One of our customers made this comment “How can I create a cash basis amortization schedule on an EIDL? Firm received EIDL loan and did not make payments for the past year. Under cash basis rules, I believe 100% of the first payments will be interest until the back interest is paid. Thank you, you'll have a lot of EIDL questions in the future. Consider making a blog post guide on how to run the calcs.”

The Government Accounting Standards Board (GASB) issued Statement No. 87, Leases. This replaces the previous lease accounting methodology and establishes a single model for lease accounting based on the foundational principle that leases are a financing of the right to use (RTU) an underlying asset. Following are highlights from GASB Statement No. 87 – Leases (ca.gov).

The Rule of 78 is a method of allocating interest throughout the life of a loan. It is also known as sum-of-the-years-digits. The name comes from the way interest is allocated during a one-year loan. The Rule of 78 weights the earlier payments with more interest than the later payments, so twelve parts of the interest are allocated during the first month, eleven parts during the second month, ten parts during the third month, and so forth. During an entire year, there are 12+11+10+…+1 parts allocated or a total of 78 parts. Hence the name “Rule of 78.”

TaxInterest IRS/State interest and penalty software is the professional standard relied upon by both accounting firms nationwide and the IRS. TimeValue Software offers a wide range of training and educational tools that are highlighted below to facilitate the usage of the TaxInterest software.

You can find the TimeValue Software educational tools on the company website at www.TimeValue.com/support-resources. Here, you will find a webinar for TaxInterest, product Training Videos, frequently asked questions (FAQs), and Blog topics.

File In Time due date tracking and task management software helps you manage all your filings and project tasks. TimeValue Software offers a wide range of training and educational tools that are highlighted below to facilitate the usage of the File In Time software.

You can find the TimeValue Software educational tools on the company website at www.TimeValue.com/support-resources. Here, you will find a webinar for File In Time, product Training Videos, frequently asked questions (FAQs), and Blog topics.