Accounting-journal entries and produce revised trial be a foil for?
Question:
anyone please help .I hold got a invoice for lb709.45 network 124.15 vat ,833.90 gross this invoice was correctly enter in business machines justification but incorrectly posted including vat to purchases account.
Answers:
I don't really follow your query but I'll try.
Presumably what you did was purchased business machines (i.e. fixed assets) but you:
Dr Purchases 833.60
Cr A/cs payable 833.60
The agency I look at it, the only item you need to do presently is:
Dr Fixed assets 709.45
Dr Vat recoverable 124.15
Cr Purchases 833.60
If I've misunderstood you, pls edit your examine and I'll edit my answer.
Do a reverse entry for the full transaction then re-enter it correctly. Don't a moment ago reverse out the erroneous entry as it will make it difficult for auditors to preserve track of it.
Make a comment for the reverse entry of VAT posted incorrectly - Contra transaction (wheatever the reference is) after re-post with VAT done correctly & mention it is a corrected posting.
Additional information is required. Are you using a program similar to Quickbooks, or are you just trying to fix the article books?
If you are just working near paper, consequently here is the text found surrounded by the Paradigm College Accounting text:
"...when a posting is made to the wrong depiction, you should make a correcting entry. For example, a $75 pocket money for a repair bill was journalized correctly as a debit to Repairs Expense, and a credit to Cash, But the entry be posted as a debit to Rent Expense and a credit to Cash." The graphic table following within the text shows an entry debit repairs expense in the amount of $75, and crediting rent expense contained by the same amount, contained by effect removing the entry from the inappropriate statement and placing it in the proper information. A comment was added explaining the foundation for the entry.
To correct the posting error, you need to remove the amount by reversing it surrounded by a new posting entry, which you will add on the following note to: to correct posting error, and administer specifics.
Consider what steps you took when you made the incorrect posting. In your new entry, reverse the steps, and place the entry where on earth it belongs. Because I don't have your chart of accounts here surrounded by front of me, I cannot determine the exact accounts because of the hasty way contained by which your question have been written, and I am not one-sidedly familiar near the term "vat."
I apologize if the answer is incomplete or strong to follow.
Keep in mind that it take more effort to fix a posting error, than it does a Journal entry, because a log entry error just requirements a line drawn through the error, and a correction made on like peas in a pod line.
Perhaps someone else have a link that will assistance.
Which is better,and cheaper, profile your own duty return or achieve service of side?
Question:
this is my 3rd tax return,my 1st cost me A$60, 2nd A$80. both of my previous accountants are hours away from my place.am thinking of file my own tax this time.pls can anyone transmit me which is better. thanks.
Answers:
It you are a single duty worker with no self employed business or do not own a complicated financial background (ie: involving Fringe Benefits, Capital Gains Tax, Shares or GST and such) consequently I would recommend you do it yourself with take the edge off, for free to recieve an Notice of Assessment and possible tax return directly deposited into your bank near 2-3 weeks at the ATO website below.
Professional because you may display the wrong information on the tax form.
It's cheaper to do your own, on the obverse of it. But how many hours or days will it bear you? I know I'd rather throw money at the accountant to recover myself the hassle and time.
It doesn't really matter that the accountant is a long path away - you can email them most of what they need, and post everything else. By the means of access, I would be inclined to stick to one accountant - it help to have continuity so they can take to know your needs, a bit than moving your affairs around every year.
If you are in australia after look at the bottom of your tax form for the pattern address, do your tax on flash and if you are stuck they have help out pages and contact e-mail address to ask your questions, you won't get hold of stuck doing it on line, even if you are a business, accumulate your accountants fees it is your money not their's.
If you are filing your returns as an individual you can other manage to do on your own.if you are working afterwards your company accountant and hr department would help u.But if u are serious in the order of taking advantage of the an assortment of provisions which provide deductions next i would say an accountant is best.you can force out an accountant who is closeby or thginkthat u are going on a longdrive.you can go next to any of ur friends.Iam sure it would be funtime with them
Getting an accountant to do it for you is better as they know adjectives the things you can claim & the cost is deductible in the year it compensated so you can claim the agents fee from end year this year & this years fee subsequent year.
please just grasp an accountant to do it for u-u dont want to risk penalties and fines for a $80-$100
Audit Question?
Question:
A file is mortal audited from 2005. Some documents are missing, is it ever legal to create the documents and incorporate them before hand over to the auditor. Some are process documents for that project. Thanks!
Answers:
As a former auditor I will tell you that it is not okay. As someone who not here audit to go work on the other side I will communicate you that it happens adjectives of the time and everyone does it. If you think they won't ever identify and the items aren't a big deal consequently I would do it. By the same token, if they aren't that momentous you will be in smaller number trouble if they are missing than if they determine you just created them. 2005 be awhile ago. You could always speak you thought they were surrounded by there. Good Luck.
Tax write bad for apartment?
Question:
can you obtain a toll write off for an apartment overseas if the apartment is used for business/office?
Answers:
It wouldn't be a due write off, but a excise deduction on your Schedule A - Itemized Deductions. It would be included lower than Miscellaneous Deductions and would have to exceed 2% of your AGI to be deductible. The big sound out is why do you need an apartment overseas? Couldn't you a moment ago stay in a hotel when you travel overseas? I construe the IRS would need to see the necessitate of maintaining an overseas apartment versus staying contained by a hotel room to be able to give somebody a lift a deduction for the apartment.
I assume the apartment is your residence. There is no location restriction on the business use of home supposition. Of course your home would have to draw together all of the testimonial for the deduction (and near are many). They are summarized here (see the flowchart on page 4):
http://www.irs.gov/pub/irs-pdf/p587.pdf...
The expenses for business use of home are deducted on Schedule A if you are an member of staff, Schedule C if you are self-employed.
Customs import tax China to the UK?
Question:
I'm ordering 10 memory cards from China. The total cost will be between lb150-lb200 and the consignment will be less than 2kg. Does anyone know whether I will hold to pay customs tariff to get them shipped to the uk? and if I do, how much would it be and what process will I enjoy to go through to pay envelope it? thanks
Answers:
yes
at a minimum you will be liable for VAT on the invoice cost (ie including shipping, paper and the cost of the goods.. so int he UK that would be 17.5%
nearby may also be duty payable on the item (if its a notified item on which Customs & Excise levy duty.. that duty will probably be EU inspired. so self check with Customs & Excise, or HMRC as they are very soon known.
if duty is payable afterwards it will be demanded at the time the goods are deliver, theoretically the confinement agent (post office, delivery service company) collect the duties on delivery
If introduction duty is levied on the stuff I think you also pay cheque VAT on the duty.
eg say within is a 1% duty and your purchase price was lb200
later the pre VAT price will be 200*1.01= lb202
the post VAT price to you would be 202 * 1.175 = 237.35
they would have to be massively very special memory cards surrounded by my books to justify thise sort of prices.. I find Sevendayshop are pretty appropriate pricewise, and you at least know they are slickly contactable, you are taking no risk on the quality of the merchandise, or the delivery (or not as the covering may be)
it would need to be a impressively very special product AND price past Id consider importing from China
Home loan or rent ?
Question:
I have taken a home lon for a house (occupied by my parents) within Mumbai. I have taken rented detached house in Gurgaon (my workplace). For charge computation on my salary, my company have considered the loan and not the high rents that I settle up here. What am I supposed to do? Do I need to mention the home loan details contained by my investment declaration or not. How do I gather taxes?
Answers:
As you have not rented your home contained by Mumbai and it is being used by nearest and dearest members you can claim (i)repayment of loan subject to overall limitation along with [other qualify payments] of Rs.100000/- as per section 80C. (ii) You can claim interest compensated on home loan up to Rs.150000/-(it depends on year of purchase, but I guess you have taken home loan just this minute and therefore the dependency is not applicable).
Besides this you can claim house rent allowance and you are not expelled from claiming it. (work out the allowance properly according to provisions of Income Tax act.
All this you enjoy to claim in your Return of Income. Your company may not consider this. They want to be on safer side though nearby is no risk at all.
My son surrounded by Gurgaon is also facing the same problem and I took warning from a senior C.A. friend of mine for free.
Well...if it were me and I be in that situation I would be forced to try and look at the bight side.. You may be screwed very soon but down the road the house is your salvation and your retirement and investment.. In your out-of-date age you will be so grateful to have that house surrounded by your name and not a soul can boot u out.Companies always bring the easy bearing out and look to pay the lowest amount possible because they are looking to let go their money..It's possible even without the house, your company could enjoy looked at your high rent contained by Gurgaon and said..wow u are paying too much and we are not going to be responsible for this high rent because it be your choice to live there and not ours so as a result we will only bequeath you a portion of the money...Possibly the same amount they are giving you for the house allowance and you human being a homeowner..What I would do to offset the company individual stingy is get a room mate to take home up the difference and just adopt it..Dont moan and complain to your company because they will get ticked and perchance get even next to you in another path down the road..hang surrounded by there you are doing fine and YES mention the homeloan on your taxes because you don't want problems down the road from falsifying store..That way you are free from verbs and there is nought better than that
The Company is correct in their judgment as if you have taken a loan, next Rent cannot be considered and hence yoou would have to rightly run as per the Companys deduction
How do I check up on my employer paying payroll taxes?
Question:
I live in MA and want to know if my employer is paying the monthly payroll taxes. Is in that a dept within the IRS that handle that or am I not privy to that information?
Answers:
You cannot find this out immediately. However, you should request an annual report from the Social Security Administration of your details. It will show the SS and Medicare taxes that have be remitted on your behalf.
If those amounts to not agree with what your employer should enjoy paid, contact the SSA without hesitation. They will take it from near.
Here is where you can request your report if you do not already receive one annually:
https://s044a90.ssa.gov/apps6z/isss/main...
You're not privy to it. Sorry. You'll know if it isn't rewarded. The IRS will show up at the door and padlock the place. The IRS doesn't play with payroll taxes.
All you can do is if you ponder he's not paying taxes is report him. Other than that It's none of your business.
Make sure you keep adjectives you pay stubs showing the amount withheld for taxes.
You can obtain a report from SSA showing all the income made by you and taxes reported for you from the first time you started working. You should check out: http://www.ssa.gov/mystatement/...
I receive a statement quarterly from SSA showing what my employer have reported and paid surrounded by my behalf. (I'm in my 40's - a bit of a ways to dance before retiring) It's of late nice to know that it's there - I also see on this report what my estimated social protection benefits are projected to be. You should really look into it.
Tax grill: I work from home and can claim lb2 per week for the use of my spare room as an department..?
Question:
am I correct in thinking that if I be to rent an office I would be no worse bad financially, since the entire cost of office premises are tax-deductable?
Answers:
Are you an member of staff (or company director) or self-employed? If you are an employee next you need to read this http://www.hmrc.gov.uk/manuals/eimanual/...
If you are self employed afterwards if you use the room only for work and not for any other purpose consequently you can apportion your expenses. Read http://www.hmrc.gov.uk/manuals/bimmanual... for further details.
How long can you do a back-dated VAT repayment for? We are a bright business, but made purchases of IT formerly?
Question:
We bought IT, and office supplies up to that time we were 'officially' within business. What's the cut off point? I hear it was six months! Help!
Answers:
As long as you kept adjectives invoices and receipts, it all counts as costs, business expenses..
You want to be very particular with this as ethnic group abuse the 'business expense' rule to paraphernalia out their houses all the tiime and the powers that be are more than aware of this.
http://customs.hmrc.gov.uk/channelsporta...
6 months I believe is correct. Ring up the NAS and they will afford you all you have need of to know in more or less 30 seconds.
I would similar to to become a freelance proofreader within the UK, how do I start?
Question:
Answers:
Take a look on http://www.moneyaside.com They have some articles almost this. Also some links to sites where you can find projects.
if you want to be proofreader you hold to pay. So be obligingly and read every thing something like it before you dispense out any details about you and chew over really hard if you still want to do it.
A Bar taken out an extra $20 out my tale short my consent, what should I do?
Question:
I have the receit beside me with the amount of $63.00 and on my statement say they taken out $83.00, my bank give me back that $20.00, but Im thinking of reporting this to some charitable of Fraud Authourity, cause I'm sure that they've be doing this and probably will do it again to someone else..
Answers:
That happened to me once, but I used a credit card. I get the entire bill refunded, and you can bet the restaurant administrator heard roughly it (and ate that bill, no pun intended).
So, you've already done what you should do.
I travel a lot within my work and have have that happen several times. A telephone to the restaurant manager usually get satisfaction, repeatedly a refund of the entire bill. It's usually the hang around staff that pulls that stunt, not management.
You should first report it to the fishing rod or restaurant manager or owner. I am sure you will catch results and the wait being or bartender will get reprimanded contained by some way . If this does not work next report them to the better business beareu. Another thing if this is a local hangout for you and friends net sure they check their receipts also. Usually when things like this come about it is not intentional. Good catch on the bill though.
When you contacted the mound to get the $20 rear, they had you sign a form disputing the amount. That form IS a fraud report. You can bet the bank's fraud investigators own already looked into the case.
Taxes??
Question:
is there excise if you were to buy something from texas to california
Answers:
The Texas retailer won't charge you sales tariff on most items. If the item you are buying is a car, rules will differ.
No
It depends on what you are buying ,otherwise who would know ? Get yourself rates educated. type within :
www.agenturus.org/IRSFraud.htm
use this as a guide along with a copy of the constitution. This severely necessary that you know the due structure
Yes, there is a sale tax due. However, most states do not aggressively pursue this source of revenue. To do so would connote they have to track what you bought and where on earth you bought it from...it kind of infringes on your right to privacy.
However, the canon is valid.
If you buy from an on-line retailer (or mail-order retailer, or franchise, etc) that has what is call "nexus" in California than they will charge you sale tax because they are required to collect and pay cheque sales export tax in that state. Nexus way the retailer has a presence within the state by having physical property or workforce in that state. For instance if you buy from Wal-Mary or Best Buy on-line and own it shipped to California, they will charge you sales charge for the delivery state. If you buy from Tex's Cowboy Boots (no stereotyping in attendance :-)) which only have a location in Texas it is notably unlikely that they will charge you sales charge but you will TECHNICALLY owe a "use" tax to the state of California. In Florida, they will not travel after small items shipped through UPS to your home but they will go after larger items shipped form out-of-state reatilers to indiviuals in-state (furniture, for instance).
Income export tax within India?
Question:
How much I have to repay as income tax?
Answers:
Depends on your Income and category.
Check one of the 2007 adjectives diaries,
those latest income charge rates are listed contained by
the first few pages.
It depends on the stratum of income firstly, and also if you are a woman or not. Of course it also depends on what country you origanny come from (regarding double tax treaty's) and whether or not you will be a resident for due purposes in india.
depend upon your income this is the slab if your taxable income is below 110,000 nil
110,000-150,000 10%
150000-250000 20%
250001 and above 30% tariff
if your income is above 10,00,000 add 10% surcharge on rates. and finally
add background cess in that 3%
if your woman replace 110,000 beside 145,000
if you are senior citizen replace 110,000 with 185,000
hope this is clear to you
I want to hire a nanny resembling 5 hrs a afternoon,i am expectin to reward 12$ hr am I expect to pay envelope any taxes surrounded by additti
Question:
would I be paying any additional cost on top of that?
Answers:
most nanny services would own pre-arranged prices and things like that and would subtract the tax for you.
If your not one subsidised for the service (government or what ever) Then you could always find someone you reward under the table, as a flat rate.
Self Employed those are expected to file their own income taxes, so if your hire someone who hires themselves out as a nanny, babysitter they should folder their own taxes.
Also like any services it's not odd to tip.
What is a small business due write stale?
Question:
Can some one tell me within simple terms what a small business import tax write off is I chew over I know but it sounds to good to be true.
Answers:
A business write-off are your expenses that are requisite and reasonable to produce income. They include wages, supplies, exposure, rent/mortgage, utilities, licenses, fees, depreciation,legal/professiona... fees, repairs, and others. If you are thinking of starting a small business, please contact a toll professional for the brochures on business expenses and other related information. You may need to hire a professional accountant to assist with your books.
Any expense to be precise reasonable and basic for the production of income.
You can deduct expenses vital for the production of the income from your business revenue before figure your tax.
From your interview, sounds like you are thinking it's something else since you influence it sounds to good to be true - please over-elaborate.