ACFO Policies
When do we file 1099s?
When is January?
It is July and you receive a bill for $3,000 for an annual software license. Which account should you use?
What is Prepaid Software Expense?
Who pays AP bills?
Who is the client?
What document is needed to determine 1099 eligibility?
What is a form W9?
You receive a bill for a $2,500 laptop, with tax of $200 and shipping of $50. What amount should be coded to Fixed Assets?
What is the standard capitalization threshold?
What is $2,500?
What is the $ threshold for filing 1099?
What is $600?
You receive an invoice for $500 equipment with $50 shipping. What amount is subject to use tax?
What is $500?
What do you do if a duplicate vendor is created?
What is merging vendors? (Ask senior/manager first!)
What should be included on an invoice in Bill.com (name 4 for credit)?
What is the invoice date, invoice number, service period, GL account, use tax, department etc.?
What type of entity is exempt from 1099 (name 2 of 5)?
What is a C-Corp, S-Corp, LLC-C, LLC-S, and Non-profit?
You are working on the August close and receive a bill dated 5/26/24. Which date should you use for the invoice date?
What is 8/1/24?
What are Expensify and Tallie?
Where should you save a W9 (name 2 of 3 for credit)?
What is the File Cabinet W9 folder, Bill.com vendor profile and the W9 Database?
You receive an invoice for $100 of Office Supplies and notice that sales tax was not charged. Assuming a 10% tax rate, what is the entry you would prepare to record the invoice and associated Use Tax accrual?
Dr. Office Supplies Expense $110
Cr. Accrued Use Tax Payable $10
Cr. Cash or A/P $100