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Vistiq - Washington State - Looking for a deal on cash purchase
Main Post: Hello, I am new to this forum. I am considering purchasing the Cadillac Vistiq Luxury or Sports model. I’ve a small business and will like to use the business deduction for the full purchase price. I was quoted the following from one dealer, without any negotiation: Sale Price: 80190 Dealer Prot…
Top Comment: Hello, I am new to this forum. I am considering purchasing the Cadillac Vistiq Luxury or Sports model. I’ve a small business and will like to use the business deduction for the full purchase price. I was quoted the following from one dealer, without any negotiation: Sale Price: 80190 Dealer ...
Unable to purchase crypto with cash balance
Main Post:
Hello there,
I am trying to buy crypto with my cash balance on Binance, but I get the following message:
"Unable to process There was a problem processing this payment. Please try again or use a different payment method."
I have sufficient funds. I have tried to buy other coins and got the same error.
I figured I may have crossed a limit or something (although I am verified). Does any of you know if there are such limits for buying crypto with a cash balance, what those limits might be and when I can buy crypto again? I couldn't find anything about this on the Binance site.
Thanks in advance :)
Top Comment: To anyone having the same problem: after some time I can buy some crypto with smaller amounts every now and then. Seems there is some kind of limit that passes with time. I don't know what this limit is and how long you have to wait for it to pass. Perhaps any of you can clarify this? I contacted Binance support but after waiting all day they just closed the chat (I was #15 and 3 minutes later I checked and poof it was all gone).
Can I purchase 20 WoW Tokens with cash and sell them all on AH in one day?
Main Post:
Hello, so basically I'm wondering if it is possible to buy 20 wow tokens with cash and sell them all on AH in one day. I need close to 8 million gold. So for me to get 8 million gold I would have to buy over 20 wow tokens. I'm just not sure if there is like a daily limit on how many tokens I can purchase with cash. Thank you
Top Comment:
You know that's close to 400 euros ?
When we are talking about gold and token we might lose that point of view, but, 20 token = 400€.
I'm happy for you if this amount is negligeable, but it's a lot of money dude.
Novated lease vs cash purchase
Main Post:
Hi all, I'm an expat just arrived in Melbourne for work. I'm looking to get a car for commuting to work/personal use. It'll actually be my first car so I just want something relatively basic, I'm looking at used (~2014-2015) hatchbacks such as a Toyota Yaris or Ford Fiesta. The upper limit of my budget would be about $12k. I have the cash in a euro savings account that I could use to purchase a car outright, but my employer (a non-profit) offers novated leasing which seems like an interesting option. However, I don't know much about novated leases as it's not something available back home. I got a quote from my employer's lease provider for an example of the sort of car & budget I'd be looking at, and it seems like it will save me a bit of money overall but I wouldn't mind a second opinion in case I'm missing something!
Lease duration: 3 years
Annual kms: 12000
Car purchase price: $12000
Annual finance cost: $3450
Annual running costs: $4780
Total cost to salary after tax packaging: $6260 annually/$240 per fortnight
Residual (incl GST): $5680
Total lease cost over 3 years (6260*3 + 5680) = 24460
Total cost to purchase outright= (12000 + 4780*3) = 26340
Using the same running costs as calculated in the lease it seems like I would save ~$2k overall by leasing rather than paying outright. Do these numbers sound reasonable? The running costs seem a little high to me but having not owned a car before I'm not sure what to expect! I like the idea of having a monthly budget for my car and not having to worry about big expenses during the year. I'd also prefer not to eat into my savings too much to buy outright either, although I do have enough saved to still have a nest egg left over for emergencies etc, so if it was the more financially prudent option I would be ok with it.
Anyway, I'd love to hear from anyone who knows about these things whether it's an option I should consider or not! Feel free to ask any further questions if I've left out any relevant info.
Top Comment:
Being in a non profit sure takes the sting out of leasing (usually no FBT) but be aware there maybe a sharing of your savings with your employer and or union.
If you are in a higher tax bracket it makes it more attractive.
Leasing is nice with no surprises but there is a cost paying the middleman.
A family member is in non profit area and in a lower tax bracket and doing the sums on a lease, it does not work that well.
Ask your employer if you are allowed to get quotes and use a different lease company. Sometimes you can get a better deal yourself.
TD interest charge purchase and cash : PersonalFinanceCanada
Main Post: TD interest charge purchase and cash : PersonalFinanceCanada
Cash purchase confusion
Main Post:
I'm stuck on a bookkeeping question. A transaction says that merchandise was purchased with cash, but the opening balance for the cash account is 0. I could withdraw from the bank account (Dr Cash, Cr Bank Account), but that would only make the journal entry look like the purchase was done directly from my bank account.
Top Comment:
Did one of the owners purchase it with their own cash? In that case you'd debit the cash account and credit the owner's contributions account, or you could skip the cash account entirely and debit the appropriate expense or inventory account directly.
Citi Custom Cash Adding Purchase Protection 11/17
Main Post:
Got this today:
An important update to your Citi Custom CashSM Mastercard® account
We are letting you know about a new protection benefit for your Citi Custom Cash account. Starting November 17, 2024, Extended Warranty may protect purchases made with your account. Check out the Guide to Protection Benefits to learn more. If you have any questions regarding your new card benefit, sign on to the Citi Mobile® App or visit Card Benefits at Citi® Online. You can also call 1-833-251-6404. For TTY: We accept 711 or other Relay Service. We hope you enjoy the new feature on your Citi Custom Cash card. Your Citi Team
"Guide To Protection Benefits Link" https://snamwpm.eccmp.com/wpm/617/ContentUploads/docs/GTB_CRE387.pdf
Top Comment: Nice to see it added. Mostly worthless for me since I use my CC for groceries, as it is a consistent monthly spend category to max out my 5%.
What business loans can you use to purchase a cash-flowing online e-commerce business?
Main Post:
Has anyone purchased a cash-flowing online e-commerce business?
I'm looking on Flippa.com for deals right now.
Are there lenders that provide loans to purchase cash-flowing online e-commerce businesses?
What percentage of purchase price would those business loans lend up to?
What are their typical interest rates, points, fees, etc?
What are the qualifications to be approved?
Top Comment:
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Cash Out Refi on cash home purchase - Looking for insight.
Main Post:
So my wife and I are planning on moving, selling our home and purchasing a new one closer to our works and to better suit a family. We currently have 200-250k equity in our home depending on sale price. We would prefer not to take out a second mortgage and have two overlapping payments, and we do not want to do a contingency on the sale of our current home to purchase a new place because our market is currently very hot and homes are selling very fast. cash offers and waived inspections are very common and nobody would want to deal with our contingency, reducing the likelihood of securing the home we want. in a perfect world, we would just sell our home and then use that money as a 50% down payment. i also understand some may say its better to put 20% down and invest the rest, but we would prefer to hve a comfortably manageable monthly payment and build our savings back up over time.
My father has graciously offered us a personal "bridge loan" to purchase a new home, here's how it would look from my perspective:
1- father gives us roughly 500k to purchase new home outright, cash closing. this is from a Line of Credit so we will pay his interest during the period we are drawing on the credit.
2- we list and sell our current home, profit approx. 225k
3- pay 250k to my father (adding some of our own personal savings on top to reach 50% payback)
4- cash out refinance on newly purchased home, which is owned free and clear, for 250k over 30 years to finish repaying my father, simulating a mortgage as if we had sold our home first and made a 50% down payment on the home in the first place.
I understand there will be additional closing costs, realtor fees and others items throughout the process. we have approximately 100k in liquid cash to use as needed however we would no want to deplete that any more than necessary.
looking for some affirmation or insight into this situation. Thanks very much.
Top Comment:
Assuming your DTI would allow you to qualify for a mortgage before you sell your current house, It makes a lot more sense to me for you to use the 100k cash for a down payment to buy the house. FIL can gift you 20-30k or whatever to help top up the closing costs and help you out while you have two mortgages. Pay FIL back with interest when you sell.
How do you record an acquisition under cash basis accounting?
Main Post:
My client purchased their business in April 2024 and hasn’t recorded it, just the loan repayment of the acquisition.
I understand in standard GAAP accrual accounting you’d debit the assets of the business after doing a purchase price allocation, then credit the sale price under the loan. Payments would go against the loan (interest to expense accounts), and the assets would get amortized.
Since this is cash basis and you don’t amortize assets, how would this get recorded?
Assume the loan was for $100k and payments are 2k a month. Would you record a $100k expense on the income statement in April 2024, then only the interest of the loan payments going forwards?
I might just point them towards a CPA for this...
Top Comment: Ideally, you would use modified cash basis, so you would record and track the loan liability on the balance sheet. Pure cash is rare. In pure cash, I think you’d have to record the loan as debit cash and credit equity, then payments would debit equity for the principle, debit expense for the interest, and credit cash the full payment. It’s not very clean, because it’s an artificial inflation of equity and each payment reduces equity. That is harder to understand than to just create a liability. The income statement would still be pure cash.