Blogs on Good Bookkeeping Practices |
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Hey You ... Welcome to The Bookkeeper's Blog! Join me as I blog on good bookkeeping practices for work from home bookkeepers and business owners who do their own books.
Here is where you have the opportunity to easily keep up-to-date on new blog pages being posted to the Bookkeeping Essentials web site.
To subscribe to The Bookkeeper's Blog, right click on the orange RSS button at the top left hand side ... then copy and paste the URL link into your RSS reader (your browser) ... hit enter and you should be ready to go ... I saved my feed to MY Favorites. ;-)
Now every time I update this site, your RSS feed will get updated. Presto, it's magic (to me anyways)!
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It is my sincere hope that you will learn good bookkeeping practices that help you manage your business finances easily and more efficiently.
To your success! ... and, of course, thank you for visiting my site.
Life is good here at the Rainbow's End. It took twenty six years to get here ... and tenacity over the past twelve years to stay ... being creative about solving the problems life throws at you is a necessity. The way to reach your goal is not always a straight line.
This picture is from my day trip to Stuart Lake.
Photo courtesy of B. Gale
Sep 3, 2010, Retiring Allowances Reporting Changes
Starting in January 2011 (for the 2010 taxation year), use the T4 slip instead of the T4A slip to report retiring allowances. The T4A slip will still be used to report these types of income for 2009 and prior years.
Permalink -- click for full blog post "Retiring Allowances Reporting Changes"
Sep 3, 2010, Password Protection
PCMag.com has recently published a helpful guide on How to Create Strong Passwords by Eric Griffith. With vacations over and everyone back at work, now is the time to review your current passwords.
Permalink -- click for full blog post "Password Protection"
Sep 1, 2010, What About Internal Controls? Small Business Accounting Decisions
Internal controls help protect you and your business against the possibility of fraud. They also reduce the likelihood of a bad tax audit. Here are some simple internal controls to implement.
Sep 1, 2010, Tax Filing Deadlines in Canada - Tax Filing Due Dates
Updated for September 2010, Canadian tax filing deadlines and due dates for GST/HST, PST, payroll source deductions, T4 and T4A information returns, WCB, business income tax returns.
Permalink -- click for full blog post "Tax Filing Deadlines in Canada - Tax Filing Due Dates"
Sep 1, 2010, Taking a Salary
I am an incorporated company. I want to start taking a salary. Do I need to apply for a payroll number with the CRA? Do I have to deduct EI and Income
Permalink -- click for full blog post "Taking a Salary"
Aug 26, 2010, GST HST Quick Method Rates
Information on Canadian GST HST Quick Method rates useful to work from home bookkeepers and business owners.
Permalink -- click for full blog post "GST HST Quick Method Rates"
Aug 25, 2010, I notice you are in Canada?
I notice that you are in Canada? Are you? And if I am in the U.S. will I be able to use your site as a reference? Because I hope so, it is AWESOME!!!!!
Permalink -- click for full blog post "I notice you are in Canada?"
Aug 21, 2010, T2125 Form and Sales Tax
Entering Expenses Into T2125 Form When entering expenses into the T2125 form, do I include the GST in that expense? Hi Clare, It depends on whether
Permalink -- click for full blog post "T2125 Form and Sales Tax"
Aug 19, 2010, Office Manager
Hi, My husband owns a small painting company. I do all his paper work and talk to a lot of customers. Sometimes I have to fill out papers that ask for
Permalink -- click for full blog post "Office Manager"
Aug 18, 2010, Used Car Bookkeeping
Used Car Lot Trade In Hi, When I am doing an entry for a used car sale with a trade in I debit the bank, credit sales and HST and what is my other debit?
Permalink -- click for full blog post "Used Car Bookkeeping"
Aug 18, 2010, Hire-Purchase & Lease
How do I record a hire-purchase transaction? What is the difference between hire-purchase and leasing? I have to say I had never heard of the term
Permalink -- click for full blog post "Hire-Purchase & Lease"
Aug 16, 2010, Payroll Liability Refund
Recording Tax Agency Credit in Quickbooks Hi, Our church uses Quickbooks Pro for accounting but we don't use the payroll module (only 1 paid employee).
Permalink -- click for full blog post "Payroll Liability Refund"
Aug 16, 2010, CRA horror stories
Do you publish the stories that people have sent you? If so, where can I view them? Thank you & I like your site! No one has submitted any CRA
Permalink -- click for full blog post "CRA horror stories"
Aug 14, 2010, Sales Invoices for GST/HST Registrants
I am just wondering if you could site a CRA reference for your info ( from Creating An Audit Trail ) re: A legitimate business receipt for CRA purposes
Permalink -- click for full blog post "Sales Invoices for GST/HST Registrants"
Aug 10, 2010, GST HST in Canada - Canadian Sales Tax Guide
I have reorganized some of the GST HST information on this site ... so there is no new information for my regular visitors.
This is "The GST HST in Canada" page. It is The Bookkeeper's Handy Reference to Quick Links ... an index ... to articles and sidebars on GST (goods and services tax) and HST (harmonized sales tax) found on Bookkeeping-Essentials.
Permalink -- click for full blog post "GST HST in Canada - Canadian Sales Tax Guide"
Aug 9, 2010, Starting a Business in the U.S.
If you are starting a business in the U.S., you want to have the IRS Publication 583 Starting a Business and Keeping Records as your reference guide. You
Permalink -- click for full blog post "Starting a Business in the U.S."
Aug 4, 2010, CCPC Small Business Deduction
CCPCs are taxed favorably on active income through the small business deduction. Hello: We have started a small business incorporated in Ontario that
Permalink -- click for full blog post "CCPC Small Business Deduction"
Jul 31, 2010, Businessman
When are Corporate Income Taxes and GST Statute Barred. ie how many years from what date? Hi Gary, D. Laurence Armstrong, of Armstrong Wellman,
Permalink -- click for full blog post "Businessman"
Jul 29, 2010, The Employers' Advisers
The Employer's Adviser is a free newsletter published by The Employer's Advisers Office. Their purpose, at no charge to you, is to provide
Permalink -- click for full blog post "The Employers' Advisers"
Jul 29, 2010, Personal Money - Company Bills
Transferring personal money to pay company bills Hi, I have been buying material and supplies for my small business. I also got a farm loan to purchase
Permalink -- click for full blog post "Personal Money - Company Bills"
Jul 27, 2010, GST/HST $30,000 Threshold
How does the $30,000 GST/HST rule actually work for a sole proprietor with employees? If a sole proprietor's company takes in $200K in sales, but pays
Permalink -- click for full blog post "GST/HST $30,000 Threshold"
Jul 27, 2010, HST/PST over $10 million revenue
Do I need to set up a separate general ledger account to separate the PST portion (8%)from the HST general ledger if my annual revenue is over $10,000,000.00
Permalink -- click for full blog post "HST/PST over $10 million revenue"
Jul 27, 2010, Phone and Internet Expenses
Split phone line and internet expenses for home office I am a sole owner who works from home and am set up with a single phone line with two numbers (one
Permalink -- click for full blog post " Phone and Internet Expenses"
Jul 25, 2010, Corporation Dissolution - Final Transactions
Hopefully visitors to the site who have experience with dissolving a corporation will be able to respond to this post. I probably could find answers
Permalink -- click for full blog post "Corporation Dissolution - Final Transactions"
Jul 24, 2010, How To Claim BC Energy HST Rebate
BC HST Notice#10 has now been updated with information on how to claim your energy rebate if you have a home office ... as you do NOT qualify for the residential energy credit.
You must notify your energy suppliers that you do NOT qualify to avoid fines and penalties.
Permalink -- click for full blog post "How To Claim BC Energy HST Rebate"
Jul 24, 2010, Online Quiz For Employee Gifts or Awards
CRA has created an online tool to help employers determine if employer provided awards and gifts are taxable benefits to employees. It is a series of nine questions for YOU to answer with the click of your mouse ...
Permalink -- click for full blog post "Online Quiz For Employee Gifts or Awards"
Jul 22, 2010, Tax Compliance in Canada - The Bookkeeper's Handy Reference
Important Canadian tax compliance notes, references and links for 2010/2011 tax season deadlines, GST/HST, payroll source deductions, T4 and T4A information returns, WCB.
Permalink -- click for full blog post "Tax Compliance in Canada - The Bookkeeper's Handy Reference"
Jul 22, 2010, Payroll Tax Rates For Bookkeepers - Canadian Bookkeeping
Payroll tax rates information for bookkeepers ... so you can meet your Canadian payroll compliance obligations. Includes employee taxable benefits references and how to pay employees with cash.
Permalink -- click for full blog post "Payroll Tax Rates For Bookkeepers - Canadian Bookkeeping"
Jul 21, 2010, Tax on New Land Purchase
We recently purchased some land and are having it subdivided and then wish to sell each piece separately. My question is...will we have to pay capital
Permalink -- click for full blog post "Tax on New Land Purchase"
Jul 21, 2010, Personal Vehicle Use in an Incorporated Business
My husband owns an incorporated business along with a partner. My husband uses our personal vehicle to do all of his business, as well as his personal
Permalink -- click for full blog post "Personal Vehicle Use in an Incorporated Business"
Jul 18, 2010, Non-Deductible Expenses
I've read on your site about being able to claim net GST paid on a personal tax return. I am self-employed and file an annual GST return, I always pay
Permalink -- click for full blog post "Non-Deductible Expenses"
Jul 16, 2010, Income Tax Entry For Prior Year
We paid income tax for 2008 in 2009 on filing 2008 return. However no adusting entry or accrual has been booked in 2008 financial statement. How we can
Permalink -- click for full blog post "Income Tax Entry For Prior Year"
Jul 16, 2010, TFSA Contribution Room
If you have a Tax Free Savings Account (TFSA), be sure you understand your contribution room.
TFSAs allow Canadian residents to contribute $5,000 annually where ...
Permalink -- click for full blog post "TFSA Contribution Room"
Jul 15, 2010, Transferring From Proprietorship To LTD
I am doing books for a company and I need to transfer account balances of vendors from proprietorship to ltd company. How do I enter a transaction for
Permalink -- click for full blog post "Transferring From Proprietorship To LTD"
Jul 11, 2010, Booking Meals & Entertainment Expenses
Hi There, I am using QB and was wondering how I should book the meals and entertainment expenses given that they only have a 50% eligibility. Do I
Permalink -- click for full blog post "Booking Meals & Entertainment Expenses"
Jul 11, 2010, Best Small Biz Help.com
Dawn Fotopulos's site Best Small Biz Help is the The Solopreneur's Lifeline. Dawn explains the site's mission is to "train and support the very small business owner who makes under $50K per year ...
Permalink -- click for full blog post "Best Small Biz Help.com"
Jul 10, 2010, HST Rebate for Charities
I stumbled across your site and have appreciated the wealth of information there. I am a bookkeeper for a charity in BC. Prior to July 1, 2010 we were
Permalink -- click for full blog post "HST Rebate for Charities"
Jul 8, 2010, HST Invoicing Presentation Requirements
Do your customer invoices meet CRA's GST/HST information requirements? You'd hate to lose your ITCs during an audit because the sales receipts you have do not have the proper information.
Permalink -- click for full blog post "HST Invoicing Presentation Requirements"
Jul 7, 2010, Canadian Sales Tax Summary By Province and Territory
The current place of supply rules are based on the customer's location ... which means many small business owners now need to know the sales tax rates in all of the provinces and territories.
I have put together a summary as a handy reference for you.
Permalink -- click for full blog post "Canadian Sales Tax Summary By Province and Territory"
Jul 6, 2010, Is Your Home Office in B.C.?
This a reminder that you have to notify your energy suppliers if you have your home office in B.C. ... as you do NOT qualify for the Residential Energy Credit.
Permalink -- click for full blog post "Is Your Home Office in B.C.?"
Jul 2, 2010, New Simplified Logbook For Vehicle Expense Provisions
On June 28, 2010, the Finance Minister announced a new simplified logbook for vehicle expense provisions. I took a quick glance at the new "simplification" ...
Permalink -- click for full blog post "New Simplified Logbook For Vehicle Expense Provisions"
Jul 2, 2010, GST/HST Quick Method Rates Released
GST/HST remittance rates for business registrants using the Quick Method of Accounting have been released by the Department of Finance. It includes the GST/HST rates for the Quick Method in BC and Nova Scotia.
I have updated my rate table ...
Permalink -- click for full blog post "GST/HST Quick Method Rates Released"
Jun 25, 2010, Intuit Webcasts on HST
Intuit has two webcasts available for viewing ... one for BC and one for Ontario ... on how to setup the more advanced aspects of HST ... like split transactions and recapture of input tax credits (RITC).
You can find them at:
http://community.intuit.com/posts/intuit-hst-webinars
Jun 25, 2010, CRA's Harmonized Sales Tax Transitional Guide Released
CRA released the spring edition of Excise and GST/HST News - No. 76 this week. Publication News76 gives a good summary of all the important HST announcements ...
Permalink -- click for full blog post "CRA's Harmonized Sales Tax Transitional Guide Released"
Jun 22, 2010, Corporate Dividends Payable
Bookkeeping Entries For Corporate Dividends Paid When a corporation pays dividends to it's shareholders, what are the bookkeeping entries? You would
Permalink -- click for full blog post "Corporate Dividends Payable"
Jun 18, 2010, Work-In-Progress Billing Reminder
This is a reminder to all BC and Ontario service businesses to create work-in-progress billings up to and including June 30, 2010 so as to capture all work that is GST eligible.
The billings should not include billings for work to be done after June 30, 2010 which will be billed at HST rates.
Jun 15, 2010, GST Overpayment
I did my GST at the year end and sent the cheque to Revenue Canada...somehow I made a mistake and ended up getting a refund. How do I put this refund
Permalink -- click for full blog post "GST Overpayment"
Jun 14, 2010, BC Carbon Tax Set To Increase July 1
For anyone interested, you can find a schedule of all carbon tax increases by fuel type on the BC government website www.sbr.gov.bc.ca at ...
Permalink -- click for full blog post "BC Carbon Tax Set To Increase July 1"
Jun 14, 2010, Revised Payroll Deduction Tables Effective July 1
CRA website (www.cra-arc.gc.ca/payroll) has the online 2010 Payroll Deductions Online Calculator available which contain changes for Newfoundland, Labrador, and Nova Scotia.
The manual payroll deduction tables ...
Permalink -- click for full blog post "Revised Payroll Deduction Tables Effective July 1"
