash contributions received and $20 of non-cash Internet access acquired. As for the ISP, they can deduct the cost of providing you with Internet access which they probably are already doing. I’m sure they would still appreciate that letter of thanks. Regards, Bill #*#*# Associate Professor of Accounting School of Business & Economics Longwood College http://web.lwc.edu/staff/wpbrown/wpbrown.htm Opinions expressed by me are mine alone and not that of my employer. Before you buy.
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We would like to learn how to record donations of services to our 501(c)(3) nonprofit corporation. We wish to declare the value in our accounts, but don’t know how to do it, since we are not accepting cash. We would give a receipt to the donor for the value of the donated services. Does anyone know how to record the dollar amount of services donated without depositing money into checking account? Thanks, Ron Before you buy.
We would like to learn how to record donations of services to our 501(c)(3) nonprofit corporation. We wish to declare the value in our accounts, but don’t know how to do it, since we are not accepting cash. We would give a receipt to the donor for the value of the donated services. Does anyone know how to record the dollar amount of services donated without depositing money into checking account? Thanks, Ron
There are two issues here. First issue: The accounting entry would be an increase in contributions and an increase in the appropriate expenditure account for the fair market value of the services. You may wish to have a double set of "expenditure" accounts – one for actual cash and one for the value of donated services. You might also want to contributions received accounts – one for cash and other assets, one for volunteer services received. The second issue: What is your motivation for giving the donor of the services a "receipt" for the value of those services? Without knowing the answer to that question I will still caution you that donors of services cannot deduct the value of those services on their tax returns. If you give a "receipt" for the value of volunteer services you may mislead a donor into believing that value is deductible when it is not. I suggest a simple thank you letter instead. Regards, Bill #*#*# Associate Professor of Accounting School of Business & Economics Longwood College http://web.lwc.edu/staff/wpbrown/wpbrown.htm Opinions expressed by me are mine alone and not that of my employer.
Bill, Thank you for the quick reply. We should have been clearer in describing the services to be donated: the services donated are not "personally" provided as a professional would donate time performing legal or accounting or graphics services, for example. The services in this situation are internet services from an ISP that wishes to help support nonprofit corporations in our community, by donating internet access, which is a $20.-/month value if normally billed to a customer. It would seem that these types of services are equivalent to donated "items," even though internet access is a "service." They are willing to donate that internet service to our nonprofit. Is this type of donated service treated the same as what you described below, with two contribution accounts and two expenditure accounts (one for cash and one for non-cash donated services)… and is this type of donated service still not deductible for the donor? Thanks! Ron – Hide quoted text — Show quoted text – We would like to learn how to record donations of services to our 501(c)(3) nonprofit corporation. We wish to declare the value in our accounts, but don’t know how to do it, since we are not accepting cash. We would give a receipt to the donor for the value of the donated services. Does anyone know how to record the dollar amount of services donated without depositing money into checking account? Thanks, Ron There are two issues here. First issue: The accounting entry would be an increase in
contributions and an – Hide quoted text — Show quoted text – increase in the appropriate expenditure account for the fair market value of the services. You may wish to have a double set of "expenditure" accounts – one for actual cash and one for the value of donated services. You might also want to contributions received accounts – one for cash and other assets, one for volunteer services received. The second issue: What is your motivation for giving the donor of the services a "receipt" for the value of those services? Without knowing the answer to that question I will still caution you that donors of services cannot deduct the value of those services on their tax returns. If you give a "receipt" for the value of volunteer services you may mislead a donor into believing that value is deductible when it is not. I suggest a simple thank you letter instead. Regards, Bill #*#*# Associate Professor of Accounting School of Business & Economics Longwood College http://web.lwc.edu/staff/wpbrown/wpbrown.htm Opinions expressed by me are mine alone and not that of my employer.
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- Hide quoted text — Show quoted text – Bill, Thank you for the quick reply. We should have been clearer in describing the services to be donated: the services donated are not "personally" provided as a professional would donate time performing legal or accounting or graphics services, for example. The services in this situation are internet services from an ISP that wishes to help support nonprofit corporations in our community, by donating internet access, which is a $20.-/month value if normally billed to a customer. It would seem that these types of services are equivalent to donated "items," even though internet access is a "service." They are willing to donate that internet service to our nonprofit. Is this type of donated service treated the same as what you described below, with two contribution accounts and two expenditure accounts (one for cash and one for non-cash donated services)… and is this type of donated service still not deductible for the donor? Thanks!
Oh, I see. Yes, I would still account for this service as I described in my earlier post – $20 of non-cash contributions received and $20 of non-cash Internet access acquired. As for the ISP, they can deduct the cost of providing you with Internet access which they probably are already doing. I’m sure they would still appreciate that letter of thanks. Regards, Bill #*#*# Associate Professor of Accounting School of Business & Economics Longwood College http://web.lwc.edu/staff/wpbrown/wpbrown.htm Opinions expressed by me are mine alone and not that of my employer.
Hi. I have been playing bass for only two years, bt I have some things on my mind that need to be addressed. In my opinion, a real bass player will contribute to the rythnm and melody of a song. What I mean is a bassist that will play rythem with licks that fit the drummers tempo, that sound attractive, and make the sound of the song fuller. What’s with all these so called "bassists these days, who think they have talent by using only one freakin string, with one freakin note? They have no talent. And the sad part is, they get all the money, and get to play "million dollar basses". I’m talkin the ones we’d give an arm and a leg for. I give props to REAL bassists like Gene Simmons, Flea, Nathan East, Marcus Miller, Robert Deleo, Dean Felber, and Gerald Albright. Those are great examples of REAL TALEN, REAL BASS PLAYERS!!!
Here ya’ go…….to quote you directly….." In my opinion, a real bass player will contribute to the rythnm and melody of a song. What I mean is a bassist that will play rythem with licks that fit the drummers tempo, that sound attractive, and make the sound of the song fuller.
That’s what bass playin’ is all about…..if the song screams "one note, charlie"….you play one note……if the song wants a 32nd note run……go for it. – Hide quoted text — Show quoted text – Hi. I have been playing bass for only two years, bt I have some things on my mind that need to be addressed. What’s with all these so called "bassists these days, who think they have talent by using only one freakin string, with one freakin note? They have no talent. And the sad part is, they get all the money, and get to play "million dollar basses". I’m talkin the ones we’d give an arm and a leg for. I give props to REAL bassists like Gene Simmons, Flea, Nathan East, Marcus Miller, Robert Deleo, Dean Felber, and Gerald Albright. Those are great examples of REAL TALEN, REAL BASS PLAYERS!!!
I agree with the you but you must realize they are playing what people want to here and quite frankly they’ll let their bank accounts do all the talking.
I would have to agree with your assertion about the nature of the bass. Indeed it is unique in that it is a combination rhythm/melody instrument. There’s been many a time I’ve kept the drummer "honest" by maintaining the tempo while he’s attempting some new variation. I also feel a bass should not overpower the rest of the band or orchestra – it shouldn’t so much be heard as sensed, and it should be missed if not there. It should be an integral part of the music without standing out, (unless the song calls for it.) As to those who make boat-loads of money on limited talent and ability…well, there’s just no accounting for the public’s taste in music. I personally can’t stand rap. But that’s just my personal opinion, which with a $5 bill will get you a cup of coffee…usually. I use all four fingers on my left hand which is rather unusual. It’s not right, it’s not wrong, it’s just the way I do it and I’ve been doing it that way since 1972. My advice is develop your own style – if you can do that with one note on one string, more power to you.
I use all four fingers on my left hand which is rather unusual. It’s not right,
it’s not wrong, it’s just the way I do it and I’ve been doing it that way since 1972. Since when is it unusual or not right to use (all?) four fingers on your left hand ? (unless you’re left-handed …) BassBaby
Has anyone ever heard of this? I downloaded a demo, and it looks like a very useful product. Our customer database is now in Access, and the import should be pretty easy. The company name is Aptitude Software, www.aptitude.com. Does anyone know of a review? I found one in Computer Shopper in 9/96, Ernie Lowell Chihuahua Kingdom
There is a more powerful package you should consider, UA Corporate Accounting (2 versions; Access and SQL). If you send me your address, I will mail you a demo CD. Sincerely, - Carl Dick – Hide quoted text — Show quoted text – Has anyone ever heard of this? I downloaded a demo, and it looks like a very useful product. Our customer database is now in Access, and the import should be pretty easy. The company name is Aptitude Software, www.aptitude.com. Does anyone know of a review? I found one in Computer Shopper in 9/96, Ernie Lowell Chihuahua Kingdom
We are now able to offer on line accountancy services for the UK and with our associates also Canada and the U.S.A. If you are fed up with only having figures at the year end or want to be part of the most modern accounting system visit our web site at http://151.196.77.240/mall/ptrfs.htm and try the on line demo. If you want
– Hide quoted text — Show quoted text – We are now able to offer on line accountancy services for the UK and with our associates also Canada and the U.S.A. If you are fed up with only having figures at the year end or want to be part of the most modern accounting system visit our web site at http://151.196.77.240/mall/ptrfs.htm and try the on line demo. If you want
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