Petty Cash Reimbursement ... help?
Seemingly, your problems seems incomplete because it does not state the balance per ledger of the petty cash fund, unless the problem really states the cash overage of 15.20 as seen in your computation. Per Count: Coins and currency 15.20 Postage Stamps 2.90 IOU DiNozzo 40.00 NSF. 34.00 Paid Vouchers Stamps 20.00 Office Supplies 70.00 Typewriter repairs 315.50 Total Per Count: 497.60 Per Accountability: Balance Per Ledger 479.50 Postage Stamps: 2.90 Total Per Count: 497.60 Total Per Accountability:482.4 Cash Overage: 15.20 Entry: Dr.Cash in Bank 15.20 Dr.Stamps 20.00 Dr.Office Supplies 70.00 Dr.Typewriter repairs 315.50 Dr. Receivables from employees 74 Cr. Petty Cash Fund 479.50 Cr. Cash Overage 15.20 T-Account Petty Cash Fund -------------------- 479.50|479.50 -------------------- 0.00 | ========== To prove the zero balance of the petty cash fund Cash Items Counted Bills and Coins: 15.20 Less: for Deposit: (15.20) Petty Cash Fund, per audit 0.00 Again, this is on the assumption that there is really an overage of 15.20 as seen in your computation and no details is added with respect to the establised balance of the petty cash fund as established in the imprest system. The postage stamps counted are also the stamps paid in vouchers, this are unused stamps (i.e. 2.90) that are included in the petty cash box of the petty cash custodian, this is included in the count and in the accountability of the audit of cash, hence no effect. If it was included in the count but not included in the accountabilty, there will be a double count of the stamps (as paid in vouchers, as counted to be a remaining supplies. The IOU's are advances which was not properly vouchered but are given by the petty cash custodian for advances. To bring back the imprest balance of the petty cash fund, the entry is to debit receivables from employees and credit petty cash fund. The NSF check above-mentioned are accomodating checks, which were encashed by the petty cash custodian through the petty cash fund. Furthermore, your problem does not states the treatment of the management in terms of cash shortage/overage. In this case, I have treated it as an addition to the cash in bank.
How long does it take to get reimbursed from insurance?
There are a couple of factors that go into how quickly someone gets reimbursed.I'm not totally clear if you are wondering how quickly a plan participant gets reimbursed or how quickly a physician gets reimbursed so I'll address both.Assuming you get in-network care, you are not due any money back as your provider bills the insurance directly and gets reimbursed directly from them. The amount of time that it takes for a provider to get reimbursed varies, as Aaron mentioned, based on: the amount of the billthe reputation of the provider/place of service,the services providedif the provider submitted the claim electronically or not.For a simple office visit that is submitted electronically, the claims is generally processed within 72 hours and the provider is reimbursed on a specific day of the week based on the tax ID number. (It's an odd system - as an example - tax ids that start between 1-3 will get paid on Mon, 4-5 will be Tues, etc)If that same claim is submitted via paper, it takes significantly longer and reimbursement would probably be processed in 15-30 days. If the claim is a costly and lengthier claim for something like a hospital stay, you should assume at least an extra 30 days. If the amount is high, the claim will typically go through a secondary review process which is what adds the additional time.If the claim is from a provider that has a bad reputation or is under investigation, it can take months and months. I've seen them floating in limbo for 9 months to 1 year. Some common ones that get caught up in this: Free-standing surgical centers in the Southern California area (ridiculous amounts of fraud happened in some of them) and chiropractors (don't know why but insurance companies tend to scrutinize these payments)If you are getting out-of-network care and file for reimbursement, the amount of time to get reimbursed varies based on:how quickly you fill out the paperwork and send it inthe number of times it gets "lost"how legible your form isthe completeness of the information from the doctor (it needs to have provider name & address, CPT codes, ICD-9 codes, etc)Typically, in a good case when everything goes right, reimbursement happens on average in about 30 days.In cases when it goes wrong, you may be lucky if you ever get reimbursed or you may be stuck in back and forth. I'd give it an average of about 6 months if there is an issue.
When a business offers reimbursement for a CPA course or similar, do you get taxed on that money?
Assuming the reimbursement is under an “accountable plan” (Topic 514 Employee Business Expenses) NO you would not need to report the reimbursement as income and would not pay tax on the amount reimbursed. It is important to note that this has to be reimbursement for an otherwise deductible business expense, which for most accountants a CPA course would be.Some businesses have been known to offer a “bonus” for passing the exam to reimburse you for the time and expense, but a bonus would generally be considered taxable income to you. Also, if you were reimbursed more than the actual net cost of the course, any amount over the cost would be taxable income to you.
Is it possible to be reimbursed for a medical provider that is out of network that I paid out of pocket for?
I have United Health Care. I have been seeing a dr or two that is NOT in the network so they will not pay them anything. I have heard of something called Super Billing.. But not sure what to do. I called Them and they said it was possible but not probrobable. Whatever that means.
Can an employer count petty cash as income on a W2? It was for reimbursement when I had to pay for misc expens
Reimbursements should not be on a W-2, especially BOX 1. The employer MUST correct the W-2 if he did this.
Engineering Management Course at RMIT?
Hi, I have a Bachelor of Engineering degree in Mechanical Engineering and have been working as a design engineer for over 3 years. I am now looking forward for doing my Masters in Management course within Engineering discipline. I have been offered Master of Engineering (Management) course in RMIT, Melbourne. I would like to know the kind of jobs that I would be offered post the completion of the course and the placement opportunities available for this course in Australia. Can you also let me know if this course has EA accreditation
Can I withdraw money from a 529 Plan for expenses that were from a few years ago?
The short answer is you must match expenses with withdrawals in the same year. So if you are trying to reimburse yourself from the 529 plan for a previous payment you'll pay tax and penalty. This may not be all thst bad as it's just the earnings that are subject to tax.The IRS has not point-blank stated that 529 distributions can only be matched up with qualified expenses paid in the same calendar year, but approached the issue when publishing Announcement 2008-17 in January 2008 which stated, in part:"Section 529 is silent regarding whether distributions must be made from a section 529 account in the same tax year as QHEEs (qualified higher education expenses) were paid or incurred. Concerns have been raised that individuals could allow the account to grow indefinitely on a tax-deferred basis before requesting reimbursement or use distributions in earlier years to pay QHEEs in later years."The announcement goes on to say the IRS expects to develop a new rule permitting recipients of 529 plan distributions to count only those qualifying expenses paid during the same calendar year as the distribution, plus expenses paid within the first three months of the following year. But that rule has yet to be implemented.So how much is taxable then? First, count up all the qualified higher education expenses paid for your account beneficiary during the calendar year. It doesn’t matter if payments were made with 529 distribution proceeds, cash on hand, student loans, or most any other source. (But don’t include any expenses covered by tax-free scholarships.)Second, reduce the total expense figure in Step 1 by any expenses applied towards the American Opportunity Credit or Lifetime Learning credit. (No double dipping).Third, count up the total 529 distributions you received during the same calendar year. This is easy if you are using only one 529 plan, as the plan will send you Form 1099-Q showing total distributions.Finally, compare the figure in Step 2 to the figure in Step 3. As long as total expenses (as adjusted) equal or exceed total distributions, you’re done: the 529 distributions are tax-free and you have nothing to report on your tax returns. If total expenses are less than total distributions, you are not done. At least a portion of the earnings—also shown on Form 1099-Q—must be reported on your federal income tax return. See IRS Publication 970 for the calculation.
What counts as "business mileage" on Taxes?
if you are using a personally owned vehicle to get to and from each job site and are being reimbursed less then $1.00 per mile you drive you can claim any mileage you drive for work. That being said, if you drive 100 miles in a year in your P.O.V. and your company gives you $0.50 per mile you have driven you can claim 50 miles on your taxes. If you drive 100 miles a year and they haven't given you any reimbursement for mileage then you can claim 100 miles. This of course is if you are using your Personally Owned Vehicle for work purposes such as hulling tools, equipment or co-workers to and from job sites. The only catch to this is that you can only claim up to 8,000 miles per year.
Was it wrong of my employer to send me a 1099-MISC for business trip expenses?
A2A.If you are an employee, then the employer was wrong.Employee business expenses are reimbursed by employers under two types of plans - accountable and non-accountable. Any reimbursement plan that does not meet the requirements for an accountable plan is, by definition, non-accountable.An accountable plan must meet the following requirements:The expenses must have been paid or incurred by the employee while performing services as an employee for the employer.The employee must adequately account for the expenses to the employer within a reasonable time after the expenses are paid or incurred. This is usually implemented through the filing of an expense report.If the employee receives reimbursement for the expenses in excess of the amount paid or incurred, the employee must return the excess within a responsible period of time - this allows for accountable plans in which the employee draws a travel advance.If your expenses were reimbursed under an accountable plan, the employer does not need to give you any tax form. If your expenses were reimbursed under a non-accountable plan, the employer is required to include them in your wages reported on Form W-2 (and make the appropriate income and payroll tax deductions). In no event should the reimbursements be reported on Form 1099-MISC.Contrary to some of the other answers, and assuming that you were reimbursed under a non-accountable plan, it is not correct to report this on Schedule C - this is not self-employment income. The correct way to report this is to file IRS Form 8919, Uncollected Social Security and Medicare Tax on Wages with your return. On Form 8919, you use Reason Code H, indicating that the amount reported on Form 1099-MISC should have been included with your wages, and figure your share of the SS and Medicate taxes that should have been withheld. You can also fill out IRS Form 2106, Employee Business Expenses to determine whether you have sufficient expenses to deduct on Schedule A, keeping in mind that as an employee your can only deduct the expenses to the extent that they exceed 2% of your adjusted gross income.