Questions tagged [accrual]
The accrual tag has no usage guidance.
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Remaining Balance Formula for Actual/360 and Actual/Actual Accrual Methods
Is there a concise formula for calculating the remaining balance of a loan with actual/360 and actual/actual accruals?
I know for 30/360 amortizations, the remaining balance is just the FV of the ...
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Daily interest calculation on a 30/360 basis, considering payment occurs before schedule — how-to in Excel?
I'm setting up a payment spreadsheet for a loan just granted, and want to be able to make daily calculations of accrued interest.
The debtor has been given a payment schedule with an interest only ...
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In accounting, accrual basis, what happens once the client pays to Accounts Receivable and Revenue [closed]
From what I understand, in accrual based accounting, when an invoice is issued (not paid yet), two entries are made:
Accounts Receivable (Debit Entry)
Revenue (Credit Entry)
But my question is, what ...
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Accrual accounting: how to implement prepaid tax
I am trying to put my personal finances in order and I figured that accrual accounting fits my needs for keeping a better track of my records. I am new to accrual accounting and while I think that I ...
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Approach to modifying invoices in previous fiscal period?
I have a small business in Ontario Canada and I file my taxes each year. Let's say I discover an erroneous invoice from the last fiscal year for which I've already submitted my tax returns to the ...
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How to deal with February in accrued interest calculation (30/360 day count convention)
How would you deal with the month of February in a daily interest calculation on a loan that compounds monthly?
I would think that with 30/360 day count convention, each day in February results in ...
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How does IRS deal with 1099s across accounting methods?
For a US company using the accrual method of accounting, if they receive a bill in January 2016 for work done in 2015, I expect they are supposed to report the 1099 income to the biller as part of the ...
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End of year crowdfunding and taxes
I am about to run a crowdfunding campaign, which will end mid-november. That gives me 1.5 months to spend the funds on project expenses--not really feasible given that it's all destined for ongoing ...
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Balancing an Interest Accrual Rate Between multiple loans
Tags: multiple student loans , balancing interest accruals , student loan help
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Prepaid Rent (Accrual Based Accounting)
I am running a small business that prepays office rent on the 25th of each month (for the next month). I am using accrual based accounting with QuickBooks.
My question is, do I need to debit current ...
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