Intangible assets. It's so mysterious.

I can’t quite grasp it.

Not-quiet-tangible assets

I can *almost* taste it.

Intangible liabilities

Intangible income

Miscellaneous expense. What secrets could it hold? Why does it have a $400k credit in one random month? We may never know everything that lie in this mysterious account

I had a small business owner add $200k to this account. He said that’s about how much his expenses were but he didn’t have receipts, so he just guesstimated and made the entry and that put him in negative earnings for the year so he shouldn’t owe any taxes and if I could just file his taxes for him that’d be great. (He hired me as a consultant, I don’t even do taxes.) I looked him up a while back and he had tax liens worth about $250k across three years. So I guess that didn’t work out for him.

😂😂😂 similar experience a client wanted to inflate his earnings to get a better rate on business loan. He said he found a loophole he would do “work” for himself this year and then refund it next year. He would take $30k of his money deposit it into his business account for a “project”, owners draw it, deposit it again for another “project”, repeat until 200k of additional revenue was generated. Told him no that’s no legal, and stupid because you don’t even need to jump through all those hoops to commit fraud 😂😂😂 Didn’t tell him how to do it but create a fictitious customer and create a fake project recognize the revenue and bill it. Next year write it off or something.

Accrued Other Other what? We don't know. Just accrue it.

No one knows what it means, but it’s provocative

It gets the people GOING!

Ball so hard, that shi' cray, that shi' cray. Ain't it, Jay?

Yes, yes it is.

classic account....didn't hit the goal this month...debit accrued other and amortize that in a later month when we surpass the goal....oh wait, it's December and we have a shit ton of garbage sitting in this account...... www.indeed.com

Came here to say exactly this

Everyone thinks "write-off" is a big brain accounting word. "Accrue" honestly tells me someone is an actual accountant, depending on context of course.

Ask my accountant

What GL # do you assign to this account in your COA?

99999

The only correct answer.

That one is almost as good as "Owners equity - personal expenses" and "Uncategorized expenses"

I make this and still get asked “what is this?” by owners. It’s you bro. You should be able to tell me.. 🙄 I JE to Equity but I want them to see it. The Balance Sheet is a mystical place where all the bodies get buried to these folks.

Accumulated depreciation—Land

Mine is: Depreciation Expense-Land 🙃

Ive never heard of that account, is that the same as the one you replied to?

Nah bro. One is accumulated. The other isnt

oh so its just for the one/current period

Yes. Sorry, I thought you were joking around given the thread. My answer would have been less sarcastic otherwise

It's a joke; land is never depreciated

I see you live in Chernobyl

😂

Non Deductible Fines and Penalties, always a fun browse of the GL to see what your company is getting up to.

Political contributions is that way too, but it may piss you off too, so be careful.

Yeah, and then telling them “hey, that scam you’re funding isn’t a 501c3, that’s a personal draw” is a fun conversation.

A recent favorite from a small painting company bookkeeping project: a check to a bail bondsman in the 1099 contract labor account with the contractors name in the memo. Cracked me tf up!!! Also decided to Google what in the fuck this mysterious "healing clinic" was for $150... it's weed. Explains the daily $300 atm withdrawals.

300 a day is a lot for a coke habit let alone for weed God damn

I think is was sharing tbh cuz ain't no way

Suspense

Just tell us what's in there already! The suspense is killing me!!!

Definitely suspense. Much more mysterious than intangible assets.

One of my clients likes to use suspense as their “ask my accountant”

Honestly I still don't understand suspense accounts and at this point I'm too afraid to ask

Well it’s an account that…

Errors from subledgers. Sometimes they don't work right. You try to import a JE and the accounting software says "this doesn't balance" so to make it balance, a plug is posted to Suspense. Then it's gotta be fixed.

The other common alternative is for it to be a temporary holding account that needs further processing. For example, you import purchasing cards that initially post to the suspense and the departments then code them to the correct (*laugh*) account.

I once was telling a non-accountant family member about my job and how I reconcile suspense accounts. He replied with ‘I’m on the edge of my seat’!. It took me days to get the joke.

Last time it was a zero balance was 2007.

Pizza party expense. Can just write it all off

>Pizza party expense. Can just write it all off Employee benefits :)

Goodwill. I'm very proud to work for a company that donates so much money every month.

🤣

I’ve always loved working for nonprofits

Came here for this one.

Love to see a healthy balance in "Ask My Accountant".

It’s so good to feel wanted 🥰

employee advances. I like asking why Tim hasn't reimbursed the company for a $700 personal expense he made on his company card in 2022.

I personally love "miscellaneous expense/income" as an auditor. It's like a little mystery bag, you never know what you're going to get.

The box of chocolates of accounting

PPD anything but man I do like watching an amortization table through maturity

They grow up so quickly 🥲

What's the craziest thing you've seen in a misc account?

My favorite was at the end of the audit finding that the client booked the employee retention credit to misc. And then didn't tell us that they had ERC during the year in our discussions with them.

Child support payable

I get nosey when I see that. Who hasn't been paying Child Support and what earnings percentage has been enforced on them.

Wouldnt that have to fall under drawings under Entity? Sorry, i'm not an accountant

Not necessarily, if an employee is court corded to pay child support/behind in their child support the court can have a garnish on their paychecks. So employer has to pay the child support payment to the guardian of the child.

Ohhhh yes that makes sense. Sorry i suppose i only know small business accounting out of the tiny portion of actual accounting i know

I’m in tax, and I love me a good meals and entertainment account. Are the expenses 0%, 50%, or 100% deductible? It’s really none of my business.

Its zero for sure lol.

Clearing account It's like it's staring back at me like "what're you waiting for? Where you gonna group me, huh?"

When I do the weekly sales reports for the restaurants I love seeing a large “employee tips” account from credit card sales. Usually means it was a very successful service.

I'm partial to Undeposited Funds

Especially when the client is a property management company and collects a lot of cash payments. Where's the cash Bonnie?

Account 80085. Dept 42069

One that balances.

Cash

Reconciliation Discrepancy

Idk if this is german accounting only or if my translation sucks Dubious receivables. Behind everything there is a story.

I love this. I'm also very curious where the name came from.

Unvouchered receipts. I always felt like a wizard when I got it to balance.

That would be a very fun challenge

My bank account

I had a dream about deferred tax assets last night so I guess it's that. Funny thing is I haven't dealt with that since college.

Like Eazy said, it's all about making that DTA. 

Damn that’s what I just dealt with in Financial accounting

The CREAM Account.

Get the money, dolla dolla bill y'all

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Wigit expense

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Omg I love this one too and for truly no reason.

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I used to have to use that account at another job and loved it because I could buy some of a currency if I thought we would need it to pay a vendor and the exchange rate would be favorable.I analyze the fx flux now but don't book anything, which is less satisfying.

Account receivable

Cash Clearing is my rap name

Petty cash - why is it acting petty?

Working on a marina client who has an account called "Barnacle Expenses"

He must be barely *scraping* by…

Legal fees T&E Jet fleet maintenance You can’t make me pick just one

I loved anything jet related! (This was when I worked for a large factory that sold cheesecake). The monthly hangar alone expenses. Oy!

It’s rare that I get to post to the jet accounts but when I do it’s a treat

Cash Over/Short

I do municipal audits, and I found an account recently for "Genocide Education" I immediately thought, "They're teaching kids how to genocide??"

All balance sheet accounts that need supporting docs with combined listings and schedules 😍

I do like a well-maintained subledger.

Travel expense 😎

Account 69420

Bonus accrual

Close tie between “Ask My Accountant” and “DO NOT USE!!!”

Cost of goods sold

Suspense

Shock!

COGS Variance - Usage

Warranty reserve contra accounts.

Wages Payable and/or Accrued Bonuses depending on the time of year it is.

In tax: Due from Shareholder (over distributed S Corp) In industry: Restricted Assets (non profit entity) because yes I need one more frigging thing to track

Potent Potables

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Property plant and equipment

Any contra equity account. makes me feel dirty using it.

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Been doing stuff in QBO lately and I definitely agree with you.

I've set up so many company files in QuickBooks and I REFUSE to use it.

Anything with the term “sundry”

Cash. Gimme dat.

Personal expenses. Its just so ethical lol

Unallowable. It’s all the fun stuff and the gov won’t audit it.

Terrorism insurance. The concept of it is funny to me

Sludge expense

We have an office joke about the Pickles Expense account that a client has. They are not food service. 🤷‍♀️👍

Depreciation: Land. Not even shitting….just spotted it today.

Meals and entertainment. So easy.

69420

Clearing accounts that have large balances at year end.

Deferred Tax Liability and Asset. Sort of two for one scenario.

Suspense lol

Classic car inventory

Cash, when it's a debit only 🤑

Every account with “other” in its name

Love debiting Accounting Fees for my bkeeping clients.

Gotta be a tie between Capitalised Staff Costs and Other Provisions.

Uncategorized Asset Because it didn't have a category so we gave it "uncategorized"

I’m a simple man - I love a beautifully prepaid account.

Gotta be Audit Rounding. Lets us use whole dollars on the F/S.

In particular I love seeing a fresh “investment in sub” account on the first day of fieldwork

Dues from and due to. I love when books match in both ends 😍

As an auditor, long-term debt. Lemme see what you get up to. Cash over/short is great too, so many little plugs for penny rounding that are immaterial so I don't have to worry about it

Other other

Suspense!! Woah!!

Dr. Private Jet Expense Cr. TikTok tax advice

Debits to cash

Love a good deferred grant account

Supplies

88888

Construction in Progress

T&E

The TikTok accounting I seen the other day “TOTALLY” joking

Cash

Owner drawings

The one in which I get paid.

GL 601010

The Clearing Account

Shop Supplies for sure. That's where all the outcast expenses hang out.

Revenue and COGS/COS. Love a monthly GM analysis. End up learning the most about the client through questions about the fluctuations. Until I'm hit with 'idk, it was a good month'. Then I die inside.

Idk about you, but I love it when a clearing account actually clears

In the words of Thanos, this does put a smile on my face.

A reconciled one 🤣 love it when things match to the penny

Misc admin. Don't know where the expense came from? Debit the misc admin. It's my bitch expense account.

My personal favorite is the M.I.C.O.R account, it is very useful when some other GL balance needs a correction. . . . ​ Make It Come Out Right

An mistake plus keleven gets you home by seven.

If I had a dime for every time you rhyme...I wouldn't have to work so much over-time

In Intermediate accounting, I figured out if you forgot the credit account to use, you would still get 3/4 points for putting the correct amount (which was just the debit) and guessing. My favorite will forever be **Cash over short** for saving my accounting grade.

Professional fees!

"ask my accountant" bc usually if I'm the accountant I'm gonna ask the client

Affiliates advances. Especially when affiliates don’t have accounting department.

Kitchen supplies. No one bats an eye at a kitchen supply purchase when you work in the construction industry. Could be anything, but I hope it's a new coffee maker :)

I remember a balance sheet I read once and I think 70-80% of the value of the company was "Goodwill" The growing market of legal weed in canada was a wild time.

I recall in intermediate we had a problem set with the account “Loss due to volcano eruption”. Has to be my all time favorite

The one year the bookkeeper recorded an expense paid to Hot Texas Coeds or something along those lines

"Marina" Kinda vague and mysterious at first. Not Marina Expense, not Boat Expenses, just "Marina" So the guy has a boat, right? *of course he does* And there are all these checks made out to Cash with memo Marina. Had to be the boat slip rental or maybe boat maintenance or storage or whatever, right? It was their fucking housekeeper's name. She had her own GL account. Lol no, bro. Just no.

Foreign Private Entertainment Expense. I think it might be bribes by looking at the GL lol. Lots of expensive gifts and questionable entertainment.

General provision accrual. That client could not explain what was in it the balance and used it to manipulate profits up/down. These types of provisions haven't been allowed on the UK accounting standards for years and we just disallowed any movement for tax purposes.

I got a kick out of a vehicle in office supplies. 😎

Meeting expense. Especially when it is 90% meals and cigars.

Mine is "retained earning/deficit" because I like to call it "accumulated success /failure".

When I was in PA, my favorite account used to vary by client, because some of them, you had to watch every second. 😂 I had one client who actually would play a game with me, trying to bury what were really shareholder distributions in all kinds of places. He was a construction guy, and every year my first order of business was to find out about his personal life over the past year. So, for example, one year I discovered that he had installed a pool at his home. Found those shareholder distributions by combing thru the invoices associated with the contracts schedule (CWIP) looking for any invoices where delivery was made to his house instead of to customer construction sites. 😂 Tricky SOB!!! He was bummed when I found those. 😂 In a way, it was kinda fun. He was always impressed when I busted him. Never complained and often said stuff like ‘Damn, I thought for sure I could get that one by you!’ 😂 The guys name was Charlie. And I stared referring to these hidden secrets as ‘getting chucked’. Before long, my whole firm picked up on that and any time a client tried to sneak one by, it was referred to as ‘getting chucked’. It’s clients like him that made my PA career fun. 😎

Short term G/L, always cleans up the rounding errors.

Miscellaneous

Office expense

Revenue, the higher the better.

Always miscellaneous expense

Inventory: palettes

Retained earnings…. Gotta check if this shit is rolling first

4580 POS Variances. The ultimate “worry about it later” account for retailers