The barter industry has much to thank Dennis Smith for in the year 2014. He took down Ormita, a house of cards which perpetrated gross crimes across the world, after years of research and investigation. I personally talked to Dennis, at length, during that particular time, and I find him to be lucid, even if […]
California, and indeed many states, are reviewing their laws regarding money these days. Money has become somewhat ambiguous over the last fifty years, and that ambiguity is only increasing with Bitcoin and all of the other new money being created all over the world. I’ve reported in other articles about Auroracoin, Mazacoin, and other bitcoin […]
California defines money three different ways (not to make things confusing or unclear…) “Money” means a medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries. - California Uniform Commercial Code […]
OrmitaTrading.com currently hosts a logo and a message. We are unveiling our exciting new system in 48 hours. Please stay tuned! Forty-eight hours have come and gone. The new software has not appeared, the exchange has not been put back together. Daniel Evans, other than publishing a press release targeting Dennis Smith personally, has not surfaced. We continue […]
I found a link to a site that offers free Quickbooks advice. It had this to say about recording a barter transaction. Recording of Barter ExchangesIf you have customers who are also vendors you may decide to trade some or all of your services / products in exchange for payment. To record such a barter […]
There are many ways barter can be used to renovate or restore a home. You can use barter to purchase building materials and hire contractors. Many suppliers such as tile, carpet and stone companies have huge excess inventories or items that have gone unsold. They would welcome the opportunity to get full value for the […]
Most businesses suffer from the issue of bad debts (accounts receivable that will most likely remain uncollectible and will be written off). These debts appear as an expense on the company’s income statement, thus reducing net income and most companies make a bad debt allowance since it is unlikely that all of their debtors will pay them in full. (more…)