I'm on a local board, looking at a set of financials prepared using QBPro. One item under "Other current assets" represents ticket income received by an agency. This is held until the end of the season (two months), then paid out, less entertainment tax (a straight percentage) and facility fees (roughly predictable). Currently, the balance sheet shows the "undeposited funds" as "other current assets", which is fine. However, it also shows a matching "other current liabilities" in the identical amount. My feeling is that there should be an entry for "entertainment tax liability", another for the facility fee, and the rest should go to equity. Is this correct, and if so, what's the "natural" (in QBPro terms) way of doing this, please? I can't see anything in QBPro about a provision or allowance or impairment, but I don't see any reason why the organisation shouldn't create an entry for the (estimated) facility fee and then either enter the additional fee when the final numbers are agreed, or make a reversing entry for the amount of the overestimate. Again, is this correct?
Undeposited funds
May 17, 2005
13 Replies
... how far QBPro 2005 can read a file generated by a "specialist" QBPro program - in this case, nonprofit?
How "FAR"?????
The Pro edition will be able to do everything except those few functions and reports that are specific to the Non-Profit edition.
"specialist"
You should have said "Far Out, Dude" :)
After my time, I'm afraid ...
Then how about, "Cool Daddy O"?
Before my time, I'm afraid ...
Then how about, "Lucky Lindy has landed"?
...
Doesn't that go back to 1927, which is even earlier than "Cool, daddy-o" (early 50s)? I think of my formative years slangwise as the 60s and 70s (and in London, at that), even if my style these days is steadily regressing towards Middle English ...
Ah the good old days of the Mods and the Rockers. Sorry I'm not up to date on my English slang. Just be thankful your regression is not towards Middle Earth, chin chin.
...
Oh, lord - how does it go?
Ash nazg durbatulûk, ash nazg gimbatul. Ash nazg thrataulûk, agh burzim-ishi krimpatul!
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