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The Bookkeeper's Blog ...

Blogs on Good Bookkeeping Practices

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)!

Not familiar with blogging and RSS feeds? Then click on the [?] above the orange RSS feed button for more information. Try it. It's fun!

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.

image of written script saying from Rainbow's End where heaven and earth sometimes touch. Your tutor Lake




Sometimes we stare so long at a door that is closing
that we see too late the one that is open.

-- Alexander Graham Bell, Inventor --




Life is good here at the Rainbow's End. It took twenty six years to get here ... and tenacity over the past fourteen 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 in 2009.

Image of of seaplane moored on Stuart Lake. Life is good here.
Photo courtesy of B. Gale


Feb 4, 2012

Excel Bookkeeping Workpaper Templates

10 Excel bookkeeping lessons on how to use Excel 2010 to create workpapers which assist in analyzing your business data. Sample Canadian bookkeeping templates are included.

Permalink -- click for full blog post "Excel Bookkeeping Workpaper Templates"

Feb 3, 2012

Transaction Date

Enter invoice date or the date the cheque is cashed? Hi all, I have run across a purchase invoice which is dated on July 25, while the date the cheque

Permalink -- click for full blog post "Transaction Date"

Feb 2, 2012

GST/HST ITCs for MLM Business

I have a debate going on with a few ladies about GST/HST input tax credits for MLM business owners. Most of the sales are conducted online by consumers

Permalink -- click for full blog post "GST/HST ITCs for MLM Business"

Feb 1, 2012

How To Track Customer Deposits

I need a program that will let me track cash deposits made in advance of purchase even when no final amount has been determined. There is no time limit

Permalink -- click for full blog post "How To Track Customer Deposits"

Jan 31, 2012

Tax Compliance in Canada - Tax Filing Due Dates

Canadian tax compliance due dates updated to February, 2012. Also notes and references for 2011/2012 tax season deadlines, GST/HST, payroll source deductions, T4 and T4A information returns, WCB.

Permalink -- click for full blog post "Tax Compliance in Canada - Tax Filing Due Dates"

Jan 31, 2012

Year-end Trial Balance Report

Our company year-end date is Nov 19th. I did not enter a Closing Date in the Accounting Preferences. However, in Company Information, I had to enter a

Permalink -- click for full blog post "Year-end Trial Balance Report"

Jan 30, 2012

GST on Meals Adjustment

What account would you debit to adjust the GST/HST for the amount that is not eligible for the ITC (50%) on meals? I think GST would be credited for the

Permalink -- click for full blog post "GST on Meals Adjustment"

Jan 27, 2012

Direct Selling Bookkeeping

My question is simply this: Do you need to record instances where your customer pays for their order with their own personal credit card, as opposed to

Permalink -- click for full blog post "Direct Selling Bookkeeping"

Jan 26, 2012

Expense Cell Phone Ticket

Can I expense my client's $167 using electronic device while driving ticket? In Part 1 of my article on Limitations and Non-Deductible Expenses I

Permalink -- click for full blog post "Expense Cell Phone Ticket"

Jan 21, 2012

Wave Accounting

I attended a webinar this past week about the free cloud application Wave Accounting. It is a Canadian based company. Their target market is early stage

Permalink -- click for full blog post "Wave Accounting"

Jan 21, 2012

Learn Basic Bookkeeping - Online Training

Learn basic bookkeeping. Two online courses designed for small business owners who are non-accountants. One course is four hours long, the other 20 hours long.

Permalink -- click for full blog post "Learn Basic Bookkeeping - Online Training"

Jan 19, 2012

Reimbursement of Business Mileage

I have just started running a small eBay business from home in Canada. I mail in the US. Can I claim the 52 cents per km for my trips to mail my sales

Permalink -- click for full blog post "Reimbursement of Business Mileage"

Jan 17, 2012

Buying Antiques at Yard Sales

How do you account for cash inventory purchases made at yard/garage sales without receipts? Philip, I would keep a business journal / log of your

Permalink -- click for full blog post "Buying Antiques at Yard Sales"

Jan 16, 2012

Starting a Career as a Bookkeeper

I am 56 years old and have worked in food service management for over 20 years. I have, and still do, handle a host of things such as payroll, AP, AR and

Permalink -- click for full blog post "Starting a Career as a Bookkeeper"

Jan 11, 2012

1099-Misc and New 1099-K Form

IRS introduced new regulations for Form 1099-MISC and a new form 1099-K. Some payments that were previously included on the 1099-MISC are now reported on 1099-K and must be excluded from

Permalink -- click for full blog post "1099-Misc and New 1099-K Form"

Jan 11, 2012

IRS Webinar January 11, 2012

-- Reminder --

The IRS are holding a free webinar on January 11, 2012 11:00 AM Pacific Time to explain their Small Business/Self-Employed Division top compliance priorities (i.e. what they will be looking in audits) in 2012 .

Permalink -- click for full blog post "IRS Webinar January 11, 2012"

Jan 9, 2012

This Is Worth Worth Dusting Off

As we start the new year, I thought you might like to take a teabreak and get inspired all over again.

Permalink -- click for full blog post "This Is Worth Worth Dusting Off"

Jan 7, 2012

Virtual Online Bookkeeper - How To Take Your Practice Virtual

A professional bookkeeper shares her secrets on how to become an online bookkeeper. She shows you how to start a bookkeeping business virtually, step by step, in as little as 30 days.

Permalink -- click for full blog post "Virtual Online Bookkeeper - How To Take Your Practice Virtual"

Jan 6, 2012

Payroll Advances

I am doing bookkeeping for an incorporated business, no employees, but the owner draws salary cheques for herself. She would like to make them semi-monthly,

Permalink -- click for full blog post "Payroll Advances"

Jan 4, 2012

QuickBooks and PD7A

It is year end and pp26 ran Dec. 4-17/2011 and was paid Dec. 22/2011. As the tax return is on a cash basis this makes me understand that the last pay

Permalink -- click for full blog post "QuickBooks and PD7A "

Jan 4, 2012

Simplified Travel Mileage Rates

I am incorporated in Canada and am confused by the lack of information on the web for the simplified vehicle travel rates. I am glad I've found more information

Permalink -- click for full blog post "Simplified Travel Mileage Rates"

Jan 3, 2012

Husband and Wife Home Business

My husband and I are building a home based business together. Some income coming in is in his name and some is in my name. For example ... from various

Permalink -- click for full blog post "Husband and Wife Home Business"

Jan 3, 2012

Starting a Set of Books

I am just starting out bookkeeping on my own. I am currently a full time accounting student working towards my bachelors degree and designation. I have

Permalink -- click for full blog post "Starting a Set of Books"

Jan 2, 2012

Yearend Reminder - Spousal Loans

Reminder to repay any spousal loans including interest prior to January 30 if you do not want the loan included in your income. It must be a physical bank transaction, not a journal entry.

Permalink -- click for full blog post "Yearend Reminder - Spousal Loans"

Dec 31, 2011

Evaluate Your Book Keeping System

Whether you are just starting out or have been in business awhile, how do you know if your book keeping system is the right one for your business? It’s best to keep it as simple as possible for ...

Permalink -- click for full blog post "Evaluate Your Book Keeping System"

Dec 30, 2011

Yearend Bookkeeping Survey

What's your biggest fear when it comes to doing yearend bookkeeping procedures?

Permalink -- click for full blog post "Yearend Bookkeeping Survey"

 Dec 30, 2011

Yearend Reminder - Odometer Reading

Just a reminder to those who use their personal vehicle for business ... remember to take your odometer reading tomorrow or on Sunday.

Wishing you a healthy and prosperous New Year!

Dec 29, 2011

2012 Automobile Deduction Limits and Taxable Benefit Rates

The Finance Minister released the automobile deduction limits and taxable benefit rates for 2012. I have updated my tables accordingly. See

Permalink -- click for full blog post "2012 Automobile Deduction Limits and Taxable Benefit Rates"

Dec 29, 2011

Clean-up for Year-end

Are there any blogs for these topics: 1) What account are holiday decorations for the office put into such as Xmas tree, Xmas and New Years banners, Xmas

Permalink -- click for full blog post "Clean-up for Year-end"

Dec 26, 2011

UCC Balance and Transfer of Business Assets

I'm going to be paying myself the reasonable allowance per /km since the business use of my car is over 90% to run the incorporated business.

Permalink -- click for full blog post "UCC Balance and Transfer of Business Assets"

Dec 24, 2011

HST and Private Sale of Vehicle

As a sole proprietor in Ontario do I collect HST as part of the sale when I sell a vehicle (used both personally and in the business) to a private citizen?

Permalink -- click for full blog post "HST and Private Sale of Vehicle"

Dec 24, 2011

Accounting Estimates

Is there any place on your site that talks about how to do estimates and how to tell if something is reasonable or not? - I tried to do site search but

Permalink -- click for full blog post "Accounting Estimates"

Dec 23, 2011

Temporary Payroll Tax Cut Continuation Act of 2011

IRS announced today the extension of the reduced payroll tax rate that has been in effect for 2011. It includes a new recapture provision negotiated by Congress.

Permalink -- click for full blog post "Temporary Payroll Tax Cut Continuation Act of 2011"

Dec 22, 2011

When to Charge GST/HST

I am a sales estimator sub-contractor. I've been invoicing my boss for my work this current year. I have made over the $30,000 mark and I have obtained

Permalink -- click for full blog post "When to Charge GST/HST"

Dec 21, 2011

Imputing HST on Receipts

I have several receipts (for a course, insurance (car and teaching) and for memberships) that do not state the HST I've paid but only the final amount

Permalink -- click for full blog post "Imputing HST on Receipts"

Dec 19, 2011

Company Cheque Personal Expense

We purchased an ATV and my husband wrote it on the company account but it should have been a personal cheque. How can I fix this? If this is an

Permalink -- click for full blog post "Company Cheque Personal Expense"

Dec 16, 2011

IRS Webinar January 11, 2012

Mark this one on your calendar.

The IRS are holding a free webinar on January 11, 2012 11:00 AM Pacific Time to explain their Small Business/Self-Employed Division top compliance priorities (i.e. what they will be looking in audits) in 2012 .

Permalink -- click for full blog post "IRS Webinar January 11, 2012"

Dec 16, 2011

Year-end Tax Planning in Canada

Here are some blogs that are carrying year end tax planning tips: PWC Canada - Year-end tax planner – 2011 What individuals and owner-managed businesses

Permalink -- click for full blog post "Year-end Tax Planning in Canada"

Dec 15, 2011

Yearend Bookkeeping Research

I am doing yearend bookkeeping research. What questions do you have about year-end or year-end procedures that you would like me to answer?

Permalink -- click for full blog post "Yearend Bookkeeping Research"

Dec 15, 2011

CCPC and Unremitted Source Deductions

I have a new client. It is a corporation with only one director/shareholder. This is the first year of operation. The year end is September 30. I have

Permalink -- click for full blog post "CCPC and Unremitted Source Deductions"

Dec 14, 2011

Bank Reconciliation and Cashing of Stale Dated Cheque

Recently, one of our vendors deposited our cheque in bank which was dated last year and the bank cleared it. Assuming the bank would consider the cheque

Permalink -- click for full blog post "Bank Reconciliation and Cashing of Stale Dated Cheque"

Dec 14, 2011

Running A Daycare Business In Your Home

My wife is starting a day home and has one child for now. I’ll be looking after organizing all the receipts, etc. Would you know a good accountant in

Permalink -- click for full blog post "Running A Daycare Business In Your Home"

Dec 12, 2011

Third Party Civil Penalties

What is the bookkeeper's responsiblity and liability if a client is audited by CRA? I work part-time on contract for a small numbered company that does

Permalink -- click for full blog post "Third Party Civil Penalties"

Dec 10, 2011

IRS Announces 2012 Standard Mileage Rates

The IRS announced today that most rates will be staying the same as in July. Note to Self re: 2011 tax preparation - get my odometer readings as close to June 30 AND December 31 as possible.

Permalink -- click for full blog post "IRS Announces 2012 Standard Mileage Rates"

Dec 8, 2011

HST on Inter-Company Transactions

My question is about HST on inter-company transactions. I have recently been hired to do the books for an owner who has several companies, all in entirely

Permalink -- click for full blog post "HST on Inter-Company Transactions"

Dec 7, 2011

How to Invoice for Bookkeeping?

If I completed the bookkeeping for year end Dec 31, 2008 for my client and their accountant wants me to put in an accrual for my bookkeeping fee of $700, how should I

Permalink -- click for full blog post "How to Invoice for Bookkeeping?"

Dec 1, 2011

AR Reconciliation Mess

Hello, I enjoy this site very much. It's very helpful and practical. What I can't find however is a practical solution to an AR problem I run into from

Permalink -- click for full blog post "AR Reconciliation Mess"

 Nov 29, 2011

Where and how to record it??

Martin had four questions that I responded to ... but he didn't provide an email address so he could not be notified of the response I provided. As the questions were diverse, I split them up and responded to them in four different posts.

Martin you can find responses to your questions here:

Q1. If a company purchased a client list from another company and the company that purchased the list is paying $0.35 on the billings to the seller company. How should I record this?

http://www.bookkeeping-essentials.com/recording-client-list-purchase.html

Q2. If a company has for one month personal expenses on their bank statement of 40% and the other percentage or the rest is all business. Do I need to prorate that month's $25 bank charge by 40% as personal and 60% as business?

http://www.bookkeeping-essentials.com/owners-draw-and-personal-consumption.html

Q3. If prepaid office insurance is $45 and is prepaid over 12 months, do I need to set up prepaid insurance or can it be expensed?

http://www.bookkeeping-essentials.com/loan-instalments-to-pay-insurance.html

Q4. How do I record the change in use of an asset from personal to business such as an electric appliance. Can I claim GST when it changes in use? How does it go?

http://www.bookkeeping-essentials.com/closing-my-business.html

Nov 27, 2011

Canadian Payroll Deductions - Canadian Payroll Tax

The Bookkeeper's Notes on Canadian payroll deductions; includes employee taxable benefits, gifts and awards, automobile benefits calculator; also links to 2012 payroll rates & subcontracting payments

Permalink -- click for full blog post "Canadian Payroll Deductions - Canadian Payroll Tax"


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From the Mail Bag
Visitor Comments



Thanks for the information. It is nice to see there is an online site where I can go get answers to my bookkeeping questions. It was really a stroke of luck I came across this site. I googled my bookkeeping question to see if I could get an answer, a shot in the dark, and bookkeeping-essentials was one of the results listed. I looked over some other sites but none were as flexible as this site. I got a quick response and I will be using this site in the future. Thanks again.

Bayside, NY, United States



I love your site...its very homey!!! It's like reading/talking to a friend!! Thanks!!

Kim, Jackson, MS United States



Your website is positively BRILLIANT! I don't care at all for the numbers side of my business, but you've made it interesting, fun, comfortable--downright enjoyable! Bite-sized WELL WRITTEN bits walking me through fundamentals, encouraging me, explaining.(Note: "well written" covers everything from "interesting" to "intelligent." The reader doesn't stumble over elementary grammar errors, lots of typos, etc.) I've only just discovered this lovely gold mine!

Cherie, U.S.



I have just come across your site and it's great...thank you so much for the time it must take you to compile the data and information. I have no accountancy or book keeping knowledge and am currently trying to learn QuickBooks via YouTube. (lol) There must be an easier way as I don't have the time or finances, what with starting a new business, to attend a course at college or similar.

Debbie, Vancouver, BC Canada



As a novice at the bookkeeping game, this site has become my go to site for research. Thank you for the great resource. I do my data entry one or twice a year (very low volume) and I find I need retraining on Quickbooks for things like depreciation/CCA.

Den, St. Albert, AB Canada



A More Than FANTASTIC site! So often I've thought about putting something together like your site, but didn't have the time. Googling information about Supplies or Tools over under $500.00 was the most useful Google search I've ever done because of discovering your site. Way to go and THANKS VERY MUCH. PS.... Also loved it that you put the Tax chart for GST HST back to 1997; I spent hours trying to get this information from the CRA website. I've not had time to look at your whole site, but I will be refering to it often I'm sure and will mention anything I think is missing, should I not discover information as I might be looking for it. Thanks, Again

Leona, Sicamous, BC Canada



Thank you for your comprehensive reply to my question. I really appreciate the time you took to explain it to me.

Connie, Canada



This is an absolutely awesome site! I am not lying. I went to Chapters to try to find something just like this and they did not have what I was looking for - which your site does ... which is good definitions and explanations. I am going to book mark this page if that's okay. ... Great job and thank you. I will definitely use this resource.

PK Lethbridge, Alberta



My biggest problem in doing my books is keeping debits & credits straight in liability and equity accounts. I really liked the cheat sheet. (I think that will help me keep the debits and credits straight.)

Lisa, Williston, USA



Lake you're awesome in every way. I have had some insight about how to properly classify some accounts.

Karim, Calgary, Alberta



Thank you so much for this website. I am interviewing for my first bookkeeping position in over 10 years--and my first in Canada. I have AAS degrees in Accounting and Business Admin from the US but have never worked in "my field" since immigrating in 2000. Your website makes me feel more confident I can actually do the job I am interviewing for. So far, I have been refreshing my knowledge and preparing for a job interview. I've bookmarked the site for WHEN I get the job!

Robin, Toronto, ON



I love your website. Just love it.

Carolann
CPB Bookkeeping, Inc.
"The Organizer"
Lake Worth, FL



I posted a question on Accumulated Surplus and you asked me to comment on your comments. I really appreciated reading what you posted and it did help. Especially the part of talking to the accountant. That really makes sense. I find more and more that I interact with the accountants to keep on learning. Love Love Love your website. Just discovered it about 3 weeks ago and have been on it lots since then.

Jan
Red Deer, Alberta



Wow. I'm so thankful to have stumbled across your site, with the assistance of Google. :) I love your style of writing, your approach, and your message. Thank you for your time and efforts. In a nutshell, your light humor and simple approach is refreshing and uplifting.

Kathy, Hillsdale, United States



Your site is great by the way. I just came across it.

Trish, Canada



Thanks for responding so quickly ... I really appreciate all the forum help ... I do Love the forum and have looked through other questions on it and feel it will greatly help in the future. Your site is fantastic and I will recommend it to anyone asking about bookkeeping help.

Cindy, Calgary, Canada



It (your site) is very helpful and thank you for your tips and advice. I am so glad I found your site.

Lee, Calgary, Alberta



Thank you so much for your hard work on your site ... I find I learn quicker and easier with you than I did with courses. Your site has helped my knowledge, learning new things and with the explanation of terms/items. Keep up the good "BookWORK"!

Naomi, Balance Your Books, Squamish, B.C.



This website has been very helpful. It's been too many years since school and I'm a bit rusty.

Sue, Medicine Hat, Alberta



I just found this site tonight. It's going to help me a lot as I learn how to use my Quickbooks more fully (I've only used it for payroll). Don't ask me how I've managed to keep the books this long -5 years- without knowing much more than how to balance a checkbook. I'm getting some help from a professional now, but your site will keep my pro costs down. Thank you. I will definitely donate once I begin to use it with my QuickBooks. It's [your site] easier to understand than Help in QuickBooks. QuickBooks assumes I know bookkeeping concepts. It [your site] appears to be very thorough, though I've only scratched the surface of what I can learn. I took an online bookkeeping class a couple of years ago, but this site has direct application to quickbooks and it's a searchable site!

Ruth, Dos Palos, CA USA



Thank you for providing valuable information regarding home business taxes on this website.

U.C., Toronto, Canada



I started my own bookkeeping business two years ago and enjoy your site. I literally grab my cup of coffee and look around for hours. :D It's a wonderful site with loads of information and I'm all about learning from my peers who might have the answers to some of the questions I may have. Keep up the good work. :)

Tania, TaniasBookkeeping.org
Taking the worry away
Belledune, New Brunswick



BTW, did you say Bookkeeping? Cuz I fell asleep... just kidding!

Dr. Julia
www.advice-with-dr-julia.com

(I love her humour!)



Absolutely a great site! I have often dreamed of having a similar site but figured I might have to wait until I retire to get the time. I have bookmarked this site and will return again.

C.H.
Alwyn Enterprises
Scarborough , Ontario



You have a wonderful website. Thank you so much for letting me know you have one now. [It] is really well done and very, very informative. Also really charming.

R.P.
Reliable Recordkeeping
Toronto, Ontario



I'm enjoying reading your blog! Thought I'd drop you a quick note of encouragement.

Loralee, Red2Black.ca
QuickBooks "one
on one" coaching
Edmonton, Alberta



This is a marvelous site and one that I would like to use as the basis for training bookkeepers. I am a CPA here in the states and am in the process of building a what will hopefully become a substantial bookkeeping business (not a dark wood & gold lettered CPA firm). I want to serve the small business owner with the day to day service they need. You have obviously put in an enormous amount of time and effort here (there is no doubt there) and provide a wealth of fantastic information.

R. Keith Pierce, CPA, P.A.
I'll Sweat The Small Stuff For You - JaxTaxPro.com
Jacksonville, Florida