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2016-04-07
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2018-02-07
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2019-08-15
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Form 2848, Form 1099Misc and W2s
I like the fact that it is easy to use and has all of the forms that I am looking for. I use this product on a monthly basis and find that it is easy to use and that the documents are easy to find.
What do you dislike?
There are times that I can't find a form that I know I have filled out. Also there are times that I am unable to get back to the home screen to find a new form.
Recommendations to others considering the product:
I would highly recommend this product to others and in fact I have done so. This product is easy to use and inexpensive compared to other products like it.
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Form 2848, Form 1099Misc and W2s
2019-01-28
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2020-03-07
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2019-11-15
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2021-08-07
Took some time to get used to it's…
Took some time to get used to it's quirks after years of using Adobe Acrobat. But, I have actually found it easier to use and can do more .
2021-01-19
I am not computer techy - and I have been able to figure this out to do what we need. I am sure there are features that I have not figured out yet - but I stay very busy @ work so doing a webinar would be tricky to schedule.
2020-07-21
Update Footnote Lease Feature
The Update Footnote Lease feature simplifies your lease management process. It allows you to stay organized and compliant, ensuring that your footnotes are always accurate and up to date.
Key Features
Real-time updates for footnotes
User-friendly interface
Automated alerts for lease changes
Comprehensive tracking of all lease agreements
Easy integration with existing systems
Potential Use Cases and Benefits
Streamlining lease documentation for property managers
Enhancing accuracy for financial reporting
Reducing legal risks by ensuring timely updates
Improving collaboration among team members
Facilitating audits with precise records
By adopting the Update Footnote Lease feature, you can tackle common challenges in lease management. This feature helps to eliminate confusion and errors, allowing you to focus on your core business activities. Stay ahead of changes, maintain compliance, and build trust with your stakeholders.
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Where are lease payments on financial statements?
The lease is considered a loan (debt financing), and interest payments are expensed on the income statement. The present market value of the asset is included in the balance sheet under the assets side and depreciation is charged on the income statement.
How do leases affect financial statements?
Unlike operating leases that do not affect a company's balance sheet, capital leases can have an impact on companies' financial statements, influencing interest expense, depreciation expense, assets, and liabilities. Finally, the present value of lease payments must be greater than 90% of the asset's market value.
Is lease expense reported on income statement?
Income Statement: The interest expense on the lease payable is reported. If the leased asset is depreciable, then a depreciation expense is also reported as with any other asset. Cash Flow Statement: Under U.S.GAAP, the interest component of the lease payment is reported as an operating cash outflow.
How do you account for a lease?
Initial decoration. Calculate the present value of all lease payments. This will be the recorded cost of the asset. Record the amount as a debit to the appropriate fixed asset account, and a credit to the capital lease liability account.
How do you account for a lease on a balance sheet?
To record the building on your balance sheet, you first calculate the value of the lease payments you'll be making. You treat this as the cost of the building. The $1.5 million goes down as a debit to your fixed assets on the balance sheet, and a credit under capital lease liability.
How do you account for a lease payment?
For example, if a lease payment were for a total of $1,000 and $120 of that amount were for interest expense, then the entry would be a debit of $880 to the capital lease liability account, a debit of $120 to the interest expense account, and a credit of $1,000 to the accounts payable account. Depreciation.
How are finance leases accounted for?
Accounting for a finance lease. The present value of the sum of all lease payments and any lessee-guaranteed residual value matches or exceeds the fair value of the underlying asset. The asset is so specialized that it has no alternative use for the lessor following the lease term.
Are capital lease payments expensed?
Accounting Treatment: Capital Lease vs Operating Lease payments are considered operating expenses and are expensed on the income statement. The firm does not own the asset and, therefore, it does not show up on the balance sheet and the firm does not assess any depreciation.
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