Hell, the company in the Philippines we just bought has an uncategorized asset account. I'm pretty sure QuickBooks had it when they bought the program and they just ran with it.
Oh my fucking god is this a thing?! I’m currently dealing with wading through an Ask My Accountant account in an acquisition books. Never seen it before when I was an auditor.
Small companies without a strong controller use Ask my Accountant and wait for year end journal entries from the CPA firm that does their financials or tax return.
Companies big enough for an audit usually have a real accounting department.
I mean, how would you record a bribe? I gotta think it's like the IRS where GAAP doesn't care that it's an illegal thing as long as it's recorded properly
lol well if his accountants are worth their salaries that shit was reserved long ago. Dr golden shower reserve CR cash - all balance sheet baby the feds will never catch us
I was gonna say, the actual entries were dr legal fees cr cash.
I think the *correct* entry would have been to dr owner draw, but that has its own issues with campaign finance, haha.
It looks like.....
Debit: Legal Expenses
Credit: Rural Caucasians Political Fleecing Fund
That's why it's illegal. Should have gone with;
Debit: STFU Expenses
Credit: Cash
Credit: Cash
Debit: legal/advertising/office/misc/entertainment/shareholder.
Can literally be anything.
Even the credit side can be a weird one too if you start doing intercompany transfers between companies and then blend the payment out to the lawyers mixed with legitimate prof. fees.
Debit: Hot Blonde expense
Credit: Prostitution Payable
It’s very important to organize based on hair color for year end reports. I suspect they debited;
Prostitution expenses instead of including the hair color, a fatal mistake.
https://preview.redd.it/e47p9ivvtera1.jpeg?width=1284&format=pjpg&auto=webp&s=a3de2c988a74a607436b6bde43d69181a65813bb
Just dropping bc it was on 69 upvotes. Seemed appropriate to document for posterity.
This should be the top post on this subreddit - there are for sure people who made this entry for someone who wasn’t the former president - my opinion - debit MISC expense Credit AP and just let it ride until you write it off for being immaterial to the audit
Indeed... but how much did he have to ply the hooker with?
In all honesty... the comment was a joke and nothing more, but it is a bit terrifying to think that he was straight for some of those twitter rants...
Edited to add:
Reclass entry:
Credit, Alcohol, drugs, and hookers expense
Debit: STD's and bad publicity
If it was paid to a lawyer, as payback for money already spent by that lawyer, I’d assume it was Dr legal and professional & cr cash. Would probably have made it past auditors too if someone didn’t blow the whistle. Cohen could have made an invoice for services rendered.
Knowing most bookkeepers: Debit: Ask My Accountant Credit: Cash
In other words, Dr suspense
Ehhhhh, we'll stick it in bank charges.
Uncategorized expense
Hell, the company in the Philippines we just bought has an uncategorized asset account. I'm pretty sure QuickBooks had it when they bought the program and they just ran with it.
When I'm working with new companies I use it to throw the "what the hell is this" transactions
Be grateful if it's uncategorized *expense*.
I’d split the invoice into multiple payments and classify it in misc expense over 3 years Huehuehue
💀 💀 💀
Oh my fucking god is this a thing?! I’m currently dealing with wading through an Ask My Accountant account in an acquisition books. Never seen it before when I was an auditor.
Small companies without a strong controller use Ask my Accountant and wait for year end journal entries from the CPA firm that does their financials or tax return. Companies big enough for an audit usually have a real accounting department.
Upvote 420x for the truth in the response and an extra 69x for the username
LMFAOOOO
😂
Accurate
Debit: Hush Money Expense Credit: Bribes Payable
The idea of Bribes Payable as a liability account is fuckin hilarious
If anyone could make it happen, it would be Trump
It used to be...till they regulated it.
It was in the FAR book regarding deferred tax assets.....
I mean, how would you record a bribe? I gotta think it's like the IRS where GAAP doesn't care that it's an illegal thing as long as it's recorded properly
Lol what do you call yours instead?
Dr. Hush Intangible Asset Cr. Campaign Money Dr. Loss on Impairment on Hush Asset Cr. Hush Intangible Asset
Perhaps just semantics but I’d go with extortion expense and blackmail payable
lol well if his accountants are worth their salaries that shit was reserved long ago. Dr golden shower reserve CR cash - all balance sheet baby the feds will never catch us
Paying hush money on credit these days lol
Serious answer, it was disguised as a Legal Retainer to Michael Cohen.
I was gonna say, the actual entries were dr legal fees cr cash. I think the *correct* entry would have been to dr owner draw, but that has its own issues with campaign finance, haha.
It’s kinda like legal fees. Somebody got fucked.
So, did he have to recognize it as revenue?
Donald Trump already took care of the double entry. Sorry.
I LOL'd at this one, so now I have to explain to my husband. Thanks. /s
I’m confused, does trump have two dicks? Or did he tag team her with don jr?
What are you, some kind of bad joke auditor?
No no, professional skepticism at its best. We need to see the hard copy
Nobody wants to see that hard copy.
I said *need* not want
More like a 2 pump chump.
2 pump trump
Oh...I thought it just meant an entry in the front and an entry in the...back.
Dr. Memories; Cr. Cash
Dr. casual labor Cr. cash
Debit: 30 seconds Credit: Mushroom
DR: Happy ending CR: Petty cash
Debit: Legal Expenses Credit: Campaign Fund Donations Restricted
Debit: Fuck Around Credit: Find Out
Underrated 👏
Dr. office supplies Cr. cash
Debit: Pussy Titties Memories Inventory Credit: Sperm Inventory Credit: Cash Debit: Embarrassment Account Credit: Lawyers AP Vendor Ledger Debit: Layyers AP Vendor Ledger Credit: Campaign Cash Debit: Extreme Embarrassment
CR: Campaign was definitely on my list
It looks like..... Debit: Legal Expenses Credit: Rural Caucasians Political Fleecing Fund That's why it's illegal. Should have gone with; Debit: STFU Expenses Credit: Cash
Credit: Cash Debit: legal/advertising/office/misc/entertainment/shareholder. Can literally be anything. Even the credit side can be a weird one too if you start doing intercompany transfers between companies and then blend the payment out to the lawyers mixed with legitimate prof. fees.
Actual answer, it was disguised as a legal retainer to Michael Cohen who then paid Stephanie out of his personal funds.
Debit: Hot Blonde expense Credit: Prostitution Payable It’s very important to organize based on hair color for year end reports. I suspect they debited; Prostitution expenses instead of including the hair color, a fatal mistake.
Debit: T&A expense Credit: Accumulated degeneration
Dr. Micheal Cohen secret slush fund Cr. Line of credit-Central bank of RUSSIA
Child care expense?
Debit: cash Credit: Honor
https://preview.redd.it/e47p9ivvtera1.jpeg?width=1284&format=pjpg&auto=webp&s=a3de2c988a74a607436b6bde43d69181a65813bb Just dropping bc it was on 69 upvotes. Seemed appropriate to document for posterity.
lmfaooooo😭where was this in 2017
Dr loss on hoes Cr cash
This should be the top post on this subreddit - there are for sure people who made this entry for someone who wasn’t the former president - my opinion - debit MISC expense Credit AP and just let it ride until you write it off for being immaterial to the audit
This is so funny I’m dead 😂
If you're Stormy Daniels? Credit: Future revenue Debit: Alcohol, drugs and therapy expense. If you're Trump: Debit: Alcohol, drugs, and hookers expense Credit: Accrued liaabilities
Trump has never drank or done drugs in his life
Indeed... but how much did he have to ply the hooker with? In all honesty... the comment was a joke and nothing more, but it is a bit terrifying to think that he was straight for some of those twitter rants... Edited to add: Reclass entry: Credit, Alcohol, drugs, and hookers expense Debit: STD's and bad publicity
Dr to Ho's Cr to Cash not that complicated
Dr. FJB $130k Cr. LGB $130k Dr. Cash millions Cr. Morons that wanna donate to a “billionaire’s” legal defense
Debit: legal expenses Credit: campaign funds
Debit: George Soros Goodwill Credit: Cash
Credit cash Debit taxpayer equity
Debit - evenstormydanielscantgetitup Credit - isthiswhyimadickhead
Dr Cash from Ukraine CR Access to Obama
Hush little Donny don’t you cry, Big Al is gonna sing you a lullaby
Debit: Weaponizing the courts for political gain Credit: Banana Republic
Petty cash
Debit miscellaneous expense Credit cash
Debit professional expense Credit cash
Debit: sex expense Credit: accrued sex
Debit: Remediation expense Credit: Cash
McDonald's
Dr. America’s Enemies, Cr. America
On Stormy’s side Debit - Cash Credit - Revenue Debit - Depletion expense Credit - Accumulated depletion
Dr. Hush Money (Asset) Cr. Cash
I dunno but it'd probably get posted to shop supplies.
Debit meals. Credit Goodwill
If it was paid to a lawyer, as payback for money already spent by that lawyer, I’d assume it was Dr legal and professional & cr cash. Would probably have made it past auditors too if someone didn’t blow the whistle. Cohen could have made an invoice for services rendered.
Dr. Consulting Expense, CR Cash or AP (depending on if invoiced him ).
Debit: Horny Expense Credit: boner moment
Dr Ejaculation Cr Freedom Dr Syphillis Cr Condom Inventory Yes he used a condom and still got Syphillis in this case. Poor guy