What's the Journal Entry for a Hush Money Payment?

Blake and David delve into the accounting and bookkeeping aspects of Donald Trump's recent guilty verdict in New York. They discuss the charges related to falsifying business records and hush money payments and explore the potential implications for Trump's businesses and campaign. Their conversation also touches on the current state of AI in accounting, the retirement of AICPA president Barry Melancon, and the challenges facing the profession in attracting new talent.SponsorsLiveFlow - http://accountingpodcast.promo/liveflow Zoho - http://accountingpodcast.promo/zoho Blue Onion - http://accountingpodcast.promo/blueonion Bean - http://accountingpodcast.promo/beanChapters(01:10) - Breaking Down Trump's Guilty Verdict

(02:56) - Analyzing the Charges

(04:52) - Legal Implications and Campaign Finance

(07:54) - Trump's Bookkeeping and Legal Strategies

(10:01) - Asking ChatGPT How This Entry Should Have Been Coded

(17:14) - Commercial Real Estate and Trump's Properties

(24:50) - Puzzle Accounting and AI Automation

(29:15) - Rose Financial's EASBY adds AI

(33:23) - Challenges in AI Categorization

(34:07) - Human Oversight in AI Accounting

(35:38) - Digits' AI Performance and Market Comparison

(39:10) - Live Listener Question: Career Path in Accounting

(42:28) - University of Scranton Brags About Number of Accounting Papers They've Published

(43:00) - AICPA's Future as President Barry Melancon Announces Retirement

(52:32) - App Review: Rose AI-Powered Spreadsheet

(54:34) - Watch Our TurboTax Business Assisted 2024 Review and Listen to the Best Metrics Podcast

(57:07) - Earn CPE For Listening To Our Podcast
 Show Notes"Who's the victim of Trump's Bookkeeping?" Washington Examinerhttps://www.washingtonexaminer.com/daily-memo/3014100/who-is-the-victim-of-trumps-bookkeeping/ Trump May Owe $100 Million From Double-Dip Tax Breaks, Audit Showshttps://www.nytimes.com/2024/05/11/us/trump-taxes-audit-chicago.html The Office-Market Meltdown Comes for Trump’s Prized Wall Street Buildinghttps://www.wsj.com/real-estate/commercial/the-office-market-meltdown-comes-for-trumps-prized-wall-street-building-31b3a667 Profession Leader Humbly Requests You STFU About Long Hours, Busy Season, and Stresshttps://www.goingconcern.com/profession-leader-humbly-requests-you-stfu-about-long-hours-busy-season-and-stress/ New AICPA chair: ‘We need to promote the cool work we do’https://www.journalofaccountancy.com/issues/2024/jun/new-aicpa-chair-we-need-to-promote-the-cool-work-we-do.html Rose Financial Solutions Sets Goal to Automate 85% of Finance and Accounting Activities by 2030https://www.prnewswire.com/news-releases/rose-financial-solutions-sets-goal-to-automate-85-of-finance-and-accounting-activities-by-2030-302145576.html TAP: TurboTax Business Assisted Review 2024 (for Tax Year 2023)https://www.youtube.com/watch?v=zaaMIV1lyns Check out Best Metrics here: https://bestmetrics.transistor.fm/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page