LEACIF

LEACIF Specializing in accounting and advisory services with a strategic and partnership driven focus. Please visit leacif.com and follow our page to learn more.

LEACIF offers leading edge professional services for businesses and entrepreneurs who know there is a better way forward in managing their organization's objectives and sustainably adding to its value. With a strategic and partnership driven focus, we specialize in both traditional accounting and advisory services, as well as services addressing the forefront of emerging issues that matter to our clients.

🌿 As part of your CRA engagement, procedures will be performed that address revenue transactions. 📊 These areas includ...
06/03/2026

🌿 As part of your CRA engagement, procedures will be performed that address revenue transactions.

📊 These areas include both the business’s standard operating procedures for handling cash and performing revenue reconciliations, as well as various steps to reconcile revenue between applicable accounting systems and METRC.

The specific steps required depend on the type of operating license(s) the business has.

🌿 For cultivators, processors, and retailers, specific reports will need to be provided from METRC. According to the AFS instructions, cultivators and processors should provide the Transfers Report, and retailers should provide the Sales Transaction Report.

Regarding the reports referenced above, here are a couple of important notes:

📊 The Transfers Report for cultivators and processors includes both revenue and non-revenue transactions. Generally, “Wholesale Transfers” represent revenue transactions.

Other transactions that are included on this report are transfers for testing and non-revenue affiliated/intercompany transfers. As a result, a CPA performing the AFS might request the Wholesale Transfers Report, in addition to the Transfers Report, in order to reconcile revenue.

📊 The Sales Transaction Report requested for the AFS contains each retail transaction. This report over the AFS period may often time out when attempting to run it from METRC due to the data size. As a result, a CPA performing the AFS might request the Monthly Sales Transaction Report, in addition to the Transfers Report, in order to reconcile revenue. The Monthly Sales Transaction Report summarizes the detailed individual transactions into totals by month.

To learn more about the AFS process and access to other tips and resources, please visit leacif.com/afs.

When accounting for assets contributed to a partnership, such as:🏬Real estate,🚚Equipment,📦Inventory,🧾Receivables, or eve...
06/02/2026

When accounting for assets contributed to a partnership, such as:

🏬Real estate,
🚚Equipment,
📦Inventory,
🧾Receivables, or even
💡Intellectual Property

Generally, it is important to account for both the

🔵Tax-basis of the asset(s)
🔵Fair market value of the asset(s)

🟠The tax basis of an asset often includes its cost, less tax-based depreciation.

🟠The fair value of an asset is determined by the marketplace and what an informed buyer would pay in an arm 's-length transaction.

🔵When contributing property to a partnership, the property is generally accounted for at its fair market value for the partner’s capital account purposes.

🔵An example may be a 50/50 partnership where one partner contributes cash valued at $100,000, while the other partner contributes a building worth $100,000, but with a tax basis and depreciated value of $20,000.In this example, both assets have fair market values that are the same, however the tax-based value has an $80,000 difference.

🟠Accounting and tracking for these differences can maintain accuracy and transparency for both tax-based and capital account values.

🔵Additionally, the disparity in fair market value and tax-based value of the contributed property can also affect depreciation allocations to the partners related to the contributed building. ➡️These rules are found under IRC Section 704(c) and include three methods to address depreciation allocations. The details for treating this type of scenario are often included in the partnership operating agreement.

🟦 Do you have an report due September 30th or December 31st, 2026? Now is the best time to reach out if so!📑We are cur...
06/01/2026

🟦 Do you have an report due September 30th or December 31st, 2026? Now is the best time to reach out if so!

📑We are currently onboarding reports for the September 30th submission date. Notices for December 31st due reports should arrive early next month!

🟦 Please reach out to learn more about the Fiscal Year 2026 AFS procedure requirements and how our firm may be able to help. We strive to provide an informative, detailed, and communicative approach throughout the engagement process.

Reach us at [email protected], or visit leacif.com/afs for AFS resources, tips, and to get in touch!

Working remotely has overall been successful for our Team. While we offer a hybrid approach, we have found remote work t...
06/01/2026

Working remotely has overall been successful for our Team. While we offer a hybrid approach, we have found remote work to be beneficial for our Team Members in many ways.

Here are 3 ways we encourage when working remotely:

⏳ Each Team Member establishes ‘Core Working Hours’. These hours may or may not contain all of the time frames the Team Member will work each week, depending on their position. However, core working hours determine the time frames our Team will be available online and to collaborate with clients and other Team Members.

✅ We use automated ‘check-ins’ in certain cases. For example, each Team Member receives a weekly ‘security check-in’, where we are asked to confirm that various data security controls are operational and in place. One example is confirmation that MFA is enabled for all relevant logins and devices.

🧮 For client accounting engagements, we have tasks established for each step within the engagement. Typically, these are recurring monthly tasks. When tasks are completed, everyone assigned to the engagement space can see the completed tasks and receive a notification. We also use the engagement spaces to address questions and specific issues related to the engagement, helping to keep documentation and establishing better notes for the next task occurrence.

05/29/2026

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✨ Firm Fact Friday ✨When we join a community, we don't just show up... we reach out! 📬 As newer members of the Bay Area ...
05/29/2026

✨ Firm Fact Friday ✨

When we join a community, we don't just show up... we reach out! 📬

As newer members of the Bay Area Chamber of Commerce, we wanted to personally introduce ourselves to fellow members. So we did it the old-fashioned way; with handwritten notes, brochures, business cards, and stamps. Every envelope was assembled by hand and dropped in the mail because we believe relationships are built with intention, not just a quick follow-up request.

We're not just a firm in this community — we're part of it! ✨

Protecting your business’s confidential info isn’t just about safety, it’s also about building a foundation for trust an...
05/28/2026

Protecting your business’s confidential info isn’t just about safety, it’s also about building a foundation for trust and ensuring your business stays online.

For handling sensitive data, you need a strategy that covers the entire data lifecycle. Here are the 4 essential controls every business owner should implement:

💾 Quality Control - Ensure your records are complete, timely, and precise to avoid costly mistakes.
💾 Retention - Set clear timelines for how long you keep specific records to stay compliant and reduce liability.
💾 Backup and Recovery - To prevent data loss or compromise, establish an alternative storage space, both physical and digital, for easier restoration.
💾 Secure Disposal - When data is no longer needed, "deleting" isn't enough. Enforce proper procedures to ensure information is permanently erased without a trace.

Data resilience and compliance start with the right strategy. Are you confident in your controls, or do you need a hand in strengthening them? We can help develop a strategy to secure and maintain your business information. Please reach out to our Team to learn more!

Tips for Keeping Your QBO Bank Feed MaintainedMessy bank feeds can be inefficient, stressful, and make information ineff...
05/27/2026

Tips for Keeping Your QBO Bank Feed Maintained

Messy bank feeds can be inefficient, stressful, and make information ineffective if not captured in a timely manner. Here are some tips for easier bank feed maintenance:

🟪 Establish Bank Feed Rules to capture common transactions. For Rules with little chance of error, consider setting these to add automatically.

🟪 Scan in receipts and bills to capture and record vendor payment transactions from their source document, and reduce the chance of miscategorizing the transaction and later needing to correct it.

🟪 Check past transactions to ensure all vendor payments have source documents attached, especially in the event of an audit or attest engagement.

🟪 Reconcile your bank feed monthly against the bank statement. Transactions might often be missed, inadvertently have amounts changed, or have incorrect dates marked - just to list a few of the errors that might be caught during the bank reconciliation process.

Consistency is key! Dedicating just a few minutes each week to reviewing transactions will prevent the need for larger, urgent changes in the future. If you need assistance in keeping your records clean and continuously up-to-date, we may be fit to help! Reach out to us or check out our website to learn more about how we can help fulfill your business needs.

Do you own multiple rental real estate properties? 🏘️ If so, it is important to ensure accounting and bookkeeping for ea...
05/26/2026

Do you own multiple rental real estate properties? 🏘️ If so, it is important to ensure accounting and bookkeeping for each rental activity are maintained separately.

Why?

🟨 When it comes time to report rental activity for tax purposes, generally, the activity for each rental property is reported separately on the related tax form.

🟨 For tax purposes, each property address is generally listed separately. Income and related expenses are also reported separately by property.

This concept of separate reporting by property address ensures that tax expenses like depreciation can be calculated separately by property. However expenses such as

🏘️ Utilities
🏘️ Repairs and maintenance
🏘️ Advertising expenses
🏘️ Insurance
🏘️ Property taxes
🏘️ And others relating to individual rental properties should also be maintained separately.

If using only one accounting system, tracking activity separately can become a challenge. Fortunately, most accounting software options include location or activity-tracking functionality.

🟨 Maintaining rental activity accounting separately and accurately throughout the year can help support a more efficient tax reporting process. Be sure to talk with your CPA for more information!

Does your business have an report due September 2026? Now is the best time to get in touch!There are many great serv...
05/25/2026

Does your business have an report due September 2026? Now is the best time to get in touch!

There are many great service providers to choose from for your AFS. So why work with us? Here are just a few reasons:

💡Our process resides entirely in our portal application. Clients can swipe through questionnaires and sample requests, upload documents, and respond to our communications from their phone if they choose. We have focused our process from the Client's perspective, from working with our own clients and helping them through their AFS engagements.

💡We are helpful and fair. We understand the AFS process is involved and for many, somewhat costly. We believe our service fees are fair and competitive, and also offer installment payments throughout the engagement to help businesses manage needs better. We are patient and helpful throughout the process.

💡We scope first, then propose. We base our fees on the expected work involved, including a complete understanding of sample sizes. Generally, we can begin the procedural work immediately once we agree to move forward since we already have what we need from our onboarding and scoping process.

💡We are advisors at heart. While we remain fully before, during, and after the process, if we identify opportunities for suggestions that may help your business, we will offer a post-report submission meeting to discuss these (at no cost).

💡We value . We use a secure portal and do not transmit sensitive information via email or ask you to use a temporary file share method. Our team performs all work locally.

💡We do our best to do things right. All of our team members touching on any aspect of your report are aware of and have specific education regarding the professional standards requirements, both for agreed-upon procedures engagements and professional ethics.

Please contact us before June 30th to get the onboarding started! Also, check out our website for resources and tips to learn more about the process and prepare.

Address

Essexville, MI
48732

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